Sunday, November 9, 2025
26.3 C
Lagos

PenCom to Newspaper Owners: Clear N720m Pension Debt

From Left: The Director General of the National Pension Commission, Ms. Omolola Oloworaran and the President, Newspaper Proprietors’ Association of Nigeria (NPAN), Mr. Kabiru Yusuf during a recent visit to the President of NPAN.

The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has raised alarm over widespread non-compliance with the Pension Reform Act (PRA) 2014 by media organisations in Nigeria, revealing that newspaper owners owe journalists over N720 million unpaid pension contributions.

Speaking during a courtesy visit to the President of the Newspaper Proprietors’ Association of Nigeria (NPAN), Mr. Kabiru Yusuf, in Abuja on Monday, Ms. Oloworaran described the findings as “very troubling” and called for urgent collaboration between PenCom and newspaper proprietors to enforce compliance across the sector.

PenCom acknowledged the deep value of the role of the media in shaping public discourse, and said it is disheartening that many organisations within the media are failing to meet a fundamental obligation to their employees.

The Director General said PRA 2014 mandates all employers to remit pension contributions for their employees monthly, within seven days of salary payment. However, she said PenCom’s investigations show that many newspaper houses have ignored this obligation, with arrears totalling over N720 milliiaon.

Ms. Oloworaran told NPAN that PenCom is not seeking to penalise erring organisations at this stage but prefers a collaborative approach to achieving sector-wide compliance. She added that PenCom has been engaging employers across industries and recently held discussions with the Nigerian Press Council (NPC) to drive awareness and compliance in newspaper organisations.

While noting the overall poor compliance within the industry, the DG singled out Daily Trust for commendation, describing the paper as a “leading example” for consistently meeting its pension obligations since 2015.

Responding, NPAN President, Kabiru Yusuf, acknowledged the pension compliance issues in newspaper organisations in Nigeria but urged PenCom to understand the dire financial situation of the media industry.

NPAN President said the reality is that many newspapers in Nigeria are struggling to even pay staff salaries, let alone pension contributions, adding that only a few are managing to stay afloat, and even among them, there is often reluctance to part with money for statutory payments like tax and pensions.

He welcomed PenCom’s engagement efforts and proposed a broader industry dialogue through the Nigerian Press Organisation (NPO), a coalition that includes NPAN, the Nigerian Guild of Editors (NGE), and the Nigeria Union of Journalists (NUJ).

Yusuf suggested that PenCom participate in an expanded meeting of stakeholders in Lagos this year, where the challenges of compliance and potential solutions can be jointly addressed.

Oloworaran agreed to the proposal, expressing hope that such a forum would serve as a meaningful step toward sustainable pension reform compliance in the media.

“We are not focused on being punitive because the law allows us to sanction. That is not what we are looking at. I believe we can work together to get all these media houses to make the necessary contributions towards the financial security of their workers,” the DG said.

The meeting marked a renewed effort by PenCom to hold employers in the media sector accountable and compliant with the PRA 2014.

spot_img
spot_img
spot_img

Hot this week

Stanbic IBTC Pension Managers Supports ART X Lagos 2025 to Celebrate African Creativity

As West Africa’s leading art fair, ART X Lagos, marks its...

NGX Reaffirms Leadership in Advancing Africa’s Islamic Finance Ecosystem

Nigerian Exchange Limited (NGX) has reaffirmed its leadership in...

Sovereign Trust Insurance CEO, Olaotan Soyinka, Preaches Caution, Safety in the Ember Months

Mr. Olaotan Soyinka, Managing Director of Sovereign Trust Insurance...

Lagride Launches Low-Cost Omni to Disrupt Korope Transport in Lagos

Lagos’ leading smart mobility platform has launched the Lagride...

Malta Guinness, TRACE Naija Energise Campuses Across Nigeria with “In The City” Tour

This year’s edition of the annual Trace In The...

Topics

Presidential Fiscal Policy Committee Proposes 8 Single Digit Taxes

Mr. Taiwo Oyedele Chairman The Presidential Fiscal Policy and Tax Reforms...

COVID-19: AstraZeneca, BrandMed Commits to African Patients

  The COVID-19 pandemic and the growing burden of non-communicable...

Facebook CEO Visits Nigeria to Witness Africa’s Tech Revolution

Facebook CEO, Mark Zuckerberg visited Nigeria this week on...

Ecobank, Old Mutual Strengthen Strategic Partnership

Ecobank Transnational Incorporated (ETI) parent company of the Ecobank...

Broadband Commission: National Digital Health Strategy Critical

The Broadband Commission for Sustainable Development's Working Group on...

Stanbic IBTC: 7 Months of Rewarding Customers in Reward4Saving Promo

In a bid to keep inspiring Nigerians to develop...

VFD Group Publishes 2024 Q1 Unaudited Financial Results

VFD Group Plc, a leading proprietary investment company in...
spot_img

Related Articles

Popular Categories

spot_imgspot_img