The Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the National Pension Commission (PenCom) have announced the recovery of over N3 billion in unremitted pension contributions from defaulting employers.
PenCom announced the recovery in a statement on Wednesday, July 1.
The commission said the funds were recovered through an ICPC-PenCom enforcement initiative targeting employers that failed to remit workers’ pension contributions.
PenCom said the recovered funds, obtained from employers in the electricity sector, have been remitted into the Retirement Savings Accounts (RSAs) of affected workers in line with the Pension Reform Act (PRA) of 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,” the commission said.
The Pension Reform Act (PRA) 2014 requires employers to contribute at least 10 percent of an employee’s monthly earnings, while employees contribute a minimum of 8 percent.
In the statement, PenCom said it signed a Memorandum of Understanding (MoU) with the ICPC in October 2025 to strengthen collaboration on recovering unremitted pension contributions, investigating pension-related infractions and enforcing compliance with the PRA 2014.
The commission said several private sector employers referred to the ICPC are being investigated for noncompliance with the pension law.
“With the ongoing collaboration, additional recoveries would be achieved as the investigations progress,” it said.
PenCom said the PRA 2014 requires employers to deduct and remit pension contributions into employees’ RSAs within seven working days of paying salaries.
The organisation said failure to comply amounts to a breach of the law and attracts sanctions, including recovery of outstanding contributions, penalties and, where necessary, prosecution.
PenCom urged employers, particularly those in the private sector, to regularise their pension remittances and comply fully with the provisions of the PRA 2014 to avoid regulatory and enforcement actions.
The commission reaffirmed its commitment to protecting workers’ retirement savings, promoting compliance with the Contributory Pension Scheme (CPS), and ensuring pension contributions deducted from employees are remitted promptly into their RSAs.
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