Pension Fraud: EFCC Vows to Recover Workers’ Funds as PenCom Seeks Collaboration
The Economic and Financial Crimes Commission (EFCC) has pledged to investigate alleged pension fraud involving employers who deduct workers’ pension contributions but fail to remit the funds into their Retirement Savings Accounts.
The commission gave the assurance following a request for collaboration by the National Pension Commission (PenCom) to address fraudulent practices threatening workers’ retirement benefits.
PenCom Director-General, Omolola Oloworaran, made the request on Thursday, October 5, 2026, during a visit to the EFCC headquarters in Abuja.
Oloworaran disclosed that several employers were allegedly violating pension regulations by withholding mandatory contributions deducted from employees’ salaries instead of remitting them to their respective retirement accounts.
She explained that under the pension contribution arrangement, employers are required to contribute 10 per cent, while employees contribute 8 per cent of their salaries.
According to her, some employers not only fail to fulfil their own contribution obligations but also deduct the employees’ 8 per cent without transferring the money to their retirement accounts.
The PenCom DG described the situation as unacceptable, stressing the need for stronger enforcement mechanisms to recover the withheld funds and hold defaulting employers accountable.
She expressed confidence in the EFCC’s ability to tackle the problem, noting that the commission was better positioned to investigate the alleged financial crimes.
Similarly, Ahmed Lawan, Acting Director of PenCom’s Compliance and Enforcement Department, said the failure of employers to remit deducted pension contributions had caused significant hardship for workers and retirees.
He called for a structured partnership between both agencies to ensure effective monitoring, investigation and enforcement.
In his response, EFCC Chairman, Ola Olukoyede, described the alleged diversion of pension contributions as fraud and promised that the commission would give the matter urgent attention.
Represented by his Chief of Staff, Commander Michael Nzekwe, Olukoyede assured PenCom that the EFCC would investigate the cases and pursue the recovery of all outstanding pension funds.
He emphasised that the commission would not hesitate to take appropriate action against employers found culpable.
“That’s fraud. We have had to deal with such issues before now. We will deal with this one also. We will look deeply into it; and I can assure whatever needs to be done would be done to ensure all the outstanding monies are recovered,” he said.
