Abuja: The Federal Government has urged members of the governing board of the National Pension Commission (PenCom) to uphold high standards of corporate governance. The Secretary to the Government of the Federation (SGF), Sen. George Akume, delivered this message at the inauguration of the board in Abuja, emphasizing the importance of safeguarding the N28 trillion pension assets under the Contributory Pension Scheme (CPS).
According to News Agency of Nigeria, Akume highlighted that PenCom is a critical pillar of Nigeria’s financial sector, entrusted with managing the retirement savings of millions of Nigerians. The inauguration of the board signifies the government’s commitment to a pension system that is transparent, resilient, and trusted. Akume noted the national importance of the board’s role and urged members to provide strategic direction, policy guidance, and effective oversight in line with the Pension Reform Act 2014 (PRA) and other relevant frameworks, emphasizing the need to distinguish between governance and administration.
Akume asserted that while the board is responsible for oversight, management should handle day-to-day operations, warning that interference in operational matters could undermine accountability and institutional effectiveness. He underscored the significant growth of the pension industry, with assets now exceeding N28 trillion, and stressed the importance of maintaining public confidence in the system by ensuring strong internal controls, risk management, and transparency.
He assured that the administration of President Bola Tinubu is committed to meeting pension obligations and has taken steps to address outstanding liabilities, aiming to ensure retirees receive their benefits with dignity, certainty, and timeliness. Akume expressed confidence in the board’s capacity to deliver exemplary leadership and governance.
Speaking on behalf of the board members, Mr. Agnaje Olukayode, the Chairman of the PenCom board, commended President Tinubu for their appointment and reaffirmed their commitment to corporate governance, integrity, and strong leadership. The board aims to leverage pension funds as a catalyst for national development.
The Director-General of PenCom, Ms. Omolola Oloworaran, remarked that the board’s inauguration is timely and significant, as it reinforces governance within PenCom by restoring oversight functions. She reiterated her commitment to collaborating with the board to serve the interests of Nigerians, ensuring that every decision delivers tangible benefits to contributors and retirees.