• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, August 3, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Employers Cough Out N27.6bn For Pension Defaults, Penalties

by Zaka Khaliq
1 year ago
in Business
Pension
Share on WhatsAppShare on FacebookShare on XTelegram

Erring employers who failed to remit the pension benefits of their workers have been forced to cough out N27.6 billion, consisting of outstanding pension owed and monetary penalties for not remitting as and when due, LEADERSHIP can now reveal.

Advertisement

A document on the state of the Nigerian Pension industry in the First Quarter of 2024 recently released by the National Pension Commission (PenCom) disclosed that, from the commencement of the recovery exercise in June 2012 to 31st March 2024, a total sum of N27.64 billion comprising of principal contributions of N13.68 billion and penalties of N13.96 billion was recovered from defaulting employers.

During the quarter, however, the sum of N2.194 billion comprising principal contributions (N751.51 million) and penalties (N1.443 billion) was recovered from 31 defaulting employers, even as the commission’s Secretariat/Legal Advisory Services department had been requested to take legal action against 3 defaulting employers.

The commission, in the report, maintained that it has employed the services of 25 Recovery Agents (RAs) for the recovery of unremitted pension contributions and penalties from defaulting employers.

Huge pension liabilities believed to be in the region of N400 billion in States as well as the negligence of some private sector employers to remit pension contributions of their workers, is slowing down the pace of growth of the pension fund assets, LEADERSHIP learnt.

RELATED

Presco Lauds 2024 Staff’s Performance, Explains 2025 Agenda

Presco Grows Pre-tax Profit By 121.8% To N111.9bn

6 hours ago
Nigerian Breweries Records N106bn Net Loss

Nigerian Breweries Records N738.14bn Revenue

6 hours ago

Although, the pension assets have risen from a deficit of N2 trillion in 2004 when it was created, and is currently hitting N20 trillion, market observers believe the assets could have risen beyond what it is now, if all States of the federation and most private sector players subscribe to the Contributory Pension Scheme (CPS) and remit pension contributions of their employees as and when due.

The director general, PenCom, Aisha Dahir-Umar had sometime ago disclosed that, though, if there is effective compliance from States as well as the private sector players, the fund could have grown at a rapid speed, she added that, her commission is not relenting in a bid to fully enforce compliance.

She said, the commission had taken lots of defaulting employers to court and they have been prosecuted, while some have been forced to cough out their debt as well as paid monetary penalty for such default, promising that, the commission will always provide the best direction for the pension industry to increase its participation in economic growth and development of the country.

 

“PenCom is determined to ensure that Nigerian workers receive their retirement benefits in time. The commission’s meticulous regulation and supervision of the pension industry had ensured that pension assets and the contributory pension scheme (CPS) membership continued to grow,” she pointed out.

 

Speaking on behalf of pension fund operators, the chief executive officer (CEO) of the Pension Fund Operators Association of Nigeria (PenOp),  Oguche Agudah, had earlier said, pension operators are working assiduously to grow the pension fund assets contributed by RSA holders, while trying to balance between safety and returns on investments.

 

He maintained that, as part of efforts to grow the pension fund assets, operators are eyeing other alternative investment options aside from the government bonds and treasury bills.

 

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: Pension
SendShareTweetShare
Previous Post

Otedola Raises Stake In FBN Holdings To 11.64%

Next Post

Experts Laud New CBN Policy On Diaspora Remittances, Urge Close Monitoring Of IMTOs

Zaka Khaliq

Zaka Khaliq

You May Like

Presco Lauds 2024 Staff’s Performance, Explains 2025 Agenda
Business

Presco Grows Pre-tax Profit By 121.8% To N111.9bn

2025/08/03
Nigerian Breweries Records N106bn Net Loss
Business

Nigerian Breweries Records N738.14bn Revenue

2025/08/03
‘95,000 Women, Children Die Annually From Charcoal Smoke’
Business

Charcoal Trade Threat To Forest Sustainability, Livelihood – FG

2025/08/03
Shippers’ Council Condemns Vandalism, Theft Of Rail Tracks
Business

Shippers’ Council Seeks Abia Govt. Support On Isiala Ngwa Inland Dry Port Revival

2025/08/03
Use Existing Frameworks To Bridge Metering Gap, NERC Tells Distribution Firms
Business

NERC Transfers Regulatory Oversight Of Electricity Market In Nasarawa State To NASERC

2025/08/03
Lawmakers, Marítime Workers Kick Over NPA’s 50% Federation Account Remittances
Business

To Maximise Blue Economy Potential, NPA Assure Investors Of EODB

2025/08/03
Leadership Conference advertisement

LATEST

SERAP Gives Niger Gov 48 Hours To Lift Ban On Badeggi FM

Veteran Producer Kayode Peters Buried In Canada Amid Tears

Gov Otu Flags Off Construction Of 10km Road In Ogoja

Body Of Missing Bayelsa Real Estate Executive Found In Forest

Afrobeat Star Dremzee Rises From Ughelli With Hit Singles Panadol, Hustle Anthem

Man Commits Suicide Over Wife’s Alleged Infidelity In Imo

LG Polls: Confusion As PDP Members Emerge As APC Candidates In Rivers

Anglican Primate Assures Nigerians Of Divine Restoration

12 Injured, Houses Razed As Hoodlums Attack Akwa Ibom Community

‘Show Us The Schools’, Ex-NALDA Boss Slams Abia Gov’t Over ₦54bn Renovation Project

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.