The Independent Corrupt Practices and Other Related Offences Commission
(ICPC) in partnership with the National Pension Commission (PenCom) have
recovered over N3 billion un-remitted pension contributions from employers.
In a statement signed by the Commission, the recovery was achieved through an
ICPC-PenCom enforcement initiative aimed at addressing pension contribution
defaults and protecting the retirement savings of workers.
“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 recovery demonstrates 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 had earlier 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. With the ongoing
collaboration, additional recoveries would be achieved as the investigations
progress, under the PRA 2014, employers are required to deduct and remit
pension contributions into employees’ RSAs within seven working days from
the payment of salaries,” the statement read.
The statement added that failure to comply with this requirement constitutes a
violation of the law and attracts sanctions, including the recovery of outstanding
contributions, penalties and, where necessary, prosecution. All employers,
particularly those in the private sector, are required to regularize their pension
remittances and ensure full compliance with the provisions of the PRA 2014 to
avoid regulatory and enforcement actions.
PenCom reaffirms its commitment to protecting the retirement savings of
workers, promoting compliance with the Contributory Pension Scheme (CPS),
and ensuring that pension contributions deducted from employees are promptly
remitted into their RSAs.