The Federal Government has issued a stern directive to the newly inaugurated board of the National Pension Commission (PenCom), warning that any governance lapses could undermine public confidence in over N28 trillion in pension assets belonging to millions of Nigerian workers and retirees.
At the Abuja inauguration, Secretary to the Government of the Federation (SGF) Senator George Akume emphasized the critical role of the board, urging members to safeguard pension funds, respect institutional boundaries, and keep politics out of operations.
Describing the assignment as one of “national importance,” Akume highlighted that PenCom sits at the heart of Nigeria’s financial system under the Contributory Pension Scheme (CPS). He called for disciplined oversight, transparency, and strict adherence to the Pension Reform Act 2014.
“To maintain public trust, board members must focus on policy and oversight, leaving day-to-day management to the Commission’s executives,” Akume said. “Interference in operations will only weaken accountability and effectiveness.”
The caution comes as pension assets grow rapidly, now surpassing N28 trillion, making the sector a major pool of long-term capital in the Nigerian economy. The SGF stressed that the board must tighten internal controls, strengthen risk management frameworks, and ensure every action reinforces contributor confidence.
President Bola Ahmed Tinubu’s administration, he added, remains committed to retirees, with ongoing efforts to clear outstanding liabilities and guarantee timely, dignified benefits.
Responding, PenCom Board Chairman Agbaje Olukayode pledged to uphold strong corporate governance, protect pension assets, and explore opportunities to channel long-term funds into national development, including infrastructure and housing.
Director-General of PenCom, Omolola Oloworaran, described the board’s inauguration as a turning point, restoring governance oversight and institutional balance, while reaffirming a cooperative approach to deliver real value to contributors and retirees.
