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PenCom, ICPC recover over N3bn in unremitted pension contributions, as crackdown on defaulters intensifies
National Pension Commission (PenCom) says it has recovered over N3 billion in unremitted pensions contribution, as its crackdown on defaulting employers across the country intensifies.
PenCom, in collaboration with the Independent Corrupt Practices and Other Related Offences Commission (ICPC), had commenced an enforcement drive nationwide to identify defaulting employers withholding employees’ pensions contributions after deductions.
In a statement, Wednesday, PenCom stated that the recovered funds, traced to employers in the electricity sector, 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.
The recovery underscores the growing effectiveness of the partnership between PenCom and ICPC in enforcing compliance with pension laws and ensuring that employers meet their statutory obligations to workers.
The collaboration follows the signing of a Memorandum of Understanding (MoU) between PenCom and ICPC in October 2025, establishing a framework for the recovery of outstanding pension contributions, investigation of pension-related infractions, and enforcement of compliance with the PRA 2014.
PenCom disclosed that ICPC is currently investigating several private sector employers referred by the commission for alleged violations of the pension law.
It expressed confidence 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 salary payment.
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 (RSA).
