The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on the National Pension Commission (PenCom) and major oil companies to address what it described as widening pension inequalities affecting retirees in the oil and gas sector.
Speaking at a one-day summit themed, “The Future of Pension in the Nigerian Oil and Gas Industry,” held on Thursday in Abuja, the President of PENGASSAN, Mr. Festus Osifo, said many retirees under the defined benefit schemes were facing hardship due to stagnant pension payments, worsened by inflation and the depreciation of the naira.
Mr. Osifo lamented that several retirees who left service as far back as the 1990s and 2000s continue to earn the same benefits, which have lost significant value over the years.
“We have observed with deep concern that many of our retirees are going through hardship because their pensions have remained static for years,” he said.
“Some retired as far back as 1990 or 2010, and what they take home monthly today has lost its value due to inflation and the fall of the naira.”
He added that although a few Closed Pension Fund Administrators (CPFAs) periodically review benefits, about 90 per cent of schemes have not undertaken any adjustments, leaving retirees dependent on management discretion.
“The retirees depend solely on management’s discretion for increments,” he said.
PENGASSAN, he noted, was urging PenCom and major oil firms—including Chevron, TotalEnergies, ExxonMobil, and NNPC—to review the actuarial assumptions guiding pension payments and ensure fairness for all retirees. He reaffirmed the union’s commitment to defending the welfare of serving and retired members.
“We will not rest until retirees in the oil and gas sector are treated with the dignity they deserve,” he assured.
Responding on behalf of the Director-General of PenCom, Mrs. Omolola Oloworara, Mr. Abdulqadir Dalhatu, Head of the Investment Supervision Department, said the commission would intensify its oversight of CPFAs to ensure fairness and compliance.
“Our goal is to sustain confidence in the pension system while ensuring retirees’ funds are safe and managed responsibly,” he said.
Also speaking, the Managing Director of TotalEnergies CPFA, Mr. Benjamin Okeke-Agedi, represented by Mr. Wale Olasoji, highlighted the need for CPFAs to adopt digital platforms, green investments, and stronger governance structures to remain sustainable.
“CPFAs have the advantage of investment flexibility, global partnerships, and portfolio diversification that enhance sustainability,” he said.
