Thursday 11th, December; 2025 – The House of Representatives has expressed grave concern over the operational activities of the Nigerian National Petroleum Corporation (NNPC) Pension Fund Limited (NPFL), noting widespread grievances among retirees and contributors regarding alleged financial mismanagement, injustice, non-payment of entitlements, and gross negligence.
Following a motion sponsored by Hon. Muhammad Bello Shehu, the House observed that despite the NPFL’s origins as a Trust Fund dating back to 1983, and its transformation following the Pension Reform Act (PRA) 2014, its current operations are causing widespread hardship, inequality, and disillusionment for retirees.
Key Concerns Noted by the House:
Non-Payment of Entitlements: Many NNPC retirees are reportedly unable to access their retirement funds despite fulfilling all statutory requirements, forcing aged retirees to stage protests.
Disregard for Court Orders: The NPFL management has allegedly failed to comply with Court Orders directing the payment of harmonized pensions.
Violation of PRA 2014: The NPFL is reported to have violated Section 50(1)(a) of the Pension Reform Act, 2014, which mandates that the scheme must be fully funded at all times.
Lack of Compliance: Allegations suggest the NNPC has failed to transfer all pension fund assets to the designated custodian or provide a statutory undertaking to the National Pension Commission (PenCom) since 2006.
Erosion of Confidence: The House noted that inappropriate financial management, lack of transparency, and disregard for regulatory standards have eroded confidence in the integrity of the pension system within the NNPC.
Inconsistency with Best Practices: The current framework is considered inconsistent with international best practices, underscoring the need for the Federal Government to adopt an International Standard Pension Fund Structure for sustainability, transparency, and accountability.
The House Resolves to Take Immediate Action:
The House of Representatives has passed a resolution to address these critical issues, resolving to:
Urge the Pension Commission (PenCom) to immediately review the operational activities of the NNPC Pension Fund Limited to address issues surrounding delayed and non-payment of pensions.
Urge the NNPC Pension Fund Limited to commence payment of all accumulated pensions and arrears due to retirees of the corporation within three (3) months.
Mandate the Committee on Pensions to launch a comprehensive investigation into the Operational Activities of the NNPC Pension Fund Limited with a view to:
Develop a comprehensive framework to improve pension administration within NNPC.
Recommend the establishment of a dedicated pension reserve fund specifically for accrued rights payments.
Scrutinize the financial records, investment portfolios, and asset management practices of NPFL, and recommend sanctions where evidence of negligence, fraud, or misappropriation is established.
The Committee is expected to report its findings within four (4) weeks for further legislative action.
Mandate the Committees on Pensions and Legislative Compliance to ensure full compliance with these resolutions.
The House emphasized that the retirement savings account remains the only financial lifeline available to retirees, and the inaction and negligence of those entrusted with the welfare of NNPC retirees, many of whom are battling health and financial difficulties, are unacceptable.
