FG Inaugurates New PenCom Board to Safeguard Pension Assets

On Monday, the Federal Government inaugurated the new board of the National Pension Commission (PenCom) in Abuja, with Opeyemi Agbaj appointed as chairman. Georg Akum, the Secretary to the Government of the Federation, highlighted the critical role of PenCom in Nigeria's financial sector, managing approximately N28 trillion in pension assets.

Akum urged the board members to uphold corporate governance and provide strategic direction while ensuring oversight in line with the Pension Reform Act of 2014. He cautioned against interference in management duties, stressing that such actions could undermine institutional effectiveness.

The board is expected to adopt a zero-tolerance policy towards misconduct and prioritize strong internal controls to reinforce public confidence in the pension system. Bola Tinubu's administration remains committed to meeting pension obligations, ensuring timely benefits for retirees.

Omolola Oloworaran, the Director General of PenCom, pledged to work collaboratively with the board to deliver tangible benefits to contributors and enhance the pension industry.