The National Pension Commission (PenCom) has dismissed allegations by the Nigeria Labour Congress (NLC) over the management of workers’ pension funds and the absence of its governing board, insisting that contributors’ savings remain secure.

In a letter dated July 28, 2025, NLC President Joe Ajaero accused PenCom of sidelining workers and employers in pension fund management, operating without a properly inaugurated board, and engaging in unauthorised spending. The union, relaying resolutions of its Central Working Committee (CWC), issued a two-week ultimatum for the board’s inauguration and a detailed status report on the funds.

Responding, PenCom’s Acting Director of Corporate Communications, Ibrahim Buwai, described the allegations as “incorrect, gravely misleading and surprising.” He explained that PenCom does not directly invest pension funds, stressing that only licensed Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) are responsible for investments under strict regulation and supervision.

On the delayed board inauguration, the Commission said the matter was outside its control, citing Section 19 of the Pension Reform Act (PRA) 2014, which empowers the President subject to Senate confirmation to make such appointments. It noted that the Federal Government had already taken steps to resolve the issue.

PenCom also denied claims of unauthorised spending, clarifying that its budget is approved by the National Assembly in line with the Constitution, regardless of whether a board is in place. It added that all procurement processes strictly comply with the Public Procurement Act 2007.

Reiterating its commitment to transparency and accountability, the Commission assured contributors and retirees that their pension savings are “safe and secure.”