President Bola Tinubu on Monday promised to clear all outstanding pension liabilities and restore confidence in the country’s pension system by prioritising retirees’ welfare.

Tinubu stated this while inaugurating the new board of the National Pension Commission (PenCom), charging members to strengthen the pension system and safeguard the retirement savings of federal government workers.

Mandate for transparency and oversight

George Akume, Secretary to the Government of the Federation, while inaugurating the board on behalf of the president, said the exercise underscored the importance attached to their mandate. He noted that the board’s role includes providing strategic direction, policy guidance, and effective oversight in line with the Pension Reform Act 2014.

Christopher Ugwuegbulam, Head of Information and Public Relations in the office of the SGF, said Akume noted that the inauguration demonstrates the government’s commitment to a pension system that is transparent, resilient, and trusted by all.

Integrity and governance standards

Akume urged the new board to uphold the highest standards of integrity, sound judgement, transparency, and accountability. He warned against any encroachment into operational responsibilities that could undermine governance structures established by law.

He reaffirmed the government’s commitment to address outstanding liabilities and ensure pensions are paid with dignity, certainty, and timeliness.

Opeyemi Agbaje, PenCom board chairman, leads the new team, which includes Muhammad Ibrahim, commissioner (technical); Samuel Uwanda, commissioner (inspectorate); Charles Emukowhate, commissioner (finance); and Bello Malabu, commissioner in charge of administration.

Other members include Abdul Garba, representing the Office of the Head of the Civil Service of the Federation; Aderonke Jaiyesimi, representing the federal finance ministry; Joseph Ajaero, representing the Nigeria Labour Congress; and Tajuddeen Ubayi, representing the Trade Union Congress of Nigeria.

Strategic development and institutional growth

Opeyemi Agbaje, PenCom board chairman, assured the government of the board’s full alignment with the governance principles articulated by the Secretary to the Government of the Federation. He highlighted a commitment to leveraging pension funds as a catalyst for national development.

Ibrahim Kana, Permanent Secretary of the General Services Office, stated that reforms have continued to improve pension administration, leading to the strengthening of PenCom as a key institution.

Omolola Oloworaran, National Pension Commission Director-General, reaffirmed the commission’s commitment to a collaborative relationship with the board to strengthen institutional performance. (BusinessDay)

Update news