This development was obtained from PenCom’s quarterly report, adding that the recovery included unremitted contributions and sanctions made on contraventions of the Pencom rules and regulations.
Pension regulator also disclosed that it plans to take legal action against some of the employees foumd wanting on the side of the law in order to ensure due process.
According to the report PenCom’s issuance of demand notices to some defaulting employers whose pension contribution liabilities had been established by recovery agents, recoveries and penalties were made.
Hence,the total recoveries made from inception to June 30, 2020 stands at N17.52bn comprising principal contribution of N8.89bn and penalty of N8.63billion.
As available data shows that it recovered N213.07million in Q3, 2020; N553.03million in Q4, 2020; N608.55million in Q1, 2021; and N398million in Q2, 2020.
The PenCom’s Q2, 2021 report stated as follows “demand notices to defaulting employers whose pension liabilities were established by the recovery agents, the sum of N398m representing principal contribution of (N243.4million) and penalty of (N154.61million) were recovered from 31 defaulting employers during the quarter under review.
It should be noted that Nigeria’s total pension asset value rose by N123.47 billion in July 2021 to close at N12.78 trillion compared to N12.66 trillion recorded in the prior month.
