The National Pension Commission (PenCom) and the Trade Union Congress of Nigeria (TUC) have resolved to strengthen collaboration in order to enhance compliance with the Contributory Pension Scheme (CPS). The agreement was reached on Wednesday, 24 September 2025, during a courtesy visit by PenCom’s Director-General, Ms. Omolola Oloworaran, to the TUC President, Comrade Festus Osifo, in Abuja.
Ms. Oloworaran reaffirmed PenCom’s commitment to securing the future of Nigerian workers through reforms designed to improve pension returns and drive wider compliance. She disclosed that the Commission would soon issue a revised Investment Regulation aimed at expanding opportunities in alternative asset classes.
She further revealed that PenCom was working with the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance on a framework that would allow pension funds to be invested in naira while generating returns in dollars. According to her, the initiative would protect workers’ retirement savings against inflation and economic volatility.
The Director-General was accompanied on the visit by the Acting Commissioner, Technical, Hon Hafiz Kawu Ibrahim, along with other senior management officials.
In his remarks, Comrade Osifo commended PenCom for its “high professionalism and efficiency,” noting his own positive encounters with the Commission during his years in the pension industry. He pledged the TUC’s continued support for PenCom, particularly in ensuring that employers fulfil their obligations under the CPS.
The labour leader criticised the practice by some employers of deducting pension contributions from employees’ salaries without remitting them. He warned that such actions not only erode retirement benefits but also fuel industrial disputes.
Both parties agreed to deepen their partnership in order to strengthen the CPS and safeguard the retirement savings of Nigerian workers.
