IThe Chartered Institute of Personnel Management of Nigeria (CIPMN) has decried the high level of looting of pension fund scheme witnessed in the country, describing it as a national disaster.

President of the Institute Mr Abiola Popoola also said the theft of the pension fund was a sad commentary for everyone in the country, both on the part of the state of its personality as well as on the part of the system.

Speaking during a visit to the LEADERSHIP corporate head office, Popoola said it was very saddening to think that funds set aside to help guarantee a reasonable life after an active work life would be stole with such impunity.

"Just like any stakeholder involved in building a quality work life for people, we feel very saddened about that. To think that either by default system error or by personal lack of integrity or avarice that fund having been tampered with is a sad commentary for the country on the state of its personality and on the part of the system, which does not have enough mechanism to protect that fund.

It is a even sadder that we have not perfected a process to protect that fund such that it is not only easy to steal from it not only so much but with such impunity," he said.

He attributed the high rate of corruption to the fact that the leadership of the country was not paying attention to systematic development of the people from the early stages, adding that the price that we are paying for this error is almost too high to pay.

"How do we prepare our young people for useful work in the future? What is the emphasis we are placing on education, even at primary and secondary level or university level? We are not convinced that we are serious about how we invest in human capital development," he said.

The CIPMN boss also decried the high level of unemployment in the country, which he attributed to lack of proper preparation of the young people for the world of work, thus resulting in their been unemployable.