ICPC, PenCom recover N3bn from pension defaulters

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.

PenCom, in a statement on Wednesday, said the recovery was made through a joint enforcement initiative aimed at protecting workers’ retirement savings and ensuring compliance with the Pension Reform Act (PRA) 2014.

The commission said the recovered funds came from employers in the electricity sector and have been fully credited to the Retirement Savings Accounts (RSAs) of affected workers.

PenCom said the recovery highlights the effectiveness of its partnership with the ICPC in enforcing pension laws and holding employers accountable.

It recalled that both agencies signed a Memorandum of Understanding (MoU) in October 2025 to strengthen collaboration in recovering unpaid pension contributions, investigating pension-related offences and enforcing compliance with the PRA 2014.

The commission disclosed that the ICPC is investigating several other private sector employers referred by PenCom for failing to remit pension deductions, expressing optimism that more recoveries would be made.

Under the PRA 2014, employers are required to remit pension contributions to employees’ RSAs within seven working days after paying salaries.

PenCom warned that failure to comply attracts sanctions, including recovery of outstanding contributions, penalties and possible prosecution.

It urged employers, particularly those in the private sector, to regularise their pension remittances and comply fully with the law to avoid enforcement actions.

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