Nigerian States and Firms Evade Pension Remittances Despite N15bn Fines

Despite facing N15 billion in fines, Nigerian states and private firms continue to avoid remitting pension contributions. The PenCom has recovered N29.65 billion from defaulting entities, consisting of both principal contributions and penalties.

PenCom, along with NAICOM, issued directives to ensure compliance with pension and insurance laws. The joint efforts aim to strengthen adherence to the Pension Reform Act of 2014 within the Nigerian insurance industry.