Federal Government don finally inaugurate di Governing Board of di National Pension Commission (PenCom) for Abuja, as pension assets under di Contributory Pension Scheme (CPS) don cross N28 trillion. Di Secretary to di Government of di Federation, Senator George Akume, do di inauguration on Monday, and e tell di board members say dem must uphold corporate governance and protect di retirement savings of millions of Nigerians.
Akume talk say PenCom na critical pillar of Nigeria financial sector wey dem trust with pension money. E say di inauguration show government commitment to build pension system wey go transparent, resilient, and people go trust am. Di SGF warn say di board responsibility na of “national importance,” and dem expect members to provide strategic direction, policy guidance, and effective oversight according to di Pension Reform Act 2014.
But Akume also caution di board members say dem no go interfere for di day-to-day operations of di commission. E talk say, “While di Board dey responsible for oversight, Management must dey allowed to handle day-to-day operations.” E warn say any interference go weaken accountability and spoil institutional effectiveness.
Di SGF highlight say di pension industry don grow well well, with total assets pass N28 trillion and millions of contributors depend on di CPS for financial security for retirement. E urge di board to adopt zero tolerance for misconduct and make sure strong internal controls, risk management, and transparency dey. “Di actions of di Board must reinforce public confidence for di pension system and assure contributors say dem savings dey safe, secure, and dem dey manage am well,” Akume talk.
Akume add say di administration of President Bola Tinubu still dey committed to meet pension obligations. E talk say dem don take steps to address outstanding liabilities and make sure retirees collect dia benefits “with dignity, certainty, and timeliness.” E express confidence say di board go deliver disciplined governance and meet expectations.
For im response on behalf of di board, Chairman Opeyemi Agbaje thank di President for di appointment. E talk say members dey committed to uphold corporate governance, integrity, and strong leadership. Agbaje add say di board go also find ways to support national development by using pension funds, especially for infrastructure, housing, and oda critical sectors of di economy.
Di Director-General of PenCom, Ms Omolola Oloworaran, talk say di inauguration timely and significant. E commend di SGF for overseeing di commission during di period wey e operate without board, and e note say di development restore full governance structure. “Every decision of PenCom Board must ultimately deliver tangible benefits to contributors and retirees,” Oloworaran talk. E express optimism about strong working relationship between management and di board to advance di objectives of di pension industry.
Naija News report say di inauguration follow earlier concerns over delays for constituting di board. Recall say government, for August 2025, appoint Agbaje as chairman after pressure mount, including threats of industrial action by organised labour. Di latest move dey expected to strengthen oversight and boost confidence for di management of pension funds across di country.
Di newly inaugurated board get Dr. Opeyemi Agbaje as Chairman, with Hon. Hafiz Muhammad Kawu Ibrahim as Commissioner (Technical), Samuel Chigozie Uwanda as Commissioner (Inspectorate), Charles Efe Sylvester Emukowhate as Commissioner (Finance), and Bello Abubakar Malabu as Commissioner (Administration). Oda members include representatives from key government institutions and stakeholders like Office of di Head of di Civil Service of di Federation, Federal Ministry of Finance, Nigeria Labour Congress, Trade Union Congress of Nigeria, Nigeria Union of Pensioners, Nigeria Employers Consultative Association, Central Bank of Nigeria, Securities and Exchange Commission, Nigerian Stock Exchange, and National Insurance Commission.
For im welcome remarks, di Permanent Secretary, General Services Office, Dr. Ibrahim Abubakar Kana, note say successive reforms don significantly improve pension administration for Nigeria, and dem don strengthen PenCom as critical institution for protecting retirement savings. E emphasize say di board decisions go get far-reaching implications not only for current retirees but also for serving public servants wey depend on di system for future security.
Di inauguration ceremony attend by senior management staff from di Office of di Secretary to di Government of di Federation and di National Pension Commission. Di event dey hold for Abuja, and e mark important step for di ongoing efforts to reform and strengthen Nigeria pension system for di benefit of all contributors and retirees.
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