NECA Praises Federal Government for PENCOM Board Inauguration

The Nigeria Employers' Consultative Association (NECA) has commended the Federal Government for the inauguration of the board of the National Pension Commission (PENCOM). Mr.

Adewale Smatt Oyerinde, the Director General of NECA, issued a statement from Geneva, Switzerland, highlighting that this inauguration addresses significant governance gaps and reinforces confidence in the management of Nigeria's pension fund, valued at N28 trillion. This fund is crucial for the retirement security of millions of Nigerian workers.

NECA particularly praised the leadership of President Bola Ahmed Tinubu for taking decisive action to restore the statutory governance structure of PENCOM in line with the provisions of the Pension Reform Act of 2014. Oyerinde urged the board to uphold the highest standards of corporate governance and ensure strict oversight while avoiding interference in daily operations.

He emphasized that strong oversight without operational interference is essential for sustaining accountability and safeguarding contributors' funds.