Federal Government Inaugurates PenCom Board with Focus on Safeguarding N28 Trillion Pension Assets
The Federal Government has officially inaugurated the Governing Board of the National Pension Commission (PenCom), charging its members to uphold the highest standards of corporate governance and protect over N28 trillion in pension assets under the contributory pension scheme (CPS). This significant event underscores the government's commitment to a transparent, resilient, and trusted pension system for millions of Nigerian workers.
Government's Charge on Corporate Governance and Oversight
During the inauguration ceremony, the Secretary to the Government of the Federation (SGF), George Akume, highlighted the critical role of PenCom as a pillar of Nigeria's financial sector. He emphasized that the Board's responsibilities are of national importance, requiring strategic direction and policy guidance in alignment with the Pension Reform Act 2014 and other relevant frameworks. Akume stressed the importance of maintaining a clear distinction between governance and administration, warning that interference in day-to-day operations could weaken accountability and undermine institutional effectiveness.
Akume called for zero tolerance for misconduct, urging the Board to prioritize strong internal controls, robust risk management, and transparency in decision-making.He noted that the pension industry has experienced substantial growth, with assets now exceeding N28 trillion, and millions of contributors rely on the CPS for financial security in retirement. The SGF reaffirmed the administration's commitment to meeting pension obligations, addressing outstanding liabilities, and ensuring retirees receive their benefits with dignity and timeliness.
Board's Commitment to Governance and National Development
In response, the Chairman of the PenCom Board, Agbaje Olukayode, expressed gratitude to President Bola Ahmed Tinubu for entrusting the Board with this national assignment. Olukayode pledged the Board's full commitment to upholding the ideals articulated by the SGF, particularly in areas of corporate governance, integrity, and strong leadership. He emphasized the Board's determination to advance the administration's agenda by leveraging pension funds as a catalyst for national development, focusing on infrastructure, housing, and other critical economic sectors.
The Chairman's remarks highlighted a shared vision for using pension assets to drive growth and stability in Nigeria's economy.Strengthening Governance and Partnership for Pension Industry
The Director-General of PenCom, Omolola Oloworaran, also spoke at the event, expressing her commitment to collaborating with the Board to serve the interests of Nigerians. She assured that every decision made by the PenCom Board would aim to deliver tangible benefits to contributors and retirees. Oloworaran described the inauguration as timely and significant, as it strengthens governance within PenCom by restoring the Board's oversight function. She expressed confidence in building a strong partnership with all Board members to advance the objectives of the pension industry.
This inauguration marks a pivotal step in enhancing the governance and oversight of Nigeria's pension system, with a clear focus on protecting assets and ensuring the financial security of workers in their retirement years.
