The Independent Corrupt Practices and Other Related Offences Commission and the National Pension Commission have recovered over N3bn in unremitted pension contributions from defaulting employers as both agencies intensified efforts to enforce compliance with the Pension Reform Act 2014.
The recovery was disclosed in a statement issued by the National Pension Commission on Wednesday, which said the funds had been fully remitted into the Retirement Savings Accounts of affected employees.
According to the commission, the recovery was achieved through a joint ICPC-PenCom enforcement initiative designed to address pension contribution defaults and protect workers’ retirement savings.
It stated, “The Independent Corrupt Practices and Other Related Offences Commission and the National Pension Commission have recovered over N3bn in unremitted pension contributions from employers.”
PenCom explained that the recovered funds were obtained from defaulting employers in the electricity sector and credited to the respective Retirement Savings Accounts of affected workers in line with the Pension Reform Act 2014.
