FG Inaugurates New PenCom Board as Pension Assets Hit N28tn

On Monday, the Federal Government inaugurated the new board of the Pension Commission (PenCom) in Abuja, coinciding with the announcement that pension assets have exceeded N28 trillion. Senator George Akume, the Secretary to the Government of the Federation, highlighted the critical role of PenCom in Nigeria's financial sector, emphasizing the need for a transparent and resilient pension system that safeguards the retirement savings of millions of Nigerians.

He outlined the board's responsibilities, which include providing strategic direction and oversight in line with the Pension Reform Act of 2014, while cautioning against interference in management duties. Akume urged the board to adopt a zero-tolerance policy towards misconduct and prioritize strong internal controls.

Opeyemi Agbaje was appointed as the chairman of the board, expressing commitment to uphold corporate governance. Ms. Omolola Oloworaran, the Director General of PenCom, commended the Secretary for his oversight during the commission's operations without a board and pledged collaboration to ensure tangible benefits for contributors.