In what sources described as a “make-or-break intervention,” the Director General of the National Pension Commission, PenCom, Ms. Omolola Oloworaran, has stormed the Labour House in Abuja, seat of the Nigeria Labour Congress, NLC, amid rising tensions between parties over the safety of pension funds.The visit, insiders say, was not part of PenCom’s schedule but a strategic move to cool tempers as tension mounted between Labour and the Commission.
It marked the Director General’s first official engagement with the Congress since her assumption of office in July 2024.
During the closed-door session, which multiple sources described as “tense but frank,” NLC President, Joe Ajaero, was said to have confronted the PenCom Director General with what he called “unanswered questions that Nigerian workers cannot ignore.”
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At the top of the agenda was the continued absence of a statutory PenCom’s Board — a situation Labour insists has left billions of workers’ retirement savings vulnerable.“The pension funds are not government money. They belong entirely to Nigerian workers and must be handled with the highest level of transparency. How can the Commission operate without its statutory Board, as the law demands? Workers have the right to know how their savings are being managed,” the NLC President charged.
He further accused Pension Fund Administrators, PFAs, of “excesses and negligence” that have left retirees stranded and in hardship.
“Every day, we get disturbing reports of retirees begging for their own money. PenCom must enforce compliance, sanction erring PFAs, and restore confidence. Workers’ sweat cannot be turned into misery at old age,” he thundered.
PenCom’s DG promises
Responding to the barrage, Ms. Oloworaran reportedly admitted that the commission had “fallen short” in its engagement 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 announced plans to strengthen public accountability through PenCom’s digital dashboard, provide regular reports to the Congress, and develop a framework for sustained engagement.
Seeking forgiveness, the DG told Labour leaders she regretted not visiting or reaching out earlier on assumption of office.
“We need to rebuild trust. I want to assure you that workers’ funds are safe and that together we will tighten oversight of PFAs,” she said.
A truce
At the end of the meeting, both parties agreed to maintain closer collaboration, but observers warn that the truce remains fragile. “Labour has thrown down the gauntlet,” one source said. “If PenCom fails to follow through on these promises, the NLC is ready for a showdown.”
