The National Pension Commission (PenCom), in collaboration with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have recovered over N3 billion unremitted pension contributions from employers. The recovery was achieved through an ICPC-PenCom enforcement initiative aimed at addressing pension contribution defaults and protecting the retirement savings of workers.
According to PenCom, the recovered funds, obtained from defaulting employers in the electricity sector, have been fully remitted into the respective Retirement Savings Accounts (RSAs) of affected employees in accordance with the provisions of the Pension Reform Act (PRA) 2014. The commission said the recovery demonstrated the effectiveness of the partnership between PenCom and ICPC in enforcing compliance with the PRA 2014 and ensuring that employers fulfil their statutory pension obligations.
PenCom signed a Memorandum of Understanding (MoU) with ICPC in October 2025 to establish a framework for collaboration on the recovery of unremitted pension contributions, investigation of pension-related infractions, and enforcement of compliance with the PRA 2014.The ICPC is currently investigating several private sector employers referred by PenCom for non-compliance with the PRA 2014.
