The Federal Government on Monday inaugurated the Governing Board of the National Pension Commission weeks after the Nigerian Labour Congress made the request to PenCom Director-General, Ms. Omolola Oloworaran.

The inauguration ceremony, held in Abuja, was overseen by the Secretary to the Government of the Federation, Senator George Akume.

It was earlier reported that during a meeting in October 2025 between PenCom and NLC President Joe Ajaero, the labour leader urged the inauguration of the board to strengthen governance.

Akume urged members of the board to uphold the highest standards of corporate governance and to safeguard over N28 trillion in pension assets under the Contributory Pension Scheme.

He described PenCom as a vital pillar of Nigeria’s financial system, responsible for managing the retirement savings of millions of Nigerians.

He added that the board’s inauguration reflects the government’s commitment to a pension system that is transparent, resilient, and widely trusted.

Akume emphasised the commission’s “national importance,” noting that board members are expected to provide strategic direction, policy guidance, and effective oversight in line with the Pension Reform Act 2014 and other relevant frameworks.

He added that while the board is tasked with oversight, PenCom’s management should be allowed to handle day-to-day operations, cautioning against undue interference in its activities.

“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 added.

Speaking on behalf of the board, Chairman Agbaje Opeyemi Olukayode thanked President Bola Ahmed Tinubu for considering the members worthy of the national responsibility.

He affirmed that the board is committed to upholding the principles highlighted by the SGF, especially in promoting strong corporate governance, integrity, effective leadership, and a clear separation between governance and oversight functions.

I’m her remarks, the Director-General of PenCom, Ms. Omolola Oloworaran, commended the SGF for inaugurating the board and for providing oversight during the period the commission operated without one.

She stated that all decisions of the PenCom board must ultimately translate into tangible benefits for contributors and retirees.

The DG added that the inauguration is both timely and significant, as it reinforces governance within PenCom by restoring the board’s oversight role.

She also pledged to maintain a productive and collaborative working relationship with the board.