The National Pension Commission (PenCom) says it made a recovery of N25.45 billion as unremitted contributions from defaulting employers between the year 2012 and 2023.
PenCom’s Director, Corporate Communications Department, Mr. Ibrahim Buwai, made this known at the Annual General Meeting (AGM) of Finance Correspondents Association of Nigeria (FICAN)in Abuja.
According to Buwai the recovery includes the principal sum of N12.93 billion as well as penalties worth N12.52 billion.
Speaking on unremitted contributions, the Director warned employers against non-compliance to regulations in this regard, while asserting that adherence will save them a lot of cost.
Buwai reiterated that late remittances attract penalties and attract interest of two per cent monthly, under the Pension Reforms Act, which he noted remained the provision for enforcement.
He noted that a detailed company schedule accompanying contributions will help as employers who remit but has no company schedule to indicate the owners, prevent appropriate allocation of funds to Retirement Savings Account holders RSA by Pension Fund Administrators PGA.
He disclosed further that the Commission regularly monitors investment activities through daily valuation reports, so as to swiftly address deviations or non-compliance.
He restated the Commission’s commitment to effective service delivery and adherence to stringent guidelines
