All Posts in "Month: September 2022"

PENCOM assures pensioners of payment a week after retirement

By Favour Nnabugwu
 
The National Pension Commission of Nigeria, PENCOM assured the Senate that federal pensioners will get their pension a week after retirement
Speaking during her submission to  Senator Olamilekan Adeola, APC, Lagos West led Senate Committee on Finance currently interfacing with government agencies on proposals for the 2023 – 2025 Medium Term Expenditure Frame Work ( MTEF ) and Fiscal Strategy Paper ( FSP), Director- General of PENCOM, Aisha Dahiru-Umar told the Senate that the N14.5trillion pension fund is not idle due to right investments made of them.
According to her,  “The  backlog of  accrued rights component  of  pension payments to Pensioners causing delay in payment over the years , is almost cleared by the Federal Government, adding that within the last seventeen years , the federal government has been paying N49 billion per month to offset the accrued rights backlog of pensioners.
“We recognise the importance of this agency to all Nigerians especially our retired civil servants who have served this country meritoriously and as the custodian of their contributory pension scheme (CPS)”.
Aisha Dahiru Umar said, “Late payment of pension to pensioners will be a thing of the past very soon as required steps in that direction , have been taken by the federal government whose retirees are affected.”
The PENCOM boss who advised pensioners to carry out required documentation a year to their retirement in fast tracking the whole process, however told the committee that the N14.5trillion available pension fund is not idle as N9 .5trillion out of it , is invested in Federal government security , N1.23trillion in Equity shares while 35% of the fund is invested in money market .
At the end of the day, the Committee said that the yearly repeated N102million overhead subvention given the agency by the federal government will be removed aside the N26 billion yearly inserted into the Commission budget  without cash backing.
Patoma Admin by — September 15, 2022 in Pension 0
FG awards Nigerian citizenship to 286 foreigners

By Favour Nnabugwu

 

 

President Muhammadu Buhari has awarded Nigerian citizenship to 286 nationals, urging them to be good citizens of the country to enjoy all the rights and privileges bestowed on them.

Out of these deserving persons who signed to be Nigerians, 208 received certificates for Naturalization, while 78 got certificates by Registration after they officially recited the oath of allegiance and the Nigerian national pledge during the ceremony held at the banquet hall of the Presidential Villa, Abuja.

President Buhari at the ceremony said, ‘You have pledged your allegiance to Nigeria. When you give your love and loyalty to Nigeria, she returns her love and loyalty to you.”

The President explained that out of the 286 foreign nationals presented with certificates of Nigerian Citizenship, 208 received certificates for Naturalization, while 78 got certificates by Registration.

He urged them to make positive and useful contributions to the advancement, progress and well-being of the different communities they reside, adding that as citizens they must be in accord with the national ethics and code of conduct.

According to him, ”You are expected to abide by the Ideals and Institution of the Nigerian National Flag, Anthem, Pledge and respect for all Constituted Authorities.

”All those concerned with Immigration matters are to offer our new citizens quick legal identification. Also, their Local Governments should assist with their integration in the local community to enable them enjoy all the entitlements of a Nigerian citizen.”

In exercising the constitutional powers conferred on him, by Chapter III Sections 25-31 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), the President told the new citizens that Nigeria is a nation united by the principles of opportunity, equality, and liberty as enshrined in the Constitution.

He said, ”No matter where you come from, or what faith you practice, this country is now your country. Our history is now your history, and our traditions are now your traditions. Nigeria is your home and pride and joy.

”In line with our transformational ideals of strict adherence to due process and transparent procedures, the Ministry of Interior ensured that only deserving persons were recommended to the Federal Executive Council to be conferred with Nigerian citizenship.”

President Buhari recounted that the Federal Government in 2020 adopted the National Action Plan to eradicate statelessness and accordingly, the Minister of Interior, Rauf Aregbesola, inaugurated the High-level Steering Committee to Eradicate Statelessness in Nigeria by 2024.

