135 Firms Gets PenCom Clearance To Participate In FG Deals

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The National Pension Commission (PenCom) has cleared 135 companies to bid and participate in federal government businesses. The firms have been issued with certificate of compliance to enable them participate in government deals. PenCom disclosed this in a recent statement published on its website.

The companies were certified fit for business by the commission as at January 9, 2019. The Pension Act mandates employers with three and more employees to financially contribute and remit 18 per cent towards employees’ pension.

This is in order of 10 per cent from the employer and eight per cent from the employee, which is monthly injected into a Retirement Savings Account (RSA) domiciled with Pension Fund Custodians (PFCs) and managed by Pension Fund Administrators (PFAs).

As part of the enforcement of the Act, PenCom in collaboration with the federal government, made it mandatory for all companies biding government’s business to yearly secure the certificate of compliance.

Some companies amongst the 135 are Straco Nigeria Limited which has 3950 employees and contributed and remitted N521.09 million; AIICO Insurance Plc, with 259 employees contributed and remitted, N145.06 million; Leadway Assurance Limited, remitted N135.10 million for 287 employees.

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