PenCom and ICPC Unite to Recover N3bn in Pension Funds

The Pension Commission (PenCom) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have partnered to recover N3 billion in unremitted pension contributions as part of a crackdown on pension defaulters. This collaboration aims to enforce compliance with the Pension Reform Act (PRA) of 2014, ensuring that employers fulfill their statutory pension obligations.

A memorandum of understanding (MoU) was signed between PenCom and ICPC in October 2025 to establish a framework for recovering unremitted pension contributions and investigating related infractions. The ICPC is currently investigating several private sector employers for non-compliance with the PRA 2014.

Employers are required to deduct and remit pension contributions to employees' Retirement Savings Accounts (RSA) within seven working days of salary payment. Failure to comply constitutes a violation of the law, attracting sanctions, including the recovery of outstanding contributions and penalties, and potential prosecution of employers.