ICPC, PenCom Partner to Curb Pension Fraud Nationwide.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has entered into a formal partnership with the National Pension Commission (PenCom) to strengthen efforts in tackling pension-related fraud across Nigeria.
The collaboration was sealed on Tuesday, October 28, 2025, with the signing of a Memorandum of Understanding (MoU) between both agencies at the PenCom Headquarters in Abuja.
Speaking during the signing ceremony, ICPC Chairman, Dr. Musa Adamu Aliyu, SAN, who was represented by the Commission’s Secretary, Mr. Clifford Okwudiri Oparaodu, said the partnership marks a crucial step in ensuring compliance with the Pension Reform Act and promoting accountability within both the public and private sectors.
He noted that while discussions on pension compliance often focus on the public sector, there is a growing need to enforce compliance within the private sector as well. “All of us who are in the labour market, whether as employers or employees, stand to benefit from the provisions of the Pension Act,” he said. Dr. Aliyu further stressed that ICPC’s role in the MoU would be to enforce compliance and sanction individuals or organizations that violate the provisions of the Pension Reform Act.
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In her remarks, the Director-General of PenCom, Ms. Omolola Oloworaran, described the agreement as a landmark step towards strengthening integrity, transparency, and accountability in the management of pension funds.
According to her, “The signing of this MoU between both Commissions signifies a shared moral and institutional commitment—a partnership rooted in our collective resolve to ensure the judicious management of pension funds.”
Oloworaran explained that the partnership establishes a coordinated framework for addressing the challenges of pension fraud, recovery of unapplied and unremitted contributions, and ensuring that recovered funds are promptly disbursed into the rightful retirement savings accounts of contributors.
She disclosed that the two agencies have designated the Director of Operations (ICPC) and the Director of Surveillance (PenCom) as focal persons for the implementation of the agreement, to guarantee effective coordination and swift action.
“With ICPC’s enforcement authority and PenCom’s regulatory oversight, we are confident that compliance and recovery outcomes in the pension industry will reach new heights,” the DG added.
The MoU, officials said, will promote real-time information sharing, enhance investigation and enforcement processes, and help restore public trust in Nigeria’s pension administration system.
By PRNigeria
