Government introduces new leadership for pension commission, charges them with managing retirement funds

The Federal Government inaugurated the Governing Board of the National Pension Commission on Monday, tasking its members with upholding corporate governance standards and safeguarding over N28tn in pension assets under the Contributory Pension Scheme.

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This directive was outlined in a statement released by PenCom on the same day, highlighting the government's expectations from the newly inaugurated Board.

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During the inauguration ceremony in Abuja, Secretary to the Government of the Federation, George Akume, emphasized the critical role of PenCom in Nigeria's financial sector, noting that it is entrusted with the retirement savings of millions of Nigerians.

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Akume described the inauguration as a reflection of the government's commitment to establishing a transparent, resilient, and trusted pension system, and underscored the Board's responsibility as one of national importance.

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He cautioned the Board members against interfering in management duties, stressing that while they are responsible for oversight, the management must be allowed to handle day-to-day operations without interference.

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Akume warned that any interference in operational matters would undermine accountability and weaken institutional effectiveness, emphasizing the need for a clear distinction between the Board's oversight role and management's operational responsibilities.

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The pension industry has grown significantly, with assets exceeding N28tn and millions of contributors depending on the CPS for financial security in retirement, according to Akume.

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He urged the Board to adopt a zero-tolerance approach to misconduct, prioritizing strong internal controls, risk management, and transparency to reinforce public confidence in the pension system.

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Akume quoted as saying that the actions of the Board must assure contributors that their savings are safe, secure, and well-managed, and expressed confidence that the Board would provide disciplined governance and deliver on its mandate.

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The administration of President Bola Tinubu remains committed to meeting pension obligations, with steps taken to address outstanding liabilities and ensure retirees receive their benefits with dignity, certainty, and timeliness, according to Akume.

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Speaking on behalf of the Board, its Chairman, Opeyemi Agbaje, thanked President Tinubu for the appointment, pledging that members are committed to upholding corporate governance, integrity, and strong leadership.

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Agbaje added that the Board would support national development by leveraging pension funds, particularly in infrastructure, housing, and other critical sectors of the economy.

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Director-General of PenCom, Ms Omolola Oloworaran, commended the SGF for providing oversight during the period the commission operated without a board, describing the inauguration as timely and significant.

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Oloworaran pledged to work collaboratively with the Board, stressing that every decision of PenCom Board must ultimately deliver tangible benefits to contributors and retirees, and expressed confidence in a strong partnership between management and the Board.

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The PUNCH reported in August 2025 that the federal government appointed Opeyemi Agbaje as the chairman of the National Pension Commission's governing board, following the threat of a strike by the Nigeria Labour Congress over the non-constitution of the board.