Follow Us on Google Discover
The National Pension Commission (PenCom) has announced the recovery of over N3 billion in unremitted pension contributions from employers in collaboration with the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
This was disclosed in a statement released on Wednesday.
The recovery was achieved through an ICPC-PenCom enforcement initiative targeted at addressing pension contribution defaults and protecting the retirement savings of workers.
What PenCom is saying
According to the statement, the recovered funds were obtained from “defaulting employers in the electricity sector” and have been fully remitted into the respective Retirement Savings Accounts (RSAs) of affected employees in accordance with the provisions of the Pension Reform Act (PRA) 2014.
Other News
The Commission explained that the recovery demonstrates the effectiveness of the partnership between PenCom and the ICPC in enforcing compliance with the PRA 2014 and ensuring that employers fulfil their statutory pension obligations.
PenCom recalled that it signed a Memorandum of Understanding (MoU) with the ICPC in October 2025 to establish a framework for collaboration on the recovery of unremitted pension contributions, the investigation of pension-related infractions, and the enforcement of compliance with the PRA 2014.
More insights
Additionally, PenCom announced that the ICPC is currently investigating several private-sector employers referred by the Commission for non-compliance with the PRA 2014.
The Commission said it intends to leverage its ongoing collaboration with the ICPC to make additional recoveries as the investigations progress.
Under the PRA 2014, employers are required to deduct and remit pension contributions into employees’ RSAs within seven working days of paying salaries.
The Commission warned that failure to comply with the pension remittance requirements constitutes a violation of the law and attracts sanctions, including the recovery of outstanding contributions, penalties, and, where necessary, prosecution.
The Commission advised all employers, particularly those in the private sector, to regularise their pension remittances and ensure full compliance with the provisions of the PRA 2014 to avoid regulatory and enforcement actions.
What you should know
In August 2025, PenCom was reported to have recovered a total of N4.57 billion from defaulting employers between the first quarter of 2024 and the first quarter of 2025.
This was disclosed at the time by Mr. Oguche Agudah, Chief Executive Officer of the Pension Fund Operators Association of Nigeria (PenOp).
PenOp maintained that the recoveries reinforced the Commission’s commitment to protecting workers’ retirement savings under Nigeria’s Contributory Pension Scheme.
Agudah explained that the recovered sum comprised N2.12 billion in outstanding pension contributions and N2.45 billion in penalties imposed on 138 employers that failed to remit pension funds as required by law.
In May 2026, PenCom and the Nigeria Labour Congress (NLC) Lagos Council agreed to commence enforcement operations against employers that fail to remit workers’ pension contributions under the Contributory Pension Scheme (CPS) from June 1.
