All Posts in "Month: August 2022"

PenCom recovers N721.12m from defaulting employers

By Favour Nnabugwu

 

The National Pension Commission (PenCom) has recovered N721.12 million from employers who failed to remit pension contributions for their employees to the pension fund administrators (PFAs).

According to the Commission, the amount comprises N721.12 million principal contribution and N211,46 million penalty
added that the sum was recovered from 20 defaulting employers during the second quarter of 2022

PenCom further stated in its 2022 second Quarter report that seven defaulting employers have been recommended for appropriate legal action after all administrative steps taken to make them comply failed.
Part of the report reads: “From the commencement of the recovery exercise in June 2012 to 30 June 2022, a total of N22,130,695,913.23 comprising of principal contributions.”

In its report, the commission also said that at the end of the second quarter of 2022, the total pension contributions remitted to individual Retirement Savings Accounts(RSA) stood at N238.75 billion.

It noted that the public sector accounted for N136.79 billion or 57.29%, while the private sector contributed N101.96 billion or 42.71%

The cumulative pension contributions from inception to the end of the second quarter of 2022 amounted to N8.01 trillion, which is an increase from N7.77 trillion as at the end of Q1 2022,” PenCom stated

 

Patoma Admin by — August 21, 2022 in Pension 0
Adequate measures in place for safety of pension funds – PenCom

By Favour Nnabugwu

 

 

The National Pension Commission (PenCom) said adequate structures have been put in place to ensure the safety of pension funds in the industry

PenCom also promised to continue to develop and implement innovative polices to foster safety and fair returns on pension fund investment as the pension industry and financial system evolves.

The Commission said it is taking strategic steps to encourage more participation of workers from the informal sector of the economy in the Micro Pension Plan in order to expand the Contributory Pension Scheme (CPS).

These disclosures were made yesterday by the Director-General, National Pension Commission, Mrs. Aisha Dahir-Umar, at the 2022 Workshop organized by PenCom to journalists in Lagos.

The DG who was represented at the Workshop by the Head of Corporate Communications Department, Mr. Abdulqadir Dahiru, said the theme of this year’s workshop, “Increasing Informal Sector Participation in the Contributory Pension Scheme (CPS): The case for Micro Pension Plan”, aligns with the Commission’s objective of expanding coverage of the CPS.

She stated that the objective is to bring in to the CPS, Nigerians working in the Informal Sector and those who are Self Employed through the Micro Pension Plan (MPP), noting that “it is of utmost importance to educate the media on the MPP and enlist your support to make the Plan popular amongst informal sector workers and the self-employed.

She said the Commission’s directive to increase the Minimum Regulatory Capital (Shareholders’ Fund) from N1 billion to N5 billion. was to ramp up the capacity of the Pension Fund Administrators to manage the increasing number of registered contributors, and the value of pension fund assets.

PenCom DG informed the journalists that as at June 30, 2022, the number of registered contributors and the pension fund assets stood at 9,795,957million and N14.27 Trillion, respectively.

She said it is expected that the recapitalization exercise will bring about increased effectiveness and efficiency as well as improved service delivery in the industry.

In his presentation at the Workshop entitled “What you Need to Know About the Investment of the Micro Pension Fund (Fund VI,”  Mr. Ibrahim Kangiwa, Head, Investment Supervision Department National Pension Commission listed the Benefits of Micro Pension Fund Investments to the economy and to the contributor, stating that the Commission is committed to ensuring the safety of Micro Pension Fund and the investments.

According to him, the Commission is committed to ensuring the safety of pension funds and structures have been established in this regard.

“As the pension industry and financial system evolves, the Commission would also continue to develop and implement innovative policies to foster safety and fair returns on pension fund investment,” he added.

The Head of Micro Pensions Department, Mr. Dauda Ahmed, in his presentation entitled “The Micro Pension Plan: Bringing Financial Security at Old Age to the Doorsteps of the Informal Sector,” he listed the benefits of Micro Pension Plan.

He said Micro Pension Plan will improve the standard of living of the elderly as it provides a regular stream of benefits at old age; provide access to other incentives and secures financial autonomy and independence of retirees amongst other benefits.

