ICPC, PenCom Recover N3bn Unremitted Pension Deductions from Defaulting Firms

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the National Pension Commission (PenCom) have recovered more than N3 billion in unremitted pension contributions from defaulting employers, as both agencies intensified enforcement of the Pension Reform Act (PRA) 2014.

PenCom disclosed the recovery in a statement issued on Wednesday, noting that the recovered funds have been fully credited into the Retirement Savings Accounts (RSAs) of affected employees.

According to the commission, the recovery resulted from a joint enforcement initiative between PenCom and the ICPC aimed at addressing pension contribution defaults and protecting workers’ retirement savings.

The statement explained that the funds were recovered from employers operating in the electricity sector who had failed to remit pension deductions as required by law.

PenCom said the successful recovery underscores the effectiveness of its collaboration with the anti-corruption agency in ensuring employers comply with statutory pension obligations.

The commission recalled that both agencies signed a Memorandum of Understanding (MoU) in October 2025 to strengthen cooperation in investigating pension-related violations, recovering outstanding pension contributions and enforcing compliance with the Pension Reform Act.

PenCom further revealed that the ICPC is currently investigating several other private-sector employers referred by the commission for alleged non-compliance with pension regulations.

It expressed confidence that additional recoveries would be made as investigations continue.

The commission reminded employers that the Pension Reform Act 2014 mandates organisations to deduct and remit pension contributions into employees’ Retirement Savings Accounts within seven working days after payment of salaries.

It warned that failure to comply constitutes a breach of the law and could attract sanctions, including the recovery of outstanding contributions, financial penalties and possible prosecution.

PenCom urged employers, particularly those in the private sector, to regularise all outstanding pension remittances and comply fully with existing pension regulations to avoid enforcement actions.

The commission reaffirmed its commitment to safeguarding workers’ retirement savings and strengthening compliance with the Contributory Pension Scheme across the country.

The latest recovery comes amid broader efforts by PenCom to improve pension administration nationwide, including the introduction of enhanced monitoring mechanisms to ensure greater compliance by employers and protect the retirement benefits of Nigerian workers.