Workers win as ICPC-PenCom partnership recovers ₦3bn and steps up pension compliance drive.

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the National Pension Commission (PenCom) have recovered more than ₦3 billion in unremitted pension contributions from employers.

The recovery was made through a joint ICPC-PenCom enforcement initiative aimed at tackling pension contribution defaults and safeguarding the retirement savings of Nigerian workers.
According to the Commission, the recovered funds, obtained from defaulting employers in the electricity sector, have been fully credited into the respective Retirement Savings Accounts (RSAs) of affected employees in line with the provisions of the Pension Reform Act (PRA) 2014.
The development highlights the effectiveness of the partnership between PenCom and ICPC in enforcing compliance with the PRA 2014 and ensuring employers meet their statutory pension obligations.
PenCom signed a Memorandum of Understanding (MoU) with ICPC in October 2025 to establish a framework for collaboration on the recovery of unremitted pension contributions, investigation of pension-related infractions, and enforcement of compliance with the PRA 2014.
The ICPC is currently investigating several private sector employers referred by PenCom over alleged non-compliance with the PRA 2014. The Commission noted that additional recoveries are expected as the ongoing investigations progress.
Under the PRA 2014, employers are required to deduct and remit pension contributions into employees’ Retirement Savings Accounts within seven working days after salaries are paid. Failure to comply with this requirement is a violation of the law and attracts sanctions, including the recovery of outstanding contributions, penalties, and where necessary, prosecution.
PenCom urged all employers, particularly those in the private sector, to regularize their pension remittances and ensure full compliance with the provisions of the PRA 2014 to avoid regulatory and enforcement actions.
The Commission reaffirmed its commitment to protecting the retirement savings of workers, promoting compliance with the Contributory Pension Scheme (CPS), and ensuring that pension contributions deducted from employees are promptly remitted into their Retirement Savings Accounts.
Signed:
National Pension Commission
1 July 2026