FG inaugurates PenCom board as pension property cross N28tn

The Federal Authorities on Monday inaugurated the Governing Board of the Nationwide Pension Fee, directing members to uphold company governance and safeguard over N28tn in pension property beneath the Contributory Pension Scheme.

This was contained in a press release issued by PenCom on Monday. Talking through the inauguration ceremony in Abuja, the Secretary to the Government of the Federation, Senator George Akume, described PenCom as “a important pillar of Nigeria’s monetary sector, entrusted with the retirement financial savings of hundreds of thousands of Nigerians.”

He stated the inauguration displays the federal government’s dedication to constructing “a pension system that’s clear, resilient, and trusted.”

Akume described the Board’s accountability as one in every of “nationwide significance,” noting that members are anticipated to supply strategic path, coverage steering, and efficient oversight according to the Pension Reform Act 2014 and different related frameworks.

He additionally cautioned towards interference in administration duties, stressing that “whereas the Board is accountable for oversight, administration should be allowed to deal with day-to-day operations.”

Based on him, any interference in operational issues “would weaken accountability and undermine institutional effectiveness.” The SGF famous that the pension trade has grown considerably, with property exceeding N28tn and hundreds of thousands of contributors relying on the CPS for monetary safety in retirement.

He urged the Board to undertake zero tolerance for misconduct and prioritise sturdy inside controls, danger administration, and transparency. “The actions of the Board should reinforce public confidence within the pension system and guarantee contributors that their financial savings are protected, safe, and nicely managed,” he was quoted within the assertion as saying.

Akume added that the administration of President Bola Tinubu stays dedicated to assembly pension obligations, noting that steps have been taken to deal with excellent liabilities and guarantee retirees obtain their advantages “with dignity, certainty, and timeliness.”

He expressed confidence that the Board would supply disciplined governance and ship on its mandate.

Talking on behalf of the Board, its Chairman, Opeyemi Agbaje, thanked the President for the appointment, saying members are dedicated to upholding company governance, integrity, and robust management.

He added that the Board would assist nationwide improvement by leveraging pension funds, significantly in infrastructure, housing, and different important sectors of the financial system.

Additionally talking, the Director-Basic of PenCom, Ms Omolola Oloworaran, recommended the SGF for offering oversight through the interval the fee operated and not using a board.

She stated the inauguration was “well timed and important,” because it restores the Board’s oversight operate and strengthens governance inside the fee.

Oloworaran pledged to work collaboratively with the Board, stressing that “each resolution of the PenCom Board should finally ship tangible advantages to contributors and retirees.”

She expressed confidence in a robust partnership between administration and the Board in advancing the aims of the pension trade.

The PidomNigeria in August 2025 reported that the Federal Authorities bowed to the specter of a strike by the Nigeria Labour Congress for not constituting the governing board of the Nationwide Pension Fee by appointing Opeyemi Agbaje because the chairman.