• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Wednesday, August 6, 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

PenCom Recovers Over N384m Pension From Defaulting Employers In Q1

by Andrew Ojiezel
2 years ago
in Business
Aisha-Dahir-Umar

Aisha-Dahir-Umar

Share on WhatsAppShare on FacebookShare on XTelegram

The National Pension Commission (PenCom) said it has recovered N384.28 million as pension contributions owed workers by defaulting employers in the first quarter (Q1) of 2023.

Advertisement

Aisha Dahir-Umar, director-general, PenCom, disclosed this at the 2023 Labour Writers Association of Nigeria (LAWAN) workshop, in Lagos yesterday.

Speaking on the theme, ‘Securing the Future: the Benefits of the Contributory Pension Scheme to Nigerian Workers’, Dahiru-Umar said the amount recovered by the commission is from January 2023 to March 31, 2023.

Dahir-Umar who was represented by Abdulqadir Dahiru, head of corporate communications, PenCom, said the “N384.28 million was recovered from 34 defaulting employers”.

He noted that the fund is comprised of “N193.06 million contributions and N191.22 million penalties”.

RELATED

Most Popular Lotteries In Africa

Most Popular Lotteries In Africa

8 hours ago
VAT Revenue Rises By 4.4%To N588bn In Q1 – NBS

Nigeria Records $5.64bn Capital Importation In Q1 2025 — NBS

10 hours ago

The PenCom boss also said the commission had recovered about N24.53 billion from January 2012 to March 31, 2023 — comprising N12.44 billion as the actual pension contribution while N12.09 billion is penalty.

“PenCom is committed to protecting workers’ interests and ensuring that employers pay pension contributions as and when due,” Dahir-Umar said.

“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.”

Speaking further on pension recoveries, she said the value of pension assets stood at N15.58 trillion as at March 31, while CPS membership was 9.95 million.

The PenCom director-general said in 2022, the commission launched a policy allowing retirement savings account (RSA) holders to utilise a portion of their retirement savings as equity for mortgages.

She said the policy marked a significant milestone in the commission’s ongoing efforts to provide greater flexibility and access to pension funds for the benefit of RSA holders.

“We recognise that many individuals face challenges in securing adequate housing upon retirement, and we aim to address this issue by unlocking the value of their pension savings to facilitate homeownership,” she added.

“Under this new policy, RSA holders who have contributed to their accounts for at least five years and met specific eligibility criteria can utilise up to 25 per cent of their pension savings as equity contribution towards acquiring residential properties.

“This policy aligns with our commitment to ensuring that pension funds catalyse economic development and social wellbeing.”

Dahiru-Umar also said RSA holders could access 25 per cent of their RSA balance to cushion the effect of job loss if they could not secure another employment after four months of job loss.

She said the partial withdrawal from RSA was to offer immediate support during a difficult period.

Dahiru-Umar added that the remaining balance in the RSA will continue to grow and accumulate until the RSA holder attains retirement age.


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: PenCom
SendShareTweetShare
Previous Post

Nigeria Expands Onshore Oil Explorations Initiative With $1M Contract Award

Next Post

Polaris Bank Lifts Female-owned Businesses With N1bn Loans

Andrew Ojiezel

Andrew Ojiezel

You May Like

Most Popular Lotteries In Africa
Business

Most Popular Lotteries In Africa

2025/08/05
VAT Revenue Rises By 4.4%To N588bn In Q1 – NBS
Business

Nigeria Records $5.64bn Capital Importation In Q1 2025 — NBS

2025/08/05
Rivers Set To Unlock New Frontiers As Port Harcourt Transforms To Int’l Energy Hub
Business

Rivers Set To Unlock New Frontiers As Port Harcourt Transforms To Int’l Energy Hub

2025/08/05
FULL LIST: Forbes Names Otedola Among Africa’s Top 20 Richest
Business

‘Banks Sent Pretty Ladies To Me For Deposit, Asked Thugs To Recover Debt’, Billionaire Otedola Reveals

2025/08/05
HEIRS Energies CEO To Advocate Africa’s Energy Sufficiency At US-Africa Energy Forum
Business

HEIRS Energies CEO To Advocate Africa’s Energy Sufficiency At US-Africa Energy Forum

2025/08/05
CBN Anchors Economic Stability With New Rates
Business

CBN Anchors Economic Stability With New Rates

2025/08/05
Leadership Conference advertisement

LATEST

Keep Faith With Tinubu, Group Urges Nigerians

PDP Will Lead Move Against Tinubu In South West – Gbenga Hashim Foundation

LG Polls: Protest In Rivers Community Over Outcome Of APC Primaries

Investigate CRFFN Activities Now, Group Urges Oyetola

CRSG Takes Over Disputed Land, Sets Up Peace Committee

Governor Nwifuru Recalls Suspended Commissioners, Aides

Defection: Gov Eno Orders Probe As PDP Moles Invade APC

FG To Complete Critical Infrastructure In Ogoniland

Police Arrest 5 Ritualists, Recover Women’s Menstrual Pads In Coffins

Governor Uzodimma Promises To Curb Insecurity In Imo

© 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.