PenCom Recovers N24.5bn Unremitted Contributions, Penalties In 12 Years

The National Pension Commission (PenCom) said, it has recovered a total sum of N24,533,339,305.09 comprising principal contributions (N12,440,682,240.91) and penalties (N12,092,657,064.18) from defaulting employers since the commencement of the recovery exercise in June 2012.

Pencom disclosed this at its annual workshop for the Pension Correspondents Association of Nigeria (PENCAN), Abuja on Thursday.

The Commission also noted that in Q1 2023, the sum of N384,280,651.48
comprising principal contributions (N193,058,483.56) and penalties (N191,222,167.92) were recovered from 34 defaulting employers.

Speaking in her Opening Remarks, PenCom’s Director-General, Aisha Dahir-Umar said, the Commission’s
proactive regulatory approach has strengthened the oversight and governance of pension funds, promoting transparency, accountability, and safeguarding the interests of pension contributors.

Consequently, she 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. Membership 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”.

The DG who was represented by the Spokesman of the Commission, Mr Abdulkadir Dahiru, said, the Contributory Pension Scheme (CPS) has ensured that public and private sector workers could build retirement savings throughout their working lives, fostering financial security during their golden years.

She said, the theme of this year’s workshop, “Transforming Service Delivery in the Pension Industry: Strategies for Improving Efficiency and Customer Satisfaction,” reflects PenCom’s commitment to continuous service improvement in the Pension Industry so that contributors and retirees receive the best possible experience.

Some of the participants at the workshop.

She disclosed that the creation of the Consumer Protection Department (CPD) underscores PenCom’s determination to prioritise service delivery and provide Retirement Savings Account holders with the care and attention they rightfully deserve, noting that about 3,000 complaints were received by its CPD between April and June 2023, and were at different stages of resolution.

She said, the Journalists Conference was a testament to PenCom’s commitment to enhancing the knowledge and understanding of the CPS and its impact on the lives of contributors and retirees.

“It is also an occasion to interact with the media and discuss developments shaping Nigeria’s pension landscape”, she added.

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