Contributory pension asset increases by N92bn in March

By admin


The Contributory Pension Scheme (CPS) assets lost some funds in February but recorded N92 billion increased in March.

The National Pension Commission (PenCom) disclosed this in its official website, in the unaudited report on pension funds industry portfolio for the period ended in March 31.

The commission recorded a decline of N51.30 billion in the pension fund assets in February.

According to the report, the funds which ended February at N12.248 trillion rose to N12.34 trillion at the end of March.

The report also revealed data on the approved existing schemes, Closed Pension Fund Administrators and Retirement Savings Funds including unremitted contributions at Central Bank of Nigeria and legacy funds.

Financial and pension Expert, Mrs Halima Idris, told 247naija that the increase was a progress on the last figure of February.

Idris said that the Pension Acts which allowed them to invest in the country’s economy, security and mutual funds was not stable.

She commended government’s efforts in the huge increase and urged Nigerians to be patient as the government was trying hard to save their money.

The total registration for Retirement Saving Account (RSA) at March was 9.3 million.

Nigeria Immigration Service places embargo on capturing, issuance of passports

By Favour Nnabugwu


The Nigeria Immigration Service has placed an embargo on capturing and issuance of passports to applicants from today May 18th till the end of May 2021.

The Comptroller General of Immigration, Muhammed Babandede made the announcement on Tuesday during a press briefing in Abuja.

He said the decision is to enable the service to clear its backlog, noting that it will no longer collect fresh applications until the backlogs are cleared

This means that all passports in control offices are closed for applicants from today till May 31st and payments for passports will be online when the portal is opened which will be June.

Long working hours kill 745,000 persons globally – WHO, ILO

By admin


World Health Organisation (WHO) and International Labour Organisation (ILO) have said long working hours led to 745, 000 deaths globally from stroke and ischemic heart disease.

WHO and ILO stated this in a study published in Environment International Today.

In a first global analysis of the loss of life and health associated with working long hours, WHO and ILO estimated that, in 2016, 398, 000 people died from stroke and 347, 000 from heart disease as a result of having worked at least 55 hours a week, a 29 per cent increase since 2000.

“Between 2000 and 2016, the number of deaths from heart disease due to working long hours increased by 42 per cent and from stroke by 19 per cent.

“This work-related disease burden is particularly significant in men (72 per cent of deaths occurred among males), people living in the Western Pacific and South-East Asia regions, and middle-aged or older workers.

“Most of the deaths recorded were among people dying aged 60-79 years, who had worked for 55 hours or more per week between the ages of 45 and 74 years,” said the report.

With working long hours now known to be responsible for about one-third of the total estimated work-related burden of disease, it is established as the risk factor with the largest occupational disease burden.

This shifts thinking towards a relatively new and more psychosocial occupational risk factor to human health.

The study concludes that working 55 or more hours per week is associated with an estimated 35 per cent higher risk of a stroke and a 17 per cent higher risk of dying from ischemic heart disease, compared to working 35-40 hours a week.

Further, the number of people working long hours is increasing, and currently stands at nine per cent of the total population globally.

This trend puts even more people at risk of work-related disability and early death.

The new analysis comes as the COVID-19 pandemic shines a spotlight on managing working hours; the pandemic is accelerating developments that could feed the trend towards increased working time.

Dr Tedros Ghebreyesus, WHO Director-General, said the COVID-19 pandemic had significantly changed the way many people work.

“Teleworking has become the norm in many industries, often blurring the boundaries between home and work.

“In addition, many businesses have been forced to scale back or shut down operations to save money, and people who are still on the payroll end up working longer hours.

“No job is worth the risk of stroke or heart disease. Governments, employers and workers need to work together to agree on limits to protect the health of workers,” he said.

Dr Maria Neira, Director, Department of Environment, Climate Change and Health, at WHO, said, “working 55 hours or more per week is a serious health hazard.

“It’s time that we all, governments, employers, and employees wake up to the fact that long working hours can lead to premature death.”

The UN agencies, however, said governments, employers and workers could take the following actions to protect workers’ health.

They stated that governments could introduce, implement and enforce laws, regulations and policies that ban mandatory overtime and ensure maximum limits on working time.

“Government could introduce bipartite or collective bargaining agreements bet poopween employers and workers’ associations can arrange working time to be more flexible
“At the same time agreeing on a maximum number of working hours; employees could share working hours to ensure that numbers of hours worked do not climb above 55 or more per week,” the agencies said.

AIICO joins league of 44 companies globally accredited by IFoA

By Favour Nnabugwu


AIICO Insurance Plc has joined the league of 44 companies internationally and first in Nigeria  to be awarded a Quality Assurance Scheme accreditation by the Institute and Faculty of Actuaries (IFoA).

AIICO has joined the list of IFoA’s 44 accredited organisations globally and third in Africa after two organizations were accredited in Kenya in the last two years.

The IFOA is the UK’s only chartered professional body dedicated to educating,developing and regulating actuaries based in the UK and also internationally.

IFoA in a statement released said that the recognition of AiIco’s commitment to providing quality assurance at an organizational level, promoting condence in their actuaries; and demonstrating a commitment to high-quality actuarial work and supporting employees carrying out that work.

Currently, AIICO has one of the largest actuarial workforce in the insurance industry in Nigeria.

The Managing Director of AIICO, Mr. Babatunde Fajemirokun said, “We are staying true to the pursuit of our vision of emerging as the dominant insurer in Sub-Saharan Africa”.

“This is one reason we invest substantially in human resources to drive the kind of growth we have in focus. The accreditation by IFoA, is a testament to the fact that we are doing this right. The actuarial profession has been very instrumental in our transformation at AIICO”.

Fajemirokun further stated, “Our customers and policyholders are going to bethe biggest beneficiaries as these efforts are in line with our razor-sharp focus togive them the best of experience and protection of their benefits, assets, and insurable interests with us”.

He continued, “Our shareholders, investors, regulators, and other stakeholders will benet from the increased confidence that AIICO continues to strengthen its excellent risk management practices, skills, and experience forthe benet of all.

AIICO’s Chief Actuary, Mr. Wycli2e Obutu while commenting on the accreditation, stated, “We are delighted to receive this global accreditation from the Instituteafter a rigorous review process”.

“This is a noteworthy milestone for the Company, Management and staff, and the actuarial profession in West Africa, especially Nigeria.  Management of the company, with the support of its staff, especially Actuarial and HR, is proud to have initiated the process for this accreditation that, in partnership with IFoA, requires actuarial work in the company (and the market) to be undertaken to a high quality that is comparable globally.