The President of the Nigeria Labour Congress (NLC), Joe Ajaero, has urged the Nationwide Pension Fee (PenCom) to impose stricter sanctions on employers who fail to adjust to pension laws in Nigeria.
Ajaero made the decision on Thursday throughout a Roundtable Dialogue between PenCom and the NLC management, which was attended by Nairametrics.
In accordance with him, the NLC continues to obtain quite a few complaints in regards to the alleged inefficiency of some Pension Fund Directors (PFAs) and the persistent non-compliance of a number of employers throughout each the private and non-private sectors.
“We name for stronger and extra decisive regulatory actions from PenCom. This could embrace publishing the names of non-compliant employers and imposing stiffer sanctions,” Ajaero stated.
NLC Presents Extra Suggestions to PenCom
Ajaero recommended the Director-Basic of PenCom, Ms. Omolola Oloworaran, and her administration workforce for initiating the interactive session, describing it as a constructive step towards strengthening collaboration for the general welfare of Nigerian staff.
He confused the significance of addressing current challenges throughout the Contributory Pension Scheme (CPS) and exploring methods to boost its effectivity, accountability, and transparency.
The NLC President expressed deep concern over the continued non-inauguration of PenCom’s full board, noting that whereas a PenCom chairman is in place, the absence of a completely constituted board undermines governance, delays strategic selections, and weakens oversight.
He urged the Fee to have interaction the suitable authorities authorities to make sure the quick inauguration of the complete board, emphasizing that doing so is prime to selling transparency, accountability, and efficient service supply.
Ajaero additional proposed the creation of a standing committee comprising representatives from each the NLC and PenCom to proactively deal with rising points and function a rapid-response mechanism for staff’ grievances.
“This may deepen our collaboration and improve mutual understanding,” he added, stressing the necessity for stronger regulatory oversight and enforcement towards pension defaulters.
PenCom Commits to Employees’ Welfare
In her remarks, PenCom DG Omolola Oloworaran reiterated that the Contributory Pension Scheme (CPS) stays probably the most transformative social safety reforms in Nigeria’s historical past.
“Regardless of its challenges, the CPS has restored confidence within the dignity of labour by guaranteeing that each Nigerian employee’s sweat interprets into retirement safety,” she stated.
- Oloworaran acknowledged the NLC’s constant advocacy for staff’ welfare, noting that labour unions have performed a key position in shaping Nigeria’s pension panorama by means of sustained collaboration with the Fee.
- She inspired the NLC to have interaction in constructive dialogue relating to the Revised Regulation on the Funding of Pension Fund Belongings and the proposed amendments to the Pension Reform Act 2014, at the moment into account by the Nationwide Meeting.
- In accordance with her, PenCom will proceed to discover methods to enhance compliance with the Pension Reform Act amongst private-sector employers and state governments, whereas addressing points associated to advantages administration and well timed funds.
What You Ought to Know
The NLC’s contemporary calls for come simply weeks after PenCom introduced the restoration of N4.57 billion from defaulting employers between Q1 2024 and Q1 2025 — underscoring its dedication to safeguarding staff’ retirement financial savings below Nigeria’s Contributory Pension Scheme.
This was disclosed by Mr. Oguche Agudah, Chief Govt Officer of the Pension Fund Operators Affiliation of Nigeria (PenOp), in August 2025.
Agudah defined that the recovered sum comprised N2.12 billion in excellent pension contributions and N2.45 billion in penalties imposed on 138 employers who did not remit pension funds as required by legislation.
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