Federal Government has inaugurated the Governing Board of the National Pension Commission (PenCom).

It charged members to uphold the highest standards of corporate governance and safeguard over N28 trillion in pension assets under the Contributory Pension Scheme (CPS).

Speaking at the inauguration ceremony in Abuja yesterday, the Secretary to the Government of the Federation (SGF), George Akume, said PenCom remained a critical pillar of Nigeria’s financial sector, entrusted with the retirement savings of millions of Nigerians.

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 were 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 line between governance and administration, where he told 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 will weaken accountability and undermine institutional effectiveness.

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

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 were 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.

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