Finance Minister, Mrs. Ngozi Okonjo-Iweala while appearing before the Senate’s Joint Committee on Public Service and Establishment yesterday, confirmed allegations of corruption in the management of pension funds. This corruption has caused unnecessary hardship for pensioners in Nigeria.
The minister explained that although the Pension Task Team was inaugurated before her appointment, she quickly ordered the freezing of the accounts the moment she learnt of allegations of sharp practices in the disbursement of pension money. She said her priority was to stop any fraud immediately.
“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." She said