The Director General of the National Pension Commission (PenCom), Omolola Oloworaran, made an unscheduled visit to the Labour House in Abuja today to address mounting tensions with the Nigeria Labour Congress (NLC) regarding the safety and transparency of Nigerian workers’ pension funds. This was Oloworaran’s first direct meeting with the NLC since she took office in July 2024.
Labour Demands Transparency
During a closed-door meeting, NLC President Joe Ajaero was direct in his confrontation, raising “unanswered questions that Nigerian workers cannot ignore.” His primary concern was the absence of a statutory PenCom Board, which he argued has left billions of naira in retirement savings vulnerable.
Ajaero emphasized that pension funds are not government money, but the property of Nigerian workers, and their management must be handled with the highest level of transparency. He also strongly criticized Pension Fund Administrators (PFAs) for negligence, citing numerous reports of retirees struggling to access their funds. The NLC President called on PenCom to enforce compliance and sanction non-compliant PFAs to restore confidence in the pension system.
PenCom Admits Shortcomings and Seeks Collaboration
In a bid to de-escalate the situation, Oloworaran apologized for PenCom’s lack of direct engagement with Labour, stating, “We should never have allowed media exchanges to replace direct dialogue. That was a mistake.” She pledged to work closely with the NLC to ensure greater transparency and accountability.
To back her promises, the DG unveiled a new framework for engagement. This includes a digital dashboard for real-time pension monitoring, regular reporting to the NLC, and a commitment to sustained collaboration. She concluded by reassuring the NLC that workers’ funds are safe and that the commission will work together with Labour to tighten oversight of PFAs.
While both parties agreed to closer collaboration, observers believe the peace is fragile. The NLC has made its position clear, and sources suggest a “showdown” is likely if PenCom fails to follow through on its promises.
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The PENCOM DG did not address the delay in release of FG Bond to pay outstanding pension liabilities. This is inspire of expiration of the deadline given by Govt. At the same time one would have expected the N LC chairman to raise the issue.