PenCom, NLC Trade Words Over N24.6trn Pension Assets Management

The National Pension Commission (PenCom) and the Nigeria Labour Congress (NLC) are currently at loggerheads over the management of the N24.6 trillion pension fund assets in the country.

While the labour uniion had earlier gave a two-week ultimatum to PenCom to inaugurate its board and provide a comprehensive status report on the funds, PenCom condemned NLC, alleging that the labour group was misleading Nigerians on the management of workers’ pension funds and non-inauguration of PenCom Governing Board.

PenCom acting director of Corporate Communications, Ibrahim Garba Buwai, described NLC allegations as incorrect, gravely misleading and surprising.

It would be recalled that NLC President, Comrade Joe Ajaero, had in a letter dated July 28, 2025, allegedly accused PenCom of sidelining workers and employers in the management and investment of their pension contributions, operating without a properly inaugurated board, and engaging in unauthorised spending.

The union had given a two-week ultimatum to PenCom to inaugurate its board and provide a comprehensive status report on the funds.

Besides, the union wrote another letter to PenCom on August 13, 2025, communicating the resolutions of its Central Working Committee meeting, which re-echoed the same issues as the initial letter.

But, reacting to the union’s accusations, PenCom assured NLC, all pension contributors and retirees, that their pension contributions remained safe and secured.

The commission said it does not directly invest pension funds. Instead, licensed Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) manage and safe-keep the investments under strict regulationso and supervision.

“It is, therefore, incorrect to suggest that contributors and employers are kept in the dark about investments of pension funds. Equally, there is nothing to suggest that the funds are in any jeopardy,” the pension industry regulator clarified.

Furthermore, PenCom, while reacting to the NLC suggestion of ‘possible sinister motives,’ expressed dismay, saying, it has always operated with transparency and accountability.

Reacting to the NLC’s complaint on non-inauguration of PenCom’s board, the commission noted that, while Section 19 of the Pension Reform Act (PRA) 2014, provides for its establishment, the appointment of board members is strictly the prerogative of the president, subject to the Senate confirmation.

The commission reminded NLC that, by virtue of provisions of PRA 2014, the labour group is one of the 10 institutions represented on the PenCom’s board.

Besides, PenCom said the President has the prerogative of appointing the other six members, comprising the chairman, the director general and the four executive commissioners. “It is clear that the NLC is well aware that it is outside the purview of PenCom to appoint a Board for itself,” PenCom said.

It, therefore, assured NLC that the appointment of Board members is no longer a matter of concern as the Federal Government has already taken steps to address the issue.