NLC Tackles PenCom Over Failure to Constitute Governing Board

The Nigeria Labour Congress (NLC) has faulted the National Pension Commission (PenCom) over what it described as evasive excuses and lack of accountability in addressing calls for the urgent constitution and inauguration of governing boards for critical labour market institutions.

In a strongly worded statement issued on Wednesday, NLC President, Comrade Joe Ajaero, said the Commission’s recent press release amounted to “polemics of half-truths, furtive denials, and lame excuses,” instead of providing Nigerians with clear answers on the prolonged vacuum in PenCom’s leadership structure.

According to Ajaero, while PenCom dismissed the concerns raised by the NLC as unfounded, it paradoxically shifted the blame to President Bola Ahmed Tinubu’s administration for the delay in reconstituting its governing board.

The labour leader insisted that such a defence lacked substance and fell short of demonstrating any concrete steps taken by the Commission or the federal government to resolve the issue.

“The absence of a governing board for over five years has not only weakened oversight but has also eroded transparency and accountability in the management of workers’ pension funds,” Ajaero said.

He stressed that the situation undermines public trust and leaves the sector vulnerable to mismanagement.

The NLC maintained that the continued failure to constitute the board of PenCom and other institutions critical to the labour market poses serious risks to the credibility of Nigeria’s pension system.

It called on President Tinubu to urgently intervene by inaugurating a governing board for PenCom in order to restore confidence and ensure proper checks and balances in the administration of pension assets.

The Congress also warned that it would not relent in holding public institutions accountable, especially those entrusted with managing workers’ retirement savings.