Press Statement
PENCOM DG PAYS COURTESY TO NLC
(31/08/2025)
The Director General (DG) of the National Pension Commission (PenCom), Mrs Omolola Oloworaran paid a courtesy visit to the President of the Nigeria Labour Congress, Comrade Joe Ajaero at his Pascal Bafyau Labour House office, Abuja in company of some of her management staff on Friday, August 29, 2025.
The purpose of the visit, said the DG was to correct the misteps of the past (including exchanges in the media) and to commit to a relationship that is mutually beneficial as well as explore ways the two organisations could work together.
The DG said the board’s oversight function over the organisation (PenCom) could not be wished away.
However, that they at PenCom “are committed to transparency and ready to give information on everything” they had done as could be exemplified by their information-sharing in public domains.
She assured that contributors’ funds were safe due to inbuilt safety guards, explaining that funds were not in custody of PenCom but PFAs (Pension Funds Administrators) that manage them.
Comrade Joe Ajaero in his response went down memory lane to explain that some of Congress’ issues with PenCom predated her appointment and revolved around the non-constitution of the board and weighty decisions taken on behalf of the board by unknown entities in violation of the PenCom Act. He noted that the consequences were equally weighty not just for contributors but the entire philosophy behind the Contributory Pension Scheme which the Chief Obasanjo-government lobbied hard to put in place to replace the collapsed Defined Benefit Scheme.
He reminded her of how government ignored complaints from Congress including a letter that was totally ignored.
Comrade Joe Ajaero expressed dismay that the DG elected to pick up a fight pointing out that taking on the Nigeria Labour Congress unjustly could be a costly venture not only because the Congress is on the board, the funds belong to workers and not government.
He pointed out even when the DG maintained the same course of sidelining the Congress by neither calling nor visiting, Congress took it in its stride.
However, there were certain things Congress could no longer ignore, hence its second or third letter which the DG took upon herself to respond to even when clearly the issues were beyond her.
He however said he was committed to the DG’s ra-approachment as there were still serious challenges ahead that their partnership could help tackle.
These challenges, he said include:
The ambiguous status of gratuity in CPS;
The shortchanging of contributors by PFAs;
The agitation of contributors to return to the Defined Benefit Scheme;
The non-unionisation of workers in PFAs;
Non-remittances of contributions by employers/governments;
About 60 per cent of workers yet to be captured;
The board must be allowed to perform its statutory functions.
Mrs Omolola Oloworaran was appointed Director General of PenCom on July 13, 2024. She repalced Mrs Aisha Dahir-Umar.
Ends .