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Business News of Wednesday, 18 January 2023


PenCom approves 181 firms for govt business

PenCom PenCom

The National Pension Commission has given clearance to 181 firms to do business with the Federal Government.

It disclosed this on its website in a report titled ‘Schedule of employers issued with certificate of compliance with provisions of the PRA 2014 as at 13 January, 2023’.

The firms with varying numbers of employees were given the compliance with December 31, 2023 expiry date.

PenCom’s directive on issuance of certificate of compliance with the provisions of the Pension Reform Act 2014 to the general public, suppliers, contractors or consultants bidding or soliciting for contract or business from any Federal Government ministries, departments and agencies stated that employers must fully comply with the provisions of the law.

It said, “In that regard, the commission issues annual Pension Clearance Certificate to eligible organisations.

“The MDAs are reminded to ensure that only Pension Clearance Certificates issued by the commission are accepted as evidence of compliance with the Pension Reform Act 2014.”

In the directive, PenCom stated that in accordance with the provisions of Section 4(5) of the 2014 and Section 5.5 of the guidelines for life insurance policy for employees, employers of labour covered by the PRA 2014 were required to submit copies of the insurance certificates with the schedule of benefits to the commission.