Secretary to the Government of the Federation (SGF), Senator George Akume, has inaugurated the Governing Board of the National Pension Commission (PenCom), urging members to uphold the highest standards of corporate governance risk management to safeguard over N28 trillion in pension assets under the Contributory Pension Scheme (CPS).
He said the board must reinforce public confidence in the pension system and assure contributors that their savings are safe, secure, and well managed.
Speaking at the inauguration in Abuja, Akume called for zero tolerance for misconduct, urging the board, led by Agbaje Opeyemi Olukayode, to prioritise strong internal controls, robust risk management, and transparency in decision-making.
This came as the Nigeria Employers’ Consultative Association (NECA) commended the federal government for the inauguration PenCom
NECA described the development as a critical step toward strengthening governance, transparency, and accountability in Nigeria’s pension industry.
Akume however, noted that PenCom remained a critical pillar of the financial sector, entrusted with the retirement savings of millions of Nigerians, adding that the event demonstrates the government’s commitment to a pension system that is transparent, resilient, and trusted.
The SGF also described the board’s role as one of national importance as members are expected to provide strategic direction, policy guidance, and effective oversight in line with the Pension Reform Act 2014 (PRA) and other relevant frameworks.
He further drew a distinct correlation between governance and administration, 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.
On the scale of responsibility before the new board, the SGF said that the pension industry had grown significantly with assets currently exceeding N28 trillion including millions of contributors depending on the CPS for financial security in retirement.
Further reaffirming the government’s commitment to the sector, the SGF said the administration of President Bola Tinubu remained resolute in meeting pension obligations.
He noted that steps have been taken to address outstanding liabilities and restore confidence, with a focus on ensuring that retirees receive their benefits with dignity, certainty, and timeliness.
Akume however, expressed confidence that members would deliver exemplary leadership, disciplined governance, and sustained commitment to the Nigerian people.
In her remarks, Director General, PenCom, Ms. Omolola Oloworaran, thanked the SGF for offering strategic leadership with clarity and purpose prior to the inauguration, as well as contributing to key achievements recorded since her assumption of office – a period the commission operated without a board.
She reaffirmed her commitment to working collaboratively with the board, anchored on a shared responsibility to serve the interests of Nigerians, and stressed that every decision of PenCom board must ultimately deliver tangible benefits to contributors and retirees.
Oloworaran further described the inauguration as timely and significant as it strengthens governance within the commission by restoring oversight function.
She said she looked forward to a productive and collaborative working relationship with the Board.
The PenCom boss assured that both board and management would continue to deliver on the commission’s mandate, expressing confidence in a strong partnership with all board members in advancing the objectives of the pension industry.
However, speaking on behalf of members, Olukayode expressed appreciation to the president for finding the board members worthy of the national assignment.
He reaffirmed the board’s full commitment to upholding the ideals articulated by the SGF, particularly in the areas of corporate governance, integrity, strong leadership, and a clear distinction between governance and oversight.
The chairman pledged the board’s determination to advance the administration’s agenda by leveraging pension funds as a catalyst for national development, mainly in infrastructure, housing, and other critical sectors of the economy.
However, in a statement, Director General of NECA, Mr. Adewale-Smatt Oyerinde, on Tuesday noted that the inauguration came after a prolonged delay which had raised concerns among employers and stakeholders regarding the oversight of pension assets and the overall integrity of the Contributory Pension Scheme (CPS).
Oyerinde said, “The constitution of the PenCom Board is both timely and commendable. It addresses a significant governance gap and reinforces confidence in the management of pension funds, now valued at over N28 trillion, which represent the retirement security of millions of Nigerian workers.”
He particularly commended the government, under the leadership of President Bola Ahmed Tinubu, for taking decisive action to restore the statutory governance structure of PenCom in line with the provisions of the Pension Reform Act 2014.
NECA also aligned with the position of the Secretary to the Government of the Federation, Senator George Akume, who charged the board to uphold the highest standards of corporate governance, ensure strict oversight, and avoid interference in the day-to-day operations of Management.
Oyerinde emphasised that a clear separation between governance and management is essential for institutional effectiveness, noting that “strong oversight, without operational interference, is fundamental to sustaining accountability and safeguarding contributors’ funds.”
While welcoming the development, he also urged the newly inaugurated board to prioritise transparency, robust risk management, and strict adherence to global best practices.
He stressed that maintaining employer and public confidence in the pension system is critical to the continued success and sustainability of the CPS.
“The business community remains committed to fulfilling its statutory obligations under the CPS. However, this commitment must be matched with strong governance frameworks that guarantee the safety, security, and efficient management of pension contributions,” he added.
NECA further expressed optimism that the collaboration between the board, led by its Chairman, Dr. Opeyemi Agbaje, and the management of PenCom under its Director-General, Ms. Omolola Oloworaran, would usher in a new era of strengthened institutional performance and improved service delivery to contributors and retirees.
It reaffirmed its readiness to continue engaging with relevant stakeholders to promote policies and initiatives that enhance the efficiency, transparency, and sustainability of Nigeria’s pension system.
James Emejo and Dike Onwuamaeze
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