NLC to Pencom: We must hold govt to account on management of workers fund

—Insists on inauguration of NSITF, Pencom boards

By Johnnosco Agbakwuru

ABUJA — THE Nigeria Labour Congress, NLC, has told the Pension Commission, Pencom, to forget the rhetorics and pressed it upon the Federal Government to inaugurate boards of the Nigeria Social Insurance Trust Fund, NSITF as well of that of Pencom.

NLC also said that it will never shirk from its duty of holding the government to account on the management of public trust particularly workers’ funds.

In addition, labour said that it will be dangerous and gravely costly to be silent when a democratic government obstructs representative governance.

In a statement issued yesterday in Abuja, signed by its President, Comrade Joe Ajaero with the title: “Instead of excuses – just do the needful,” NLC described reaction of the management of Pencom over labour’s demand for the inauguration of the two key important boards as dramatic.

The statement read: “In response to the sustained pressure by the leadership of the Nigeria Labour Congress (NLC) for the Federal Government to constitute and inaugurate the boards of labour market institutions particularly the Pension Commission (Pencom) and the Nigeria Social Insurance Trust Fund (NSITF), the management of Pencom released a press statement which could be at best be described as polemics of half-truths, furtive denials and lame excuses.

“The leadership of the Nigeria Labour Congress considers the response of the Pencom management to the discharge of NLC’s mandate of protecting the rights and interests of Nigerian workers as a little too dramatic.

“In one breath in the Pencom statement, the management dismissed NLC’s demands as unfounded and in another breath, it transferred the blame for the non-constitution of the Pencom board to the doorsteps of President Bola Ahmed Tinubu, and yet in another breath, the management of Pencom made excuses for the government, positing that the Federal Government has taken steps to address the issue.

“Perhaps, what Pencom failed to tell us are the specific steps taken by the Federal Government to address the issue of non-constitution and inauguration of the Pencom governing board for more than five years. This aloofness goes to the heart of lack of transparency in the management of pension funds.

“At the root of the crisis of transparency in the management of pension funds in Nigeria is a dysfunctional governance architecture stemming from the non-constitution of the pension governing board. If the management of Pencom wants the public to ignore this grave misnomer, the leadership of the NLC will not, regardless of overflowing patronage.”

The statement stated that the Nigeria Labour Congress is fully aware of its strident role in birthing and shaping the current pension system in Nigeria. We do not need a tutorial on this.

“All we need is a commitment from the Federal Government that the labours of Nigerian workers through trade unions to develop a virile contributory pension scheme are not derailed by the demons of poor accountability and oversight that destroyed the old defined benefit scheme. What is so difficult in constituting the board of Pencom?

“Having conceded without humility that the government has gravely erred by administering workers’ funds without working class oversight through representation in the Pencom governing board, the management of Pencom should go above polemics of excuses and invest its energy in persuading the Federal Government to do the needful – constitute the governing board of the Pension Commission without further delay.

“The Nigeria Labour Congress will never shirk from its duty of holding the government to account on the management of public trust particularly workers’ funds. It is simply too dangerous and gravely costly to be silent when a democratic government obstructs representative governance. A stitch in time saves nine!”, it concluded.

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