Tougher times await pension thieves as the Federal Government has proposed stiffer penalties for persons or organisations involved in the mismanagement and embezzlement of pension funds.
The proposal was contained in a bill forwarded by President Goodluck Jonathan to the National Assembly on yesterday.
Part of the bill read, “Any Pension Fund Administrator or Pension Fund Custodian or person or body, who misappropriates or diverts pension funds, commits an offence under this Act.
“The individual or group will also be liable on conviction to a fine of an amount equal to three times the amount misappropriated or diverted, or to a term of not less than 10 years or both the fine and imprisonment.”
“The bill also instructs the Accountant-General of the Federation to make payment of retirement benefits directly into individual bank accounts of retired persons covered under Section 5 of the Act. Details of such payment should be submitted to the Commission and the Pension Transitional Arrangement Directorate of the Federation and FCT.
The Shock of the day, was that news that President Goodluck Jonathan is also consulting on the Idea to introduce another bill soon that will give either Life and Death Penalty for Corrupt people who through their act have deprived millions of Nigerian to opportunity to have or live a decent live.
“I hereby introduce for formal consideration and enactment into law by the Senate of the Federal Republic of Nigeria, the Pension Reform Bill.
“While I hope that the bill receives the usual expeditious attention of the members of the Senate, please accept; distinguished Senate my highest regards,” President Jonathan concluded.
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