FG Tasks New PenCom Board with Guarding ₦28trn Assets

By Ifeyinwa Ike

The Federal Government on Monday inaugurated the Governing Board of the National Pension Commission (PenCom), tasking members with upholding top-tier corporate governance and protecting over ₦28 trillion in pension assets under the Contributory Pension Scheme (CPS).

Secretary to the Government of the Federation, George Akume described PenCom as a vital pillar of Nigeria’s financial sector, safeguarding retirement savings for millions of Nigerians.

He stressed the government’s commitment to a transparent, resilient pension system.

Akume highlighted the Board’s national importance, urging strategic direction, policy guidance, and oversight in line with the Pension Reform Act 2014.

He stressed that the Board must focus on oversight, leaving day-to-day operations to management, stating that any interference would erode accountability and institutional effectiveness.

With pension assets surpassing ₦28 trillion and millions of contributors relying on the Contributory Pension Scheme (CPS) for retirement security, the SGF demanded zero tolerance for misconduct, strong internal controls, risk management, and transparent decisions.

“The actions of the Board must reinforce public confidence,” he said, assuring contributors their savings are safe.

He reaffirmed President Bola Tinubu’s resolve to settle pension liabilities promptly and restore trust, ensuring retirees get benefits with dignity.

Formally inaugurating the Board, Akume expressed faith in their leadership.

Chairman of the Board, Agbaje Opeyemi Olukayode thanked President Tinubu for the trust, pledging commitment to governance, integrity, and separating oversight from operations.

The Board aims to channel pension funds into infrastructure, housing, and economic growth.

Director-General of PenCom, Omolola Oloworaran thanked the SGF for past guidance and inauguration.

She committed to Board collaboration, emphasising decisions that benefit contributors and retirees.

The move restores full governance, promising a productive partnership.