PenCom to Blacklist Defaulting Firms Over Pension Remittances from Nov 10
The National Pension Commission (PenCom) has announced that organizations failing to meet pension remittance requirements will face blacklisting effective November 10.
PenCom Director-General, Omolola Oloworaran, delivered this warning during the commission’s second-quarter media briefing held in Lagos on Wednesday.
Oloworaran explained that this measure reinforces PenCom’s strict enforcement approach regarding the Pension Reform Act 2014.
“Moving forward, it is now zero tolerance for non-compliance with the Pension Reform Act of 2014. Effective immediately, PenCom has launched an uncompromising compliance drive to ensure the Act is adhered to by every operator,” she said.
“Every organisation—public, private, big or small—must comply with pension remittance obligations. No exceptions, no delays.”
The commission has instructed all Pension Fund Administrators and Custodians to verify that vendors, service providers, and business partners possess valid Pension Clearance Certificates (PCCs) demonstrating current compliance with pension contributions.
“By November 30 this year, any entity without a PCC will be blacklisted and cut off from pension business with all PenCom-regulated entities,” Oloworaran stated.
This requirement extends to banking institutions, investment partners, parent companies, and shareholders of licensed Pension Fund Administrators and Custodians.
All pension-affiliated organisations must enforce clearance certificate requirements throughout their operations and provide compliance confirmations.
“We are drawing the red line—pension compliance is no longer optional; it is existential. Only those who value the future of their employees can participate in this ecosystem and the rewards it offers,” she emphasised.
Oloworaran highlighted the commission’s dedication to restructuring the pension industry to create a more comprehensive and robust system that supports sustainable economic growth.
She referenced a pension industry leadership retreat held in May with the theme “Sustainable Retirement: A Strategic Blueprint for Economic Development and Inclusion,” from which four strategic pillars emerged.
Infrastructure financing was identified as the first pillar, emphasising that long-term pension funds should contribute to genuine economic growth while ensuring pension contributors and retirees receive substantial returns.
“This means investing only in risk-aware, transparent, and brand-capable products—no shortcuts, no excuses,” she said.
The second pillar involves legislative partnership through the establishment of a Pension Legislature Working Group to collaborate with lawmakers on institutional reforms and strengthening the legal framework.
The third pillar focuses on pension asset diversification, with revised investment regulations enabling access to broader alternative asset classes while maintaining transparency and enhanced risk management.
The fourth pillar centres on transforming the Micro Pension Scheme, now rebranded as the Personal Pension Plan, redesigned for scalability, technology integration, and extensive informal sector coverage.
“We are resetting the industry’s strategic compass,” Oloworaran concluded.
