FG Inaugurates PenCom Board as Pension Assets Cross N28trn

The Federal Government has inaugurated the Governing Board of the National Pension Commission (PenCom), tasking members to safeguard over ₦28tn in pension assets under the Contributory Pension Scheme.

At the ceremony in Abuja, Secretary to the Government of the Federation, Senator George Akume, described PenCom as “a critical pillar of Nigeria’s financial sector, entrusted with the retirement savings of millions of Nigerians.”

He stressed that the Board’s role is of “national importance,” providing strategic direction and oversight in line with the Pension Reform Act 2014, while cautioning against interference in day-to-day management.

Akume urged members to adopt zero tolerance for misconduct and strengthen 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 said.

He added that President Tinubu’s administration remains committed to meeting pension obligations, addressing liabilities, and ensuring retirees receive benefits “with dignity, certainty, and timeliness.”

Board Chairman Opeyemi Agbaje pledged integrity and strong leadership, noting that pension funds would be leveraged for national development in sectors like infrastructure and housing.

PenCom Director-General Omolola Oloworaran welcomed the inauguration as “timely and significant,” restoring oversight after a period without a board.

She emphasised collaboration between management and the Board to deliver tangible benefits to contributors and retirees.

Stakeholders expressed confidence that disciplined governance and transparency would strengthen Nigeria’s pension industry, which has grown steadily to over ₦28tn in assets.