Juliet Ezeh
The Federal Government has moved to strengthen governance within Nigeria’s pension industry with the formal inauguration of the Governing Board of the National Pension Commission (PenCom), in a bid to reinforce oversight of pension assets now exceeding ₦28 trillion.
The development signals the restoration of a key institutional structure that had been absent for a period, raising concerns among stakeholders about regulatory supervision. With the new board in place, authorities say the focus will shift toward improving accountability, transparency, and strategic direction in the management of the Contributory Pension Scheme.
Speaking at the inauguration ceremony in Abuja, the Secretary to the Government of the Federation, George Akume, described PenCom as a vital component of the nation’s financial system, noting that its operations directly affect the retirement security of millions of Nigerians. He emphasized that the scale of pension assets under management demands strict adherence to governance standards and prudent oversight.
Akume stressed that the board’s role is strictly supervisory, warning against any interference in the day-to-day running of the commission. According to him, clear separation between governance and management is essential to maintaining accountability and operational efficiency within the institution.
He further urged members of the board to prioritize internal controls, risk management frameworks, and ethical compliance, noting that public confidence in the pension system depends largely on how well contributors’ funds are protected and managed. He also reaffirmed the commitment of the administration of Bola Tinubu to ensuring that pension obligations are met, including efforts to address outstanding liabilities owed to retirees.
The SGF added that the government remains focused on ensuring retirees receive their benefits in a timely and dignified manner, while also sustaining reforms aimed at strengthening the broader pension architecture.
Chairman of the newly inaugurated board, Opeyemi Agbaje, expressed appreciation to the Federal Government for the appointment, describing the task ahead as a significant responsibility that requires discipline, integrity, and adherence to best practices in corporate governance.
He noted that the board would work to support national economic development by exploring safe and regulated avenues through which pension assets can contribute to key sectors such as infrastructure and housing, while ensuring that contributors’ funds remain protected.
Also speaking, the Director-General of PenCom, Omolola Oloworaran, welcomed the inauguration, describing it as a timely step that restores full governance oversight to the commission. She noted that the absence of a board had created a gap in supervisory structure, which is now being addressed.
Oloworaran pledged collaboration between management and the board, stressing that effective partnership will be critical to achieving the commission’s mandate. She added that decisions taken by the board should ultimately translate into improved outcomes for contributors and retirees.
The inauguration also comes against the backdrop of earlier concerns raised by organized labour, including the Nigeria Labour Congress, which had previously called for the constitution of the board to ensure proper oversight of pension funds.
With the board now fully constituted, expectations are high that governance reforms will deepen, oversight will improve, and confidence in Nigeria’s pension system will be further strengthened.
