Nigeria: Pencom - Owners Missing As Uncredited Pension Contributions Hit N99.28bn

The National Pension Commission (PenCom), has said that as at March 2026, uncredited pension contributions stood at approximately N99.28 billion.

PenCom said having made efforts to identify the true owners of the contributions without success,it would soon take decision on the huge funds.

The above figures represent deductions made by employers from their workers' salaries as part of their contributions to be saved in their Retirement Savings Accounts (RSA) but which was not credited or paid into the accounts.

The commission disclosed this at the one year anniversary of introduction of the Pension Contribution Remittance System (PCRS), organised by PenCom in collaboration with Pension Operators Association of Nigeria(PenOp) the umbrella body of Pension Fund Administrators and Nigerian Employers' Consultative Association( NECA) in Lagos.

Speaking on the topic, "Strengthening Trust Through PCRS, Safeguarding the Future of Pension Remittances," Director, Surveillance Department of PenCom, Saleem Muhammad, said about 70 per cent of the above uncredited pension contributions of workers came from private sector employers, while the remaining 30 percent came from public sector employers.

He traced causes of accumulation of the uncredited contributions to weaknesses in the manual remittance system previously employed by the pension sector managers.

According to him, uncredited contributions means that the funds have entered the pension system but cannot be allocated because of reasons such as invalid RSA PINS,missing schedules, incorrect PFA details and data inconsistencies.

He described this as primarily a reconciliation and data issue.

"Key causes of uncredited contributions include missing contribution schedules, invalid or incorrect RSA pins, mismatch between RSA PIN and PFA, database inconsistencies, unidentified payment sources, remittances form personal accounts,weak employer payroll controls , weak KYC and data remediation and separation of payment from schedule submission", he stated.

He said these weaknesses increased reconciliation efforts and delayed allocation of contributions.

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