The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged the National Pension Commission (PenCom) and oil companies to address pension inequalities affecting retirees in the oil and gas sector.

Festus Osifo, president of PENGASSAN, made the call at a one-day summit organised by the association on Thursday in Abuja.

Speaking on the summit’s theme, “The Future of Pension in the Nigerian Oil and Gas industry,” Mr Osifo said that many retirees under the defined benefit schemes were struggling due to stagnant pensions.

He said their situation has worsened due to rising inflation and the depreciation of the Naira.

“We have observed with deep concern that many of our retirees are going through hardship because their pensions have remained static for years.

“Pensioners who retired decades ago now earn benefits that no longer reflect the cost of living.

“Some retired as far back as 1990 or 2010; what they take home monthly today has lost its value due to inflation and the fall of the naira,” he said.

Mr Osifo said that while a few Closed Pension Fund Administrators (CPFAs) reviewed benefits periodically, most had left retirees’ welfare to the discretion of management.

“In about 90 per cent of the closed pension schemes, the benefits do not grow. The retirees depend solely on management’s goodwill for increments,” he said.

Mr Osifo called on PenCom and major oil companies, including Chevron, TotalEnergies, ExxonMobil, and NNPC, to review actuarial assumptions and improve the welfare of retirees.

He reaffirmed PENGASSAN’s commitment to protecting the welfare of both serving and retired members, saying the union would continue to fight for fairness and justice in pension administration.

“We will not rest until retirees in the oil and gas sector are treated with the dignity they deserve,” he said.

The director-general of PenCom, Omolola Oloworara, assured that the commission would strengthen oversight of CPFAs.

She said PenCom is committed to maintaining public confidence in the pension system through strict supervision, compliance, and sustainable investment practices.

“Our goal is to sustain confidence in the pension system while ensuring that retirees’ funds are safe and managed responsibly,”  she said.

Ms Oloworara was represented at the event by Abdulqadir Dalhatu, the head of the investment supervision department at PenCom.

Earlier in a keynote address, the managing director of TotalEnergies CPFA, Benjamin Okeke-Agedi, stated that the organisation has unique advantages in investment flexibility and portfolio diversification.

Mr Okeke-Agedi, represented by Wale Olasoji, urged CPFAs to adopt digital platforms, green investments, and strong governance principles to remain sustainable and relevant in a changing financial environment.

(NAN)