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.
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