The National Pension Commission (PenCom) has announced the recovery of N27.97 billion from defaulting employers since the inception of its recovery initiative in June 2012.
PenCom, the regulatory body overseeing the administration of pension matters in Nigeria, disclosed that this sum includes N13.60 billion in principal contributions and N14.17 billion in penalties from employers who failed to remit pension contributions as mandated by law.
In its latest quarterly report, the commission revealed that during the second quarter of 2024, it recovered N336.255 million from 35 defaulting employers. This amount comprises N125.57 million in principal contributions and N210.68 million in penalties.
The commission has continued to engage 25 recovery agents to pursue unremitted pension contributions and penalties.
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In addition, its secretariat/legal advisory services department has been instructed to initiate legal proceedings against three defaulting employers.
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PenCom also reported processing five requests for the refund of pension contributions to military personnel and other security agencies.
It added that these personnel are exempt from the Contributory Pension Scheme due to the nature of their duties, and N0.39 million was refunded to the affected individuals during the quarter.
The regulator reiterated its commitment to ensuring compliance with pension remittance regulations and taking necessary actions against defaulters.
Acting Director-General of the National Pension Commission, Omolola Oloworaran, announced that pension fund assets under the Contributory Pension Scheme had grown to N20.79 trillion as of July 2024.
Oloworaran also disclosed that states had collectively remitted over N236.7 billion between January 2020 and the second quarter of 2024.
Furthermore, the National Pension Commission has unveiled plans to integrate over 60 million informal workers into the national pension scheme.
