The National Pension Commission (PenCom) has stepped up efforts to enforce compliance with Nigeria’s pension laws, recovering more than ₦3 billion in outstanding pension contributions from defaulting employers in the electricity sector.
The recovery was achieved through a joint enforcement operation with the Independent Corrupt Practices and Other Related Offences Commission (ICPC), with the recovered funds already credited into the Retirement Savings Accounts (RSAs) of affected workers in line with the provisions of the Pension Reform Act (PRA) 2014.
PenCom described the recovery as a major breakthrough in its ongoing campaign to ensure employers meet their pension obligations and protect the retirement savings of Nigerian workers.
According to the commission, the successful operation highlights the effectiveness of its collaboration with the ICPC in tackling pension-related violations and enforcing compliance with the country’s pension regulations.
The partnership between PenCom and the anti-corruption agency was formalised through a Memorandum of Understanding (MoU) signed in October 2025. The agreement established a framework for investigating pension infractions, recovering unremitted pension contributions, and prosecuting employers who violate the Pension Reform Act.
PenCom disclosed that the ICPC is currently investigating several other private-sector employers referred by the commission for alleged non-compliance with the PRA 2014. It expressed optimism that the ongoing investigations would lead to additional recoveries and further enforcement actions against erring organisations.
Under the Pension Reform Act 2014, employers are legally required to deduct and remit employees’ pension contributions into their Retirement Savings Accounts within seven working days after the payment of salaries.
Failure to comply with this requirement attracts penalties, including the recovery of outstanding pension contributions, payment of accrued sanctions, and possible prosecution where necessary.
The commission urged employers, particularly those operating in the private sector, to settle all outstanding pension remittances and ensure full compliance with the law to avoid regulatory sanctions and legal consequences.
PenCom reaffirmed its commitment to safeguarding the retirement savings of Nigerian workers by strengthening enforcement measures, promoting compliance with the Contributory Pension Scheme (CPS), and ensuring that pension deductions made from employees’ salaries are promptly remitted into their Retirement Savings Accounts.
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