The National Pension Commission has made ₦12.52b from contributors that defaulted in their remittances between 2012 and 2023.
The Director General, National Pension Commission, Aisha Dahir-Umar disclosed this at the Annual General Meeting of the Finance Correspondents Association of Nigeria (FICAN) in Abuja. Represented by the Head, Corporate Communications Department of PenCom, Ibrahim Buwai, the Director General said the penalty in the period under review is almost half of the total sum of N25.45 billion.
According to her, under the Pension Reforms Act, which remained the provision for enforcement, late remittances attract penalties as well as attract interest of two per cent monthly.
The PenCom boss however, assured of the safety of pension funds in their custody.
Meanwhile, FICAN at the end of its Annual General Meeting, elected new executives to be led by Bassey Udo after the completion of the Nduka Chiejine led administration. The Nduka led FICAN that completed the stipulated two term of three years in office has been adjourned to be one of the best since the establishment of the association.
