Reps panel orders NNPCL Pension Ltd to transfer assets to PFAs within seven days

The House of Representatives Technical Committee investigating the NNPCL Pension Fund has directed the Nigerian National Petroleum Company Limited (NNPCL) Pension Fund to transfer all pension assets to Pension Fund Administrators (PFAs), in line with regulations issued by the National Pension Commission (PenCom) and the National Assembly.

During a meeting organised by the Technical Committee in Abuja, Committee Chairman, Hon. Prince Olaide Lateef, disclosed that NNPC Pension Limited only appeared before lawmakers after threats of a warrant of arrest.

He criticized what he described as the management’s “nonchalant attitude,” which he said had created challenges for both the Committee and PenCom.

Hon. Olaide Mohammed stressed that the Committee’s intention was not to witch-hunt but to correct irregularities and strengthen the pension industry. He accused NNPC Pension of being one of the entities undermining reforms in the sector.

The Committee ordered that, since PenCom has already approved the company’s application, all funds must now be transferred to PFAs to guarantee sustainability and reassure pensioners.

The Chairman of the House of Representatives Committee on Pensions, Hon. Hussaini Mohammed Jallo, emphasised that NNPC Pension must fully comply with the directive within the next seven days. The Committee stressed that the submitted documents would be reviewed and, if necessary, a public hearing or forensic audit would be conducted.

Other lawmakers, including Hon. Daniel Ago, cautioned that penalties await institutions that refuse to honour National Assembly invitations. They noted that Nigerians deserve transparency in the pension sector, especially as many legislators were once civil servants themselves.

The Head of Compliance at PenCom, Ahmed Lawal, explained that if NNPC Pension had transferred the funds earlier, complaints would have been directed to PenCom.

He reassured the public that PenCom would continue to collaborate with the National Assembly to ensure that pensioners enjoy the benefits of their labour.

Responding to questions, NNPC Pension’s Financial Controller, Alhaji Tajudeen Kareem, apologised to the Committee for failing to honour earlier invitations, stating that the company is working to secure its assets by converting real estate holdings into liquid assets to generate greater value for pensioners.

He revealed that NNPCL Pension currently pays about ₦20 billion monthly to beneficiaries and will continue working to prevent leakages in the system. Kareem added that the company has already written to all PFAs and is seeking PenCom’s approval within a week.

In response, the PenCom boss promised to grant approval within 24 hours.

The directive marks a decisive step towards reforming Nigeria’s pension sector. All eyes are now on NNPC Pension Limited to comply swiftly, ensuring that pensioners’ funds remain secure and accessible.