The National Pension Commission (PenCom) has sought collaboration of the Economic and Financial Crimes Commission (EFCC) to deal with fraudulent activities in the nation’s pension industry, especially the challenge of unremitted pension funds by some employers.
Director General of PenCom, Omolola Oloworaran, made the demand in Abuja when she led a delegation from her office to headquarters of EFCC.
EFCC Head of Media and Publicity Dele Oyewale disclosed in a statement on Friday that DG raised concerns over a disturbing trend where many employers fail to remit mandatory pension contributions of their employees to their retirement savings accounts as required by Pension Reform Act 2004.
She said most disturbing is the fact that many employers do not only fail to remit the supposed 10 percent as employers, they also deduct the required 8 percent contribution of employees and yet fail to remit to their retirement savings account.
Commending EFCC for its stride in fighting corruption, Oloworaran expressed confidence in the ability of the Commission to help deal with the situation and bring recalcitrant employers to justice.
She said employees are stealing from Nigerians and there is a need for a way to recover money from them.
She said PenCom is looking for a more effective way to manage the situation and believes EFCC can help.
Also, Ahmed Lawan, acting director in compliance and enforcement department at PenCom said major concern is where employers deduct pension funds and refuse to remit thereby denying them of their retirement benefits.
He said the situation has contributed to causing untold hardship for many retirees.
He said there is a need for an effective and efficient way to handle this and a need for a framework of collaboration between PenCom and EFCC to address the menace.
Reacting, Executive Chairman of EFCC, Mr Ola Olukoyode, described development as fraudulent while assuring of his commitment to ensuring alleged crime is investigated and perpetrators brought to justice.
Represented by his Chief of Staff, Commander of EFCC, CE Michael Nzekwe, EFCC Chairman said he will report accelerated action and rid the pension industry of such life threatening fraudulent practices against Nigerians.
He said that is fraud and EFCC has had to deal with such issues before now and will deal with this one also.
He said the Commission will look deeply into it and assured whatever needs to be done would be done to ensure all outstanding monies are recovered.
