Employers Applaud Federal Govt Over PenCom Board Inauguration

The Nigeria Employers’ Consultative Association (NECA) has commended the Federal Government for inaugurating the Governing Board of the National Pension Commission (PenCom), describing the move as a significant step toward enhancing governance, transparency, and accountability in the country’s pension sector.

In a statement issued in Geneva, Switzerland, NECA director-general, Adewale-Smatt Oyerinde, said the inauguration comes after a prolonged delay that had raised concerns among employers and stakeholders about the oversight of pension assets and the integrity of the Contributory Pension Scheme (CPS).

“The constitution of the PenCom Board is both timely and commendable. It addresses a significant governance gap and reinforces confidence in the management of pension funds, now valued at over N28 trillion, which represent the retirement security of millions of Nigerian workers,” Oyerinde said.

NECA praised the Federal Government under President Bola Ahmed Tinubu,, for taking decisive action to restore PenCom’s statutory governance structure in line with the Pension Reform Act 2014. The Association also supported the call by the Secretary to the Government of the Federation, Senator George Akume, urging the Board to uphold the highest standards of corporate governance, maintain strict oversight, and avoid interfering in management’s day-to-day operations.

He stressed the importance of a clear separation between governance and management for institutional effectiveness, noting that “strong oversight, without operational interference, is fundamental to sustaining accountability and safeguarding contributors’ funds.”

While welcoming the development, NECA urged the new Board to prioritise transparency, robust risk management, and adherence to global best practices. The Association emphasized that maintaining employer and public confidence in the pension system is critical to the continued success of the CPS.

NECA also expressed optimism that collaboration between the Board, chaired by Dr Opeyemi Agbaje, and PenCom Management, led by director-general Ms. Omolola Oloworaran, would strengthen institutional performance and improve service delivery to contributors and retirees.

The Association reaffirmed its commitment to working with relevant stakeholders to promote policies that enhance efficiency, transparency, and sustainability in Nigeria’s pension sector.