EFCC secures final forfeiture of $163,592 proceeds of US fraud

The National Pension Commission (PenCom) has sought the Economic and Financial Crimes Commission (EFCC) to collaborate in tackling the issue of pension fraud in Nigeria. PenCom Director General Omolola Oloworaran made the request in Abuja on October 5, 2026, while leading a delegation to the EFCC headquarters. Oloworaran expressed her concerns over the increasing trend of employers failing to remit the mandatory pension contributions required by the Pension Reform Act 2004.

Oloworaran highlighted that many employers not only fail to remit the 10 percent of pension contributions from their employees, but they also deduct the required 8 percent deducted by the employees, yet fail to remit the funds to their retirement savings accounts. She expressed her confidence in the EFCC's ability to help resolve the issue and bring the defaulter employers to justice.

Compliance and Enforcement Department Acting Director at PenCom, Ahmed Lawan, stated that the main concern is when employers deduct the pension funds, but refuse to remit them, denying retirees their rightful benefits. He emphasized the need for a collaborative framework between PenCom and EFCC to address the concerning situation.

EFCC Chairman Mr. Ola Olukoyode described the development as fraudulent and assured of his commitment to investigating the alleged crime and bringing the perpetrators to justice. Olukoyode stated that he will give the report an accelerated action and take necessary steps to recover the outstanding monies and rid the pension industry of such fraudulent practices against Nigerians.