ICPC Compels Firm to Remit N28.3m Staff Pension Funds

Servitrust/Prudential Guards Limited, a guard company operating in Nigeria, has been directed to by Independent Corrupt Practices and Other Related Offences Commission (ICPC), to remit the sum of N141,785.75 to the retirement savings account of one of its employees.

ICPC, while acting on a petition by the employee, discovered that the company had failed to remit the said sum being the petitioner’s accrued pension for eight years to his Pension Fund Administrator, Leadway Pension Ltd., in violation of Section 11 (3) (b) of the Pension Reform Act, 2014

The Commission also uncovered other irregularities in the management of staff pension funds by the firm. ICPC found out that the firm had also not remitted N28, 252,299.89 contributory pension monies to the National Pension Commission for 647 members of staff in its Rivers State office alone to their Pension Funds Administrators (PFA) since 2005.

ICPC, at the end of the investigation, has also alerted the National Pension Commission to enforce Section 11 (6) (7) of its Act as it relates to the activities of Servitrust/Prudential Guards limited so as to serve as a deterrent to other companies like it.