The National Pension Commission (PenCom) has issued a stern warning to companies that do not remit staff pensions.
PenCom says from November 10, it will blacklist any company that fails to remit staff pensions.
This bold move marks a pivotal shift in how the commission enforces the 2014 Pension Reform Act.
Pensions: Zero Tolerance For Non-Compliance
Speaking at PenCom’s second-quarter media briefing in Lagos, Director-General Omolola Oloworaran laid down the law.
“Effective immediately, we have launched an uncompromising compliance drive,” she announced.
Moreover, “every organisation — public, private, big or small — must fulfil its pension obligations. No exceptions, no delays”.
Importantly, Oloworaran introduced tougher measures to eradicate complacency.
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In addition, “we have ordered every Pension Fund Administrator and Custodian to confirm that every vendor, service provider, and counterparty holds a valid Pension Clearance Certificate (PCC),” she stated.
“By November 30, any entity that lacks a PCC will lose the right to do pension-related business across the entire PenCom ecosystem.”
Compliance Through The Chain
Moreover, she clarified that the rule applies throughout the supply chain.
Meanwhile, “all parent firms, shareholders, and banks must enforce the PCC requirement across their networks and submit attestations to prove their compliance,” she added.
Finally, she drew a sharp line in the sand.
“Pension compliance is no longer optional — it is existential,” she warned.
“Only those who genuinely value their employees’ future can operate within this space and reap its benefits.”
PenCom introduced its new contribution remittance system in May and set June 1 as the deadline for employers to adopt it.
Through these measures, Oloworaran stressed, the commission aims to build a robust, inclusive pension framework that supports sustainable economic growth and protects Nigeria’s workforce for generations to come.
