PenCom DG Visits, Engages NLC on Pensions, Others, Pledges Transparency

In a bid to correct past misunderstandings and foster a more beneficial relationship, the Director General of the National Pension Commission (PenCom), Mrs. Omolola Oloworaran, has met with the leadership of the Nigeria Labour Congress (NLC) in Abuja.

During the meeting with NLC President Joe Ajaero and other officials held at the Labour House, Oloworaran assured them that contributors’ funds are safe due to the “inbuilt safety guards” within the system.

This was announced on Sunday by Benson Upah, the NLC’s Head of Information and Publicity in a statement released to Persecondnews in Abuja.

The PenCom DG also stressed the commission’s commitment to transparency, stating they are “ready to give information on everything” they have done.

She clarified that PenCom does not hold the funds directly; instead, they are managed by Pension Funds Administrators (PFAs).

This move is seen as a step towards rebuilding trust between the two organizations.

On his part, Ajaero acknowledged that some of the issues with PenCom, such as the non-constitution of its board and major decisions made by unknown entities, predate the current DG’s appointment.

He also expressed his dismay that the DG chose to “pick up a fight,” warning that “taking on the NLC unjustly could be a costly venture.”

Ajaero reminded her that “The Congress is on the board, [and] the funds belong to workers and not government.”

He also listed several challenges that need to be addressed, including the ambiguous status of gratuity in the Contributory Pension Scheme, PFAs shortchanging contributors, the call for a return to the Defined Benefit Scheme, and the fact that 60% of workers have yet to be included in the scheme.

He also pointed out the non-unionization of PFA workers and the non-remittance of contributions by some employers and government bodies.

Despite the past issues, Ajaero expressed his commitment to the DG’s efforts at reconciliation, stating that a partnership between the two organizations could help tackle these challenges effectively.

The visit marked a new era of cooperation between PenCom and the NLC, with both parties pledging to work together to address the challenges facing the pension industry.

Persecondnews recalls that Oloworaran was appointed Director General of PenCom on July 13, 2024, replacing Mrs. Aisha Dahir-Umar.

The appointment was seen as an opportunity for the commission to rebuild relationships with stakeholders, including the NLC.