PenCom, ICPC sign MoU on pension compliance, recover unremitted funds

The National Pension Commission (PenCom) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have signed a Memorandum of Understanding (MoU) to strengthen compliance and accountability in Nigeria’s pension system.

The agreement, signed in Abuja, aims to tackle unremitted pension deductions, enhance enforcement against defaulting employers, and safeguard workers’ retirement savings.

PenCom Director-General, Omolola Oloworaran, described the partnership as a major step toward restoring public trust in the contributory pension scheme. She said the initiative underscores both agencies’ shared duty to ensure transparency and integrity in pension management.

“Every deduction from a worker’s salary must be remitted and accounted for. Anything less is a breach of trust,” Oloworaran stated.

She noted that despite progress in pension administration, challenges such as unapplied contributions under the IPPIS and unremitted employer deductions persist, posing risks to retirees’ financial security.

The MoU provides for joint operations between PenCom and ICPC, including data sharing, coordinated investigations, recovery of unremitted funds, and prosecution of defaulters.

ICPC Chairman, Dr. Musa Adamu Aliyu, represented by the Commission’s Secretary, praised the collaboration and reaffirmed ICPC’s commitment to protecting workers’ pensions. He attributed persistent defaults—especially in the private sector—to weak enforcement and profit-driven neglect of employee welfare.

“Many employers prioritise profit over workers’ rights, but this partnership ensures every contribution is protected,” he said, adding that the ICPC would combine public enlightenment with strict enforcement where needed.

Both agencies expressed confidence that the partnership will usher in a new era of pension transparency, accountability, and compliance across Nigeria.

“This marks the beginning of a stronger, cleaner pension system that truly protects the future of every Nigerian worker,” Oloworaran affirmed.