PenCom DG meets NLC president, promises transparency as Labour pushes for inclusion
Omolola Oloworaran, director general of the National Pension Commission (PenCom), has opened talks with Joe Ajaero, president of the Nigeria Labour Congress (NLC), in a bid to mend relations and restore confidence in the contributory pension scheme.
Oloworaran, who led PenCom’s management team to the NLC headquarters in Abuja, said the engagement was to “correct the missteps of the past” and build a partnership that serves workers’ interests.
She assured the labour movement that the commission would run an open system, adding that contributors’ funds remain safe under the custody of pension fund administrators (PFAs).
“We at PenCom are committed to transparency and ready to give information on everything we had done as could be exemplified by our information-sharing in public domains,” she said.
The DG clarified that PenCom does not hold contributors’ money directly, but provides oversight to ensure PFAs safeguard the funds.
Labour’s concerns
Responding, Ajaero said the Congress’ concerns with PenCom predated Oloworaran’s tenure.
He criticised past decisions made without a properly constituted board, warning that such actions undermined the philosophy of the contributory pension scheme introduced under former president Olusegun Obasanjo.
He expressed displeasure that PenCom initially took what he described as a “confrontational approach,” cautioning that sidelining the NLC in pension matters was unacceptable.
“The funds belong to workers and not government,” Ajaero said, adding that several unresolved issues must still be addressed.
These, he said, include the status of gratuity in the pension scheme, alleged shortchanging of contributors by PFAs, agitation by workers to return to the defined benefit scheme, and the non-unionisation of PFA employees.
He also raised concerns about unremitted contributions by some employers and governments, the exclusion of about 60 percent of workers from the scheme, and the need for the PenCom board to fully exercise its statutory functions.
Oloworaran, who was appointed DG in July 2024, pledged to work with labour to resolve the outstanding issues.
