Earlier this week, PenCom met with the Trade Union Congress (TUC) to keep pension reforms on track and reinforce compliance with the Contributory Pension Scheme. It’s all about tightening up the system so employers can’t just skate by without making those required contributions.
PenCom’s not doing it alone, either. They’re collaborating with the Central Bank of Nigeria and the Federal Ministry of Finance to set up a framework where pensions can be invested in naira but still generate returns in dollars. That’s a strategic move—anything to hedge against naira volatility and protect retirees’ savings.
This initiative came to light after PenCom’s Director General, Omolola Oloworaran, held a meeting in Abuja with TUC President Festus Osifo. Oloworaran emphasized TUC’s critical role on PenCom’s governing board and pointed out that strong cooperation is essential for the continued success of the Contributory Pension Scheme.
Oloworaran also highlighted that, under the Pension Reform Act of 2014, every employer is legally obliged to remit pension contributions for their employees. She mentioned that PenCom’s planning to roll out revised investment regulations soon—these should widen the range of available investment options and, hopefully, drive better returns.
For his part, Osifo praised PenCom’s professionalism and efficiency, saying his experience with their staff speaks to their integrity and commitment—qualities that are, let’s be honest, not always a given in the Nigerian public sector.
It’s worth noting that the Nigeria Labour Congress threatened strike action back in August over the federal government’s delay in appointing a pension board. President Tinubu eventually responded by naming Opeyemi Agbaje, a former director at GTBank, as PenCom’s new chairman. Hopefully, this move brings some much-needed stability to the sector.