”This ceremony therefore is a further demonstration of the Federal Government’s commitment and determination to remove as many people as possible from statelessness.

”In this regard, I will like to reiterate our commitment to the strategic role Nigeria plays in the comity of nations, in its unwavering quest for greater human integration, towards ensuring peace and prosperity.”

Welcoming the new Nigerians, the Minister of Interior in his speech entitled ‘‘The more the merrier’’, said the beneficiaries were from the United States, Europe, the Americas, Asia, Middle East, Oceania and Africa, who have seen the good in Nigeria.

”Without any doubt, Nigeria is a great nation, richly endowed and blessed with great people. Smart people continue to flock to our country to do business with us,’’ Aregbesola said, adding that Nigeria would continue to welcome every qualified citizenship applicant.

The Minister described the conferment ceremony as a celebration of the oneness of the human race, consistent with the mandate of the Ministry and the Buhari administration to lay a solid socio-economic and political foundation that will thrust Nigeria into one of the top 20 economies in the world.

”To achieve this lofty vision, the government is determined to encourage and attract foreign investors, high-net worth individuals, highly-skilled individuals and people with rare talents and strategic competencies into our country, ” he said.

Permanent Secretary, Ministry of Interior, Dr Shuaib Belgore, read citations of select beneficiaries who received certificates and symbols of citizenship from President Buhari.

They are Mrs. Kathryn Teresa Barrera, an American citizen, Professor Albert Alos Rovira, a Spanish citizen, Mr. Giuseppe Bellini, an Italian citizen, Dr. Nasra Ali, a Kenyan, Rev. Prof. John Brown Okwii, a Ugandan and Prof. Oumar Al-Moubarak Adoun, a Chadian citizen.

Speaking on behalf of the new citizens, Barrera, who arrived Nigeria in 1974 at age 24, thanked the President, staff of the Ministry of Interior for making their dreams come true.

The 72-year old Nigerian-American is the proprietress of a Non-Governmental Organisation (NGO) Mother and Children Welfare Association, caregiver of Orphans and Vulnerable Children including children living with HIV/AIDS.

She currently lives with 20 children and young adults in training and in University, according to the citation read by the Permanent Secretary, Ministry of Interior.

Patoma Admin by — September 15, 2022 in Foreign 0
Engr. Cyril Ajagu is chairman of 2022 NAIPCO Conference

By Favour Nnabugwu

 

 

The 7th edition of the National Association of Insurance and Pension Correspondents (NAIPCO) conference will have Eng. Cyril Ajagu, a major investor in the financial services industry as the Chairman of the occasion and the Director-General, Lagos Chamber of Commerce and Industry (LCCI), Dr. Mrs. Chinyere Almona as Speaker 

The Conference with the theme: “On-boarding Small and Medium Scale Enterprises into Micro Insurance and Pension Space in Nigeria will hold at Oriental Hotel, Lekki, Lagos on November 3, 2022

The event will feature the unveiling of NAIPCO New Name and Logo to stakeholders in both sectors of the economy

Speaking on the conference, Chairperson of NAIPCO, Mrs Nkechi Naeche-Esezobor, noted that the theme of the conference is apt as the SMEs sector has been the main driver and engine of growth of the Nigerian economy, and being the sector with the highest employers of labour, needs all the support to enable it continue to contribute significantly to the economy.

“Incidentally, the larger population of operators and employees in this space are left unattended to, with a lot of them not benefiting at all from the nation’s financial inclusion project, and this therefore underscores why the micro-insurance and micro-pensions players should see this group as a growth asset,” Nkechi added.

According to her, “Experts, stakeholders and the general public will converge on the conference to proffer solutions on the way forward”.

