Culprits to pay triple value of stolen funds

After almost one year of legislation, the Senate Wednesday passed the much awaited Pension Reform Act Amendment 2013 with the provision of 10 years imprisonment as penalty for any pension administrator who misappropriates or diverts pension funds.

The bill also provides that anyone found guilty of embezzling pension funds would pay thrice the value of what he has stolen.

It also provides for five years imprisonment or N10million fine for any pension administrator who fails to remit profits earned from an investment made with the fund of a contributor.

It also provides for a fine of N500,000 daily for any agency administering pension affairs which fails to abide by any provision of the bill.

Speaking with journalists after the bill was passed, the Chairman, Senate Committee on Establishment and Public Service, Senator Aloysius Etok, who presented the report, said when signed into law, its provisions would be strictly implemented.

“With the enactment and passage of this bill today, when assented to by the president, all the penalties and all the prescriptions contained in this Act would be followed. We have penalties ranging from 10 years imprisonment and below.

“For even failing to give proper information, you have to pay N500,000 daily. And if you embezzle pension funds now, you will pay not less than three times the amount of funds you embezzled. That is how serious this bill has treated pension funds.

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