In a decisive move to address long-standing concerns over unpaid contributory pension funds and associated irregularities, Ogun State Governor Dapo Abiodun has inaugurated a 25-member Pension Funds Management Committee.
The new body will oversee pension matters for both state and local government workers.
The committee, which was officially launched on Tuesday, is co-chaired by Mrs. Arinola Adetayo and Mr. Olufisan Osiyale.
It includes representatives from the Bureau of State Pensions and the Bureau of Local Government Pensions.
The committee is charged with several key responsibilities, including offering expert and administrative counsel on the implementation of the Contributory Pension Scheme.
It will also be responsible for receiving updates and reports on the scheme’s performance and examining guidelines from the National Pension Commission for possible adoption.
Among its other mandates are ensuring prompt remittance of pension contributions from both employers and employees, evaluating Pension Fund Administrators and Pension Fund Custodians reports, and liaising with external auditors, legal experts, and actuaries.
The committee is also expected to educate employees on pension benefits and provide strategic advice to government on pension-related risks and opportunities.
The development follows a recent seven-day strike by state and local government workers who protested over the government’s failure to remit contributory pension funds.
During the industrial action, the workers also called for a suspension of the state’s pension reform law, citing a backlog of over N82 billion in unremitted funds accumulated over the past 17 years.
Responding to the workers’ concerns, Governor Abiodun pledged that retirees from July 2, 2025, would begin receiving payments under the Contributory Pension Scheme.
He acknowledged the failures of the previous pension arrangement, which he described as riddled with “bad debts, extensive delays, accumulated massive liabilities, and dependence entirely on government budgets and annual releases.”
He reiterated his commitment to building a reliable and sustainable pension structure that public servants could rely on in retirement.
Addressing the newly inaugurated committees at the Oke-Mosan Governor’s Office in Abeokuta, Abiodun stated, “This committee comprises representatives of the State Bureau of Pensions and the Bureau of Local Government Pensions and is constituted in full compliance with Section 19, Paragraph 2 of the Ogun State Pension Reform Law of 2006, and in furtherance of the agreement reached with organised labour through the recently signed Memorandum of Action.
“Dear members of the State Pension Management Committees, the task before you is enormous yet noble, as you are the custodians of the hopes and futures of thousands of hardworking public servants, both at the state and local levels.
“Workers who have laboured for the state deserve peace of mind in retirement.”
Abiodun also commended labour leaders for suspending the strike, describing the decision as a reflection of their patriotism and preference for peaceful dialogue.
“The move not only demonstrates their patriotism but also their belief in dialogue as a means of establishing long-lasting and sustainable industrial harmony in the state,” he said.
On behalf of the committee, Mr. Olufisan Osiyale expressed appreciation to the governor for the opportunity and pledged the committee’s commitment to fulfilling its mandate.
“With the cooperation of all stakeholders, the committees would fulfil their mandate with the help of all parties involved,” he assured.
