Unremitted Pensions: PenCOM, ICPC Raise Subscribers’ Hopes

There may be light at the end of the tunnel after all, for Nigerian retirees, especially those having unremitted pension issues

The light is courtesy of a collaboration of the National Pension Commission (PenCom) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to see the bad order reversed.

The agencies have signed a Memorandum of Understanding (MoU) aimed at recovering unremitted pension contributions.

At the signing ceremony in Abuja on Tuesday, PenCom Director-General, Mrs. Omolola Oloworaran, expressed concern over unapplied contributions under the Integrated Payroll and Personnel Information System (IPPIS) and unremitted liabilities by some employers.

According to her, the issues pose serious threats to the financial security of Nigerian workers.

“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 stated.

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The MoU, aimed amongst others, at finding a coordinated framework for prompt disbursement as well as finding out modalities for sanctioning employers who fail to remit pensions deductions.

A major highlight of the meeting was the appointment of a  Director of Operations for ICPC and the Director of Surveillance for PenCom for the purpose of information sharing, investigation, and enforcement.

“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 said.

The secretary of ICPC Mr. Clifford Oparaodu, who represented the Chairman,  Dr. Musa Aliyu, Mr. Clifford Oparaodu, also gave promises over unremitted pensions thus:

“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”.