PenCom DG Meets NLC in Tense Talks Over Pension Fund Crisis

The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, on Friday visited the Labour House in Abuja in what sources described as a “make-or-break intervention” amid rising tensions with the Nigeria Labour Congress (NLC) over the safety of workers’ pension funds.

The unannounced visit, said to be outside PenCom’s official schedule, marked Oloworaran’s first formal engagement with the NLC since assuming office in July 2024.

During a closed-door session, which sources described as “tense but frank,” NLC President Joe Ajaero confronted the PenCom DG with what he termed “unanswered questions that Nigerian workers cannot ignore.”

At the heart of the matter was the absence of a statutory PenCom Board — a situation Labour argues has left billions of workers’ retirement savings exposed.

“The pension funds are not government money. They belong entirely to Nigerian workers and must be handled with the highest level of transparency. How can the Commission operate without its statutory Board, as the law demands? Workers have the right to know how their savings are being managed,” Ajaero charged.

He further accused Pension Fund Administrators (PFAs) of “excesses and negligence” that have forced many retirees into hardship.

“Every day, we get disturbing reports of retirees begging for their own money. PenCom must enforce compliance, sanction erring PFAs, and restore confidence. Workers’ sweat cannot be turned into misery at old age,” he said.

PenCom’s DG responds

In her remarks, Oloworaran admitted that the Commission had “fallen short” in its engagement with Labour.

“I want to apologise to the Congress. We should never have allowed media exchanges to replace direct dialogue. That was a mistake. I am here to open a new chapter — no more media wars. PenCom will work hand in hand with Labour to ensure transparency and accountability,” she assured.

She pledged reforms, including strengthening PenCom’s digital accountability dashboard, providing regular reports to Labour, and creating a framework for sustained engagement with stakeholders.

Seeking reconciliation, she added:
“We need to rebuild trust. I want to assure you that workers’ funds are safe and that together we will tighten oversight of PFAs.”

A fragile truce

At the close of the meeting, both parties agreed to collaborate more closely going forward. However, observers warned the peace may be short-lived.

“Labour has thrown down the gauntlet,” a source noted. “If PenCom fails to follow through on these promises, the NLC is ready for a showdown.”