The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on the National Pension Commission and major oil companies to resolve long-standing pension disparities that continue to affect retirees in the oil and gas sector.
Speaking at a one-day pension summit in Abuja, PENGASSAN president Festus Osifo said many former workers under the Defined Benefit Scheme have been left behind by an economy marked by rising inflation and a weakening naira.
“We have observed with deep concern that many of our retirees are going through hardship because their pensions have remained static for years,” Osifo said.
He explained that pensioners who left service decades ago now receive benefits that no longer match the current 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 added.
Osifo also noted that most Closed Pension Fund Administrators have not adjusted benefits in line with economic realities. He said only a small number of schemes conduct periodic reviews, while many retirees rely entirely on management decisions for any increase.
“In about 90 per cent of the closed pension schemes, the benefits do not grow,” he said.
The association urged PenCom and oil companies such as Chevron, TotalEnergies, ExxonMobil and NNPC to reassess the assumptions behind their pension structures and improve the welfare of former employees.
Osifo said PENGASSAN will continue to advocate for equitable treatment of both active workers and retirees.
“We will engage the management of these organisations to restore dignity to our retirees. We will not rest until retirees in the oil and gas sector are treated with the dignity they deserve,” he said.
Responding at the event, PenCom Director-General Omolola Oloworara said the commission will intensify oversight of Closed Pension Fund Administrators to ensure compliance and stronger governance of pension assets.
“Our goal is to sustain confidence in the pension system while ensuring that retirees’ funds are safe and managed responsibly,” she said.
Oloworara was represented by Abdulqadir Dalhatu, head of investment supervision at PenCom.
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