By Bisi Bamishe
The National Pension Commission (PenCom) has disclosed that its Recovery Agents (RAs) has recovered a total sum of N24.15 billion pension contributions from defaulting employers.
This comprises of a principal contribution of
N12,247,623, 757.35 and penalties of N11, 901,343,896.26
totalling ₦24,149,058,653.62
from defaulting employers from inception of the exercise in June 2012 to 31st December, 2022.
The amount recovered were credited to the RSA accounts of the respective employees.
PenCom further disclosed that in the fourth quarter 2022, 34 defaulting employers were recommended for appropriate legal action, after all administrative steps taken to make them comply failed.
The pension sector regulator maintained that following the issuance of demand notices to defaulting employers whose pension liabilities were established by the Recovery Agents, the sum of ₦853,402,776.29 representing principal contribution (₦187,373,485.27) and penalty (₦666,029,291.02) was recovered
from 25 defaulting employers during the fourth quarter 2022.
