The National Insurance Commission has pledged to lace the operations of pensions with an eagle eye with the capability to identify fraud and apprehend it in collaboration with the Economic and Financial Crimes Commission EFCC.
PenCom current mantra to collapse fraud bumps is the commitment delivered by the Director General, Mrs Aisha Dabir-Umar, at a workshop on the Eradication of Pension Fraud in Nigeria in partnership with the EFCC in Abuja.
Admitting that fraud is always coming after endeavours and also the global knowledge that fraud syndicates are always ahead to create a detour for fraud, Dabir-Umar said fraud scourge has always been a threat to every human endeavour.
Commenting on the fraud smear, she said, “retrogressive elements continued to exploit procedural gaps in the operations of pension practitioners in both the CPS and DBS to the detriment of unsuspecting public.”
She wants the retrogressive elements to know that the partnership with EFCC is an indication that the red flag is raised and the collaborative initiative should be seen as a fraud terminator. “Thus, new issues and challenges continue to emerge, which place special responsibility on the regulators, the operators and other stakeholders to constantly review their operating environment with a view to finding solutions to address the problems,” she stated.
“Happily, the PRA 2014 had strengthened Nigeria’s pension institutions in both the Contributory and Defined benefits Schemes, and imbued them with the capacity to rise above emerging challenges,” elated Dabir-Umar declared.