The Federal Government of Nigeria has inaugurated the Governing Board of the National Pension Commission (PenCom), tasking members with safeguarding over ₦28 trillion in pension assets under the Contributory Pension Scheme.

Speaking at the inauguration in Abuja, the Secretary to the Government of the Federation, George Akume, described PenCom as a vital institution responsible for managing the retirement savings of millions of Nigerians.

He emphasised that the board’s role is of “national importance,” requiring strong corporate governance, transparency, and strict oversight in line with the Pension Reform Act 2014.

Akume warned against undue interference in the commission’s daily operations, stressing that while the board provides oversight, management must be allowed to function independently to ensure accountability.

“The actions of the Board must reinforce public confidence and assure contributors that their savings are safe and well managed,” he said.

The newly appointed Board Chairman, Opeyemi Agbaje, expressed appreciation for the appointment and pledged to uphold integrity, discipline, and sound governance.

He noted that the board would also explore ways to leverage pension funds to support national development, particularly in infrastructure and housing.

Also speaking, PenCom Director-General, Omolola Oloworaran, described the inauguration as timely, noting that it restores full oversight to the commission after a period without a governing board.

She assured that management would work closely with the board to ensure decisions deliver real value to contributors and retirees.

The move underscores the government’s commitment to strengthening Nigeria’s pension system and ensuring retirees receive their benefits with certainty, dignity, and timeliness.