Patoma Admin by — September 13, 2022 in Insurance 0
Ecobank Group appoints CEO, Jeremy Awori as Ade Ayeyemi retires

By Favour Nnabugwu

 

 

Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group has announced that the appointment of a new Group Chief Executive Officer, Jeremy Awori to succeed Ade Ayeyemi who will retire after he attains the age of 60, in accordance with ETI policy

The company, in a statement to the Nigerian Exchange Limited, NGX , stated that its Board of Directors selected Jeremy Awori to succeed Ade Ayeyemi as Group Chief Executive Officer, noting that the relevant effective dates will be communicated in due course.

The statement stated: “Alain Nkontchou, Ecobank Group Chairman, thanked Ade for his immense contribution during his seven years at the helm of the Ecobank Group as Group CEO.”

The Chairman added: “Ade can be rightly proud of his success in leading the implementation of the Roadmap to Leadership strategy, navigating Ecobank through challenges, seizing opportunities, and positioning Ecobank for sustainable long-term growth. Ade’s deep knowledge, unrivaled vision, commitment and infinite passion made all the difference.

It has been a real pleasure working with him. I count on his continuous support to ensure a smooth transition as we onboard Jeremy Awori as the new Group CEO.”

“Jeremy Awori is a highly respected leader in the banking industry with significant achievements in his previous capacities. The Board of Directors strongly believes that his drive and strong focus on results will be vital in steering the Group in its next phase” Alain Nkontchou stated.

Patoma Admin by — September 12, 2022 in Banking & Finance 0
LAUTECH Alumni empowers graduate who returned Certificate with N500, other with N1m, Scholarship

By Favour Nnabugwu
The Global President of Ladoke Akintola University of Technology, Ogbomoso, (LAUTECH) Alumni Association Worldwide, and Warri based Oil Magnate, Hon Solomon Onilede, also known as Limo alongside other executive members extended empowerment packages to two less privileged LAUTECH graduates, on Saturday.
The association under Hon. Limo had its first presentation of one million naira to Kewejo John Babatunde, a physically challenged graduate of the institution at MRS Filling Station, Mokola Roundabout in Ibadan, in order to support him as a commercial driver.
Hon Limo harped on the financial intervention to cushion the effect of economic realities on the selected beneficiaries while also acting as a safety net during these tough times.
Mr Kewejo extended his profound gratitude to the Association for coming to his rescue and being a beacon of support for his family.
The LAUTECH Alumni Association, Oyo State Chapter, pledged to grant Mr. Kewejo’s firstborn a scholarship up to the university level.
The second recipient who went to Lautech to return his certificate and refund of all that he spent while he was a student.
Osunleke Oludare Alaba, who requested a refund of his school fees because he had been struggling since he graduated in 2015 and the certificate had not brought him any financial benefit since he acquired it, was additionally given N500,000 by the LAUTECH Alumni Association Worldwide to help him settle in at BCOS, Orita Bashorun, Ibadan.
In his remarks, Mr. Alaba highlighted that the incident that prompted him to want to return his certificate was not intended to be a publicity gimmick, but rather to unequivocally explain the issues he has faced and how the certificate has failed to make his life better.
He also praised the organization for giving him such a large sum of money to help him establish himself.
Patoma Admin by — September 12, 2022 in Education 0
Access Pension Custody transfers business to First Pension Custodian, returns operating license to PenCom

By Favour Nnabugwu

 

The National Pension Commission (PenCom) has announced that it had given it’s approval for the transfer of business of Access Pension Custodian Limited to First Pension Custodian Limited and operating license returned to the Commission

Access Holdings Plc has announced that its subsidiary, Access Bank Plc has completed the divestment of its entire equity interest in Access Pension Fund Custodian Limited to First Pension Custodian Nigeria Limited, a subsidiary of First Bank of Nigeria Limited.

PenCom in a Statement released to Journalists on Monday said that Access Pension Custodian divested from pension custody business and transferred all assets under it’s custody to First Pension Custodian

The acquisition, according to to PenCom, is the culmination of the divestment process by Access Pension Custodian Limited from the pension custody business, transfer of all assets under its custody to First Pension Custodian Limited and the return of its operating license to PenCom

PenCom said that there is no cause for alarm as it has ensures that everything was done accord g to the rules and regulations of the pension industry.

