ICPC, PenCom recover N3bn as crackdown on pension defaulters intensifies

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the National Pension Commission (PenCom) have recovered over N3 billion unremitted pension contributions from employers.

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 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. 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 had been requested 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.