PenCom Recovers N24.5bn from Contributions, N12bn Penalties in 11 Years

The National Pension Commission (PenCom) Thursday announces that the Commission during its recovery exercise that commenced from June 2012 to 31 March 2023, has yielded a total sum of N24,533,339,305.09 comprising of principal contributions N12,440,682,240.91 and penalties of N12,092,657,064.18 was recovered from defaulting employers.

Director General of PenCom, Aisha Dahir-Umar, disclosed this at the 2023 Journalists’ Conference held in Abuja, adding that in the first quarter (Q1) 2023, the sum of N384,280,651.48 million comprising principal contributions N193,058,483.56 and penalties N191,222,167.92 was recovered from 34 defaulting employers.

Dahir-Umar said “The Journalists Conference is a testament to PenCom’s commitment to enhancing the knowledge and understanding of the Contributory Pension Scheme (CPS) and its impact in the lives of contributors and retirees. It is also an occasion to interact with the media and discuss developments shaping Nigeria’s pension landscape.

“The theme of this year’s workshop, “Transforming Service Delivery in the Pension Industry: Strategies for Improving Efficiency and Customer Satisfaction,” is both timely and crucial. It reflects PenCom’s commitment to continuous service improvement in the Pension Industry so that contributors and retirees receive the best possible experience.

“The CPS has ensured that public and private sector workers can build retirement savings throughout their working lives, fostering financial security during their golden years.”