ABUJA — The Nigeria Labour Congress (NLC) has called on President Bola Ahmed Tinubu to end the delay and immediately inaugurate the board of the National Pension Commission (PenCom), warning that further excuses will no longer be tolerated.
In a statement issued on Wednesday by its president, Joe Ajaero, the NLC accused the federal government of showing “a grave lack of transparency” in the management of workers’ pension funds by failing to constitute the PenCom governing board for more than five years.
“Perhaps what Pencom failed to tell us are the specific steps taken by the Federal Government to address the issue of non-constitution and inauguration of the Pencom governing board,” Ajaero said. “This aloofness goes to the heart of the lack of transparency in the management of pension funds.”
The labour union warned that the absence of a governing board undermines accountability, exposing the pension system to the same “poor oversight and demons of mismanagement” that crippled the former defined benefit scheme.
“What is so difficult in constituting the board of PenCom?” Ajaero queried, stressing that the government had “gravely erred” by administering workers’ funds without working-class representation in the commission’s leadership.
The NLC reminded the government of its central role in shaping the contributory pension scheme and vowed to resist any attempt to derail it. “The Nigeria Labour Congress will never shirk from its duty of holding the government to account on the management of public trust, particularly workers’ funds,” the statement added.
This demand comes amid unconfirmed reports that President Tinubu has appointed Opeyemi Agbaje as the new chairman of PenCom.
The NLC had earlier threatened to embark on industrial action over the non-constitution of the PenCom board and alleged diversion of funds from the Nigeria Social Insurance Trust Fund (NSITF).
“A stitch in time saves nine,” Ajaero warned, urging the federal government to act without further delay.
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