The Anatomy of Pension Fraud in Nigeria: Its Motives, the Management and Future of the Nigerian Pension Scheme

Abstract

The development of a viable and workable pension scheme in Nigeria has always been clamored not only by pensioners, but also by notable stakeholders and the general populace. This is the reason why the Government of Nigeria decided to adopt the structure of the Chilean-Styled Pension Scheme as a way of dealing with the challenges posed by the previously adopted defined benefit scheme. According to Y. Demola (2008), this decision of the Federal Government of Nigeria has changed the funding structure of the pension scheme in the country from the usual Pay-As-You-Go (PAYG) to the Contributory Pension Scheme (CPS). THE ANATOMY OF PENSION FRAUD IN NIGERIA: ITS MOTIVES, THE MANAGEMENT AND FUTURE OF THE NIGERIAN PENSION SCHEME