The Director-General (DG) of the National Pension Commission (PenCom), Mrs. Omolola Oloworaran, has assured that contributors’ pension funds remain safe due to built-in safeguards in the system.
Oloworaran gave the assurance during a courtesy visit to the Nigeria Labour Congress (NLC) President, Comrade Joe Ajaero, alongside some management staff over the weekend in Abuja. She explained that PenCom does not hold pension funds directly, as they are managed by Pension Fund Administrators (PFAs).
The DG said the visit aimed to correct past misunderstandings, including public exchanges in the media, and to strengthen mutually beneficial relations between PenCom and the NLC. She emphasized PenCom’s commitment to transparency and accountability, noting that information on the Commission’s activities is regularly shared in the public domain.
Ajaero, in his remarks, said some of Congress’ concerns with PenCom predated Oloworaran’s appointment, including the non-constitution of the board and decisions allegedly taken by unauthorized entities in violation of the PenCom Act.
He warned that such actions undermined the Contributory Pension Scheme (CPS), which replaced the now-defunct Defined Benefit Scheme (DBS) introduced under former President Olusegun Obasanjo’s administration.
He expressed displeasure over what he described as PenCom’s initial disregard for Congress’ complaints, noting that letters sent to the Commission were ignored. He cautioned against sidelining the NLC, stressing that the pension funds belong to workers, not the government, and that Congress’ representation on the board should not be undermined.
While welcoming the DG’s outreach, Ajaero highlighted pressing issues that require urgent collaboration, including: clarification of gratuity’s status under the CPS, alleged shortchanging of contributors by PFAs, agitation by some workers to return to the DBS, non-unionisation of PFA workers, non-remittance of contributions by some employers and government entities, low enrollment, with about 60% of workers yet to be captured under the scheme.
He also called for the board to be allowed to fully perform its statutory functions.
