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 crucial step to strengthen transparency and protect workers’ pension funds.
In a statement on Tuesday, the Director-General of NECA, Mr Adewale-Smatt Oyerinde, said the inauguration, which followed a protracted delay, would restore confidence in the Contributory Pension Scheme (CPS) and improve oversight of pension assets now valued at over ₦28tn.
Speaking on the development, Mr Oyerinde noted that the delay in constituting the board had raised concerns among employers and other stakeholders regarding governance and the safety of pension funds.
“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 ₦28tn,” he said.
According to him, the funds represent the retirement savings of millions of Nigerian workers, making proper oversight critically important.
Mr Oyerinde also commended the administration of President Bola Ahmed Tinubu for taking what he described as decisive action to restore the statutory governance structure of PenCom in line with the Pension Reform Act 2014.
He stated that NECA aligns with the position of the Secretary to the Government of the Federation, Mr George Akume, who urged the new board to maintain high standards of corporate governance.
The NECA director-general further called on the board to provide strong oversight while avoiding interference in the daily operations of PenCom’s management. He stressed that separating governance from management is key to ensuring accountability and protecting contributors’ funds.
Mr Oyerinde urged the board to focus on transparency, effective risk management and global best practices, noting that public and employer confidence is critical to the success of the CPS.
“The business community remains committed to fulfilling its statutory obligations under the CPS. However, this commitment must be matched with strong governance frameworks that guarantee the safety, security and efficient management of pension contributions,” he added.
He expressed optimism that the board, led by its Chairman, Mr Opeyemi Agbaje, and the management team headed by the Director-General, Ms Omolola Oloworaran, would work together to improve institutional performance. According to him, such collaboration would enhance service delivery to contributors and retirees.
Mr Oyerinde reaffirmed NECA’s readiness to continue engaging stakeholders to promote policies that will improve transparency, efficiency and sustainability in Nigeria’s pension system.
