The Director General of the National Pension Commission (PenCom), Omolola Oloworaran, has paid a courtesy visit to the President of the Nigeria Labour Congress (NLC), Comrade Joe Ajaero, at the NLC headquarters in Abuja to reset relations and address lingering disputes over the country’s pension system.

Mrs Oloworaran, who was accompanied by members of her management team during the 29 August meeting, said the visit was aimed at correcting past missteps, including public exchanges between the two institutions, and to explore ways to build a mutually beneficial partnership.

She stressed that PenCom was committed to transparency and accountability, adding that contributors’ funds were safe because they were held by Pension Fund Administrators (PFAs), not PenCom itself, and protected by strict safeguards.

“PenCom is ready to provide information on everything we have done, as exemplified by our information-sharing in the public domain,” she said.

Responding, Comrade Ajaero recalled that the NLC’s grievances with PenCom predated Mrs Oloworaran’s appointment in July 2024. He cited the non-constitution of the PenCom board and decisions allegedly taken on its behalf by “unknown entities” as a violation of the PenCom Act and a threat to the Contributory Pension Scheme.

He expressed dismay that the Commission had previously “elected to pick up a fight” with the NLC and warned that taking on workers’ interests unjustly was “a costly venture” since the pension funds belonged to workers, not government.

However, Ajaero welcomed the DG’s rapprochement and expressed readiness to collaborate on tackling ongoing challenges in the pension sector, including:

  • Ambiguities around gratuity under the Contributory Pension Scheme (CPS);

  • Alleged shortchanging of contributors by PFAs;

  • Agitations to return to the Defined Benefit Scheme;

  • Non-unionisation of workers in PFAs;

  • Non-remittance of contributions by employers and governments;

  • The need to capture the estimated 60 per cent of workers yet to be enrolled; and

  • Allowing the PenCom board to perform its statutory functions.

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