Speaking on the topic “The Administration of Retirement Benefits Under Micro Pension Plan,” the Head of Benefits & Insurance Department, Mr. Obiora Ibeziako, gave insights into the benefits administration of MPP which he said is divided into two – Contingent Withdrawal and Retirement Benefits Withdrawal

According to him, Withdrawals/accessing benefits shall be two types reflecting the flexibility incorporated in the treatment of the contributions.

Patoma Admin by — August 19, 2022 in Pension 0
Lekki Free Zones is economic powerhouse – Hon. Gbande

By Favour Nnabugwu

 

 

House of Representative Committee on Commerce and Trade has  described the Lekki FTZ Quadrant of the country as a new economic powerhouse harbouring 25 billion US dollar investment.

The committee also urged the federal government to hasten up the rail-line construction to avoid Apapa Port tragic experience.

The Deputy Chairman of the committee, Hon. Richard Gbande stated this while he led some members of the committee on inspection of the Lagos Free Zone, Lekki Free Zone, and the Dangote Free Trade Zone Enterprises in Lagos yesterday.

Gbande said that the concept of the free trade zone had revolutionised the development of the Lekki axis of Lagos once upon a time considered as an undeveloped “peninsular’’.

The lawmaker explained that the Federal Government had incredibly used the Nigeria Export Processing Zones Authority (NEPZA) to promote the free zone scheme in an amazing manner.

Gbande also noted that the government’s relentless efforts in trying to diversify the economy resulted in the development of the Lekki Quadrant which would undoubtedly become the country’s new economic powerhouse.

“We have gone round as part of our oversight functions to see this magical economic enclave called Lekki Quadrant and it is indeed a sight to behold.

“The committee is particularly enthused with the conversion of the peninsular to a majestic business city that boasts of the Deep Sea Port, Dangote Refinery, and over 200 other enterprises sustaining the country’s economy.

“For the umpteenth time, NEPZA’s inexorable push to carry out its mandate and mission of galvanising both the Foreign Direct Investment (FDI) and Local Direct Investment (LDI) must be supported. We can see how difficult these tasks are with the prevailing environment,’’ he said.

The deputy chairman of the house committee on commerce, further pointed out that the Ministry of Transport must hasten the construction of railway lines in the Lekki free zone area for seamless movement of cargoes.

Gbande also explained that the new Minister of Transport should urgently move and work toward implementing the directive of President Muhammadu Buhari on the urgent need to construct road and rail infrastructure across that part of Lagos.

“The legislative body is prepared to appropriate funds for the construction of road and rail system for this important national economic gateway without delay. Already, we are late as both the deep sea port and the refinery shall open for operation by September and January respectively.

“The president may want to re-issue that directive again to show the importance he attaches to the development of these all important outside infrastructure in the Lekki free zone quadrant.

“The government must avoid repeating the recurrent gory experience of failed Apapa Sea Port logistic system with the Lekki free zone quadrant,’’ Gbande said.

Prof. Adesoji Adesugba expressed delight on the inspection tour carried out by the committee members, adding that it had obviously spurred them to become advocates of the free zone scheme.
Adesugba said that the NEPZA was up to the task of using the scheme to industrialise the country for the greater good of the citizens.

He corroborated Gbande’s call for the development of both the road and rail infrastructure for the Lekki free zone corridor to avoid catastrophic logistic failures.

 

Patoma Admin by — August 19, 2022 in Industry, Trade & Investment 0
NEPZA meets House Committee on Commerce & Trade in Lagos

The Nigeria Export Processing Zones Authority (NEPZA) meet with the House Committee on Commerce and Trade at a function in Lagos yesterday.

