Lawmakers Gives NNPC Pension Fund Three-month Deadline

The House of Representatives has opened an investigation into the NNPC Pension Fund Limited after rising complaints from retirees who say they have been denied access to their pension benefits.

The move followed a motion by Muhammad Shehu, who warned that many former NNPC workers are struggling because their entitlements remain unpaid.

The House directed its Committee on Pensions to lead the probe and recommend punishment if any form of fraud, negligence, or mismanagement is discovered. Lawmakers noted that the fund, originally set up in 1983 and later reorganised under the Pension Reform Act 2014, has not met the standards required for proper pension administration.

Retirees have repeatedly protested, saying they completed all mandatory steps but still cannot access their savings. Legislators said the fund has also failed to obey court rulings on harmonised pensions and has not maintained the level of funding required by law.

Submissions made to the House suggest the pension fund has breached the Pension Reform Act by failing to keep the scheme fully funded and by not transferring all pension assets to the approved custodian. Lawmakers said poor transparency and weak financial practices have eroded trust, leaving ageing pensioners to face avoidable hardship.

The House instructed PenCom to review the fund’s operations and propose fixes that will stop further delays. It also gave the NNPC Pension Fund a three-month deadline to clear all outstanding payments owed to retirees.

To improve oversight, lawmakers asked the Pensions Committee to scrutinise the fund’s financial records, investment decisions, and asset management, and to consider setting up a special reserve fund for accrued rights. The Committees on Pensions and Legislative Compliance will track compliance with the new directives.