The Federal Government has inaugurated the Governing Board of the National Pension Commission (PenCom), charging members to uphold the highest standards of corporate governance and safeguard over N28 trillion in pension assets under the Contributory Pension Scheme (CPS).

Speaking at the inauguration ceremony in Abuja yesterday, the Secretary to the Government of the Federation (SGF), Senator George Akume, said PenCom remained a critical pillar of Nigeria’s financial sector, entrusted with the retirement savings of millions of Nigerians. He said the event demonstrated government’s commitment to a pension system that is transparent, resilient, and trusted.

The SGF described the Board’s role as one of “national importance,” as members are expected to provide strategic direction, policy guidance, and effective oversight in line with the Pension Reform Act 2014 (PRA) and other relevant frameworks. He drew a firm line between governance and administration. He told the members that while the Board is responsible for oversight, Management must be allowed to handle day-to-day operations.

According to him, any interference in operational matters would weaken accountability and undermine institutional effectiveness. On the scale of responsibility before the new Board, the SGF said that the pension industry has grown significantly, with assets now exceeding N28 trillion and millions of contributors depending on the CPS for financial security in retirement.

He, therefore, called for zero tolerance for misconduct, urging the Board to prioritise strong internal controls, robust risk management, and transparency in decision-making.