 

CAPTION:

L- Alhaji Muazu Ruma, Technical Adviser Zones Development NEPZA, Senator Tijani Yahaya Kaura, MD/CEO OGFZA, Prof. Adesoji Adesugba, MD/CEO NEPZA, Hon (Dr.) Richard Gbande, Deputy Chairman, House of Representatives Committee on Commerce and Trade, Mr. Adekunle Ajayi, Director OGFZA, at a function in Lagos

Patoma Admin by — August 19, 2022 in Industry, Trade & Investment 0
PenCom, PenOp plan industry media campaign on MPP

By Favour Nnabugwu
The National Pension Commission, PenCom plans industry wide media campaign in collaboration with Pension Fund Operators Association of Nigeria to achieved broad  awareness among targeted groups under its Micro Pension Plan,  MPP.
The Director-General of PenCom, Mrs Aishat Dahir-Umar said the Micro Pension Plan, MPP was conceptualized to expand pension coverage to the informal sector, including small-scale businesses, entertainers, professionals, petty traders, artisans, and entrepreneurs.
The MPP was implemented to curb old-age poverty by assisting the workers, as mentioned above, to contribute while working and build long-term savings to fall back on when they become old.
“To create awareness of the Micro Pension Plan, the Commission, in collaboration with the Pension Fund Operators Association of Nigeria, is currently championing an Industry Media Campaign in major cities in the country’s six geopolitical zones”.
The Commission says strategic efforts to drive the Micro Pension Plan (MPP) remain one of its significant areas of focus.
Represented by Abdulqudir Dahiru, the Head of Corporate Communications of the Commission, said the capacity building workshop for Insurance and Pension Editors in Lagos on Thursday, explained that the MPP was conceptualized to expand pension coverage to the informal sector, including small-scale businesses, entertainers, professionals, petty traders, artisans, and entrepreneurs.
The theme of this year’s workshop, “Increasing Informal Sector Participation in the Contributory Pension Scheme (CPS): The case for Micro Pension Plan”, according to the DG, aligns with the Commission’s objective of expanding coverage of the Contributory Pension Scheme, CPS.
She noted that the objective is to bring in to the CPS, Nigerians working in the Informal Sector and those who are Self Employed through the Micro Pension Plan (MPP).
” Therefore, it is of utmost importance to educate the media on the MPP and enlist your support to make the Plan popular amongst informal sector workers and the self-employed.” Dahir-Umar noted.
Patoma Admin by — August 18, 2022 in Pension 0
E-Naira transactions hit N4bn – Emefiele

By Favour Nnabugwu

 

 

 

Transactions on the Central Bank of Nigeria (CBN) digital currency, the e-Naira, platform has hit N4 billion since October last year till now.

The CBN Governor, Mr. Godwin Emefiele, at the on-going grand finale of the e-Naira Hackathon, in Abuja.

According to him, “Since the launch of this great initiative, the eNaira has reached 840,000 downloads, with about 270,000 active wallets comprising over 252,000 consumer wallets and 17,000 merchant wallets.

“In addition, volume and value of transactions on the platform have been remarkable, reaching above 200,000 and N4. billion, respectively.”

The governor disclosed that despite the successes recorded on the initiative, the bank, in collaboration with private sector operators has started the second phase of the e-Naira.

His words, “Notwithstanding this appreciable progress, the second phase of the project has begun and it is intended to drive financial inclusion by onboarding unbanked and underserved users leveraging offline channels.

“Hence, greater success is envisioned for the project with phase two expected to deliver more gains with a target of about 8,000,000 active users based on estimations using the diffusion of innovation model.”

Mr. Emefiele said that CBN remained strategic in charting the future of the Naira by balancing innovation with stability of the currency.

He said, “Pursuant to achieving its mandate of preserving monetary and financial stability, the CBN is strategic in charting the future of Nigeria’s legal tender, be it in its traditional or digital form as the economy transits to a digital one as well as charting the course for innovation in the financial sector and in the infrastructure underpinning financial markets.

” Hence, the importance of getting the balance right between innovation and stability.

“Against this background, the launch of eNaira was timely and strategic in complementing the various diversification and digitisation initiatives of the Federal Government including the launch of the Nigeria Digital Economy Policy and Strategy (NDEPS), The National Broadband Strategy, as well as the introduction of the Start-Up Bill and a host of others.

The CBN boss said that the eNaira would make a significant positive difference to Nigeria and Nigerians, as it would ease their participation in the global digital economy.

His words, “Specifically, the eNaira is expected to enhance financial inclusion, support poverty reduction, enable direct welfare disbursement to citizens, support a resilient payments ecosystem, improve availability and usability of central bank money, facilitate diaspora remittances, reduce the cost of processing cash, and reduce cost and improve efficiency of cross-border payment among others.

