PenCom stops employers from robbing workers of N24.15bn pension contributions

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Chuks Udo Okonta

The National Pension Commission (PenCom) has through its Recovery Agents (RAs) stopped erring employers from robbing their workers of N24.15 billion pension contributions.

PenCom said the amount has been recovered from defaulting employers since the commencement of the recovery exercise in June 2012 to December 31, 2022

It noted that in the fourth quarter 2022, 34 defaulting employers were recommended for appropriate legal action, after all administrative steps taken to make them comply failed.

The pension sector regulator maintained that following the issuance of demand notices to defaulting employers whose pension liabilities were established by the Recovery Agents, the sum of ₦853,402,776.29 representing principal contribution (₦187,373,485.27) and penalty (₦666,029,291.02) was recovered
from 25 defaulting employers during the fourth quarter 2022.

“From the commencement of the recovery exercise in June 2012 to 31 December 2022, a total of ₦24,149,058,653.62 comprising of principal contributions (₦12,247,623,757.35) and penalties (₦11,901,434,896.26) was recovered from defaulting employers,” it submitted.

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