• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Thursday, August 28, 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

GMOs Flood Nigerian Markets, As Federal Govt Urged To Examine Biosafety Guidelines

Introduction Of GMOs Not To Poison Nigerians, Says Official

2 hours ago
Flight Cancellation: NCAA Launches Complaints Automation Portal

NCAA Launches First SERVICOM Integrated Service Charter

21 hours ago
ADVERTISEMENT

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.

ADVERTISEMENT

“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.


Join Our WhatsApp Channel

Nigerians can now earn US Dollars monthly by acquiring domains cheaply and reselling for profits up to $18,000 (nearly ₦30Million). Beneficiaries include professionals, entrepreneurs, civil servants and more. Click here to start.


Tags: PenCom
SendShare10174Tweet6359Share
ADVERTISEMENT
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

GMOs Flood Nigerian Markets, As Federal Govt Urged To Examine Biosafety Guidelines
Agriculture

Introduction Of GMOs Not To Poison Nigerians, Says Official

2025/08/28
Flight Cancellation: NCAA Launches Complaints Automation Portal
Business

NCAA Launches First SERVICOM Integrated Service Charter

2025/08/27
Equities Market Extends Rebound With N204bn Gain
Business

Equities Market Extends Rebound With N204bn Gain

2025/08/27
State Of Emergency In Rivers: Way Forward
Business

Tinubu Bans Raw Shea Export For Six Months, Eyes $300m Revenue Boost

2025/08/27
Nigeria’s Poor Electricity, Weak Infrastructure Hinder Growth But Present Investment Opportunities – Awele Elumelu
Business

Nigeria’s Poor Electricity, Weak Infrastructure Hinder Growth But Present Investment Opportunities – Awele Elumelu

2025/08/27
Renaissance Energy Africa Reaffirms Commitment To Safety Operations
Business

Renaissance Energy Africa Reaffirms Commitment To Safety Operations

2025/08/27
Leadership Conference advertisement

LATEST

PDP And The Road To 2027

Bauchi Records 70% 2025 Budget Performance

Niger Republic Prime Minister, Others Celebrate Hausa Day In Daura

Federal Gov’t Urged To Review Ban On New Varsities, Others

ACReSAL Hails Governor Yahaya Over Gombe’s Environmental Restoration

Minister Reaffirms Commitment To Waterway Safety

Group Lauds Tinubu, Armed Forces Over Ansaru Breakthrough

We’ll Drive Nigeria’s Devt With Tech, Food Security – Tinubu

Entries Open For Diamond Awards For Media Excellence

‘Public-Private Support Networks Will Boost Women’s Participation In Politics’

© 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.