6. What would happen to a PFA or PFC that misappropriates pension funds? – PensionNigeria

6. What would happen to a PFA or PFC that misappropriates pension funds?

A PFA or PFC or any person or body that misappropriates pension funds is liable, on conviction, to a fine of an amount equal to three times the amount misappropriated or imprisonment for a term not less than ten years or to both fine and imprisonment. In addition, PenCom shall remove from office, any Director or Officer of such PFA or PFC who misappropriates the funds.

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