FG Inaugurates PenCom Board to Safeguard N28tn Assets

The Federal Government of Nigeria inaugurated a new board for the National Pension Commission (PenCom) in Abuja, with Georg Akum emphasizing the need for robust risk management and corporate governance to safeguard the N28 trillion pension assets. Akum urged the board, led by Opeyemi Olukayod, to uphold the highest standards of corporate governance and prioritize strong internal controls.

He highlighted the importance of transparency in decision-making to reinforce public confidence in the pension system. The board's role is crucial, as it is expected to provide strategic direction and oversight in line with the Pension Reform Act of 2014.

Akum reaffirmed the government's commitment to ensuring that retirees receive their benefits timely and with dignity. Omolola Oloworaran, the Director General of PenCom, expressed her commitment to collaborating with the new board to deliver tangible benefits to contributors.

Adewal Smatt Oyerind of NECA noted concerns regarding the delay in the board's inauguration and its implications for oversight of pension assets.