PenCom Clears 10,541 Firms for Remitting N59.39 Billion in Employees Retirement Accounts

By Ahmed Ayanfe

Only 10,541 firms have complied with the country’s statutory laws on compliance with pension and insurance covers and have been cleared to do business with the government.

PenCom disclosed this in its quarterly report on ‘Issuance of Pension Clearance Certificates.’

The commission said the certificates given to them cleared them to do business with Federal Government agencies.

PenCom stated that, “The commission received 11,200 applications from private sector organisations for the issuance of Pension Clearance Certificates. Out of this number, PCCs were issued to 10,541 organisations, while 659 applications were in the approval process as at 31 March 2022.

The records showed that the 10,541 organisations had remitted a total sum of N59.39 billion into the Retirement Savings Accounts (RSA) of their employees.”

The commission in a circular to the general public, suppliers, contractors or consultant bidding or seeking contract or business from any Federal Government ministries, departments and agencies, said they must fully comply with the provisions of the Pension Reform Act 2014.

As a result, the regulatory agency said the commission had issued annual Pension Clearance Certificates to eligible organisations.