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N19.6trn Pension Fund: Labour Opposes FG’s plans to Undermine Retirement Savings

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The Organised Labour has frowned at the Federal Government’s plan to utilise the N19.66 trillion pension funds for infrastructure development.

This is contained in a joint letter signed by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), which was addressed to the Minister of Finance on Thursday in Abuja.

The letter, which was signed by Mr Joe Ajaero, NLC President and Mr Tommy Etim-Okon, TUC Deputy President, was entitled “Leave our Pension Fund Alone:Do not Tamper with Workers’Funds”.

According to Ajaero, the announcement has ignited deep apprehension and unrest among Nigerian workers, who are the primary contributors of these funds.

“We, therefore, urge the government to reconsider its plans to tap into
pension funds and instead explore sustainable financing options that do not
compromise the retirement security of Nigerian workers.

“Organised Labour will resist any action that seeks to undermine the retirement savings of Nigerian workers,” they said.

The letter, however, noted that the government had allegedly accessed nearly 70 per cent of the entire pension funds, adding that it was not merely alarming; it was unacceptable.

It said that Nigerian workers had entrusted their hard-earned savings for retirement security, and not for government projects.

“It is imperative to halt any further plans to tap into these funds, especially given the lack of transparency and accountability in past government borrowing practices.

“You proposal to further leverage these funds for the purported betterment of housing and infrastructure raises serious concerns about fiscal prudence and responsible governance,”it said.

According to labour, where does the government intend to source the additional N20 trillion it seeks to acquire, especially considering the ambiguity surrounding previous borrowing practices from.

It said the lack of clarity on the matter only fuels skepticism regarding the feasibility and sustainability of the initiative.

“Nigerian workers demand assurances that their retirement funds will not fall victim to further Federal Government borrowing.

“This is especially when the PENCOM Board has not been constituted as enshrined in the statutes.

“One is left to wonder which Board superintends over such discussion with the government. Seeking to borrow from the fund is not backed by the Pension Act,” it said.

It said that this was in spite of the government’s assurances of widespread consultation with major stakeholders in the Pension industry.

It said it was disheartening to note that the NLC and TUC, representing the owners of the entire Pension fund contributions, were not consulted nor informed about the government’s intentions.

“This lack of transparency undermines the sanctity of pension funds, which should be treated with utmost reverence and protection at all times.

“It is incumbent upon the government to prioritise alternative sources of funding
that do not imperil the financial security of Nigerian workers.

“We insist that any initiative aimed at leveraging pension funds for national development must be executed with utmost transparency, accountability, and respect for the rights and interests of workers.

“Furthermore, we strongly oppose the notion of the government engaging in fierce competition with other users of funds in the Pension fund market.

“We remain resolute in our commitment to safeguarding the welfare and interests of workers across the country,” it said.(NAN)

Foreign News

Trump Expands US Travel Ban to Five More Countries

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President Donald Trump has expanded a US travel ban, barring nationals of five additional countries and people travelling on Palestinian Authority-issued documents from entering the US.

The White House said the restrictions were intended “to protect the security of the United States” and will come into force on 1 January.

Full-entry restrictions will be imposed on people from Burkina Faso, Mali, Niger, South Sudan and Syria as well as Palestinian Authority passport holders.

The administration also moved Laos and Sierra Leone, which were previously subject to partial restrictions, to the full ban list and put partial restrictions on 15 other countries, including Nigeria, Tanzania and Zimbabwe.

Trump, who has tightened immigration controls since returning to the White House in January, said the expanded travel ban was necessary because of what his administration described as failures in screening and vetting systems overseas.

Officials cited high visa overstay rates, unreliable civil records, corruption, terrorist activity and a lack of cooperation in accepting deported nationals.

The announcement followed the arrest of an Afghan national suspected of shooting two National Guard troops over the Thanksgiving weekend, an incident the White House pointed to in highlighting its security concerns.

This is the third time Trump has imposed a travel ban.

During his first term, he introduced a similar order in 2017, which sparked protests and legal challenges at home and abroad. The policy was later upheld by the US Supreme Court.

The White House said the restrictions would remain in place until affected countries show “credible improvements” in identity management, information-sharing and cooperation with US immigration authorities.

A number of exceptions apply and the ban will not affect lawful permanent residents, many existing visa holders, diplomats, or athletes travelling for major sporting events. Officials said case-by-case waivers would also be available where travel is deemed to be in the national interest.

Countries with full restrictions:

Afghanistan, Burkina Faso, Burma, Chad, Equatorial Guinea, Eritrea, Haiti, Iran, Laos, Libya, Mali, Niger, Republic of the Congo, Sierra Leone, Somalia, South Sudan, Sudan, Syria, Yemen

Individuals travelling on Palestinian Authority issued or endorsed travel documents are also subject to a full suspension of entry

Partial restrictions:

Angola, Antigua and Barbuda, Benin, Burundi, Côte d’Ivoire, Cuba, Dominica, Gabon, Gambia, Malawi, Mauritania, Nigeria, Senegal, Tanzania, Togo, Tonga, Venezuela, Zambia, Zimbabwe

Special case:

Turkmenistan (restrictions remain for immigrants but have been lifted for non-immigrant visas).

