The Nationwide Pension Fee (PenCom) has recovered a complete of N4.57 billion from defaulting employers between the primary quarter of 2024 and the primary quarter of 2025, reinforcing its dedication to defending employees’ retirement financial savings underneath Nigeria’s Contributory Pension Scheme.
This was disclosed by Mr. Oguche Agudah, Chief Government Officer of the Pension Fund Operators Affiliation of Nigeria (PenOp), throughout an interview with the Information Company of Nigeria (NAN) on Tuesday in Lagos.
Agudah defined that the recovered sum contains N2.12 billion in excellent pension contributions and N2.45 billion in penalties imposed on 138 employers who did not remit pension funds as required by legislation.
“That is proof that enforcement continues to safeguard employees’ retirement financial savings,” he stated.
A Shift in Technique
He emphasised that PenCom is shifting from reactive enforcement to proactive prevention.
“The sample additionally highlights what’s subsequent, which is a transfer from episodic crackdowns to sturdy prevention by tightening real-time remittance monitoring, escalating sanctions for continual defaulters, and deepening employer schooling to scale back repeat offenses,” Agudah said.
“The aim is not only large restoration headlines,” he added, “it’s fewer defaults, quicker remittances, and a stronger, extra predictable Contributory Pension Scheme.”
Agudah additionally reminded employers of their authorized obligations, noting that any group with three or extra staff is required to remit pension contributions. He inspired employees to report non-compliant employers by whistleblowing mechanisms offered by PenCom.
A Breakdown of the Figures
A breakdown of the enforcement efforts revealed that the very best restoration occurred in Q1 2024, when PenCom recouped N751.51 million in contributions and N1.44 billion in penalties. Though recoveries dipped mid-year, enforcement exercise surged in This fall 2024 and rebounded strongly in Q1 2025.
Throughout the first quarter of 2025 alone, PenCom recovered N972.12 million in contributions and N381.88 million in penalties from 19 employers. Whereas this quarter didn’t file the very best complete restoration, it posted the strongest principal contribution common N71 million per employer, in comparison with N63 million in Q1 2024.
Agudah famous that the pattern displays PenCom’s concentrate on bigger, extra materials instances, even because the variety of defaulting employers continues to say no.
What You Ought to Know
- Lately, PenCom issued a directive halting the acceptance and processing of fairness contribution functions submitted by seven Main Mortgage Banks, citing alleged non-compliance with its housing mortgage tips.
- The affected banks embody Jigawa Financial savings & Loans Restricted, FHA Mortgage Bank Restricted, Delta Belief Mortgage Bank Restricted, AG Mortgage Bank Restricted, Infinity Trust Mortgage Bank Plc, First Belief Mortgage Bank Restricted, and Mutual Alliance Mortgage Bank Restricted.
In a round dated August 11, 2025, and signed by Obiora Ibeziako, Head of the Advantages and Insurance coverage Division, PenCom instructed all Pension Fund Directors (PFAs), together with Closed PFAs, and Pension Fund Custodians (PFCs) to instantly stop processing functions from the affected establishments.
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