Pension Fraud: A Concomitant Debacle in Public Sector Economy - Nigeria Perspective

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Omah, I ; Anifowose, Daniel Abolaji ; Ogundina, John A (2013)
  • Publisher: Journal Of Business Management & Social Sciences Research
  • Journal: Journal Of Business Management & Social Sciences Research (issn: 2319-5614)
  • Subject: Business Management; Financial Management | Pensioners, monstrous-development, pension-administrators, fraud-managers, rehabilitation, confidence, sustainable-platform, Maraudous-Cabals insider-traders.

The objective of this paper is to examine the pension administration in Nigeria and the role of CABALS in the corridor of pension administrative supra-system. To suggest means by which reformation of pension administration could be enhanced to curb future menace of pensioners, who are at the receiving end of this monstrous tendency of the maraudous cabals.The objective of pension fund agenda is to enable the pensioners avail a sustainable living after decades of service. When this fund is messed up by the insider-trading, the objective, therefore, is defeated. To achieve a dependable result, opinions were invited through dissemination of questionnaires to respondents to harness the public opinions regarding this monstrous development in a debacled economy. The analysis of public opinion shows that the pensioners who are at the adverse end have completely lost confidence in the government and its agents managing the pension funds. One of the respondents and also a pensioner called the pension administrators in the government parastatals the fraud managers in the corridors of power. The authors are of the notion that there should be a complete rehabilitation of pension administration in governmental circle in order to regain the confidence of the masses and the pensioners in particular. Pension administration globally is aimed at creating sustainable platform after a long service of an individual who has devoted his useful life in serving the nation or a corporate organization. A gesture aimed at recognition of these retirees by the sovereign government for the effort of her people.
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