EFCC says Nigerian pension frauds hit N157bn
The Economic and Financial Crimes Commission (EFCC) says pension frauds in Nigeria which the commission has probed now amounts to a whopping N157 billion.
The agency said urgent reform was needed to deliver an efficient, effective and sustainable pension administration system in the country.
Abdulrasheed Bawa,EFCC chairman disclosed this at a two-day sensitisation programme on the theme: ‘Eradication of Pension Fraud in Nigeria,’ in Abuja on Tuesday.
Represented by Adulkarim Chukkol, the Commission’s Director of Operations, Bawa stressed that the EFCC was committed to bringing those who embezzled pension funds to justice adding that he would leave no stone unturned towards achieving that objective.
The EFCC chairman also called for concerted action against pension fraud.by all stakeholders in ensuring an efficient, effective and fraud-free pension system in Nigeria.
According to him, the EFCC as the coordinating agency for the enforcement of all economic and financial crime laws, is conversant with the rot in the pension sector.
“We have investigated and documented hundreds of billions of Naira lost to fraud in the pension industry. However, beyond the money, is also the unquantifiable loss of dignity in the retiree who has to grovel and beg (and even die in some instances) in order to access his contributions.
“It is the shame of a nation that those who have contributed their most productive years to us in various capacities have to go through hell to live in retirement,” Bawa said.
