The National Pension Commission (PenCom), in partnership with the Independent Corrupt Practices and Other Related Offences Commission (ICPC), has recovered more than ₦3 billion in unremitted pension contributions from defaulting employers.
According to a statement issued by PenCom, the recovery was made through a joint enforcement initiative established to address pension contribution defaults and safeguard the retirement savings of Nigerian workers.
The commission disclosed that the recovered funds came from employers in the electricity sector and have 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.
PenCom said the recovery highlights the effectiveness of its collaboration with the ICPC in enforcing compliance with pension laws and ensuring employers meet their statutory obligations. The partnership follows a Memorandum of Understanding (MoU) signed by both agencies in October 2025, providing a framework for investigating pension-related violations, recovering outstanding contributions and strengthening enforcement of the Pension Reform Act.
The commission also revealed that the ICPC is currently investigating several private-sector employers referred by PenCom for failing to comply with the pension law, noting that additional recoveries are expected as the investigations continue. 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.
PenCom warned that failure to comply with the law attracts sanctions, including the recovery of outstanding contributions, financial penalties and, where necessary, criminal prosecution. The commission urged all employers, particularly those in the private sector, to regularise outstanding pension remittances and comply fully with the provisions of the law to avoid regulatory and enforcement actions.
PenCom reaffirmed its commitment to protecting workers’ retirement savings, promoting compliance with the Contributory Pension Scheme and ensuring that pension deductions are promptly remitted to employees’ Retirement Savings Accounts.
