Federal Government Inaugurates PenCom Board with Mandate for Pension Reforms
The Secretary to the Government of the Federation (SGF), Senator George Akume, has officially inaugurated the Board of the National Pension Commission (PenCom), charging members to uphold principles of transparency, accountability, and robust governance in managing Nigeria's pension system. This move underscores the Federal Government's renewed commitment to enhancing pension administration and safeguarding the retirement savings of workers across the nation.
Strategic Direction and Policy Oversight Emphasized
Akume emphasized that the Board's responsibilities are clearly outlined under the Pension Reform Act 2014, requiring members to provide strategic direction, policy guidance, and effective oversight. He stated, "Today's inauguration reflects the Federal Government's unwavering commitment to a pension system that is transparent, resilient, and trusted by all. Your mandate is clear—provide strategic direction, policy guidance, and effective oversight in line with the law and relevant frameworks."
The SGF urged the Board to operate with integrity and sound judgment, cautioning against interference in the day-to-day operations of the Commission, which could undermine established governance structures. He reiterated the administration's dedication to clearing outstanding pension liabilities, rebuilding public confidence, and ensuring retirees receive their entitlements promptly and with dignity.
Composition of the Newly Inaugurated Board
The newly inaugurated Board is chaired by Dr Opeyemi Agbaje. Other key members include:
- Hafiz Muhammad Kawu Ibrahim (Commissioner, Technical)
- Samuel Chigozie Uwanda (Commissioner, Inspectorate)
- Charles Efe Sylvester Emukowhate (Commissioner, Finance)
- Bello Abubakar Malabu (Commissioner, Administration)
Additional members represent various stakeholders, such as Abdul Sule Usman Garba from the Office of the Head of the Civil Service of the Federation, Aderonke Jaiyesimi from the Federal Ministry of Finance, Joseph Ajaero from the Nigeria Labour Congress, Tajuddeen Ubayi from the Trade Union Congress, Godwin Abumisi from the Nigeria Union of Pensioners, Adewale Smatt-Oyerinde from the Nigeria Employers' Consultative Association, Muhammad Sani Abdullahi from the Central Bank of Nigeria, Emomotitmi Agama from the Securities and Exchange Commission, Umaru Kwairanga from the Nigerian Exchange, and Olusegun Ayo Omosehin from the National Insurance Commission.
Board's Commitment to Governance and National Development
Speaking on behalf of the Board, Chairman Opeyemi Agbaje pledged alignment with the Federal Government's governance principles, promising to uphold accountability, corporate governance, and a clear separation between oversight and management functions. He thanked President Bola Ahmed Tinubu for the opportunity to serve and expressed the Board's commitment to leveraging pension funds to support national development initiatives.
Earlier, the Permanent Secretary of the General Services Office, Dr Ibrahim Abubakar Kana, highlighted that ongoing reforms have strengthened pension administration and positioned PenCom as a critical institution for safeguarding retirement savings. He noted that the Board's work would have a far-reaching impact on both retirees and serving public servants.
Also speaking, the Director-General of PenCom, Omolola Oloworaran, reaffirmed the Commission's commitment to a productive working relationship with the Board, anchored on established governance principles. She congratulated the members and expressed optimism that their tenure would deliver innovation, improved performance, and stronger institutional outcomes.
The inauguration event was attended by senior officials from the Office of the Secretary to the Government of the Federation and the National Pension Commission, marking a significant step in advancing Nigeria's pension reforms.
