The National Pension Commission has intensified efforts to recover unpaid pension contributions from electricity generation and distribution companies across the country.
In a statement made available to our correspondent on Sunday, PenCom’s Director-General, Omolola Oloworaran, during a courtesy visit to the headquarters of the Nigerian Electricity Regulatory Commission recently, led a delegation to seek NERC’s intervention in enforcing compliance among erring power companies.
According to Oloworaran, at least 16 power generation and distribution companies have failed to remit billions of naira in pension contributions and associated penalties, despite repeated warnings, enforcement actions, and even an ordered out-of-court settlement.
She stressed the need for NERC to mandate the presentation of a valid Pension Clearance Certificate issued by PenCom as a prerequisite for licensing and other regulatory approvals.
She said, “As the regulator of the electricity sector, NERC has a critical role in ensuring that the Gencos and Discos fulfil their statutory obligations under the Pension Reform Act 2014. Employers must deduct and remit monthly pension contributions for their employees into Retirement Savings Accounts.”
The PenCom DG explained that the commission had appointed recovery agents to establish and recover outstanding pension liabilities across the private sector, including the electricity industry. However, she lamented that some electricity companies continued to disregard their obligations even after liabilities had been clearly established.
In response, the Chairman of NERC, Sanusi Garba, pledged the commission’s full support towards enforcing pension compliance within the sector. He called for a thorough reconciliation of outstanding liabilities and assured that NERC would collaborate with PenCom to find a sustainable solution.
The PUNCH reported the National Pension Commission has recovered N1.58bn from defaulting employers through enhanced enforcement efforts.
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