The federal government has formally unveiled the governing board of the National Pension Commission, NPC, charging its members to uphold strong corporate governance principles while protecting over N28 trillion in pension assets under the Contributory Pension Scheme, CPS.
Details of the development were disclosed in a statement released by the commission on Monday.
At the inauguration ceremony held in Abuja, the secretary to the government of the federation, George Akume, described PenCom as a vital institution within Nigeria’s financial system, responsible for managing the retirement savings of millions of citizens.
Akume said the inauguration reflects the government’s commitment to building a pension system that is transparent, resilient, and trusted.
He described the board’s responsibility as one of national importance, noting that members are expected to provide strategic direction, policy guidance and effective oversight in line with the Pension Reform Act 2014 and other relevant frameworks.
Akume also cautioned against interference in management duties, stressing that while the board is responsible for oversight, Management must be allowed to handle day-to-day operations.
According to him, any interference in operational matters would weaken accountability and undermine institutional effectiveness.
The SGF noted that the pension industry has grown significantly, with assets exceeding N28tn and millions of contributors depending on the CPS for financial security in retirement.
He urged the board to adopt zero tolerance for misconduct and prioritise strong internal controls, risk management and transparency.
“The actions of the Board must reinforce public confidence in the pension system and assure contributors that their savings are safe, secure, and well managed,” he was quoted in the statement as saying.
Akume added that the administration of President Bola Tinubu remains committed to meeting pension obligations, noting that steps have been taken to address outstanding liabilities and ensure retirees receive their benefits with dignity, certainty, and timeliness.
He expressed confidence that the board would provide disciplined governance and deliver on its mandate.
Responding on behalf of the board, chairman Opeyemi Agbaje expressed appreciation to the president for the appointment, pledging that members would uphold integrity, accountability and effective leadership.
He added that the board would support national development by leveraging pension funds, particularly in infrastructure, housing and other key sectors of the economy.
Also speaking, the director-general of PenCom, Omolola Oloworaran, commended the SGF for overseeing the commission during the period it operated without a governing board.
Oloworaran described the inauguration as timely and significant, noting that it restores full oversight and strengthens governance within the commission.
She pledged close collaboration with the board, stressing that every decision must deliver measurable benefits to contributors and retirees, while expressing confidence in a productive partnership moving forward.
It would be recalled that in August 2025, the federal government moved to avert industrial action threatened by the Nigeria Labour Congress, NLC, by appointing Agbaje as chairman of the commission’s board.
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