- Safiu Kehinde
The newly inaugurated Chairman of the National Pension Commission (PenCom), Opeyemi Agbaje, has affirmed his administration’s committment to President Bola Tinubu’s agenda on pension fund management and welfare of pensioneers.
Agbaje made this known during the inauguration ceremony held in Abuja on Monday.
Speaking on behalf of the newly inaugursted PenCom board, the financial expert expressed his gratitude to Tinubu for the appointment.
He also appreciated the effort of the Secretary to the Government of the Federation (SGF), Sen. George Akume, who represented the President at the event.
Agbaje thereafter pledged the board’s commitment to Tinubu’s agenda to leverage on pension as a driver for national devdlo0ment as well as ensuring adequate welfarism for pensioners.
“I want to thank HE Senator George Akume Honourable Secretary to the Government of Federation for this inauguration.
“On behalf of the board, I must very specially thank HE President Bola Ahmed Tinubu GCFR for the honour of our appointment.
“As a board, we express our commitment to the President’s agenda of leveraging pensions as a driver of national development including infrastructure, real estate and agriculture, and ensuring our pensioners live well in retirement.” He said.
Agbaje also hailed the pioneers of the pension reforms as he assured that the new board will work as a team based on integrity, corporate governance and global best practice.
“I acknowledge the great work done by the pioneers of pension reforms such as Mr Fola Adeola and Mr M. K Ahmad and promise to advance pension reforms to the next level.
“This board will work as a team based on integrity, corporate governance and global best practices to grow and consolidate Nigeria’s pension sector.” He added.
In an earlier address, Akume charged the new PenCom board to safeguard Nigeria’s rapidly growing pension assets, now valued at over N28 trillion.
The SGF, as quoted in a statement issued bys his aide, Yomi Odunuga, described the pension fund as a critical pillar of Nigeria’s financial system.
He noted that the scale of the assets underscores the weight of responsibility placed on the new board.
Akume said the N28 trillion pension pool represents the retirement savings of millions of Nigerians and must be managed with “discipline, prudence, and foresight,”.
He held that there must be zero tolerance for misconduct or regulatory breaches within the system.
Akume further charged the board to provide strategic direction and effective oversight in line with the provisions of the Pension Reform Act 2014, emphasising that their role is strictly governance, not management.
According to him, any interference in operational duties would weaken accountability and undermine institutional effectiveness.
“The responsibility before you is immense,” he said, adding that strong internal controls, risk management, and transparency must guide all decisions to sustain public confidence in the pension scheme.
He further reaffirmed the commitment of the administration of Bola Ahmed Tinubu to meeting pension obligations.
Akume disclosed that efforts are ongoing to clear outstanding liabilities and ensure retirees receive their entitlements promptly and with dignity.
The SGF noted that with the continued expansion of the pension industry, the new board is expected to not only protect the funds but also support broader economic development through sound investment practices.
“Let me be unequivocal. The role of the Board is governance and oversight. The role of Management is execution.
“This distinction must be respected at all times.
“Any encroachment on operational responsibilities weakens accountability, undermines institutional effectiveness, and distorts the governance structure established by law.
“I expect this Board to uphold global best pra?ctices in corporate governance and to work constructively with Management in the best interest of the Commission and the nation.
“The Federal Government, under the leadership of His Excellency, President Bola Ahmed Tinubu, GCFR, remains fully committed to meeting its pension obligations.
“This Administration has taken decisive steps to address outstanding liabilities and restore confidence in the system. We will continue to prioritise the welfare of retirees and ensure that pensions are paid with dignity, certainty, and timeliness,” Akume said.