By Elizabeth Christopher
The National Pension Commission (PenCom) has signed a Memorandum of Understanding (MoU) with the Independent Corrupt Practices and Other Related Offences Commission (ICPC), aimed at recovering unremitted pension contributions deducted from employees’ salaries by defaulting employers.
The signing ceremony took place in Abuja, Nigeria’s capital.
PenCom’s Director-General, Mrs. Omolola Oloworaran, described the collaboration as a landmark step towards strengthening accountability and transparency in pension fund administration.
“This ceremony goes far beyond the signing of a document. It signifies a shared moral and institutional commitment, a partnership rooted in our collective resolve to uphold integrity, transparency, and the judicious management of pension fund assets,” Oloworaran said.
She explained that the MoU establishes a coordinated framework for the prompt recovery and disbursement of unremitted funds into workers’ Retirement Savings Accounts (RSAs) and also provides for legal action against defaulting employers.
Read also: PENCOM Reaffirms Commitment to Strengthen Pension System.
To ensure efficiency, both agencies have appointed focal officers, the Director of Operations for ICPC and the Director of Surveillance for PenCom, to spearhead joint efforts in information sharing, investigation, and enforcement.
The PenCom boss identified persistent challenges in the pension system, including unapplied contributions under the Integrated Payroll and Personnel Information System (IPPIS) and unremitted liabilities by employers, warning that such lapses threaten the financial security of Nigerian workers.
“Our duty, both as regulators and anti-corruption enforcers, is to ensure that this trust is never broken. Every naira deducted by employers must be remitted, and every contribution must be properly accounted for,” she stressed.
Oloworaran commended the ICPC leadership for its commitment, describing the partnership as a moral imperative to uphold integrity in public service.
“Together, we are demonstrating that public institutions can and must work in concert for the good of the Nigerian people. This partnership is not the end but a new beginning, one that will deepen transparency, rebuild trust, and safeguard the future of millions of Nigerian workers,” she added.
Representing ICPC Chairman, Dr. Musa Aliyu, the Commission’s Secretary, Mr. Clifford Oparaodu, reaffirmed ICPC’s readiness to enforce compliance and ensure that workers’ pension rights are protected.
“We will not disappoint you. We will work with PenCom to recover unremitted funds and ensure that every Nigerian worker enjoys the fruit of their labour,” Oparaodu said.
He added that the ICPC would combine enforcement with public enlightenment to educate employers on their obligations and the penalties for non-compliance.
The partnership is expected to enhance pension compliance nationwide, especially in the private sector, where violations are reportedly more prevalent.