“The eNaira was also developed to provide Nigerians with a cheap, safe and trusted means of payment. Unlike the offline payments channels like agent networks, USSD, wearables, cards and near field communication technology, the eNaira would give access to financial services to underserved and unbanked segments of the population.

“Innovative products and services built on the eNaira would enhance Nigerians’ participation in the digital economy and promote further development of a burgeoning Fintech ecosystem.”

Patoma Admin by — August 18, 2022 in Banking & Finance 0
PFAs recapitalization was important to accommodate more contributors- DG

By Favour Nnabugwu

 

 

The Director-General of the National Pension Commission, PenCom, Mrs Aishat Dahir-Umar revealed to that the government laid emphasis on the recapitalisation of the Pension Fund Administrators, PFAs, was to necessary to allow the accommodate more contributors in the country
With the theme of this year’s workshop, “Increasing Informal Sector Participation in the Contributory Pension Scheme (CPS): The case for Micro Pension Plan” which sahe said aligns with the Commission’s objective of expanding coverage of the CPS.
Dahir-Umar during the one-day workshop organised by PenCom for the Nigerian Association of Insurance Correspondents, NAIPCO, the Financial Correspondents Association of Nigeria, FICAN and Labour Correspondents in Lagos, was glad to announced that all the PFAs were able to meet up the recapitalisation from N1billion to N5billion.
“As you know, PenCom increased the Minimum Regulatory Capital (Shareholders’ Fund) requirements of Pension Fund Administrators (PFAs) from N1 billion to N5 billion last year. The recapitalization exercise had a 12-month transition from April 27 2021, to April 27 2022. As of the deadline, all Pension Fund Administrators (PFAs) have complied with the Commission’s directive to increase the Minimum Regulatory Capital (Shareholders’ Fund) from N1 billion to N5 billion”
The DG revealed, “The  reason for the recapitalization exercise was to ramp up the capacity of the Pension Fund Administrators to manage the increasing number of registered contributors, and the value of pension fund assets under which I am pleased to inform you stood at 9,795,957million and N14.27 Trillion, respectively, as at June 30, 2022”
 She said that the exercise is intended to make the pension industry sound and healthy,
“it is expected that the exercise will bring about increased effectiveness and efficiency as well as improved service delivery in the industry”
Dahir-Umar  said the Commission is aware of the importance of the importance of the media and the role they played in the pension industry which is why PenCom takes the workshop seriously for collaborations to be strengthen.
“The Commission is mindful of your critical role in disseminating factual information to its stakeholders. So, it is imperative to constantly interact and inform you of recent developments in the pension industry and some of the Commission’s significant activities.
“It is of utmost importance to educate the media on the MPP and enlist your support to make the Plan popular amongst informal sector workers and the self-employed’.
Patoma Admin by — August 18, 2022 in Pension 0
ECOWAS Parliament kicks against violence in Sierra Leone

By Favour Nnabugwu
ECOWAS Parliament has kicked against the violence the resulted to loss of lives and properties in Sierra Leone
The Speaker of the Parliament,  Sidie Mohamed Tunis at the delocalized meeting of the joint committee in Banjul Gambia, themed:“Community Texts relating to Peace, Security, Democracy and Good Governance: Challenges in their Implementation and the Oversight Role of ECOWAS Parliament” 
Represented by the 4the Deputy speaker, Adja Satu Camara Pinto call on all sides to adhere to the rule of law, which is the best path to channel and address grievances of every kind.
Tunis said, ”Many democracies are having difficulties globally, in this present day, these failures are often attributed to the lack of trust and accountability.
” We are seeing regime change and reforms in many parts of the world.  In Africa the fragility of our democracies is caused by electoral abuse, ethnic divisions, mismanagement of natural resources, poverty, and economic insecurity.
“”There is a need for political will and action to counter these problems, and these are better achieved through our institutions. It is said that integration is about people. Indeed, it is high time our region derives the benefits””He said .
Also speaking, Gambian Foreign Affairs Minister, Dr Mamadou Tanagra told member state to collectively act swiftly to address the issues of insecurity and promote in the subregion
‘As nations sharing the same destiny, we have a moral obligation and a collective responsibility to act swiftly to address all issues hampering the institutional advancement, the consolidation of peace, security and the empowerment of women who as the driving forces of the Region”
He continued further, “Today , it is immensely gratifying to observe the overwhelming response of all partners and people of goodwill here present to affirm a faith in a common purpose, a common conviction and a common devotion in the consolidation of Peace, Security and Good Governance and other community achievements. ‘
Patoma Admin by — August 16, 2022 in Foreign 0
Naicom to sift the industry of non-performing companies

