The House of Representatives has issued a three-month ultimatum to the Nigerian National Petroleum Corporation Pension Fund Limited, directing it to settle all outstanding pension payments owed to its retirees without further delay.
Lawmakers also tasked the House Committee on Pensions with conducting a thorough probe into the Fund’s operations, including its financial records, investment decisions, and asset-management practices.
The committee is expected to recommend penalties if any violation of regulations is uncovered.
The resolution was passed after the House adopted amendments to a motion sponsored by Muhammad Shehu, representing Fagge Federal Constituency in Kano State.
Shehu, while presenting his motion, expressed concern over the growing frustrations of retirees and contributors under the scheme.
He accused the Fund’s management of “financial mismanagement, injustice, and non-payment of entitlements,” describing the situation as a breach of trust and due process.
Originally established in 1983 as a trust to manage pension assets for the NNPC and the Nigerian Upstream Petroleum Regulatory Commission, the Fund evolved over the years and was reconstituted as NNPC Pension Fund Limited following the Pension Reform Act of 2014.
Shehu reminded the House that the Pension Reform Act was designed to ensure uniform standards in pension administration and guarantee prompt payment of retirement benefits.
However, he said many former NNPC workers have been unable to access their savings despite meeting all statutory obligations.
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According to him, the Pension Fund’s management has repeatedly ignored court orders directing the payment of harmonised pensions—forcing elderly retirees to resort to street protests.
He further accused the Fund of breaching Section 50(1)(a) of the PRA 2014, which requires that pension schemes remain fully funded at all times, with any deficit to be addressed within 90 days.
Shehu warned that the continued lack of transparency and disregard for regulations has eroded confidence in the pension system, leaving many retirees struggling with financial and health challenges.
He urged the Federal Government to overhaul the current structure of the NNPC Pension Fund and align it with global best practices to ensure sustainability, accountability, and improved welfare for retirees.