- NLC, TUC, NECA may withdraw contributions to NSITF, PENCOM
The Revenue Mobilisation Allocation and Fiscal Commission has reaffirmed its commitment to reviewing and recommending appropriate remuneration for public, political, and judicial office holders in line with its constitutional mandate.
The Chairman of RMAFC, Mohammed Shehu, stated this on Thursday while receiving a delegation from the Investment and Securities Tribunal, led by its Chairman, Amos Isaac Azi, during a courtesy visit to the Commission.
This was contained in a press statement issued on Thursday by Maryam Yusuf, Head of the Information and Public Relations Unit at RMAFC.
Shehu assured the delegation that the Commission would conduct a thorough review of the IST’s salary structure to ensure alignment with constitutional provisions.
Commending the tribunal for its critical role in Nigeria’s capital market, he acknowledged its global recognition as a leading specialised tribunal, noting that similar models have been adopted internationally.
“We recognise the remarkable work being done by the IST, and its reputation as a model tribunal in capital market adjudication is well deserved. Your role in ensuring swift and fair dispute resolution is instrumental to investor confidence and market stability. Given the importance of your work, it is only right that we give due attention to your remuneration structure to ensure it reflects your responsibilities,” Shehu said.
He emphasised that the Commission would revisit the matter with a renewed sense of urgency, ensuring it receives the necessary attention.
“We understand that processes like these take time, as they require a comprehensive review and input from various stakeholders. However, the Commission will ensure that this matter receives the attention it deserves. We have within the Commission highly experienced legal professionals, including a commissioner with extensive expertise, who will oversee the review. Once their findings are concluded, we will make a final recommendation,” he said.
In his remarks, Azi explained that the visit was to seek RMAFC’s support in ensuring that the remuneration of the IST Chairman, members, and Chief Registrar aligns with that of the Chief Judge, Judges, and Chief Registrar of the Federal High Court, as provided under Section 220 of the Investment and Securities Act 2007.
He expressed gratitude to Shehu for the prompt attention given to their concerns and praised the Commission’s dedication to implementing its mandate.
“As the custodian of investment dispute resolution in Nigeria, the Investment and Securities Tribunal must remain a beacon of efficiency and investor confidence. Just as the law mandates parity in remuneration between the Tribunal and the Federal High Court, so must its implementation reflect this statutory provision without delay,” he said.
Azi further highlighted the tribunal’s achievements, including the resolution of over N1.3tn worth of disputes in favour of investors and government agencies.
He also noted the IST’s pioneering role in introducing verbatim transcription and virtual hearings in Nigeria.
During the visit, the IST Chairman presented the Nigerian Investment and Securities Tribunal Law Reports to the RMAFC Chairman, showcasing the tribunal’s commitment to legal excellence and transparency in capital market adjudication.
In her vote of thanks, Rakiya Haruna, Federal Commissioner representing Kebbi State in RMAFC, expressed appreciation for the IST’s engagement with the Commission and reaffirmed RMAFC’s dedication to ensuring that all public institutions receive fair and just remuneration in line with constitutional provisions.
“RMAFC remains committed to reviewing and recommending appropriate remuneration structures, ensuring compliance with constitutional mandates while supporting institutions like the Investment and Securities Tribunal in their efforts to strengthen Nigeria’s financial sector,” she said.
NLC, TUC, NECA may withdraw contributions to NSITF, PENCOM
Meanwhile, the Nigeria Labour Congress, Trade Union Congress and the Nigerian Employers Consultative Association are threatening to withdraw their members’ contributions to the Nigeria Social Insurance Trust Fund and the National Pension Commission if their boards are not inaugurated by the Federal Government.
President of NLC, Joe Ajaero and his TUC counterpart, Festus Osifo have been lamenting the inauguration delay.
Ajaero and Osifo argued that PENCOM and NSITF are products of labour struggle for better conditions of service for members.
On his part, Osifo said the management of both organisations may have been spending money illegally.
Now, NECA has added its voice to the agitation.
NECA’s Director-General, Adewale-Smatt Oyerinde, stated that the presence of boards will ensure effective governance, transparency, and accountability in managing employer’s contributions and workers’ pension funds.
Oyerinde expressed concern over the prolonged delay in constituting the boards, emphasising that the absence of proper governance structures creates significant accountability concerns and uncertainty in the fund administration.
He explained that “The NSITF Act of 1993 mandates the establishment of a Board to provide oversight and policy direction in the administration of social insurance contributions. Similarly, the Pension Reform Act (PRA) 2014 requires the PENCOM Board to safeguard the integrity of the pension industry. Without these Boards, there is a glaring governance gap that weakens regulatory oversight and exposes the NSITF and the Pension funds to intended and unintended risks.”
The NECA scribe also noted that the contributions to NSITF and PenCom are not government income but money that is contributed by employers and workers meant for specific purposes.
“Employers, and indeed workers, who make mandatory contributions to these schemes are becoming increasingly concerned about the absence of governance structures to ensure judicious fund management. Moreover, this deviation from international best practices contradicts the principles of good governance upheld by global organizations such as the International Labour Organization (ILO), which stress the importance of effective governance in social security and pension management,” he said.
Oyerinde warned that the continued failure to constitute the boards contravenes statutory provisions, erodes public trust, and could compel employers to stop their contributions due to concerns over fund transparency and mismanagement.
He further stressed that maintaining employer confidence in the institutions is crucial to ensuring the financial security of Nigerian workers and retirees.
Reiterating NECA’s stance, Oyerinde urged the Federal Government to act swiftly in constituting the boards in line with legal requirements, adding that the business community remains committed to fulfilling its statutory obligations but expects the government to uphold principles of good governance and global best practices.