PENCOM deficit: NNPC workers to begin nationwide strike

NNPC fails to fund employers’ pension deficit to PENCOM. There were strong indication in Lagos on Monday that the workers of the National Petroleum Corporation (NNPC) may embark on indefinite strike if the management fails to refund their pension, as well as shows commitment to restore crude oil to the nation’s four petrochemical refineries.Already, the […]

NNPC fails to fund employers’ pension deficit to PENCOM.

There were strong indication in Lagos on Monday that the workers of the National Petroleum Corporation (NNPC) may embark on indefinite strike if the management fails to refund their pension, as well as shows commitment to restore crude oil to the nation’s four petrochemical refineries.
Already, the workers’ leadership under the auspices of PENGASSAN and NUPENG as at press time were holding a close door meeting with the NNPC management in other to amicably settle the issue.
The workers had last Friday issued a three-day ultimatum to management over its management’s refusal to fund the pension system as stipulated in the PENCOM Act. The deadline according to Babatunde Oke, PENGASSAN media officer, expired early this morning
Oke said all the workers in the NNPC branches nationwide have been mandated to shun their their offices on Tuesday in order to press home their demand.
The National Pension Commission (PENCOM) had last week revoked the licence granted to the NNPC Pension Fund over failure to meet its requirements.
A letter dated September 8th 2014, addressed to the Group Managing Director NNPC, and signed by the Ag. Director General, PENCOM Chinelo Anohu-Amazu, as at December 31st 2012, the deficit in the scheme by NNPC was N133.56 billion (inclusive of the N182.26bn receivable from NNPC). The commission is concerned that eight years after the grant of approval to continue with the existing scheme, NNPC has failed to honour its promises to fund the deficit despite several commitments.

Details later.