July 2 (THEWILL) — The National Pension Commission (PenCom) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have recovered more than ₦3 billion in unremitted pension contributions from defaulting employers.
The recovery was made under a joint enforcement initiative established to strengthen compliance with the Pension Reform Act (PRA) 2014 and safeguard workers’ retirement savings.
According to a statement issued by PenCom, the recovered funds came from employers in the electricity sector and have been fully credited to the Retirement Savings Accounts (RSAs) of affected employees.
The commission said the development underscores the effectiveness of its collaboration with the ICPC in enforcing pension remittance obligations and protecting contributors under the Contributory Pension Scheme.
PenCom recalled that it signed a Memorandum of Understanding (MoU) with the ICPC in October 2025 to enhance cooperation in investigating pension-related infractions, recovering outstanding contributions and enforcing compliance with the PRA 2014.
It added that the anti-graft agency is currently investigating several private sector employers referred by PenCom for failing to remit pension deductions as required by law.
The commission 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.
PenCom warned that failure to comply with the requirement constitutes a breach of the law and attracts sanctions, including the recovery of outstanding contributions, payment of penalties and, where necessary, prosecution.
The commission urged employers, particularly those in the private sector, to regularise all outstanding pension remittances and comply fully with the provisions of the Act to avoid regulatory and enforcement actions.
PenCom reaffirmed its commitment to protecting workers’ retirement savings, promoting compliance with the Contributory Pension Scheme and ensuring the prompt remittance of pension contributions into employees’ Retirement Savings Accounts.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
