The Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the National Pension Commission (PenCom) have recovered more than N3 billion in outstanding pension contributions from defaulting employers, as authorities intensify enforcement of compliance with Nigeria’s pension laws.
The recovered funds, traced to employers in the electricity sector, have been fully remitted into the Retirement Savings Accounts (RSAs) of affected employees in line with the provisions of the Pension Reform Act (PRA) 2014.
The recovery followed a joint enforcement initiative by ICPC and PenCom aimed at addressing persistent pension remittance defaults and safeguarding the retirement savings of Nigerian workers.
PenCom said the development underscores the effectiveness of its collaboration with the anti-corruption agency in enforcing compliance with the Pension Reform Act and ensuring that employers meet their statutory obligations under the Contributory Pension Scheme (CPS).
The partnership was formalised in October 2025 through a Memorandum of Understanding (MoU), which established a framework for the recovery of unremitted pension contributions, investigation of pension-related infractions and enforcement of compliance with the Pension Reform Act.
According to the commission, the ICPC is currently investigating several private sector employers referred by PenCom over alleged violations of the Act, with additional recoveries expected as investigations progress.
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.
PenCom warned that failure to comply with the statutory timeline constitutes a breach of the law and attracts sanctions, including the recovery of outstanding contributions, financial penalties and, where necessary, criminal prosecution.
The commission urged all employers, particularly those in the private sector, to regularise outstanding pension remittances and ensure full compliance with the provisions of the Act to avoid regulatory and enforcement actions.
Reaffirming its commitment to protecting workers’ retirement benefits, PenCom said it would continue to strengthen compliance with the Contributory Pension Scheme and ensure that pension deductions made from employees’ salaries are promptly remitted into their Retirement Savings Accounts.
