PenCom engages PFAs as whistle blowers on non remittance of workers pension contributions

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Chuks Udo Okonta

The National Pension Commission (PenCom) has mandated Pension Fund Administrators (PFAs) to regularly submit the names of companies that are failing to contribute and remit their workers pension contributions.

The Director-General of PenCom Ms. Omolola Oloworaran, said this at a forum in Lagos, noting that the era where employers fail to deduct or remit employees pension contributions will soon be over.

She said her administration is fully committed to ensuring better lives for workers during retirement.

PenCom in its first quarter 2025 report said it strengthened enforcement efforts to
recover unremitted pension contributions, stating that total of ₦1.35 billion was recovered
from 19 defaulting employers, comprising ₦972.12 million in outstanding pension
contributions and ₦381.88 million in associated penalties.

PenCom submitted that furthermore, 12
persistently non-compliant employers were referred to the Commission’s Legal
Department for prosecution and that these actions reflect the Commission’s firm
commitment to protecting pension assets and upholding the provisions of the
Pension Reform Act 2014.

PenCom maintained that since the commencement of the recovery initiative in June 2012 up to 31 March 2025, a cumulative total of ₦29.65 billion has been recovered, consisting of ₦14.86 billion in principal contributions and ₦14.79 billion in penalties.

This reflects the Commission’s unwavering commitment to enforcing compliance and protecting the
retirement benefits of employees, the pension industry regulator said.