PenCom has sought EFCC intervention to investigate employers withholding workers’ pension contributions and recover outstanding retirement funds
PenCom Seeks EFCC Help Over Unremitted Workers’ Pensions
By Newsheadline247
The National Pension Commission (PenCom) has sought the intervention of the Economic and Financial Crimes Commission (EFCC) to tackle pension fraud, particularly the persistent failure by employers to remit workers’ pension contributions.
The Director-General of PenCom, Omolola Oloworaran, made the appeal in Abuja on Thursday, November 5, 2026, when she led a delegation from the commission to the EFCC headquarters.
Oloworaran expressed concern over the growing number of employers who allegedly deduct pension contributions from workers’ salaries but fail to remit the funds into their Retirement Savings Accounts as required by law.
She explained that under the pension contribution arrangement, employers are required to contribute 10 per cent of employees’ monthly emoluments, while workers contribute eight per cent. However, some employers allegedly withhold both portions, depriving employees of funds meant to secure their retirement.
The PenCom boss commended the EFCC for its efforts in tackling financial crimes and expressed confidence that the anti-graft agency could help investigate the alleged violations, recover outstanding contributions and ensure that defaulting employers are brought to justice.
“Employees are stealing from Nigerians. And we need a way to recover this monies from them. We are looking for a more effective way to manage this situation. We believe you can help us. We think that the EFCC is better placed to manage this issue,” she said.
Also speaking, the Acting Director of PenCom’s Compliance and Enforcement Department, Ahmed Lawan, identified the non-remittance of deducted pension contributions as a major concern, noting that the practice was denying workers their retirement benefits.
He said the situation had subjected many retirees to hardship, stressing the need for a stronger enforcement mechanism to address the problem.
“We need an effective and efficient way to handle this. We need a framework of collaboration between PenCom and EFCC to address this menace,” he said.
Responding, the EFCC Chairman, Ola Olukoyede, described the alleged non-remittance of pension contributions as fraudulent and pledged the commission’s commitment to investigating the matter and ensuring that those responsible are brought to justice.
Represented by his Chief of Staff, Commander of the EFCC, CE Michael Nzekwe, Olukoyede assured the PenCom delegation that the complaint would receive accelerated attention.
He also promised that the commission would take necessary steps to address fraudulent practices in the pension industry and pursue the recovery of outstanding contributions owed to Nigerian workers.
“That’s fraud. We have had to deal with such issues before now. We will deal with this one also. We will look deeply into it; and I can assure whatever needs to be done would be done to ensure all the outstanding monies are recovered,” he stated.
