- NLC issues 7-day strike ultimatum over 40% NSITF fund ‘diversion’ • PenCom insists workers’ savings remain secure • NSITF keeps mum
By Fresh Facts Magazine Staff Reporter
A nationwide strike may be looming as the Nigeria Labour Congress (NLC) and the National Pension Commission (PenCom) lock horns over alleged diversion of billions of naira from workers’ social insurance contributions.
The NLC has given the Federal Government a seven-day ultimatum to refund what it claims is 40 per cent of funds siphoned from the Nigeria Social Insurance Trust Fund (NSITF) into national coffers. The fund, built from payroll deductions by millions of workers, was designed to serve as a safety net in cases of injury, disability, or loss of employment.
“Pension funds are deferred wages, not government revenue,” NLC President Joe Ajero declared in a communiqué issued on Thursday. The labour body accused the government of “flagrant violation” of the NSITF Act, warning that further interference would trigger a nationwide industrial action.
The NLC also faulted the Federal Government for failing to appoint a Governing Board for PenCom — a vacuum it says has left the administration with sole control of billions in retirement savings, exposing the system to risks of mismanagement and political manipulation.
PenCom Denies Any Missing Funds
Responding to the allegations, PenCom’s Head of Corporate Communications, Ibrahim Buwal, stressed that pension assets under the Contributory Pension Scheme (CPS) remain secure and continue to grow through regular contributions and profitable investments.
“The issue of the board is for the Federal Government, not PenCom. Nobody’s money is missing,” Buwal said. He added that contributors regularly receive account statements confirming the safety of their funds.
NECA Backs Labour’s Demand
The Nigeria Employers’ Consultative Association (NECA) joined calls for the urgent constitution of PenCom’s board. NECA Director-General Adewale-Smatt Oyerinde described the move as both a legal requirement and an industry necessity, given that employers and workers are the sole contributors to the pension scheme.
NSITF Maintains Silence
The NSITF has yet to issue an official statement on the ultimatum. Manager of Actuaries, Planning and Research, Emmanuel Ulayi, told Fresh Facts there was “no official response yet.” Corporate Affairs Head, Alexandra Mede, who is reportedly hospitalised, did not provide further comment.
Other Labour Flashpoints
The NLC’s meeting also dissolved its Edo State Council leadership over alleged unethical practices and anti-union behaviour, appointing a caretaker committee to oversee fresh elections.
On the wider economic front, the Congress condemned government policies it claims have fuelled inflation, joblessness, hunger, insecurity, and the deterioration of public services. It called for a people-centred economic model built on living wages, industrial revival, and strong social protection systems.
The communiqué further accused the administration of attempting to take ownership of the NLC National Headquarters — allegedly purchased with workers’ contributions — while covertly seeking to amend the NSITF Act to seize control of the fund.
“This represents a direct attack on workers’ rights, hard-earned resources, and the principle of tripartite governance,” the NLC warned, vowing to resist through all legitimate means.
With tensions running high and the countdown clock ticking, the next seven days could determine whether Nigeria faces another paralyzing nationwide strike — this time over the future of its workers’ retirement and social insurance safety nets.