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Farouk Ahmed, Gbenga Komolafe Resign after Dangote Petition

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By Eze Okechukwu, Abuja

President Bola Tinubu has nominated new chief executives for Nigeria’s two foremost petroleum regulatory agencies following the resignation of their heads, Engineers Farouk Ahmed and Gbenga Komolafe.

In separate letters to the Senate yesterday, the President requested the confirmation of Oritsemeyiwa Amanorisewo Eyesan as Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Engineer Saidu Aliyu Mohammed as Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The nominations followed the voluntary exit of Ahmed, who headed the NMDPRA, and Komolafe, the pioneer CEO of the NUPRC.

Both men were appointed in 2021 by former President Muhammadu Buhari after the enactment of the Petroleum Industry Act (PIA), which created the two regulatory bodies to oversee reforms in Nigeria’s oil and gas industry.

According to a State House press release by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, Tinubu urged the Senate to expedite the confirmation process to ensure continuity and stability in the regulation of the petroleum sector.

Eyesan, a seasoned industry professional, is an Economics graduate of the University of Benin and spent nearly 33 years with the Nigerian National Petroleum Company Limited (NNPC) and its subsidiaries. She retired as Executive Vice President, Upstream, in 2024, and previously served as Group General Manager, Corporate Planning and Strategy, from 2019 to 2023.

Engineer Saidu Aliyu Mohammed, born in 1957 in Gombe State, is a Chemical Engineering graduate of Ahmadu Bello University, Zaria. He has held several strategic positions in the oil and gas industry, including Managing Director of the Kaduna Refining and Petrochemical Company and the Nigerian Gas Company. He also served as Group Executive Director and Chief Operating Officer, Gas and Power Directorate at NNPC.

Mohammed has chaired the boards of the West African Gas Pipeline Company, Nigeria LNG subsidiaries and NNPC Retail, and played key roles in major national projects such as the Escravos–Lagos Pipeline Expansion, the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline and Nigeria LNG Train developments.

The President expressed confidence that the nominees’ experience and expertise would strengthen the implementation of the Petroleum Industry Act and advance reforms across Nigeria’s oil and gas value chain.

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NLC Stages Nationwide Strike over Insecurity

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Labour Takes Nationwide Protest to Streets over Insecurity

The Nigeria Labour Congress (NLC) yesterday led a nationwide protest across major cities, including Abuja, Calabar and Osogbo, to draw attention to Nigeria’s worsening insecurity and economic hardship, insisting that governments at all levels must urgently reclaim communities, protect citizens and restore public confidence.

In Abuja, the NLC President, Joe Ajaero described the heavy deployment of security personnel around the protest as “normal,” arguing that whether security agencies were sent to protect or stop workers, it showed the impact of labour’s action.

However, he faulted the practice of deploying security chiefs to interface with labour during industrial disputes, stressing that labour matters were not security issues.

“Industrial relations issues are the responsibility of the Ministry of Labour and the Office of the Secretary to the Government of the Federation, not heads of security institutions,” he said, warning against intimidation of workers under the guise of security.

Addressing workers after a brief procession, the NLC Deputy General Secretary, Comrade Ismail Bello, said the protest was not partisan but a struggle for the survival of all Nigerians. He lamented the devastation caused by insecurity, noting that communities had been destroyed, livelihoods lost and essential services disrupted.

“We have paid a heavy price. Healthcare workers, teachers, transport workers and many others have been affected. The damage is enormous and it has to stop,” Bello said, adding that the constitution guaranteed the right to peaceful protest and freedom of association.

He called for decisive action against kidnappers and criminal elements, arguing that failure to punish perpetrators had emboldened insecurity. “Children must return to school. Communities must return to normalcy. Government must deploy the full machinery of governance to recover all spaces taken over by criminals,” he added.

The NLC Head of International Department, Comrade Uche Ekwe, said the protest was meant to strengthen the government’s resolve to confront insecurity, insisting that those funding criminal activities must be arrested and prosecuted.

Labour disclosed grim statistics to underscore its concerns, revealing that since 2009, over 2,295 teachers had been killed by insurgents and bandits, more than 19,000 displaced in the North-East, and over 910 schools destroyed. In the health sector, about 35 per cent of facilities were destroyed by terrorism, while 50 per cent became inaccessible, worsening the shortage of medical personnel.

In Cross River State, organised labour staged a peaceful rally in Calabar, where the NLC Chairman, Comrade Greg Olayi, warned that Nigerians could no longer live or work in safety. He cited attacks on farmers, kidnappings of schoolchildren and insecurity on highways as evidence of a failure of governance.

Similarly, the Joint Negotiating Council Chairman, Comrade Raymond Afu, described the rally as a call to conscience for government at all levels, stressing that the essence of governance was the protection of life and property.

In Osun State, labour leaders and civil society voices also joined the protest, calling on the state government to strengthen local security networks, including Amotekun and other community-based outfits, rather than shutting them down. They warned that insecurity must not be allowed to take root in the state.

The Osun State Chairman of the Nigeria Union of Journalists (NUJ), Wasiu Ajadosu, said organised labour could no longer remain silent while citizens faced daily threats, emphasising that security was the foundation for development and social justice.

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