ICPC, PenCom recover N3bn unremitted pension deductions from defaulting firms

Nigeria's Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the National Pension Commission (PenCom) have successfully recovered more than N3 billion in unremitted pension contributions from defaulting employers. This significant recovery underscores intensified efforts by both agencies to enforce the Pension Reform Act 2014 and protect workers' retirement savings.

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The Independent Corrupt Practices and Other Related Offences Commission and the National Pension Commission have recovered over N3bn in unremitted pension contributions from employers.

The recovered funds have been fully remitted into the Retirement Savings Accounts (RSAs) of the affected employees. According to a statement from PenCom, the majority of these defaulting employers operate within the electricity sector. This joint enforcement initiative highlights the effectiveness of the partnership between the two agencies in compelling employers to meet their statutory obligations.

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The recovered funds, obtained from defaulting employers in the electricity sector, have been fully remitted into the respective Retirement Savings Accounts of affected employees in accordance with the provisions of the Pension Reform Act 2014.

PenCom recalled that a Memorandum of Understanding was signed with the ICPC in October 2025. This agreement aims to strengthen collaboration in recovering unremitted pension contributions, investigating pension-related infractions, and ensuring compliance with the Pension Reform Act 2014. The commission expressed optimism that further recoveries would be made as the ICPC continues to investigate several private-sector employers referred by PenCom for alleged non-compliance.

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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.

The Pension Reform Act mandates employers to deduct and remit pension contributions within seven working days after salaries are paid. PenCom reiterated this requirement and warned employers against non-compliance, emphasizing the importance of safeguarding employees' future financial security.

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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.