ICPC, PenCom recover ₦3 billion from pension defaulters in electricity sector
The ICPC and PenCom recovered over ₦3 billion in unremitted pension contributions from defaulting employers in the electricity sector.
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 defaulting employers. The recovery was made through a joint enforcement initiative aimed at protecting workers’ retirement savings and ensuring compliance with the Pension Reform Act (PRA) 2014.
The recovered funds came from employers in the electricity sector and have been fully credited to the Retirement Savings Accounts (RSAs) of affected workers. The recovery highlights the effectiveness of the partnership between the ICPC and PenCom in enforcing pension laws and holding employers accountable. Both agencies signed a Memorandum of Understanding (MoU) in October 2025 to strengthen collaboration in recovering unpaid pension contributions, investigating pension-related offences and enforcing compliance with the PRA 2014.
The ICPC is investigating several other private sector employers referred by PenCom for failing to remit pension deductions. Under the PRA 2014, employers are required to remit pension contributions to employees’ RSAs within seven working days after paying salaries. Failure to comply attracts sanctions, including recovery of outstanding contributions, penalties and possible prosecution.
The winners: Nigerian workers whose pension savings have been restored. The ICPC and PenCom, which have demonstrated that enforcement works. The losers: employers who thought they could get away with stealing their workers’ retirement savings. And perhaps the workers themselves, who had to wait for a government agency to recover money that should never have been taken.
Bottom Line: ₦3 billion is a lot of stolen pensions. It is also a fraction of what is still missing.