Why Federal Government charged PenCom Board to safeguard N28 trillion pension assets

 





By allcitynews.ng 


Following the pivotal roles of National Pension Commission (PenCom) to both workers and pensioners, Federal Government has charged the apex pension monitoring agency to safeguard the funds in its custody, as a cornerstone of Nigeria’s financial architecture. 



‎The Federal Government made the charged during the inauguration of the newly Governing Board of PenCom to uphold the highest standards of corporate governance and ensure the safety of over N28 trillion in pension assets under the Contributory Pension Scheme (CPS).


‎Speaking during the inauguration ceremony in Abuja recently, the Secretary to the Government of the Federation, George Akume, reiterated that PenCom as a cornerstone of Nigeria’s financial architecture is entrusted with managing the retirement savings of millions of workers.


‎He said the inauguration reflects government’s resolve to sustain a pension system that is transparent, resilient, and capable of inspiring public confidence.


‎Describing the mandate of the new board as one of “national importance,” Akume urged members to provide strategic leadership, sound policy direction, and effective oversight in strict compliance with the Pension Reform Act 2014 and other relevant regulations guiding the industry.



However, the SGF drew a clear line between governance and administration, cautioning the board against encroaching on the operational responsibilities of management.


‎According to him, while the board is expected to set policies and provide oversight, the day-to-day running of the commission must remain the exclusive preserve of management to ensure efficiency and accountability.


‎Highlighting the magnitude of the task ahead, Akume noted that the pension industry has recorded significant growth, with total assets surpassing N28 trillion and millions of contributors depending on the CPS for financial security in retirement.

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He therefore called for zero tolerance for misconduct, urging the board to strengthen internal controls, entrench robust risk management systems, and promote transparency in all its dealings.

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“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."



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