ICPC and PenCom Recover N3 Billion in Pension Deductions

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the National Pension Commission (PenCom) have successfully recovered N3 billion in unremitted pension contributions from defaulting employers, particularly within the electricity sector. This recovery is part of a broader initiative to enforce compliance with the Pension Reform Act of 2014.

The commission's statement emphasized the importance of ensuring that employers fulfill their statutory obligations to remit pension contributions to employees' retirement savings accounts within seven working days of salary payment. The ICPC is currently investigating several private sector employers referred by PenCom for alleged non-compliance with the Act.

A memorandum of understanding was signed between ICPC and PenCom in October 2025 to strengthen collaboration in recovering unremitted pension contributions and investigating pension-related infractions. PenCom reiterated its commitment to protecting workers' retirement savings and urged employers, particularly in the private sector, to comply with pension remittance requirements to avoid regulatory enforcement actions.