By Daniel Oluwatobiloba Popoola
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the National Pension Commission (PenCom) have recovered over N3 billion in unremitted pension contributions from defaulting employers as part of an intensified enforcement drive to safeguard workers’ retirement savings.
PenCom disclosed this in a statement issued on Wednesday, 1 July, 2026 saying the recovery was achieved through a joint ICPC-PenCom enforcement initiative targeting employers who failed to comply with the provisions of the Pension Reform Act (PRA) 2014.
According to the Commission, the recovered funds came from defaulting employers in the electricity sector and have been fully credited into the Retirement Savings Accounts (RSAs) of the affected employees.
“The recovery was achieved through an ICPC-PenCom enforcement initiative aimed at addressing pension contribution defaults and protecting the retirement savings of workers,” the statement said.
PenCom noted that the recovery reflects the growing success of its collaboration with the anti-graft agency in enforcing compliance with the Pension Reform Act.
The Commission recalled that both agencies signed a Memorandum of Understanding (MoU) in October 2025 to strengthen cooperation in the recovery of unremitted pension contributions, investigation of pension-related infractions and enforcement of the PRA 2014.
It added that the ICPC is currently investigating several private sector employers referred by PenCom for alleged pension remittance violations.
“With the ongoing collaboration, additional recoveries would be achieved as the investigations progress,” the statement added.
PenCom reminded employers that the Pension Reform Act mandates the deduction and remittance of pension contributions into employees’ Retirement Savings Accounts within seven working days after salary payments.
It warned that failure to comply constitutes a breach of the law and attracts sanctions, including recovery of outstanding contributions, penalties and prosecution where necessary.
“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,” the Commission stated.
PenCom, therefore, urged employers, particularly those in the private sector, to regularise their pension remittances and comply fully with the Pension Reform Act to avoid regulatory and enforcement actions.
Reaffirming its commitment to protecting workers’ retirement benefits, the Commission said it would continue to work with relevant agencies to strengthen compliance with the Contributory Pension Scheme.
“PenCom reaffirms its commitment to protecting the retirement savings of workers, promoting compliance with the Contributory Pension Scheme and ensuring that pension contributions deducted from employees are promptly remitted into their Retirement Savings Accounts,” the statement said.
