The Federal Government has inaugurated the board of the National Pension Commission, charging members to safeguard pension assets and strengthen governance. The PenCom board pension assets responsibility includes protecting over N28 trillion under the Contributory Pension Scheme.
The inauguration took place in Abuja, where officials described the commission as a key institution responsible for managing retirement savings for millions of Nigerians.
FG Tasks PenCom Board on Pension Assets Transparency
Speaking at the event, the Secretary to the Government of the Federation, George Akume, said the board must uphold transparency and accountability in all decisions. He stressed that strong governance will build public trust in the pension system.
He also warned against interference in daily operations, noting that management should handle routine activities while the board focuses on oversight. According to him, this balance is essential for institutional effectiveness.
PenCom Board Pension Assets Exceed N28 Trillion
Officials confirmed that pension assets under the scheme have grown beyond N28 trillion, reflecting steady expansion in Nigeria’s pension industry.
The government said the board must protect these funds through strong risk management and internal controls. As a result, contributors can remain confident that their savings are secure.
Board Expected to Drive Policy and Reforms
The government expects the board to provide strategic direction and policy guidance in line with existing pension laws. In addition, members must ensure compliance with regulatory frameworks governing the sector.
The Chairman of the board, Opeyemi Agbaje, said members will prioritise integrity and strong leadership. He added that the board will support national development by investing pension funds in key sectors such as infrastructure and housing.
Management Pledges Collaboration
The Director-General of PenCom, Omolola Oloworaran, described the inauguration as timely. She said it restores the board’s oversight role and strengthens governance within the commission.
She also pledged that management would work closely with the board to ensure decisions benefit contributors and retirees.
The PenCom board pension assets mandate highlights the importance of strong oversight in Nigeria’s financial system. With trillions of naira at stake, the board’s role remains critical to ensuring transparency, accountability, and long-term sustainability.
