The National Pension Commission (PenCom) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have signed a Memorandum of Understanding (MoU) to recover unremitted pension contributions and strengthen compliance across both public and private sectors.
The agreement was sealed on Tuesday during a ceremony in Abuja, where PenCom Director-General, Omolola Oloworaran, described the partnership as a major step toward deepening accountability and transparency in pension fund management.
“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,” Oloworaran said.
She explained that the MoU provides a framework for the prompt recovery and disbursement of unremitted funds into Retirement Savings Accounts (RSAs) while ensuring legal action is taken against defaulting employers.
To drive enforcement, both agencies have appointed focal officers, the Director of Operations for ICPC and the Director of Surveillance for PenCom, to coordinate investigations, share information, and ensure compliance with pension regulations.
Oloworaran identified persistent issues such as unapplied contributions under the Integrated Payroll and Personnel Information System (IPPIS) and unremitted liabilities by some employers, warning that these problems threaten 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,” she stated.
She praised ICPC’s commitment to the collaboration, describing it as a moral and institutional effort to restore confidence in Nigeria’s pension system. “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 Musa Aliyu, the Commission’s Secretary, Clifford Oparaodu, assured that ICPC would combine public enlightenment with enforcement to ensure employers meet their obligations and face penalties for non-compliance.
“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,” he said.
The partnership is expected to improve pension compliance, especially in the private sector, where default rates remain high.
Earlier this month, Oloworaran revealed that monthly pension payments rose to N14.84 billion in June 2025 under the Pension Boost 1.0 initiative, benefiting over 241,000 retirees,representing 80 percent of those under Programmed Withdrawal. She also noted that more than 10 million Nigerians, including public servants, private employees, artisans, and self-employed workers under the Personal Pension Plan, are covered by the Contributory Pension Scheme (CPS).
