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By Ngozi Onyeakusi—The National PenCom Commission (PenCom) has said a total sum of N25.45 billion unremitted contributions was recovered from defaulting employers between 2012 and 2023.

 

The Head of Corporate Communications Department, PenCom, Mr. Ibrahim Buwai,  said the figures at the  recovery included the principal sum of N12.93 billion as well as penalties which amounted to N12.52 billion.

According to him, under the Pension Reforms Act, which remained the provision for enforcement, late remittances attract penalties and  interest of two per cent monthly.

 

Buwai, further pointed out that all such recoveries go directly into the affected RSA Holder Account. “Nobody takes a penny, not PFAs, not PenCom, nobody. All these money recovered were for RSA holders and it goes into RSA.” According to him, “If you do that two per cent for every month that you default, a penalty for that amount will be computed.“That is why when you look at our latest figure in terms of the recovery, from the inception of the exercise in 2012, you will see that the difference between the remittances and the penalty is almost neck to neck.