Federal Government Inaugurates New PenCom Board to Safeguard N28 Trillion Pension Assets
The federal government has officially inaugurated the new governing board of the National Pension Commission (PenCom), charging its members with the critical responsibility of safeguarding N28 trillion in pension assets under Nigeria’s Contributory Pension Scheme (CPS). At the Abuja ceremony on Monday, 23 March 2026, Secretary to the Government of the Federation (SGF) Senator George Akume highlighted PenCom’s pivotal role in securing the retirement savings of millions of Nigerians.
Senator Akume described the board’s mandate as a matter of “national importance,” calling on members to provide strategic direction, policy guidance, and oversight in line with the Pension Reform Act 2014 (PRA). He emphasized that while the board oversees the commission, the management team is responsible for day-to-day operations, warning that interference in operational matters could undermine accountability and institutional effectiveness.
With Nigeria’s pension industry now holding assets exceeding N28 trillion, the SGF urged the board to implement zero tolerance for misconduct, strengthen internal controls, and uphold transparency in all decisions. He reinforced the government’s commitment to ensuring retirees receive their benefits with dignity and timeliness, noting that steps have been taken to address outstanding liabilities and restore public confidence in the pension system.
On behalf of the board, Chairman Agbaje Opeyemi Olukayode pledged to uphold high standards of corporate governance, integrity, and oversight, while leveraging pension funds as a catalyst for national development in sectors like infrastructure and housing. PenCom Director-General Omolola Oloworaran also expressed her commitment to a collaborative partnership with the board, emphasizing that every decision must deliver tangible benefits to contributors and retirees.
The inauguration marks a significant step in strengthening governance within PenCom. Both the board and management are expected to work in concert to advance the administration’s agenda, enhance accountability, and assure Nigerians that their retirement savings are safe, well-managed, and poised to support long-term national development.
source: leadership