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Pension Thieves Liable to 10 Years Imprisonment – Nigerian Senate

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Pension Reform Act, 2014 - Bella Naija

To all current and aspiring pension thieves, be warned: If you are caught, you could end up in prison for a minimum of 10 years.

The Nigerian Senate yesterday passed the Pension Reform Act, 2014, which stipulates a jail sentence of at least 10 years upon conviction for  pension fund administrators or anyone who embezzles or diverts pension funds.

In addition to the jail term, offenders will also pay a fine of an amount equal to or three times the amount misappropriated, Vanguard reports. All funds acquired as fines will be transferred to the Pension Protection Fund. The act also specifies that the amount stolen must be refunded.

Additional sanctions will be imposed on the board, management, pension fund custodian, or any officer of pension fund administrators who violate any part of the Act.

Photo Credit: AFP/www.bbc.co.uk

4 Comments

  1. @edDREAMZ

    April 9, 2014 at 4:05 pm

    And same people that made this law will be the one’s stealing the money…. Goverment and their stupid tricks….
    .
    .
    .
    ***CURRENTLY IN JUPITER***

  2. NaijaPikin

    April 9, 2014 at 6:57 pm

    They should also pass a law to pay pension areas for govt workers.

  3. Stephanie

    April 10, 2014 at 4:15 am

    good news
    blogsvila.blogspot.com

  4. fre

    April 10, 2014 at 9:22 am

    CAN THEY AT LEAST PAY UP PENSIONS. It’s the most cruel thing to do. After serving, you can’t have access to your funds.
    THE ARMED FORCEs, NIGERIA AIRWAYS, ………………….

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