By Victor Ahiuma-Young 

The National Pension Commission, PenCom, has assured Nigerians especially contributors of improved performance and stronger safeguards for pension funds.

This followed the inauguration of its new Governing Board, even as the Federal Government issued a firm warning against misconduct and interference.

Director-General of PenCom, Omolola Oloworaran, described the inauguration as a critical step toward strengthening governance and restoring full oversight within the Commission. 

She pledged that management would work closely with the board to ensure that all decisions translate into tangible benefits for contributors and retirees.

According to her, the Commission remains committed to delivering on its mandate, emphasizing that the renewed collaboration between management and the board would enhance efficiency, accountability, and public trust in the pension system.

Oloworaran noted that PenCom had continued to record key achievements despite operating without a board for some time, attributing the progress to strategic guidance provided during the period. She expressed confidence that the new board would build on this momentum to further advance the objectives of the Contributory Pension Scheme, CPS.

However, at the inauguration ceremony in Abuja, the Secretary to the Government of the Federation, SGF, Senator George Akume, made it clear that the expectations for the new board are high, given the scale of pension assets now exceeding N28 trillion.

He warned that there would be zero tolerance for misconduct, stressing that board members must uphold the highest standards of corporate governance in managing the nation’s retirement savings.

Akume also drew a clear line between governance and operations, cautioning the board against interfering in the day-to-day running of the Commission. He said such interference would undermine accountability and weaken institutional effectiveness.

“The Board must provide strategic direction and oversight, while Management handles operations independently,” he stated.

The SGF further called for strong internal controls, robust risk management, and transparency in decision-making to sustain confidence in the pension system, which serves millions of Nigerians.

He reaffirmed the commitment of President Bola Tinubu’s administration to meeting pension obligations, noting ongoing efforts to clear outstanding liabilities and ensure retirees receive their benefits promptly.

Speaking on behalf of the board, Chairman Agbaje Olukayode assured that members are fully prepared for the task ahead, pledging to uphold integrity, discipline, and sound governance practices. He added that the board would also explore opportunities to deploy pension funds into critical sectors such as infrastructure and housing, positioning the industry as a catalyst for national development.

With PenCom expressing readiness and the Federal Government setting strict boundaries, stakeholders say the focus now shifts to how effectively the new leadership will safeguard the nation’s growing pension assets and deliver lasting security to retirees.

Vanguard News