By Muhammad Mamman
In what insiders described as a “make-or-break intervention,” the Director-General of the National Pension Commission (PenCom), Ms Omolola Oloworaran, paid an unscheduled visit to Labour House, the headquarters of the Nigeria Labour Congress (NLC), amid growing unease over the safety of workers’ pension funds.
The meeting, held behind closed doors, was Ms Oloworaran’s first official engagement with the Congress since assuming office in July 2024. Sources said the move was a calculated effort to calm mounting tensions between Labour and the Commission.
According to multiple accounts, the session was “tense but frank,” with NLC President, Joe Ajaero, pressing the PenCom boss over what he termed “unanswered questions Nigerian workers cannot ignore.”
At the centre of Labour’s grievance is the absence of a statutory PenCom Board — a vacuum the NLC insists has left billions in workers’ retirement savings exposed.
“The pension funds are not government money. They belong to Nigerian workers and must be managed with utmost transparency. How can PenCom operate without its legally mandated Board? Workers deserve to know how their hard-earned savings are being handled,” Mr Ajaero charged.
He further accused Pension Fund Administrators (PFAs) of negligence and excesses that have plunged many retirees into hardship.
“Every day, we receive distressing reports of retirees begging for access to their own money. PenCom must enforce compliance, sanction erring PFAs and restore confidence. Workers’ sweat cannot become their misery in old age,” he thundered.
PenCom DG strikes conciliatory tone
In response, Ms Oloworaran reportedly conceded that the Commission had “fallen short” in its dealings with Labour.
“I want to apologise to the Congress. We should never have allowed media exchanges to replace direct dialogue. That was a mistake. I am here to open a new chapter — no more media wars. PenCom will work hand in hand with Labour to ensure transparency and accountability,” she assured.
She pledged to improve public oversight through PenCom’s digital dashboard, provide the NLC with regular reports, and establish a framework for continuous engagement. Ms Oloworaran also admitted she ought to have reached out earlier on taking office, adding:
“We need to rebuild trust. Workers’ funds are safe, and together we will strengthen oversight of PFAs.”
A fragile truce
By the end of the talks, both sides agreed to closer collaboration. Yet, analysts warn the ceasefire remains delicate.
“Labour has thrown down the gauntlet,” one insider remarked. “If PenCom fails to deliver on its promises, the NLC is poised for a showdown.”
