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My Submission On Today's Senate Open Hearing On Fraud In Pension Management

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Fellow Nigerians, Some stakeholders and I today appeared before the Senate Committee that is investigating alleged large-scale corruption in the management of pension funds in our dear country.

I wish to assure all Nigerians that we are doing our best to correct the many anomalies in the management of pensions.

Also, it is pertinent to mention that the Pension Task Team was appointed before I came back as minister. And, as soon I heard the allegations that a lot of sharp practices were going on in the disbursement of pension money, I quickly ordered the freezing of the accounts, with the approval of the President. My priority was to stop any fraud immediately.

Secondly, to understand what was really going on with police pensions, I asked KPMG, an independent and respected consulting firm to investigate. Their findings confirm that many wrong things were done and are still being done in the management of the funds. I assure you all that we will take action after studying the recommendations.

I passionately hold that No pensioner should go through unnecessary hardship to earn his or her pension after serving the country. People who take liberties with pensions should not be allowed to get away with it. It is a terrible crime to defraud helpless, old people.

This government is sworn to make sure that people, old and young, are treated fairly and with the dignity befitting them. We will also ensure that things are done transparently.

Best regards.
Ngozi Okonjo Iweala