PenCom Seeks EFCC’s Support to Recover Unremitted Pension Contributions, Prosecute Defaulting Employers

PenCom Seeks EFCC’s Support to Recover Unremitted Pension Contributions, Prosecute Defaulting Employers

The National Pension Commission (PenCom) has sought the support of the Economic and Financial Crimes Commission (EFCC) to tackle fraudulent practices in the pension industry, particularly the failure of some employers to remit pension contributions deducted from their employees’ salaries.

The Director-General of PenCom, Omolola Oloworaran, made the appeal on Thursday, October 5, 2026, when she led a delegation from the commission on a visit to the EFCC headquarters in Abuja.

Oloworaran expressed concern over the growing number of employers who fail to remit mandatory pension contributions into their employees’ Retirement Savings Accounts (RSAs), as required by the Pension Reform Act 2004.

She explained that some employers not only fail to pay their mandatory 10 per cent contribution but also deduct the required eight per cent from employees’ salaries without transferring the funds into their retirement accounts.

Commending the EFCC for its efforts in fighting corruption, the PenCom DG expressed confidence in the commission’s ability to investigate the matter, recover the outstanding funds and ensure that defaulting employers are brought to justice.

“Employees are stealing from Nigerians. And we need a way to recover this monies from them. We are looking for a more effective way to manage this situation. We believe you can help us. We think that the EFCC is better placed to manage this issue,” she said.

Also speaking, Ahmed Lawan, Acting Director of PenCom’s Compliance and Enforcement Department, said the commission was particularly concerned about employers who deduct pension contributions from workers’ salaries but fail to remit the funds.

He noted that the practice denies employees their rightful retirement benefits and has subjected many retirees to untold hardship.

“We need an effective and efficient way to handle this. We need a framework of collaboration between PenCom and EFCC to address this menace,” he said.

Responding, EFCC Executive Chairman, Ola Olukoyede, described the practice as fraudulent and assured PenCom that the commission would investigate the allegations and ensure that those responsible are brought to justice.

Represented by his Chief of Staff, Commander of the EFCC, CE Michael Nzekwe, Olukoyede promised to give the matter accelerated attention and work towards eliminating fraudulent practices that threaten the financial security of Nigerian workers and retirees.

“That’s fraud. We have had to deal with such issues before now. We will deal with this one also. We will look deeply into it; and I can assure whatever needs to be done would be done to ensure all the outstanding monies are recovered,” he stated.

PenCom Seeks EFCC’s Support to Recover Unremitted Pension Contributions, Prosecute Defaulting Employers