The Federal Government has inaugurated the Governing Board of the National Pension Commission (PenCom), weeks after the Nigeria Labour Congress pushed for its constitution to strengthen oversight and governance.
The inauguration ceremony, held in Abuja on Monday, was overseen by George Akume, Secretary to the Government of the Federation.
The move follows earlier demands by Joe Ajaero, NLC President, who in October 2025 raised concerns about the absence of a fully constituted board, warning that it weakened oversight and delayed key decisions within the pension system.
Speaking at the event, Akume charged board members to uphold high standards of corporate governance and safeguard over N28 trillion in pension assets under the Contributory Pension Scheme (CPS). He described PenCom as a critical institution responsible for managing the retirement savings of millions of Nigerians.
He emphasised that while the board is expected to provide strategic direction and oversight in line with the Pension Reform Act 2014, it must avoid interfering in the day-to-day operations of management. He also called for zero tolerance for misconduct, urging members to prioritise transparency, strong internal controls, and effective risk management.
The newly inaugurated board includes Omolola Oloworaran, Director-General of PenCom, alongside other key members such as Emomotimi Agama and representatives overseeing finance, administration, inspectorate, and technical functions.
Agbaje Opeyemi Olukayode, Chairman of the board, thanked President Bola Ahmed Tinubu for the appointment and pledged the board’s commitment to strong governance, integrity, and effective oversight.
Oloworaran described the inauguration as timely, noting that it restores the Commission’s full governance structure and strengthens its oversight capacity. She assured that the board’s decisions would prioritise the interests of contributors and retirees.
The development comes amid ongoing efforts to boost confidence in Nigeria’s pension system. PenCom recently recovered N4.57 billion from defaulting employers between Q1 2024 and Q1 2025, reinforcing its mandate to protect workers’ retirement savings.
Analysts say the board’s inauguration is a significant step toward improving transparency, accountability, and efficiency in the management of Nigeria’s pension assets.
