By Omodele Adigun
The National Pension Commission (PenCom) on Tuesday signed a Memorandum of Understanding (MoU) with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on recovery of unremitted pension contributions and compliance with pension laws.
Speaking at the agreement signing ceremony in Abuja, Omotola Oloworaran, the Chief Executive of PenCom, said the agreement was to further strengthen accountability and transparency in pension management in the country.
She said the agreement was also to ensure prompt disbursement of recovered funds into Retirement Savings Accounts (RSAs) and enforce legal actions against defaulters.
The PenCom boss said the pension system had been facing challenges of unapplied contributions under the Integrated Payroll and Personnel Information System (IPPIS) and unremitted liabilities by some employers.
She said these challenges had posed serious threats to the financial security of Nigerian workers
“Our duty, both as regulators and as 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.
“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 strengthen integrity, transparency and judicious management of pension fund assets.
“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 said.
The ICPC also made a commitment to ensure that the partnership would enhance pension compliance, particularly in the private sector where violations are reportedly more frequent.
Musa Aliyu, the Chairman of ICPC, who was represented by Clifford Oparaodu, the Secretary of the commission, promised to work with PenCom to recover all unremitted funds.
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