“The Commission assures Stakeholders and the general public of its continued commitment to the effective regulation and supervision of the pension industry”

Patoma Admin by — September 12, 2022 in Pension 0
Director-General’s absence from National Assembly not intended – PenCom

By Favour Nnabugwu

 

 

 

The National Pension Commission (PenCom) has explained the reason why its Director-General, Mrs. Aisha Dahir-Umar, could not go the the National Assembly to attend to the House of Representatives committee on Finance, said she had to attend to some pressing assignments.

The Commission further said the it was not intended to malign the House particularly as PenCom was to defend the Commission’s 2021/2022 Budget and present the 2023-2025 Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP).

The Commission noted that the clarification was necessary because at the hearing, the Deputy Chairman, House Committee on Finance, Hon Saidu Abdullahi, frowned at the absence of the Commission’s Director-General, Mrs. Aisha Dahir-Umar.

“It is pertinent to note that the DG’s absence was because she was out of town attending an official engagement. However, the Commissioner of Finance, the Director and Head of Accounts and the Deputy Director and Head of Financial Planning represented her, which is the usual practice whenever the DG is unavailable,” it stated.

PenCom noted that the Director-General takes invitations from the National Assembly seriously and ensures that she attends personally except when the exigencies of her office make it impossible, in which case the relevant Commissioner and Management staff of the Commission represent her.

PenCom submitted that it notes with satisfaction the observation by the House Committee on the quality and comprehensiveness of the reports submitted to it by the Commission.

Patoma Admin by — September 10, 2022 in Pension 0
Agencies multiple charges cost Nigeria $250 bn agro-export produce – NEPZA

By Favour Nnabugwu

 

 

Nigeria Export Processing Zone Authority (NEPZA) has said that government agencies have not done well to import and export with complicated roadblocks costing the country US$250billon on agro-export produce to the country alone.

This is just as it has said that eleven (11) out of sixteen (16) sundry charges are illegal stressing that some of these has caused international cargo airlines to prefer flying out of Nigeria empty.

In his presentation, Aviation & Cargo Export in Nigeria, at the 2nd Edition of Aviation and Cargo Conference Managing Director/CEO – NEPZA, Prof. Adesoji Adesugba made this known highlighting some challenges that are militating against import and exports in the country.

He was represented by Assistant Director Investor Promotion, Augustine Onyekwere who presented his paper at the event.

Professor Adesugba said, “Among the 16 sundry charges tracked for goods coming in or departing the country via airports, only five are officially recognised. Nigeria’s import-to- export airfreight ratio imbalance stood at 87:13 from available statistics.

“The implication according to cargo agencies is loss of at least about USD 250 billon on agro-export produce to the country.

He mentioned other challenges to include, lack of modern Infrastructure, lack of corporate governance, policy and regulation, high cost of aviation fuel, inadequate funding and resources, high cost of operation, insecurity, insurance and corruption.

Adesugba noted that the Federal Government of Nigeria in order to support the Aviation Industry and stimulate multiplier effects in the economy in May 2021 designated the four (4) Major International Airports (Lagos, Abuja, Kano and Port Harcourt) respectively as Special Economic Zones to enable the companies operating at these airports enjoy the benefits of the Free zone scheme.

Stating that ASEZ are designed to accelerate investment in the Aviation sector and its value chain, improve the utilization of the airports, generate more revenues for the Federal Government as well as attract more local and foreign direct Investment and increase aviation contribution to the GDP.

According to him, “SEZ can grow the aviation and cargo export in Nigeria with the incentives and concessions available in the Nigeria Free Zones with concepts like tax holidays, one stop approvals as well as 100% foreign ownership of businesses.

