House of Representatives Technical Committee led by Honourable Prince Olaide Lateef Mohammed, Federal lawmaker representing Repo/orelope/Olorunsogo Federal Constituency, Oyo State, has raised fresh concerns over delays and alleged non-compliance by NNPC Pension Funds Limited with regulatory directives governing pension fund management in Nigeria.
The committee, which is mandated to investigate the operations of the pension fund, expressed dissatisfaction over repeated requests for postponement by NNPC Pension Fund Management. Despite a two-week deadline to submit its report to the Committee of the Whole, the pension fund managers were said to have requested an extension as recently as the previous day.
The investigation centres on alleged non-compliance with directives issued by the National Pension Commission ,PenCom, the regulatory body established under the Pension Reform Act of 2004 to oversee and ensure transparency within the pension industry. According to PenCom while NNPC Pension Fund Limited has made some progress, including payment of pensioners through Pension Fund Administrators, PFAs, it has failed to comply with several other critical directives.
PenCom disclosed that although it initially granted approval to NNPC Pension Fund Limited to manage pension processes, the entity was not issued a full operational licence. The commission noted that persistent violations of its guidelines led to the withdrawal of that approval, effectively rendering continued operations by the fund manager irregular.
Findings presented during the session revealed that, following pressure from the committee, 39 pension-related assets had been transferred to PFAs, while 23 assets, mostly tied to real estate holdings, remain outstanding. PenCom further raised concerns about discrepancies in asset documentation, including non-titled properties.
In terms of financial exposure, representatives of various PFAs provided detailed breakdowns of funds under their custody. Access ARM Pensions Limited reported holding approximately ₦173 billion in assets linked to the NNPC Pension Fund, while TrustFund Pensions Limited and OAK Pensions Limited* disclosed holdings of ₦59.82 billion and ₦26.5 billion, respectively. None of the PFAs confirmed custody of real estate assets.
The technical committee also noted the absence of both NNPC Pension Fund Limited and Premium Pension Limited at the hearing, describing their non-appearance as a setback to the investigative process. However, PenCom indicated that funds for March 2026 had been successfully disbursed to pensioners through PFAs, based on reports from relevant custodians.
Following deliberations, the committee directed PenCom to immediately engage all Pension Fund Custodians, PFCs, and PFAs handling NNPC-related funds and assets, mandating full compliance with regulatory directives within 24 hours. The panel also instructed regulators and operators to resolve all outstanding discrepancies concerning asset transfers and documentation.
The hearing was subsequently adjourned to April 8, 2026, to allow for the appearance of all relevant stakeholders, including NNPC Pension Fund Management. A public hearing is expected to be scheduled at a later date as part of efforts to ensure accountability and protect the interests of pension contributors.
