Abubakar Siddiq Ibn Usman
Barbara Bako, Abuja.
The National Pension Commission (PenCom) has pledged closer collaboration with the Trade Union Congress of Nigeria (TUC) to strengthen pension administration and improve compliance with the Contributory Pension Scheme (CPS).
PenCom Director General, Ms. Omolola Oloworaran, gave the assurance during a courtesy visit to TUC President, Comrade (Engr.) Festus Osifo, in Abuja.
She was joined by the Acting Commissioner, Technical, Hon. Hafiz Kawu Ibrahim, and other senior officials of the Commission.
Ms. Oloworaran underscored the importance of the labour movement in sustaining the CPS, noting that the TUC’s role on PenCom’s Governing Board placed it at the centre of ongoing reforms.
She called for structured engagements with the union to ensure employers live up to their obligations under the Pension Reform Act (PRA) 2014.
She explained that remitting workers’ pension contributions promptly was non-negotiable, adding that compliance would secure financial stability for employees in retirement.
The DG also disclosed that PenCom is finalising a revised Investment Regulation to diversify pension fund opportunities and safeguard savings against inflation.
According to her, the Commission is working with the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance on frameworks that will enable pension investments in naira but earn returns in dollars.
She further revealed plans to introduce a minimum pension for all retirees, backed by a N758 billion bond recently approved by President Bola Tinubu to support the Pension Protection Fund.
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Responding, Comrade Osifo praised the Commission’s track record, describing it as one of Nigeria’s best-performing institutions.
“I have had experience with PenCom staff during my time in the pension industry, and I can attest to their exceptional integrity, competence and dedication,” he said.
The labour leader assured that the TUC would continue to support PenCom, particularly in sensitising workers and pressuring defaulting employers to comply.
He warned that failure to remit deducted contributions undermines long-term benefits and often triggers disputes.
Osifo also urged a review of the PRA 2014 to provide greater flexibility in pension fund investments as a hedge against inflation and currency depreciation.
The meeting ended with both sides resolving to strengthen ties in order to secure the future of Nigerian workers under the CPS.
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Rabiu M. Hamza
Agency News
