By Nkechi Eze
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the National Pension Commission (PenCom) have signed a Memorandum of Understanding (MoU) to establish a coordinated framework for tackling fraud and enhancing compliance within Nigeria’s pension industry.
The landmark agreement, which took place at the PenCom headquarters in Abuja on Tuesday, underscores the shared commitment of both institutions to promote transparency, accountability, and integrity in the management of pension funds.
In an official statement signed by the Director of Public Enlightenment of the ICPC, Demola Bakare, the ICPC Chairman, Dr. Musa Adamu Aliyu, SAN represented at the event by the Secretary to the Commission, Mr. Clifford Okwudiri Oparaodu, emphasized that the partnership is designed to address the growing concerns of pension fraud and ensure strict enforcement of the Pension Reform Act.
Dr. Aliyu noted that the role of PenCom in the nation’s socio-economic system is critical, as many Nigerians remain unaware of the full scope and benefits of pensions and insurance. “All of us who are in the labor market, whether you are an employer or an employee, you stand to gain one way or the other, provided by the Pension Act,” he said.
The ICPC Chairman further observed that while public discourse often centers on pension compliance in the public sector, there is a need to extend focus to the private sector where violations are equally prevalent. “People always talk about the Pension Act application and compliance in the public sector, but there is also a need to focus on the private sector area because the law allows us to do so. At the end of the service year, an average employee in the private sector will be happy when retiring,” he added.
Dr. Aliyu reaffirmed that the ICPC’s specific role under the MoU will be to enforce compliance and prosecute any individual or organization that violates provisions of the Pension Reform Act.
On her part, the Director General of PenCom, Ms. Omolola Oloworaran, hailed the MoU as a milestone in the collective effort to safeguard the nation’s pension system. She described the partnership as a moral and institutional commitment to strengthen integrity and accountability in pension administration.
“The signing of this MoU between both Commissions signifies a shared moral and institutional commitment, a partnership rooted in our collective resolve to strengthen integrity, transparency, accountability, and judicious management of pension funds,” Oloworaran stated.
She explained that the agreement provides a clear and coordinated operational framework for both agencies to address cases of fraud and recover unremitted or unapplied pension contributions. “Under this partnership, PenCom and ICPC will work hand in hand to recover unapplied and unremitted pension contributions, ensuring prompt disbursement of recovered funds into retirement savings accounts of contributors. All defaulting employers will be held accountable in line with extant laws,” the DG affirmed.
To ensure effective implementation, Oloworaran disclosed that both agencies have designated focal officers, the Director of Operations for ICPC and the Director of Surveillance for PenCom, who will oversee coordination and execution of the pact.
She added that the MoU structure ensures that information sharing, investigations, and enforcement actions will be carried out with greater efficiency. “With ICPC’s enforcement authority and PenCom’s regulatory oversight, we are confident that compliance and recovery outcomes in the pension industry will reach new heights,” she said.
