By Seun Ibiyemi
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the National Pension Commission (PenCom) have recovered more than ₦3 billion in unremitted pension contributions from defaulting employers as part of ongoing efforts to enforce compliance with the Pension Reform Act (PRA) 2014.
The recovery was disclosed in a statement issued by PenCom on Wednesday, which said the recovered funds had been fully credited to the Retirement Savings Accounts (RSAs) of affected employees.
According to the commission, the recovery was achieved through a joint enforcement initiative between PenCom and the ICPC aimed at addressing pension contribution defaults and safeguarding workers’ retirement savings.
PenCom stated that the recovered funds came from defaulting employers in the electricity sector and were remitted in accordance with the provisions of the Pension Reform Act 2014.
READ ALSO:More troubles as ICPC raids El-Rufai’s residence
“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,” the commission said.
The commission noted that the successful recovery underscores the effectiveness of its collaboration with the ICPC in ensuring employers meet their statutory pension obligations.
PenCom recalled that it signed a Memorandum of Understanding (MoU) with the anti-corruption agency in October 2025 to strengthen cooperation in recovering outstanding pension contributions, investigating pension-related infractions, and enforcing compliance with the Pension Reform Act.
It further disclosed that the ICPC is currently investigating several private-sector employers referred by the commission for alleged violations of the Act, expressing confidence that additional recoveries would be recorded as the investigations progress.
PenCom reiterated that under the Pension Reform Act 2014, employers are required to deduct and remit pension contributions into employees’ Retirement Savings Accounts within seven working days after the payment of salaries.
The commission warned that failure to comply with the law attracts sanctions, including the recovery of outstanding contributions, payment of penalties and, where necessary, prosecution.
It urged employers, particularly those in the private sector, to regularise outstanding pension remittances and fully comply with the provisions of the Act to avoid regulatory and enforcement actions.
READ ALSO:ICPC verifies N54.7m borehole projects in Ondo
PenCom also reaffirmed its commitment to protecting workers’ retirement savings, strengthening compliance with the Contributory Pension Scheme and ensuring that pension deductions are promptly remitted into employees’ Retirement Savings Accounts.
The latest recovery comes as the commission intensifies its nationwide enforcement drive, including the deployment of a specialised monitoring platform to improve compliance with the Contributory Pension Scheme among state governments.
