Nigeria Employers Association Commends Federal Government for Inaugurating PenCom Governing Board to Secure Pension Assets

The Nigeria Employers’ Consultative Association commends the FG for inaugurating the PenCom Board to oversee N28 trillion in pension assets.

By: AXL Media

Published: Mar 25, 2026, 4:10 AM EDT

Source: The information in this article was sourced from LEADERSHIP News

A Critical Step for Institutional Governance

The Nigeria Employers’ Consultative Association (NECA) has issued a formal commendation to the Federal Government following the long-awaited inauguration of the Governing Board for the National Pension Commission (PenCom). Speaking from Geneva, Switzerland, NECA Director-General Adewale-Smatt Oyerinde characterized the development as a vital milestone in enhancing transparency within the nation’s financial sector. This administrative move effectively fills a governance vacuum that had persisted for a prolonged period, causing significant concern among private sector employers regarding the long-term stability of the Contributory Pension Scheme. The restoration of this board is seen as a commitment to the legal frameworks established to protect the retirement savings of the Nigerian workforce.

Securing the Retirement Future of Millions

At the heart of NECA's support is the protection of pension assets, which are currently estimated to exceed N28 trillion. Oyerinde emphasized that the constitution of the board is essential for reinforcing public confidence in how these massive funds are managed and invested. Because these assets represent the primary retirement security for millions of workers, the lack of a formal governing body had created perceived risks regarding oversight and accountability. By reinstating the board, the government provides a necessary layer of fiduciary responsibility, ensuring that the management of these funds remains subject to rigorous checks and balances as dictated by the Pension Reform Act 2014.

Aligning with Statutory Reform Mandates

The inauguration is a direct fulfillment of the provisions found within the Pension Reform Act 2014, which mandates a specific governance structure for PenCom. NECA praised the administration of President Bola Ahmed Tinubu for taking the decisive action required to normalize the commission’s operations. This alignment with statutory requirements is expected to mitigate the "governance gap" that had previously hindered the commission's ability to operate at full capacity. By adhering to the legislative blueprint for pension management, the federal government has signaled a return to orthodox administrative practices that prioritize the rule of law in financial regulation.