New Governing Board of the National Pension Commission(PenCom) has been inaugurated to protect over N28 trillion in pension assets under the Contributory Pension Scheme (CPS).
The Secretary to the Government of the Federation (SGF), George Akume who made this known at the inauguration in Abuja urged board members to uphold the highest standards of corporate governance.
Akume described PenCom as a vital pillar of Nigeria’s financial sector entrusted with the retirement savings of millions of Nigerians.
He highlighted the importance of distinguishing governance from management, stressing that the board’s responsibility is strategic oversight, while day-to-day operations should remain with management to ensure accountability and institutional effectiveness.
“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.
He noted that steps had been taken to address outstanding liabilities and restore confidence, with a focus on ensuring that retirees receive their benefits with dignity, certainty, and timeliness.
The Chairman of the PenCom Board, Agbaje Olukayode thanked President Bola Ahmed Tinubu for appointing the members and pledged full commitment to corporate governance, integrity, and strong leadership, aligned with the SGF’s directives.
PenCom Director-General, Omolola Oloworaran, also affirmed her commitment to working collaboratively with the board to ensure a transparent, resilient, and trusted pension system that serves the long-term interests of Nigerians.
The Director-general stressed that every decision of PenCom Board must ultimately deliver tangible benefits to contributors and retirees.
Oloworaran,further said the inauguration is timely and significant, as it strengthens governance within PenCom by restoring the Board’s oversight function. She said she looked forward to a productive and collaborative working relationship with the Board.
She reaffirmed that both Management and the Board would continue to deliver on PenCom’s mandate and expressed confidence in a strong partnership with all Board members in advancing the objectives of the pension industry
