The Federal Government has charged the newly inaugurated Governing Board of the National Pension Commission (PenCom) with the responsibility of safeguarding over N28 trillion pension assets under the Contributory Pension Scheme (CPS), urging strict adherence to corporate governance principles and regulatory frameworks.
The Secretary to the Government of the Federation, Senator George Akume, gave the charge on Monday in Abuja during the inauguration of the board, describing PenCom as a critical pillar of Nigeria’s financial system, entrusted with managing the retirement savings of millions of workers across the country.
Akume said the board carries a “nationally significant mandate” that requires diligence, integrity, and strategic leadership to sustain the credibility and stability of the pension industry.
According to him, the inauguration reflects the Federal Government’s commitment to strengthening a pension system that is transparent, resilient, and capable of inspiring public confidence among contributors.
He, however, drew a clear distinction between governance and administration, cautioning the board against interfering in the day-to-day operations of the commission.
While the board is expected to provide policy direction and oversight, Akume stressed that operational responsibilities must remain within the purview of management to ensure efficiency, accountability, and effective service delivery.
Highlighting the growing scale of the pension sector, the SGF noted that pension assets have surged to over N28 trillion, making the industry one of the largest institutional investors in the country, with millions of contributors depending on the scheme for financial security after retirement.
He called on the board to adopt robust risk management systems, strengthen internal controls, and enforce zero tolerance for misconduct in order to protect contributors’ funds.
Akume further urged the board to comply strictly with the provisions of the Pension Reform Act 2014 and other extant regulations governing the sector, stressing that transparency and accountability must be at the core of its operations.
“The actions of the board must reinforce public confidence in the pension system and assure contributors that their savings are safe, secure, and well managed,” he said.
The Federal Government’s directive comes amid sustained concerns over the management of pension funds and the need to ensure that Nigeria’s contributory pension framework continues to deliver on its promise of providing a secure retirement income for workers.
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