Ogun Gov. Forms Pension Panel to Tackle Fund Irregularities

Gov Abiodun inaugurate 25-man pension management committee to address irregularities

The government of Nigeria’s Ogun State has established a 25-member committee to overhaul its beleaguered pension system, following a seven-day strike by state and local government workers over years of unpaid pension contributions. Governor Dapo Abiodun inaugurated the Pension Funds Management Committee on Tuesday, tasking it with addressing systemic failures, including the reported non-remittance of over 82 billion Nigerian naira (approximately $198 million) in pension funds accumulated under successive administrations since 2007.

Chaired by Mrs. Arinola Adetayo and Mr. Olufisan Osiyale, the committee comprises representatives from the state and local government pension bureaus. Its mandate includes ensuring timely remittances, reviewing pension fund reports, and advising on reforms aligned with guidelines from Nigeria’s National Pension Commission (PENCOM). The body will also engage auditors, legal experts, and financial advisers to strengthen transparency and compliance, while educating workers about their retirement benefits.

The move comes after unions halted services last week, protesting delays in payments under Ogun’s Contributory Pension Scheme (CPS) and demanding the suspension of a 2006 pension law they argue has enabled mismanagement. Governor Abiodun acknowledged the previous system’s flaws, calling it “plagued by bad debts, delays, and unsustainable liabilities” that relied solely on erratic government funding. He pledged that retirees from July 2025 onward would receive timely CPS payouts under a restructured framework.

“Pension reforms are not acts of charity but legal, moral, and economic imperatives,” Abiodun stated during the committee’s inauguration in Abeokuta, the state capital. He emphasized accountability, urging members to adopt global best practices to restore trust. The panel’s formation complies with Section 19 of the state’s 2006 Pension Reform Law and follows a Memorandum of Action signed with labor leaders to resolve the strike.

The governor praised unions for ending the industrial action, calling it a testament to their “patriotism and faith in dialogue.” For his part, Mr. Osiyale, co-chair of the committee, vowed collaboration with stakeholders to secure retirees’ futures, describing the task as “enormous yet noble.”

The initiative reflects broader challenges in Nigeria’s pension sector, where delayed remittances and operational inefficiencies have eroded public confidence. While Ogun State’s reforms aim to stabilize retirement systems for its workforce, their success hinges on sustained political will and rigorous oversight to prevent recurrent breakdowns.

Tags:

Recent News

Abiodun constitutes Pension Funds Management Committees, lauds Labour for suspending strike

Gov. Dapo Abiodun Establishes Pension Reform Committee to Strengthen Retirement Security in Ogun State

Malnutrition: Otti heads Abia council on nutrition to tackle menace

Abia Launches N-774 Nutrition Council to Fight Malnutrition

Suspected drug dealers kill NDLEA officer in Ondo — Daily Nigerian

NDLEA Officer Killed in Ondo Drug Raid; Four Suspects Arrested

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top