FG inaugurates new PenCom Governing Board
The Federal Government has officially inaugurated the Governing Board of the National Pension Commission (PenCom) weeks after the Nigerian Labour Congress (NLC) strongly demanded its constitution.
The inauguration ceremony, held in Abuja, was supervised by the Secretary to the Government of the Federation (SGF), Senator George Akume.
This development follows an October 2025 meeting between PenCom Director-General Ms. Omolola Oloworaran and NLC President Joe Ajaero.
During that meeting, Ajaero expressed deep concern over the absence of a fully constituted board, warning that the delay undermined governance, stalled strategic decisions, and severely weakened oversight capabilities.
During the inauguration, Senator Akume charged the newly appointed members to uphold the highest standards of corporate governance to safeguard over N28 trillion in pension assets currently under the Contributory Pension Scheme (CPS).
He emphasized that PenCom remains a critical pillar of Nigeria’s financial sector and that the board’s inauguration solidifies the Tinubu administration's commitment to building a transparent, resilient, and trusted pension system.
While outlining the board’s role, the SGF stressed its national importance in providing strategic direction and policy guidance in line with the Pension Reform Act 2014.
However, he issued a firm caution against interfering in the daily operational matters of the Commission, which must remain under the purview of PenCom management.
Akume further demanded zero tolerance for misconduct, urging the board to prioritize strong internal controls, robust risk management, and utmost transparency to assure contributors that their savings are secure.
The newly constituted board is chaired by Agbaje Opeyemi Olukayode. Other members include PenCom DG Omolola Oloworaran; Securities and Exchange Commission (SEC) DG Dr. Emomotimi Agama; Commissioner of Finance Dr. Charles Sylvester Emukowhate; Commissioner of Administration Hon. Bello Abubakar Malabu; Commissioner of Inspectorate Hon. Samuel Chigozie Uwandu; and Commissioner of Technical Hon. Hafiz Muhammad Kawu Ibrahim.
Speaking on behalf of the members, Chairman Olukayode expressed profound appreciation to President Bola Ahmed Tinubu for the national assignment.
He committed the board to upholding the ideals articulated by the SGF, particularly concerning integrity and the clear distinction between governance and operational oversight.
PenCom DG Oloworaran also lauded the SGF for his oversight during the board's absence, noting that the inauguration is a significant step that restores crucial oversight functions and will ultimately deliver tangible benefits to both contributors and retirees.
The inauguration arrives on the heels of PenCom's recent recovery efforts, which saw the retrieval of N4.57 billion from defaulting employers between the first quarters of 2024 and 2025, further underscoring the Commission's dedication to protecting workers’ retirement savings.