Abuja, Nigeria – The Federal Government of Nigeria has inaugurated the Governing Board of the National Pension Commission, restoring full oversight of more than 28 trillion naira in retirement savings a few weeks after the Nigeria Labour Congress demanded action. The ceremony took place in Abuja on Monday and followed concerns that the prolonged absence of a full board was weakening governance at the regulator.
Okay News (okaynews.com) reports that the Secretary to the Government of the Federation, Senator George Akume, presided over the event and urged members to “safeguard over N28 trillion in pension assets under the Contributory Pension Scheme,” an amount equal to roughly 18.7 billion dollars at an assumed rate of 1,500 naira to one dollar. He described the National Pension Commission as a core pillar of Nigeria’s financial system that holds the retirement savings of millions of workers and said the new board must strengthen transparency, resilience and public trust.
Akume told members their work carries “national importance” and said they are expected to set strategy, guide policy and provide effective supervision in line with the Pension Reform Act 2014. He cautioned them not to interfere in daily management and stressed zero tolerance for misconduct, calling for strong internal controls, robust risk management and open decision making so contributors feel their pension assets are safe and properly managed.
The Secretary to the Government of the Federation also said President Bola Tinubu’s administration is taking steps to clear outstanding pension obligations and rebuild confidence so retirees receive benefits on time and with dignity. He then formally inaugurated the Governing Board and expressed confidence that its members would deliver disciplined leadership and sound corporate governance.
The new Governing Board includes National Pension Commission Director General Omolola Oloworaran, Securities and Exchange Commission Director General Emomotimi Agama, Finance Commissioner Charles Sylvester Emukowhate, Administration Commissioner Bello Abubakar Malabu, Inspectorate Commissioner Samuel Chigozie Uwandu and Technical Commissioner Hafiz Muhammad Kawu Ibrahim. Chairman Agbaje Opeyemi Olukayode thanked President Tinubu for the appointment and said the board would uphold the principles outlined by Akume, including a clear separation between governance and day to day oversight.
Director General Omolola Oloworaran thanked the Secretary to the Government of the Federation for providing oversight during the period without a full board and said every decision must deliver concrete benefits to contributors and retirees. She described the inauguration as timely because it restores the formal oversight role of the Governing Board and pledged a collaborative relationship between management and members.
The move comes months after Nigeria Labour Congress President Joe Ajaero warned that not inaugurating the full board undermined transparency, delayed major decisions and weakened supervision of the pension system. At that earlier meeting, he urged the commission to push government authorities to complete the appointments so governance standards and accountability would improve.
The National Pension Commission has recently highlighted its enforcement efforts, including the recovery of 4.57 billion naira, about 3.0 million dollars, from non compliant employers between the first quarter of 2024 and the first quarter of 2025. That sum included 2.12 billion naira in unremitted pension contributions and 2.45 billion naira in penalties imposed on 138 employers, according to Pension Fund Operators Association of Nigeria Chief Executive Oguche Agudah.
The fully constituted Governing Board is expected to build on these recovery efforts and tighten compliance further, as Nigeria’s contributory pension scheme continues to grow in size and importance for workers’ financial security in retirement.
