FG urges PenCom board on governance, protection of pension assets

The federal government has urged members of the National Pension Commission governing board to uphold high standards of corporate governance.

The secretary to the government of the federation, George Akume, gave the charge at the inauguration of the board in Abuja on Monday.
He urged the members to safeguard the N28 trillion pension assets under the Contributory Pension Scheme.

Mr Akume said that PenCom remained a critical pillar of Nigeria’s financial sector, entrusted with the retirement savings of millions of Nigerians.

He said the event demonstrates the government’s commitment to a pension system that is transparent, resilient and trustworthy.

Mr Akume said that the board’s role was of national importance, and members are expected to provide strategic direction, policy guidance, and effective oversight in line with the Pension Reform Act 2014 and other relevant frameworks.

He said that members should draw a firm line between governance and administration.

According to him, while the board is responsible for oversight, management must be allowed to handle day-to-day operations.

He said that any interference in operational matters would weaken accountability and undermine institutional effectiveness.

He noted that the pension industry has grown significantly, with assets now exceeding N28 trillion and millions of contributors dependent on the CPS for financial security in retirement.

Mr Akume called for zero tolerance for misconduct, urging the board to prioritise strong internal controls, robust risk management, and transparency in decision-making.

“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 said that the administration of President Bola Tinubu remains resolute in meeting pension obligations.

According to him, 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.

He expressed confidence that members would deliver exemplary leadership, disciplined governance, and sustained commitment to the Nigerian people.

Speaking on behalf of members of the board, Agnaje Olukayode, the chairman of the PenCom board, commended Mr Tinubu for finding them worthy of the national assignment.

Mr Olukayode said members were fully committed to upholding the ideals articulated by the SGF, particularly in 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.

The director-general of PenCom, Omolola Oloworaran, said that the inauguration was timely and significant, as it strengthens governance within PenCom by restoring the board’s oversight functions.

Ms Oloworaran said that, before the inauguration, the SGF had offered strategic leadership with clarity and purpose, contributing to key achievements recorded since her assumption of office.

She reiterated her commitment to working collaboratively with the board, anchored in a shared responsibility to serve the interests of Nigerians.

She said that every decision by the PenCom board must ultimately deliver tangible benefits to contributors and retirees. “I look forward to a productive and collaborative working relationship with the board,” she said. NAN