By Favour Pius
The Federal Government has inaugurated the Governing Board of the National Pension Commission (PenCom), weeks after the Nigeria Labour Congress (NLC) renewed calls for its constitution to strengthen oversight and governance of the pension industry.
The inauguration, which took place on Monday in Abuja, was conducted by the Secretary to the Government of the Federation (SGF), George Akume, who charged members to uphold the highest standards of corporate governance in safeguarding over N28 trillion pension assets under the Contributory Pension Scheme (CPS).
Akume described PenCom as a critical pillar of Nigeria’s financial system, entrusted with the retirement savings of millions of Nigerians, noting that the inauguration reflects the administration’s commitment to a transparent, resilient, and credible pension framework.
He stressed the national importance of the board’s role, urging members to provide strategic direction, policy guidance, and effective oversight in line with the Pension Reform Act 2014 and other regulatory frameworks.
He, however, cautioned against undue interference in management functions, emphasising that day-to-day operations remain the responsibility of the commission’s executive team.
The SGF also called for zero tolerance for misconduct, urging the board to prioritise strong internal controls, robust risk management, and transparency in decision-making.
According to him, the board’s actions must reinforce public confidence and assure contributors that their funds are safe and well managed.
He further assured that the administration of President Bola Ahmed Tinubu is taking steps to address outstanding pension liabilities and ensure retirees receive their entitlements with dignity, timeliness, and certainty.
Members of the board include the Director-General of PenCom, Omolola Oloworaran; Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama; Commissioner (Finance), Charles Sylvester Emukowhate; Commissioner (Administration), Bello Abubakar Malabu; Commissioner (Inspectorate), Samuel Chigozie Uwandu; and Commissioner (Technical), Hafiz Muhammad Kawu Ibrahim.
Speaking on behalf of the board, Chairman Agbaje Opeyemi Olukayode expressed appreciation to President Tinubu for the appointment, pledging the board’s commitment to strong governance, integrity, and clear separation between oversight and management.
Also speaking, PenCom Director-General, Oloworaran, described the inauguration as timely, noting that it restores the commission’s full governance structure and strengthens its oversight capacity.
She assured stakeholders that the board’s decisions would prioritise the interests of contributors and retirees, while pledging a collaborative working relationship between management and the board.
The development follows sustained pressure from organised labour. In October 2025, NLC President, Joe Ajaero, had raised concerns over the delay in inaugurating a full board, warning that the absence of a properly constituted governing body could weaken oversight, delay strategic decisions, and undermine transparency.
He had urged the commission to engage relevant authorities to expedite the process, stressing that a functional board is essential for accountability and efficient service delivery within the pension system.
Industry stakeholders say the inauguration comes at a critical time for the pension sector, which continues to grapple with compliance challenges and delayed remittances by some employers.
Recent data from the Pension Fund Operators Association of Nigeria (PenOp), led by Oguche Agudah, showed that N4.57 billion was recovered from defaulting employers between Q1 2024 and Q1 2025.
The amount comprised N2.12 billion in outstanding contributions and N2.45 billion in penalties imposed on 138 employers.
Analysts believe the reconstitution of the PenCom board will strengthen enforcement, improve compliance with the Pension Reform Act, and deepen confidence in the Contributory Pension Scheme, particularly as pension assets continue to grow and play a more significant role in Nigeria’s financial markets.
