President Jonathan signs Pension Reform Bill into Law

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Nigerian President Goodluck Jonathan has signed the Pension Reform Bill, 2014 into law on Tuesday.
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With this, the Pension Reform Act, No 2, 2004 has been repealed.

The new law prescribed 10-year jail term for anybody that embezzles pension fund.

The bill had been passed by the House of Representatives on May 27, while the Senate passed the bill on June 3.

The new law is designed to punish offenders, with a view to serving as deterrence to those who may want to mis-manage or divert pension funds assets.

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