PenCom, ICPC Recover ₦3bn from Defaulters
…Crackdown Widens Nationwide
By Patience Ikpeme
The National Pension Commission (PenCom) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have recovered over ₦3 billion in unremitted pension contributions from defaulting employers.
This was disclosed by the PenCom in a press statement on Wednesday in Abuja.
The funds were recovered through a joint enforcement initiative targeting pension contribution defaults and have been fully remitted into affected employees’ Retirement Savings Accounts (RSAs) in line with the Pension Reform Act (PRA) 2014. PenCom said the recoveries came primarily from employers in the electricity sector.
“Protecting workers’ retirement savings is non‑negotiable,” said PenCom Director‑General Ms Omolola Oloworaran. “This recovery underscores our commitment to ensuring every naira deducted for pensions reaches the rightful RSA.”
The recoveries follow a Memorandum of Understanding (MoU) signed in October 2025, which formalised collaboration between PenCom and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on recovering unremitted contributions, investigating pension infractions, and enforcing compliance with the PRA 2014.
“The partnership gives us the legal and operational framework to hold employers accountable,” said the ICPC Chairman. “Where employers flout the law, we will pursue recoveries, impose sanctions and, if necessary, seek prosecution.”
Under the PRA 2014, employers must deduct and remit pension contributions into employees’ RSAs within seven working days of salary payment. Failure to comply attracts recovery of outstanding contributions, penalties and possible prosecution.
PenCom said several private‑sector employers have been referred to the ICPC for investigation, and further recoveries are expected as those probes progress. The commission urged all employers to regularise outstanding remittances immediately to avoid regulatory action.
“We advise employers to comply voluntarily — it’s in the best interest of their staff and the business,” the PenCom statement added, reiterating the agency’s pledge to promote adherence to the Contributory Pension Scheme (CPS).
Stakeholders in labour and the private sector welcomed the enforcement push but called for clear timelines and transparent audit reports on recoveries to reassure workers and the public. Employers found in breach face financial penalties and other sanctions prescribed under the PRA 2014.
