The Executive Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa has called for concerted action by all stakeholders to ensure efficient, effective and fraud-free pension system in Nigeria.
The EFCC chairman made the call in his opening address at the commencement of a two-day National Summit tagged, Eradication of Pension Fraud in Nigeria, held at the Nigerian Air Force Conference Centre, Kado, Abuja.
According to him, the EFCC as the co-ordinating agency for the enforcement of all economic and financial crimes 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.”
“We worry about the quality of regulation, the fidelity of pension managers and the inefficiency in the management of pension assets which have grave consequences for the national economy, not to talk of the perception of Nigeria as a country where anything criminal is possible,” Bawa he said.
Concerted action
All of these, he explained, provide the impetus for a national conversation and concerted action from everyone involved in pension management and regulation.
According to him, the two day Summit, offers stakeholders the opportunity “to introspect and take stock of the measures put in place over the years to improve and sanitise pension administration in Nigeria, as well as seek explanations as to why the pension system seems not to be meeting the needs or living up to the yearnings of pensioners, despite the best intentions of industry stakeholders….It is our belief that in pooling our resources and expertise together, we can break the cycle of fraud, inefficiency and mutual distrust in the Nigerian pension system.”
He therefore charged the participants, “to reach deep into treasure troves of knowledge and come up with pragmatic programmes and policy recommendations that will ultimately engender significant improvement in service delivery and eliminate the gaps currently being exploited by the negative actors in the pension system. We owe that to the hapless pensioner out there, who we may ourselves become tomorrow”.
Bawa gave assured that the Commission, “will continue to vigorously enforce all the laws against fraud in Nigeria. I assure you that we are both willing and able to do all that is necessary today to ensure that tomorrow, when we all cross to the other side of the road in retirement, we will truly live the life of the models in the PFA adverts and commercials!”
He further commended President Muhammadu Buhari’s administration for its support to the fight against corruption. In his words, “one thing that is incontestable as far as Mr. President is concerned, is that when it comes to the fight against corruption, there is no deficit of political will to take hard and difficult decisions.”
The Secretary to the Government, Mr. Boss Mustapha who described pension fraud as heinous, insensitive and condemnable, commended the synergy among the stakeholders, which he said, would permit analysis of the causes of pension fraud and the measures to check them.![]()
He said the government was conscious of its responsibility in the pension sector and resolute in dealing with criminal acts of pension fraud in all ramifications.
Pay the entitlement
He disclosed that the Muhammadu Buhari administration has demonstrated a rare commitment to ameliorating the plight of pensioners through various administrative and policy interventions.
He listed some of the initiatives of the administration targeted at making life more meaningful for pensioners to include, the release of N55billion to settle outstanding pension arrears, placement of 3,542 pensioners of the Delta Steel Company on the payroll, placement of over 2,000 staff of the defunct Nigerian Telecommunication Limited, NITEL, on the payroll, approval of funds to pay the entitlement of dismissed Biafran Police Officers and the settlement of claims of disengaged staff of the defunct Nigeria Airways.
Lateefah Ibrahim
