PenCom Recovers N24.5b Unremitted Contributions from Defaulting Employers

By Linda Ike

National Pension Commission (PenCom) says it has recovered N24.5
billion unremitted contributions and penalty from 2012 to March 2023.

The commission also said about N384 million was recovered from 34 defaulters in the first quarter of 2023.

Director General of PenCom, Aisha Dahir-Umar disclosed this on Thursday at the 2023 Pension Correspondents Association of Nigeria ( PENCAN) annual conference held in Abuja with the theme “Transforming Service Delivery in the Pension Industry: Strategies for Improving Efficiency and Customer Satisfaction,”

Represented by the Head, Cooperate Communication Department, Abdulgadir Dahiru, DG said Pension assets have risen by N1.77 trillion in the first half of 2023, from N14.99 trillion in December 2022 to N16.76 trillion at the end of June 2023.

She noted that membership have also increased by 146,920 new contributors, from 9.86 members as of the end of 2022 to over 10 million members as of June 2023.

She stated that PenCom’s proactive regulatory approach has strengthened the oversight and governance of pension funds, promoting transparency, accountability and safeguarding the interests of pension contributors.

The DG said, ” the Contributory Pension Scheme ( CPS) has ensured that public and private sector workers can build retirement savings throughout their working lives, fostering financial security during their golden years. Contributions, Penalty.”