The House of Representatives Technical Committee investigating the pension fund of the Nigerian National Petroleum Company Limited has directed NNPCL Pension Fund Limited to transfer all pension assets under its management to licensed Pension Fund Administrators (PFAs) within seven days.
The lawmakers said the directive aligns with existing regulations issued by the National Pension Commission (PenCom) and resolutions of the National Assembly aimed at strengthening transparency and sustainability in Nigeria’s pension industry. Eyes Of Lagos reports,
Speaking during a meeting of the Technical Committee in Abuja, Chairman of the panel, Hon. Prince Olaide Lateef, disclosed that officials of NNPC Pension Limited only appeared before the committee after lawmakers threatened to issue a warrant of arrest over repeated failures to honour invitations.
Lateef criticised what he described as the management’s “nonchalant attitude,” noting that it had created unnecessary difficulties for both the committee and the pension regulator.
According to him, the committee’s objective was not to witch-hunt any organisation but to correct irregularities and ensure compliance with pension reforms.
Chairman of the House Committee on Pensions, Hon. Hussaini Mohammed Jallo, emphasised that NNPC Pension must fully comply with the directive within the stipulated timeframe.
The panel also warned that documents submitted by the company would undergo detailed scrutiny, adding that a public hearing or forensic audit could be conducted if discrepancies are identified.
Other lawmakers, including Hon. Daniel Ago, stressed that institutions that ignore invitations from the National Assembly risk sanctions, noting that pension transparency remains a critical national issue.
Head of Compliance at PenCom, Ahmed Lawal, explained that if the pension assets had previously been transferred to PFAs, complaints from beneficiaries would have been handled directly by the commission.
He assured stakeholders that PenCom would continue collaborating with lawmakers to ensure pensioners receive the full benefits of their entitlements.
Responding to questions from the committee, Financial Controller of NNPC Pension Limited, Alhaji Tajudeen Kareem, apologised for failing to honour earlier invitations.
He explained that the company was working to secure and optimise its assets, including converting real estate holdings into more liquid investments to generate improved returns for pension beneficiaries.
Kareem disclosed that NNPCL Pension currently pays approximately ₦20 billion monthly to pensioners and remains committed to preventing leakages in the system. He added that the company had already written to PFAs and was awaiting regulatory approval to complete the transfer process within a week.
In response, PenCom officials assured the committee that approval could be granted within 24 hours once requirements are met.
The directive is seen as a significant step in ongoing efforts to reform Nigeria’s pension system, with stakeholders closely monitoring compliance by NNPC Pension Limited to ensure the protection and accessibility of pension funds for retirees.