NLC Demands Speedy Constitution Of PenCom Board
President of the Nigeria Labour Congress (NLC), Comrade Joe Ajaero, has criticised the Federal Government for failing to reconstitute the board of the National Pension Commission (PenCom) years after it was dissolved.
Ajaero warned that the vacuum undermines transparency and accountability in the management of workers’ retirement savings.
Ajaero expressed his concerns while addressing journalists at the Annual General Meeting of TrustFund Pensions Limited in Abuja.
He lamented that PenCom continues to operate without a properly constituted board, despite legal provisions requiring representation from both labour and employers.
“The PenCom board is supposed to have institutional representation from labour and employers since it is workers’ and employers’ contributions that make up the pension funds.
“But for years now, that board has not been inaugurated, and yet decisions are being made. That raises questions about accountability,” he said.
He further criticised the persistent delays in the payment of pension entitlements, stressing that many retirees are subjected to prolonged wait times and unpaid benefits despite years of faithful contributions during their working lives.
Ajaero also questioned the transparency in the management of revenues from workers’ compensation funds, calling for stronger oversight and accountability in the use of such social security contributions.
Addressing broader labour issues, he highlighted how the ongoing economic downturn has significantly eroded the value of wages and pensions, further worsening the living conditions of Nigerian workers.
“Whether it is ₦70,000 or more, workers’ pay cannot go far in an environment where fuel prices, electricity tariffs, and inflation keep rising.
“The federal government needs to renew its efforts to stabilise the economy and restore the value of the naira,” Ajaero said.
Meanwhile, the Managing Director/CEO of TrustFund Pensions Limited, Mr Uche Ihechere, announced that the company recorded a 20 per cent growth in assets under management and a 34 per cent increase in profit before tax in 2024.
He attributed the growth to efficient management and strategic investment decisions.
Ihechere also lauded the N700bn federal government bond issued to offset outstanding pension arrears, describing it as a timely intervention and a demonstration of commitment to retirees’ welfare.
However, he noted that inflation continues to eat into real returns within the pension industry.
He called for the creation of viable infrastructure-based investment opportunities that could provide higher yields for pension contributors.
NLC Demands Speedy Constitution Of PenCom Board is first published on The Whistler Newspaper
