Breaking: Federal Government Inaugurates PenCom Board, Charges Members On Pension Safety

A statement issued by the commission confirmed that the inauguration ceremony took place in Abuja.

Speaking at the event, the Secretary to the Government of the Federation, George Akume, described PenCom as a key pillar of Nigeria’s financial system, entrusted with safeguarding the retirement savings of millions of workers.

He said the establishment of the board reflects the government’s commitment to building a pension framework that is transparent, resilient, and trustworthy.

Akume stressed that the board carries a responsibility of national importance, adding that its members are expected to provide strategic leadership, policy direction, and oversight in line with the Pension Reform Act 2014.

He, however, cautioned that while the board is responsible for oversight, it must not interfere in the day-to-day administration of the commission, warning that such interference could weaken accountability and institutional efficiency.

According to him, the pension sector has grown significantly, with assets now surpassing ₦28 trillion and millions of Nigerians depending on it for retirement security.

He urged the board to enforce strict ethical standards, strengthen internal controls, and adopt a zero-tolerance approach to misconduct, stressing that public confidence must be protected at all costs.

Akume further reaffirmed that the administration of President Bola Tinubu remains committed to fulfilling pension obligations, including addressing outstanding liabilities and ensuring retirees receive their benefits promptly and with dignity.

In his response, the Chairman of the board, Opeyemi Agbaje, expressed appreciation to the President for the appointment and pledged the board’s commitment to strong corporate governance, integrity, and effective leadership.

He also noted that the board would explore ways to align pension fund management with national development priorities, including investments in infrastructure, housing, and other strategic sectors.

The Director-General of PenCom, Omolola Oloworaran, described the inauguration as timely, commending the federal government for restoring full governance structure to the commission after a period without a board.

She emphasized that every decision of the board must ultimately benefit contributors and retirees, while expressing optimism about a productive collaboration between management and the newly inaugurated board.

The development follows earlier concerns over delays in constituting the board, which had sparked calls for action, including threats of industrial action from organised labour.

The latest inauguration is expected to strengthen oversight and enhance public confidence in the management of Nigeria’s pension assets.