FG Inaugurates New PenCom Board to Safeguard ₦28 Trillion

The Federal Government of Nigeria inaugurated the board of the National Pension Commission (PenCom) on a Monday, emphasizing the importance of safeguarding ₦28 trillion in pension assets. Akum Ad, speaking on behalf of the Secretary to the Government of the Federation, highlighted PenCom's critical role in Nigeria's financial architecture.

The board, led by Chairman Opeyemi Agbaj, is expected to provide strategic direction and policy guidance in line with the Pension Reform Act of 2014. Ad cautioned against any interference in the commission's operations, warning that such actions could undermine accountability and weaken the institution.

He urged the board to adopt a zero-tolerance stance on misconduct and to strengthen internal controls and risk management. The administration of President Bola Tinubu remains committed to meeting pension obligations and ensuring timely benefits for retirees.

Omolola Oloworaran, the Director General of PenCom, expressed optimism about restoring full governance structures and fostering a strong working relationship with the new board.