By Muhammad Mamman
The National Pension Commission (PenCom) has robustly refuted allegations from the Nigeria Labour Congress (NLC), branding their claims of mismanagement of workers’ pension funds and delays in establishing its governing board as “baseless, misleading, and astonishing.” In a sharply worded letter dated 18 August 2025, Acting Director of Corporate Communications, Ibrahim Buwai, addressed the NLC’s petitions of 28 July and 13 August, which accused PenCom of sidelining workers and employers, operating without a legally constituted board, and engaging in unauthorised expenditure.
PenCom firmly dismissed these accusations, underscoring that pension funds are secure, tightly regulated, and managed by licensed Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) under stringent oversight. “The notion that contributors are left uninformed or that their funds are at risk is entirely unfounded,” the Commission declared.
On the matter of the delayed board inauguration, PenCom clarified that this responsibility lies solely with the President, subject to Senate approval, as outlined in Section 19 of the Pension Reform Act 2014. “The NLC is fully aware that PenCom cannot appoint its own board. The Federal Government is already addressing this issue,” the statement affirmed.
Refuting allegations of financial impropriety, PenCom highlighted that its budgets are rigorously scrutinised and approved by the National Assembly, with procurement processes adhering strictly to the Public Procurement Act 2007.
Emphasising its commitment to transparency, PenCom reminded the NLC of its pivotal role in shaping the Pension Reform Acts of 2004 and 2014 and reiterated its openness to constructive dialogue. “Our doors remain wide open to the NLC and all stakeholders for meaningful engagement on any pension-related concerns,” the Commission stated.
PenCom reassured contributors and retirees of the safety of their pensions and urged organised labour to foster collaboration rather than propagate “unsubstantiated claims” that risk causing undue alarm within the pension system.
