Monday, September 22, 2025
25.8 C
Lagos

PenCom, NERC Partner to Enforce Pension Compliance by GENCOs, DISCOs

From left: NERC Commissioner, Planning, Research and Strategy, Dr Yusuf Ali; Chairman, NERC, Engineer Sanusi Garba; the Director General of PenCom, Ms. Omolola Oloworaran; the Head Surveillance Department PenCom, Mr. Abdulrahman Muhammad Saleem and NERC Commissioner, Consumers Affairs, Mrs Aisha Mahmud.

The National Pension Commission (PenCom) has enlisted the support of the Nigerian Electricity Regulatory Commission (NERC) to prevail on electricity Generation Companies (GENCOs) and Distribution Companies (DISCOs) to settle unpaid pension contributions for their employees.

During a courtesy visit to NERC headquarters, PenCom’s Director General, Ms. Omolola Oloworaran, led a delegation to seek NERC’s intervention in addressing the non-compliance by 16 electricity companies.

These firms have failed to remit billions of naira in pension contributions and associated penalties, despite multiple warnings and enforcement attempts and even an ordered out of court settlement.

Ms. Oloworaran urged NERC to reinforce compliance with the Pension Reform Act 2014 (PRA 2014) by making the presentation of a valid Pension Clearance Certificate issued by PenCom a mandatory requirement for licensing and other regulatory approvals granted to power companies.

She emphasised that as the regulator of the electricity sector, NERC has a critical role in ensuring that private entities under its jurisdiction—including GENCOs and DISCOs—fulfil their statutory obligation to deduct and remit monthly pension contributions for their employees to their Retirement Savings Accounts (RSAs).

PenCom had deployed Recovery Agents to establish and recover outstanding pension contributions across the private sector. However, Oloworaran expressed concern that several electricity companies have continued to ignore their obligations even after these Recovery Agents established their liabilities.

In response, NERC Chairman, Engr. Sanusi Garba, assured PenCom of the Commission’s readiness to collaborate in enforcing pension compliance.

He stressed the need for a thorough reconciliation of all outstanding liabilities and pledged NERC’s support in finding a sustainable resolution to the issue.

To facilitate ongoing collaboration, PenCom and NERC established a joint working group tasked with addressing the pension compliance challenges in the power sector.

 

spot_img
spot_img

Hot this week

NCDMB ES: African Nations Must Collaborate to Develop Oil Sector

Close partnership and collaboration among African oil and gas...

NCDMB Boss Commends West African Ventures, Seeks Investment in Deepwater Operations

The Executive Secretary of the Nigerian Content Development and...

Ecobank Design & Build Expo: Global & Local Giants to Showcase Cutting-Edge Products in Lagos

Leading global and local brands in the building, design,...

Fidelity FNITCC Confab: Atlanta Mayor Highlights Economic Ties with Africa

L – R: Managing Director/Chief Executive Officer, Fidelity Bank...

HRM Igwe Maduagwuna of Awba-Ofemili Commends The Village Priest Author, Remmy Nweke

His Royal Majesty, Igwe Ezekwesili Maduagwuna, Ofemili I of...

Topics

Brokers, Arbitrators Partner on Insurance Growth

The Assistant Executive Secretary, Nigerian Council of Registered Insurance...

CBN Plans Digital Currency by October 1, 2021

The Central Bank of Nigeria (CBN) will unveil its...

INEC Publishes Notice of Anambra State Governorship Election Nov 6

The Independent National Electoral Commission (INEC) held its regular...

COP 28: Kyari Makes Case for a Just Energy Transition for Africa

L-R: President/CEO, EQT Corporation, Toby Rice; GCEO NNPC Limited,...

NCC Executive Commissioner Decries Impact of Multiple Taxation in Nigeria

Mr. Adeleke Adewolu, the Executive Commissioner, Stakeholder Managament at...

NCC Welcomes Newly Appointed Board Members, Pledges Commitment to Advancing Nigeria’s Digital Economy 

The Nigerian Communications Commission (NCC) congratulates Mr. Idris Olorunnimbe, Chairman-designate...
spot_img

Related Articles

Popular Categories

spot_imgspot_img