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From Bimbola Oyesola,
In a renewed push to deepen pension reform and improve employer compliance, the director-general of the National Pension Commission (PenCom), Omolola Oloworaran, has reaffirmed the commission’s commitment to work closely with the Trade Union Congress of Nigeria (TUC) to safeguard the future of Nigerian workers.
Speaking during a courtesy visit to the TUC president, Festus Osifo, in Abuja on Wednesday, Oloworaran called for a more structured and strategic collaboration to reinforce the Contributory Pension Scheme (CPS) and ensure that employers fulfill their statutory obligations under the Pension Reform Act (PRA) 2014.
“The TUC plays an invaluable role as a member of the PenCom Governing Board,” she said. “We believe that our partnership is essential to the sustainability of the Contributory Pension Scheme in Nigeria.”
Oloworaran, who was joined by the Acting Commissioner, Technical, Hafiz Kawu Ibrahim, and other top management staff, underscored the legal requirement for all employers to remit pension contributions on behalf of their employees.
She urged the TUC to lend its voice in pushing for compliance, especially in the private sector.
“Every employer is obligated under the law to remit pensions regularly. Delays or failures in doing so directly endanger the retirement security of Nigerian workers,” the PenCom DG stressed.
Beyond compliance, Oloworaran spoke of ongoing reforms aimed at addressing the erosion of pension value due to inflation and currency devaluation.
According to her, PenCom is finalising a revised Investment Regulation to unlock new opportunities in alternative investments with better real returns.
She revealed that the Commission is working with the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance to create investment vehicles that allow pension funds to be invested in naira but generate returns in dollars—a move designed to protect savings from currency risk.
In a major development for retirees, Oloworaran announced that PenCom will soon implement a Minimum Pension Guarantee to ensure that all CPS retirees receive a baseline pension, regardless of their savings history. This, she said, is backed by President Bola Tinubu’s approval of a ₦758 billion bond, which includes funding for the Pension Protection Fund (PPF).
“Our goal is a dignified retirement for every Nigerian worker,” she stated. “With the Pension Protection Fund, we can offer a safety net that protects the most vulnerable retirees.”
Responding to the PenCom delegation, Comrade Osifo commended the Commission’s professionalism, describing it as one of the “most efficient and high-performing institutions” in Nigeria today.
He recalled his own past interactions with PenCom staff during his time in the pension sector, describing them as people of “integrity, competence, and dedication.”
He also pledged TUC’s full support in championing pension compliance and ensuring that workers’ contributions are not mismanaged.
“It is unacceptable that some employers still deduct pensions but fail to remit them. This unethical practice robs workers of future income and leads to industrial unrest,” Osifo warned.
The TUC president also proposed a review of the PRA 2014, calling for greater flexibility in investment strategies to shield workers’ savings from inflation and exchange rate volatility.
The meeting ended on a united note, with both parties agreeing to establish a more collaborative framework to drive awareness, enforcement, and policy reforms that will secure the retirement future of Nigerian workers.
“We are committed to working hand in hand with PenCom to ensure the CPS delivers on its promise,” Osifo concluded. “The future of our workforce depends on it.”
