The commission issued a statement following the ceremony held in Abuja, highlighting the board’s critical role in Nigeria’s financial system.

At the event, the Secretary to the Government of the Federation, George Akume, described PenCom as “a key pillar of Nigeria’s financial sector, responsible for the retirement savings of millions of Nigerians.”

He noted that the inauguration underscores the government’s commitment to building “a pension system that is transparent, resilient, and trusted,” adding that the board’s role is of “national importance.” Members are expected to provide strategic direction, policy guidance, and effective oversight in accordance with the Pension Reform Act 2014, while refraining from interfering in daily operations.

“While the Board is responsible for oversight, Management must handle day-to-day operations. Any interference could weaken accountability and institutional effectiveness,” Akume warned.

He highlighted that the pension sector has grown significantly, with total assets exceeding ₦28 trillion, and stressed that the board should adopt a zero-tolerance approach to misconduct, strengthen internal controls, enhance risk management, and ensure transparency.

“The Board’s actions must reinforce public confidence and assure contributors that their savings are safe, secure, and well managed,” he added, noting the administration of Bola Tinubu is committed to meeting pension obligations, addressing outstanding liabilities, and ensuring retirees receive their benefits promptly and with dignity.

Chairman Opeyemi Agbaje, speaking on behalf of the board, thanked the President for the appointment and pledged to uphold corporate governance, integrity, and strong leadership. He also highlighted plans to leverage pension funds for national development, particularly in infrastructure, housing, and other critical sectors.

The Director-General of PenCom, Omolola Oloworaran, described the inauguration as timely, commending the SGF for overseeing the commission during its period without a board. She emphasised that all board decisions must deliver tangible benefits to contributors and retirees and expressed optimism about a productive relationship between management and the board.

The inauguration comes after earlier delays in constituting the board, following Agbaje’s appointment as chairman in August 2025 amid pressure from organised labour, including threats of industrial action. The move is expected to strengthen oversight and boost public confidence in the management of pension funds nationwide.