Theft and corruption for Nigeria’s pension funds
22 June 2012 Nigeria
Image: Shutterstock
A probe committee has been set up to recover a N59 billion balance suspected to be stolen by officials.
Vice Chairman of the probe committee, Senator Kabiru Gaya, told the Nigerian Senate that the records of the balance of N59 billion could not be found at the office of the Head of Service.
“Within six years, the Head of the Civil Service of the federation received a total of N216billion as pensions. It only spent N154billion, leaving a balance of N58.7billion.
“We made efforts to get records of the balance of N58.7billion throughout the period of the investigation and we did not get any.”
Gaya added that N1.76billion earmarked for families of deceased pensioners was diverted by officials in the office of Head of Service, leaving the families without the benefits.
The Nigerian senate committee said of pension fund administration, “There is a dearth of international best-practice expertise and direction in pension system management resulting in near collapse of the pension system with its attendant vulnerability to corruption and other unethical practices.”
Vice Chairman of the probe committee, Senator Kabiru Gaya, told the Nigerian Senate that the records of the balance of N59 billion could not be found at the office of the Head of Service.
“Within six years, the Head of the Civil Service of the federation received a total of N216billion as pensions. It only spent N154billion, leaving a balance of N58.7billion.
“We made efforts to get records of the balance of N58.7billion throughout the period of the investigation and we did not get any.”
Gaya added that N1.76billion earmarked for families of deceased pensioners was diverted by officials in the office of Head of Service, leaving the families without the benefits.
The Nigerian senate committee said of pension fund administration, “There is a dearth of international best-practice expertise and direction in pension system management resulting in near collapse of the pension system with its attendant vulnerability to corruption and other unethical practices.”
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