Sixteen power firms have failed to remit billions of naira in pension contributions and accrued penalties, despite repeated warnings, enforcement actions, and an attempted out-of-court settlement,the Director-General National Pension Commission (PenCom),Ms Omolola Oloworaran, has said.
She spoke during a courtesy visit to
the Nigerian Electricity Regulatory Commission (NERC), to seek regulatory collaboration in enforcing pension compliance.
She implored NERC to make a valid Pension Clearance Certificate from PenCom a mandatory requirement for licensing, permit renewals, and other regulatory approvals, in line with the Pension Reform Act 2014 (PRA 2014).
According to her, as the regulator of the electricity sector, NERC has a pivotal role in ensuring that operators under its jurisdiction meet their statutory obligations by deducting and remitting monthly pension contributions into employees’ Retirement Savings Accounts (RSAs).
Speaking, NERC Chairman Engr. Sanusi Garba assured the pension regulator of full support.
He advocated the need for a comprehensive reconciliation of outstanding liabilities and expressed commitment to a sustainable resolution.
The two agencies agreed to form a joint working group that will develop strategies for ensuring full pension compliance across the electricity industry.
