By Oluwakemi Kindnes
The National Pension Commission (PenCom) has recovered more than ₦3 billion in unremitted pension contributions from defaulting employers through a joint enforcement initiative with the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
PenCom announced the recovery in a statement on Wednesday, saying the funds, recovered from employers in the electricity sector, have been fully credited to the Retirement Savings Accounts (RSAs) of affected workers in line with the Pension Reform Act (PRA) 2014.
The commission said the recovery reflects the success of its partnership with the ICPC in enforcing compliance with pension laws and protecting workers’ retirement savings.
PenCom signed a Memorandum of Understanding with the ICPC in October 2025 to strengthen collaboration on recovering unremitted pension contributions, investigating pension-related violations and enforcing compliance with the Pension Reform Act.
The commission disclosed that the ICPC is currently investigating several private sector employers referred by PenCom for failing to comply with the law, adding that more recoveries are expected as the investigations continue.
Under the Pension Reform Act 2014, employers must deduct and remit pension contributions into employees’ Retirement Savings Accounts within seven working days after paying salaries.
PenCom warned that employers who fail to comply risk sanctions, including the recovery of outstanding contributions, penalties and possible prosecution.
The commission urged employers, particularly in the private sector, to regularise outstanding pension remittances and comply fully with the law to avoid enforcement actions.
PenCom reaffirmed its commitment to safeguarding workers’ retirement savings and strengthening compliance with the Contributory Pension Scheme across the country.
