The National Pension Commission (PenCom) in collaboration with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recovered over ₦3 billion in unremitted pension contributions from defaulting employers.
The recovered funds, largely from employers in the electricity sector, have been fully remitted into the respective Retirement Savings Accounts (RSAs) of the affected employees in line with the Pension Reform Act (PRA) 2014.
This significant recovery was achieved through a joint enforcement initiative between the two agencies aimed at addressing pension contribution defaults and safeguarding the retirement savings of Nigerian workers.
PenCom and ICPC signed a Memorandum of Understanding (MoU) in October 2025 to strengthen collaboration on the recovery of unremitted contributions, investigation of pension-related infractions, and enforcement of compliance with the PRA 2014.
The ICPC is currently investigating several other private sector employers referred by PenCom for non-compliance. Additional recoveries are expected as investigations progress.
Under the Pension Reform Act 2014, employers are mandated to deduct and remit pension contributions into employees’ RSAs within seven working days from the date of payment of salaries. Failure to do so attracts sanctions, including recovery of outstanding contributions, penalties, and possible prosecution.
PenCom has warned all employers, especially in the private sector, to regularise their pension remittances and ensure full compliance with the law to avoid regulatory sanctions.
The Commission reaffirmed its commitment to protecting the retirement savings of Nigerian workers and promoting compliance with the Contributory Pension Scheme (CPS).
This latest recovery highlights the growing effectiveness of the partnership between PenCom and anti-corruption agencies in ensuring employers meet their statutory obligations to employees.