By Favour Nnabugwu

 

 

The Governing Board of National Insurance Commission (NAICOM) has vowed to revisit the insurance industry recapitalisation, even as it is seeking the support of the Federal Government to effect a major restructuring of the sector and eliminate non-performing companies.

NAICOM’s Board Chairman, Dr. Abubakar Sani, said this yesterday when he led members of the Governing Board on a courtesy visit to Minister of Finance, Budget and National Planning, Zainab Ahmed, in Abuja.

Dr. Sani intimated the Minister of the Board’s plan to carry out specific exercises aimed at sanitizing the insurance industry in the country, stressing that enforcement of the code of ethics for companies in the sector is underway.

“We shall enforce the professional code of ethics among the insurance entities, and strengthen their corporate governance which the Board believes will sanitize the market.

”The NAICOM Board will in due course revisit the matter of recapitalization of the insurance industry and will clean up its act with the enforcement of code of ethics of insurance profession and practice, and code of good corporate governance in companies. The board is working to sanitize the market and will be taking out companies that are not measuring up to expectations,” he said.

Minister of Finance, Budget and National Planning, Zainab Ahmed, charged the Board and the Management of NAICOM to develop and implement policies which will strengthen the insurance sector and reposition the industry to enhance its contribution to the nation’s Gross Domestic Product (GDP) and the economy at large.

She, however, urged members to be mindful of existing guidelines regulations and circulars that guide the operation and conduct of the Governing Boards of Federal Government Parastatals, Agencies and Commissions and strictly adhered to them.

“The initiative to pay this visit barely two months after your inauguration demonstrates your sense of purpose and desire to work closely with the Ministry towards realizing the mandates of NAICOM.

“At your inauguration, I called your attention to some issues of interest and concern in the Insurance Industry which require your urgent attention, This visit, therefore, affords me yet another opportunity to once more congratulate you on your inauguration and inform you that Government has a very high expectation of this Board. You must build on the successes of the immediate past Board.

“In this regard, I wish to restate some of those issues and remind you of your role as Chairman and members of the Governing Board of NAICOM.

The Board which also comprises the Management should develop and implement policies which will strengthen the insurance sector and reposition the industry to enhance its contribution to the nation’s GDP and to the economy at large.

“It is of utmost importance for the New Board and the Management of the National Insurance Commission to work harmoniously together to actualize the mandate of the Commission.

“The Board has to develop strategies to systematically build the capacity of members through Workshops, Seminars, Study Tours, etc. to enable effective contribution towards the growth of the Industry, especially as some members were not drawn from the Insurance Sector.

“Members to note that there are guidelines regulations and Circulars that guide the operation and conduct of Governing Boards of Federal Government Parastatals, Agencies and Commissions and should be strictly adhered to – Frequency of meetings; entitlements of Board members, Travel guidelines and related matters.

“Deepening Insurance Penetration in the Country: There would be a need to achieve more insurance penetration in the country.

In this regard, there is a need to evolve new insurance products and policies.

“The Board and the Management must ensure that the condition of service and welfare of the staff creates a conducive atmosphere to promote staff productivity and engender industrial peace.

“Finally, members should commit to develop and implement policies that would promote the reputation of the Industry through prompt payment of claims. Your target should be to take the Industry to greater and enviable heights during your tenure.

“In conclusion, I wish to restate the Ministry’s commitment to continue to assist and support the Commission towards realizing its mandate for the overall benefits of the nation,” she submitted.

Patoma Admin by — August 16, 2022 in Insurance 0