The Nigeria Labour Congress (NLC) has criticized the National Pension Commission (PenCom) over its response to demands for the immediate constitution and inauguration of the commission’s governing board, describing PenCom’s recent press statement as evasive and laden with “half-truths, furtive denials, and lame excuses.”

The organised labour movement, led by NLC President Comrade Joe Ajaero, has in recent weeks intensified pressure on the Federal Government to set up boards for key labour market institutions, particularly PenCom and the Nigeria Social Insurance Trust Fund (NSITF).

In its reaction, PenCom dismissed the NLC’s calls as unfounded while also attributing the delay in the constitution of its board to President Bola Ahmed Tinubu’s administration. The commission further claimed that steps were being taken by the Federal Government to address the matter.

However, the NLC faulted the explanation, insisting that PenCom failed to provide clarity on the specific measures taken to resolve the five-year delay in inaugurating its governing board. The union argued that the absence of the board undermines transparency and accountability in the management of workers’ pension funds.

“The root of the crisis in pension fund management lies in the dysfunctional governance architecture caused by the non-constitution of the PenCom board,” Ajaero stated. “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 Congress maintained that it played a pivotal role in developing Nigeria’s contributory pension scheme and stressed that the Federal Government must demonstrate commitment to protecting workers’ contributions.

It warned that continued governance lapses could erode confidence in the pension system, likening the current situation to the mismanagement that plagued the old defined benefit scheme.

Ajaero urged PenCom to stop making excuses and instead press the government to immediately constitute its governing board. He emphasized that the NLC will not relent in holding both the commission and the Federal Government accountable on matters concerning workers’ funds.

“It is too dangerous and gravely costly to be silent when a democratic government obstructs representative governance,” he added.