The National Pension Commission is moving to prosecute twelve companies for failing to remit their workers’ pension contributions, despite repeated warnings — www.naijnaira.com reports.
Fresh data from The Nation reveals that PenCom recovered N1.35 billion from nineteen other defaulting firms in the second quarter of 2025.
This figure includes N972.12 million in unpaid pension funds and N381.88 million in related penalties.
According to the commission’s quarterly report, the persistent defaulters have now been handed over to its legal team for court action.
The regulator said these steps are part of efforts to safeguard contributors’ funds and uphold the Pension Reform Act 2014.
PenCom also outlined a stronger enforcement drive, combining legal measures with expanded recovery agent operations.
It urged Pension Fund Administrators to seek more investment-grade opportunities beyond federal government securities.
The report added that the Micro Pension Plan is being pushed through more awareness campaigns and incentives to attract informal sector workers.
Meanwhile, pensioners under the Defined Benefit Scheme are set for major relief following presidential approval of new reforms.
PTAD Executive Secretary, Tolulope Odunaiya, said the measures include a N32,000 pension increase and percentage adjustments for retirees from defunct and privatized agencies.
She confirmed that pension harmonization will be implemented alongside enrollment into the National Health Insurance Scheme.
Outstanding pension debts owed to retirees of NITEL, MTEL, and other parastatals will also be factored into the 2026 budget.
“President Tinubu has approved these welfare measures to ensure dignity and fairness for our senior citizens,” Odunaiya said.
She stressed that the reforms will roll out in phases, with coordination from relevant agencies.
PTAD assured retirees that their welfare will remain a top priority in policy and budget decisions.
Article updated 3 weeks ago. Content is written and modified by multiple authors.
