Ogun State Governor Dapo Abiodun has inaugurated a 25-member Pension Funds Management Committee, marking a critical step in reforming the state’s long-troubled pension system.
The committee, comprising representatives from both the Bureau of State Pensions and the Bureau of Local Government Pensions, will oversee the full implementation of the Contributory Pension Scheme (CPS), which officially commenced in the state on 2 July 2025.
Chaired by Mrs. Arinola Adetayo for the state sector and Engr. Olufisan Osiyale for local government, the committee is tasked with ensuring compliance with National Pension Commission (PenCom) regulations, monitoring Pension Fund Administrators (PFAs), and enforcing transparency in pension fund management.
Governor Abiodun, during the inauguration, commended organised labour for their cooperation following the resolution of a statewide strike. He called on the committee to embrace accountability and professionalism.
He stated that pension reform is both a moral and legal responsibility, and urged the committee to work towards restoring confidence in the system and protecting the future of workers.
The committee’s formation follows a Memorandum of Understanding (MoU) with labour unions, which ended an eight-day strike over the non-remittance of over ₦82 billion in pension deductions spanning 14 years.
Key issues raised during the strike included unpaid leave allowances, stalled promotions, and the failure to fully implement the national minimum wage. Workers had criticised the state’s compliance with the Ogun State Pension Reform Law, which mandates monthly contributions of 7.5% from both the employer and employee.
Since the scheme’s inception, only 34 out of 204 required monthly contributions have been made, further eroding confidence and undermining retirement security.
Going forward, the success of the new committee will depend on its ability to ensure consistent remittances, enforce accountability, and rebuild trust with workers. Stakeholders have called for urgent action, with some demanding the suspension of the CPS until all outstanding arrears are settled.
