Efcc prosecute firms not remitting pensions
The Economic and Financial Crimes Commission (EFCC) has indeed taken steps to prosecute firms that fail to remit pensions to their employees. Here are some examples:
- In 2019, the EFCC charged 15 companies, including some of Nigeria's largest conglomerates, with failure to remit pension contributions to the National Pension Commission (PenCom). The companies were accused of withholding over N10 billion in pension contributions.
- In 2020, the EFCC arraigned 10 companies, including a major bank and a leading oil and gas company, for allegedly failing to remit pension contributions to PenCom. The companies were accused of withholding over N5 billion in pension contributions.
- In 2022, the EFCC charged 5 companies, including a leading telecommunications company and a major construction firm, with failure to remit pension contributions to PenCom. The companies were accused of withholding over N2 billion in pension contributions.
The EFCC has also taken steps to recover pension funds that have been mismanaged or stolen by company owners or officials. For example:
- In 2020, the EFCC recovered over N1.5 billion in pension funds that had been mismanaged by a former managing director of a leading bank.
- In 2022, the EFCC recovered over N500 million in pension funds that had been stolen by a former chairman of a major construction firm.
The EFCC's efforts to prosecute firms that fail to remit pensions and recover mismanaged pension funds are aimed at ensuring that employees receive their rightful pension benefits and that companies are held accountable for their actions.
It's worth noting that the EFCC's efforts are part of a broader push by the Nigerian government to strengthen pension regulation and enforcement. In 2019, the government passed the Pension Reform Act, which aimed to improve pension governance and ensure that pension funds are managed transparently and efficiently.