The Economic and Financial Crimes Commission, EFCC, will do everything within its mandate and powers to ensure that persons who abuse and embezzle pension funds are brought to justice.
This was the message conveyed by Abdulkarim Chukkol, director of operations of the EFCC, at a sensitization programme organized to build consensus on the ways and mechanisms to check pension fund abuses.
Revealing that the EFCC had prosecuted pension frauds amounting to N157bn from 2016 to 2020, Chukkol highlighted the gaps in the existing pension arrangements frequently exploited by criminal elements in Nigeria’s public and private sectors.
The agency said urgent reform was needed to deliver an efficient, effective and sustainable pension administration system in the country.
In his address, the EFCC chairman, Abdulrasheed Bawa, said, “At the EFCC, we found that a significant chunk of the cases we encountered while investigating workplace crime is inexorably linked to the desperate efforts of the worker to escape the pitiable conditions he sees of today’s retirees.”