CPC, PenCom Recover Over ₦3bn in Unremitted Pension Contributions

 



 By allcitynews.ng 


The Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the National Pension Commission (PenCom) have recovered more than ₦3 billion in unremitted pension contributions from defaulting employers as part of a joint enforcement initiative to protect workers’ retirement savings.


According to PenCom, the recovered funds were obtained from employers in the electricity sector who failed to remit pension contributions as required by law.


The money has since been fully credited to the respective Retirement Savings Accounts (RSAs) of affected employees in line with the provisions of the Pension Reform Act (PRA) 2014.


The commission said the recovery underscores the effectiveness of its collaboration with the ICPC in enforcing compliance with the PRA 2014 and ensuring employers meet their statutory pension obligations.


PenCom recalled that it signed a Memorandum of Understanding (MoU) with the ICPC in October 2025 to strengthen collaboration on the recovery of unremitted pension contributions, investigation of pension-related infractions, and enforcement of compliance with the Pension Reform Act.


The commission disclosed that the ICPC is currently investigating several private sector employers referred by PenCom for alleged violations of the Act. It expressed optimism that additional recoveries would be made as the investigations progress.

Under the Pension Reform Act 2014, employers are required to deduct and remit pension contributions into employees’ Retirement Savings Accounts within seven working days of paying salaries. Failure to comply constitutes a breach of the law and attracts sanctions, including the recovery of outstanding contributions, penalties, and, where necessary, prosecution.


PenCom urged all employers, particularly those in the private sector, to regularise their pension remittances and ensure full compliance with the provisions of the Act to avoid regulatory and enforcement actions.


The commission reaffirmed its commitment to safeguarding workers’ retirement savings, promoting compliance with the Contributory Pension Scheme (CPS), and ensuring that pension contributions deducted from employees’ salaries are remitted promptly into their Retirement Savings Accounts.




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