Barbara Bako, Abuja.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the National Pension Commission (PenCom) have recovered more than N3 billion in unremitted pension contributions from defaulting employers as part of efforts to strengthen compliance with Nigeria’s pension laws.
The recovered funds, sourced from employers in the electricity sector, have been credited into the Retirement Savings Accounts (RSAs) of affected employees in line with the provisions of the Pension Reform Act (PRA) 2014.
The recovery followed a joint enforcement initiative by the two agencies aimed at tackling pension contribution defaults and safeguarding workers’ retirement savings.
The collaboration is anchored on a Memorandum of Understanding (MoU) signed by PenCom and ICPC in October 2025 to enhance the recovery of unremitted pension contributions, investigate pension-related infractions and enforce compliance with the Pension Reform Act.
PenCom said the successful recovery highlights the effectiveness of the partnership in ensuring employers meet their statutory obligations under the Contributory Pension Scheme.
The commission also disclosed that ICPC is investigating several private sector employers referred by PenCom over alleged violations of the PRA 2014, expressing 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 after salaries are paid.
Failure to comply attracts sanctions, including the recovery of outstanding contributions, penalties and, where necessary, prosecution.
PenCom urged employers, particularly those in the private sector, to regularise outstanding pension remittances and comply fully with the law to avoid regulatory and enforcement actions.
The commission reiterated its commitment to protecting workers’ retirement savings, promoting compliance with the Contributory Pension Scheme and ensuring that pension contributions deducted from employees are remitted promptly into their Retirement Savings Accounts.
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