The National Pension Commission has announced the recovery of N27.97bn from defaulting employers since the recovery exercise began in June 2012. This amount includes N13.60bn in principal contributions and N14.17bn in penalties. During the second quarter of 2024, N336.255m was recovered from 35 defaulting employers. The commission continues to work with 25 recovery agents and has initiated legal action against three defaulting employers. Additionally, five requests for pension contribution refunds for military personnel and security agencies were processed, with N0.39m refunded. The commission is focused on ensuring compliance with pension regulations and penalizing defaulters.
The Acting Director-General of the National Pension Commission, Omolola Oloworaran, stated that pension fund assets under the Contributory Pension Scheme had risen to N20.79tn as of July 2024. States collectively remitted over N236.7bn between January 2020 and the second quarter of 2024. Plans are underway to include over 60 million informal workers in the national pension scheme.