The Commission on Economic and Financial Crime said it investigated and prosecuted pension fraud related to N157 billion from 2016 to 2020.
The agency said that reform was needed to create an efficient, effective and sustainable pension administration system in the country.
Addressed during a two-day awareness program on “Eliminating pension fraud in Nigeria.” ‘, on Tuesday in Abuja, the Director of Operations, EFCC, Abdulkarim Chukkol promised that the commission would bring those who embezzled pension funds to justice.
Presentation of a paper with titled, “Case Study: Analyzing Pension Administration Fraud in Nigeria, the EFCC Experience”, Chukkol highlighted the gaps in existing pension systems that are often exploited by criminal elements in the public and private sectors.
< p class = "align-left"> He found that the country had lost several billion naira in the process.