Abuja, Feb. 20, 2024: The National PenCom Commission (PenCom) has recovered N12.93 billion unremitted contributions, imposed N12.52 billion fines on defaulters, which resulted to a total sum of N25.45 billion.
PenCom Head, Corporate Communications Department, Mr Ibrahim Buwai, who disclosed the figures at the Annual General Meeting (AGM) of the Finance Correspondents Association of Nigeria (FICAN), in Abuja.
He said under the Pension Reforms Act, which remained the provision for enforcement, late remittances attract penalties and interest of two per cent monthly.
“ All recoveries go directly into the affected Retirement Savings Accounts (RSAs) holders. Nobody takes a penny, not Pension Fund Administrators (PFAs), not PenCom, nobody. All these money recovered are for the RSA holders and it goes into RSA.
“If you do that two per cent for every month that you default, a penalty for that amount will be computed.
“That is why when you look at our latest figure in terms of the recovery, from the inception of the exercise in 2012, you will see that the difference between the remittances and the penalty is almost neck to neck,” Buwai said.
