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By Ngozi Onyeakusi—The National Pension Commission says it has recovered N24.15bn non-remitted pension savings of employees from defaulting employers.

PenCom made this known in its fourth quarter report for 2022. According to the report,  “Following the issuance of demand notices to defaulting employers whose pension liabilities were established by the Recovery Agents, the sum of N853.4m representing principal contribution (N187.37m) and penalty (N666.03m) was recovered from 25 defaulting employers during the quarter under review. “Meanwhile, 34 defaulting employers have been recommended for appropriate legal action, after all administrative steps taken to make them comply failed. “From the commencement of the recovery exercise in June 2012 to 31 December 2022, a total of N24.15m comprising of principal contributions (N12.25bn) and penalties (N11.9bn) was recovered from defaulting employers.” The Director-General, PenCom, Aisha Dahir-Umar, stated that despite the overwhelming head-winds in the global economic climate and the country’s challenging macroeconomic environment, the pension fund assets under management increased by N568.33bn from N14.42tn as 30 September 2022, to N14.99tn as of 31 December 2022. She said, “This laudable performance, in the growth of the AuM, points to the fact that the pension industry will continue to deliver value and benefit to its stakeholders and the nation’s economy.