The Federal Government, at the inauguration of the Governing Board of the National Pension Commission (PenCom), charged members to uphold the highest standards of corporate governance and safeguard over N28 trillion in pension assets under the contributory pension scheme (CPS).

Secretary to the Government of the Federation (SGF), George Akume, said PenCom remains a critical pillar of Nigeria’s financial sector, entrusted with the retirement savings of millions of workers.

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

The SGF described the Board’s role as one of “national importance,” as members are expected to provide strategic direction, policy guidance, and effective oversight in line with the Pension Reform Act 2014 (PRA) and other relevant frameworks.

He drew a firm line between governance and administration, telling the members that while the Board is responsible for oversight, management must be allowed to handle day-to-day operations.

According to him, any interference in operational matters would weaken accountability and undermine institutional effectiveness.

On the scale of responsibility before the new Board, Akume said that the pension industry has grown significantly, with assets now exceeding N28 trillion and millions of contributors depending on the CPS for financial security in retirement.

He therefore 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.

Reaffirming the government’s commitment to the sector, Akume said that the administration of President Bola Ahmed Tinubu remains resolute in meeting pension obligations.

He noted that 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.

Speaking on behalf of members, the Chairman of the PenCom Board, Agbaje Olukayode, expressed appreciation to President Bola Tinubu for finding the Board members worthy of the national assignment.

Olukayode said the new Board members are fully committed to upholding the ideals articulated by the SGF, particularly in the areas of 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, mainly in infrastructure, housing, and other critical sectors of the economy.

Also speaking, the Director-General of PenCom, Omolola Oloworaran, expressed her commitment to working with the Board, anchored on a shared responsibility to serve the interests of Nigerians.

She assured that every decision of the PenCom Board must ultimately deliver tangible benefits to contributors and retirees.

The DG further said the inauguration was timely and significant, as it strengthens governance within PenCom by restoring the Board’s oversight function.

She expressed confidence in a strong partnership with all Board members in advancing the objectives of the pension industry.