By Victor Ahiuma-Young

The Nigeria Employers’ Consultative Association, NECA, has commended the Federal Government for taking decisive steps to strengthen governance and accountability in the nation’s pension industry, describing the recent inauguration of the Governing Board of the National Pension Commission, PenCom, as a major milestone.

In a statement  by its Director-General, Mr. Adewale-Smatt Oyerinde, the Association welcomed the development, noting that it comes after a prolonged delay which had raised concerns among employers and stakeholders regarding the oversight of pension assets and the integrity of the Contributory Pension Scheme, CPS.

“The constitution of the PenCom Board is both timely and commendable. It addresses a significant governance gap and reinforces confidence in the management of pension funds, now valued at over N28 trillion, which represent the retirement security of millions of Nigerian workers,” Mr. Oyerinde said.

NECA particularly praised the Federal Government under President Bola Ahmed Tinubu, for restoring the statutory governance structure of PenCom in line with the Pension Reform Act 2014. 

The Association also aligned with the position of the Secretary to the Government of the Federation, Senator George Akume, who urged the Board to uphold the highest standards of corporate governance, ensure strict oversight, and avoid interference in the day-to-day operations of management.

“Strong oversight, without operational interference, is fundamental to sustaining accountability and safeguarding contributors’ funds,” Mr. Oyerinde emphasized, while urging the newly inaugurated Board to prioritize transparency, robust risk management, and adherence to global best practices.

NECA expressed optimism that the collaboration between the Board, led by Chairman Dr. Opeyemi Agbaje, and PenCom Management under Director-General Ms. Omolola Oloworaran, will usher in a new era of institutional efficiency, improved service delivery, and sustained confidence in Nigeria’s pension system.

The Association reaffirmed its commitment to working with all stakeholders to promote policies and initiatives that enhance the efficiency, transparency, and sustainability of the CPS, ensuring that Nigerian workers’ retirement funds are secure.