Nigeria: FG Charges New Pencom Board to Safeguard N28trn Assets

The Federal Government has inaugurated the Governing Board of the National Pension Commission (PenCom), charging members to maintain highest standards of corporate governance and safeguard over N28 trillion in pension assets under the Contributory Pension Scheme (CPS).

Speaking at the inauguration ceremony in Abuja on Monday, the Secretary to the Government of the Federation (SGF), Senator George Akume, stated that PenCom remains a critical pillar of Nigeria's financial sector, entrusted with the retirement savings of millions of Nigerians.

At the event, Akume clearly told the members that while the Board is responsible for oversight, Management must be allowed to handle day-to-day operations, noting that "Any interference in operational matters would weaken accountability and undermine institutional effectiveness,"

On the scale of responsibility before the new Board, the SGF said, "The pension industry has grown significantly, with assets now exceeding N28 trillion and millions of contributors depending on the CPS for financial security in retirement. Therefore, there should be zero tolerance for misconduct, urging the Board to prioritise strong internal controls, robust risk management, and transparency in decision-making.

"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.

Speaking on behalf of members, the Chairman of the PenCom Board, Agbaje Opeyemi Olukayode, expressed appreciation to President Bola Tinubu for finding the Board members worthy of the national assignment.

Olukayode said the new Board members are fully committed to upholding the ideals articulated by the SGF, particularly in the areas of corporate governance, integrity, strong leadership, and a clear distinction between governance and oversight.

Also speaking, the Director-General of PenCom, Ms. Omolola Oloworaran, reiterated her commitment to working collaboratively with the Board, anchored on a shared responsibility to serve the interests of Nigerians.

She stressed that every decision of PenCom Board must ultimately deliver tangible benefits to contributors and retirees.

The DG 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.

Read the original article on Daily Trust.