By Raymond Akorede
The Nigeria Labour Congress (NLC) has accused the National Pension Commission (PenCom) of offering “half-truths and lame excuses” in its response to calls for the constitution and inauguration of the boards of labour market institutions, especially PenCom and the Nigeria Social Insurance Trust Fund (NSITF).
In a strongly worded statement on Thursday, NLC President, Comrade Joe Ajaero, said PenCom’s recent press release failed to address the substantive issue of why the governing board has remained unconstituted for more than five years.
“The management of PenCom released a statement that could at best be described as polemics of half-truths, furtive denials, and lame excuses,” Ajaero said. “In one breath, they dismissed our demands as unfounded, in another, they blamed President Bola Ahmed Tinubu, and yet again they claimed the Federal Government has taken steps to address the issue.”
The labour body argued that PenCom has not provided clarity on the “specific steps” allegedly taken by the Federal Government, adding that the absence of a governing board undermines transparency and accountability in the management of pension funds.
“What PenCom failed to tell Nigerians are the actual steps taken to address this issue,” Ajaero stated. “At the root of the crisis of transparency in pension management is a dysfunctional governance architecture created by the non-constitution of the governing board.”
The NLC recalled its historic role in shaping Nigeria’s contributory pension system and vowed not to allow it to be derailed by what it described as “the demons of poor accountability and oversight” that plagued the old defined benefit scheme.
“We do not need a tutorial on pension history,” Ajaero declared. “All we need is for the Federal Government to demonstrate commitment by constituting the PenCom board. What is so difficult in doing this?”
The Congress insisted that PenCom must focus its energy on persuading the government to act rather than “deflecting responsibility” with excuses.
“Having conceded that the government has erred by administering workers’ funds without working-class oversight, PenCom should stop the polemics and push for the constitution of its governing board without further delay,” Ajaero added.
The NLC warned that it will not relent in holding the government accountable on workers’ funds, stressing that silence in the face of such neglect would be “too dangerous and gravely costly.”
“A stitch in time saves nine,” the NLC President concluded.
