The Federal Government on Monday inaugurated the Governing Board of the National Pension Commission (PenCom), weeks after the Nigerian Labour Congress (NLC) tabled the request before the PenCom Director-General, Ms. Omolola Oloworaran.
The inauguration ceremony in Abuja was supervised by the Secretary to the Government of the Federation (SGF), Senator George Akume.
Nairametrics previously reported that, during a meeting between PenCom and NLC President Joe Ajaero in October 2025, the latter called for the board’s inauguration to strengthen governance.
What they are saying
Akume charged members to uphold the highest standards of corporate governance and “safeguard over N28 trillion in pension assets under the Contributory Pension Scheme (CPS).”
According to him, PenCom remains a critical pillar of Nigeria’s financial sector, entrusted with the retirement savings of millions of Nigerians. He added that the board’s inauguration demonstrates the government’s commitment to a pension system that is transparent, resilient, and trusted.
Describing the board’s role, Akume stressed its “national importance,” noting that members are expected to provide strategic direction, policy guidance, and effective oversight in line with the Pension Reform Act 2014 (PRA) and other relevant frameworks.
He further noted that while the board is responsible for oversight, PenCom management must be allowed to handle day-to-day operations, cautioning against interference in operational matters.
The SGF called for zero tolerance for misconduct, advising 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 added.
He assured Nigerians that steps have been taken by the President Bola Tinubu administration to address outstanding liabilities and restore confidence, with a focus on ensuring that retirees receive their benefits with dignity, certainty, and timeliness.
After his remarks, the SGF formally inaugurated the board, expressing confidence in its capacity to deliver exemplary leadership, disciplined governance, and sustained commitment.
Nairametrics gathered that other members of the board include PenCom DG, Omolola Oloworaran, Securities and Exchange Commission DG, Dr. Emomotimi Agama; Commissioner (Finance), Dr. Charles Sylvester Emukowhate; Commissioner Administration, Hon. Bello Abubakar Malabu; Commissioner Inspectorate, Hon. Samuel Chigozie Uwandu and Commissioner Technical, Hon. Hafiz Muhammad Kawu Ibrahim.
Speaking on behalf of members, the Chairman of the PenCom Board, Agbaje Opeyemi Olukayode, appreciated President Bola Ahmed Tinubu for finding the members worthy of the national assignment.
Olukayode said the board is 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 PenCom Director-General, Ms. Omolola Oloworaran, appreciated the SGF for inaugurating the board and for providing oversight during the period the Commission operated without one.
She assured that every decision of the PenCom board must ultimately deliver tangible benefits to contributors and retirees.
The DG added that the inauguration is timely and significant, as it strengthens governance within PenCom by restoring the board’s oversight function.
She also pledged a productive and collaborative working relationship with the board.
Backstory
Recall that at a meeting in October last year, the NLC President expressed deep concern over the continued non-inauguration of PenCom’s full board, noting that while a chairman was in place, the absence of a fully constituted board undermined governance, delayed strategic decisions, and weakened oversight.
He urged the Commission to engage the appropriate government authorities to ensure the immediate inauguration of the full board, emphasising that doing so is fundamental to promoting transparency, accountability, and effective service delivery.
The PenCom DG had responded that the Commission would continue to explore strategies to improve compliance with the Pension Reform Act among private-sector employers and state governments, while addressing issues related to benefits administration and timely payments.
What You Should Know
The development comes just months after PenCom announced the recovery of N4.57 billion from defaulting employers between Q1 2024 and Q1 2025, underscoring its commitment to safeguarding workers’ retirement savings under Nigeria’s Contributory Pension Scheme.
- This was disclosed by Mr. Oguche Agudah, Chief Executive Officer of the Pension Fund Operators Association of Nigeria (PenOp), in August 2025.
- Agudah explained that the recovered sum comprised N2.12 billion in outstanding pension contributions and N2.45 billion in penalties imposed on 138 employers who failed to remit pension funds as required by law.