He said, “Complete tax holiday from all Federal, State and Local Government taxes, rates, customs duties and levies, one-stop approvals for all permits, operating licenses and incorporation papers. Duty-free, tax-free import of raw materials and components for goods destined for re-export.

“Duty-free importation of capital goods, consumer goods, machinery, equipment, and furniture.

Permission to sell 100 percent of manufactured, assembled or imported goods into the domestic Nigerian market and meeting the 35% value addition.

The NEPZA boss added, “Export duty into the custom territory is calculated based on the value of the raw material or components used in assembling the product not on the finished product’s value.

“100% foreign ownership of investments. 100% repatriation of capital, profits and dividends as well as waiver on all import and export licenses, waiver on all expatriate quotas for companies operating in the Zones

Patoma Admin by — September 9, 2022 in Industry, Trade & Investment 0
Naicom AbdulRasaaq Salami’s remark at sensitisation programme in Katsina

REMARK BY THE HEAD, CORPORATE COMMUNICATIONS AND MARKET DEVELOPMENT, NATIONAL INSURANCE COMMISSION, ALHAJI ABDULRASAAQ ABDULSALAMI DURING THE SENSITISATION PROGRAM FOR TOP GOVERNMENT FUNCTIONARIES, KHADIS AND ULAMAS IN KATSINA STATE.

I am pleased to be here again in Katsina State and I bring special greetings from the Governing Board, Management and staff of the National Insurance Commission (NAICOM) which is the apex insurance regulatory body in Nigeria.

I am happy for this golden opportunity granted the Commission by His Excellency, Rt. Hon. Aminu Bello Masari to drive insurance/Takaful penetration in the state as we appreciate the Governor and people of Katsina State for this huge turnout to participate in the workshop. I want to assure you that we have assembled the most suitable experts to speak to you on the subject matter.

As we may all be aware, the Insurance Act 2003 and other relevant Laws of the Federal Republic of Nigeria made provisions for certain insurances to be compulsory on us towards the protection of innocent third parties who may fall victims of unforeseen occurrences like road accidents, building collapse, fire, accidents in public buildings – offices, shops, schools, malls, etc.

The main objective of this workshop is to sensitize the top Government functionaries of Katsina State, Khadis and Ulamas on the principles, operations and benefits of the Compulsory Insurances, Takaful and Microtakaful.

It is imperative to mention that we are in Katsina today to discuss the concept of Islamic insurance and forge this partnership with the government and people of Katsina State in order to pave way for the enforcement and implementation of the under listed insurances made compulsory by extant laws to guarantee the protection of the people of Katsina State.

i. Third party motor insurance in respect of all mechanically propelled vehicles that ply the public roads;
ii. All Buildings under construction that are more than two (2) floors;
iii. All Public Buildings including Schools, Offices, Hotels, Hospitals, shopping malls etc.;
iv. Professional indemnity for all medical practitioners and hospitals; and
v. Group life insurance cover by employers for employees where there are more than 3 persons.
vi. Annuity for retirees as provided under the Pension Reform Act 2014

On behalf of the management of NAICOM, I thank His Excellency for his swift response to our request to organise this sensitisation workshop for stakeholders in the state as a window provided for better understanding of Islamic way of Insurance and discussing a way forward for Takaful to thrive in the state.

Beyond this workshop we will also seek to partner on enforcement of compulsory insurances in the state, and we expect the state executive council to assist on the following:

1. Incept the process of enacting state laws to domesticate the compulsory insurances earlier highlighted in conjunction with the state legislature,

2. Ensure adequate insurance of assets and liabilities of Katsina State government

3. Liaise with Takaful/insurance operators to determine product best suited for the government, farmers, private companies, MSMEs and individuals in the state

4. Conduct on the spot awareness and sensitisation campaigns across the state, etc

Patoma Admin by — September 8, 2022 in Insurance 0
Queen Elizabeth ll is dead, reigned for 70 years

By Favour Nnabugwu

 

 

Queen Elizabeth II, the longest-reigning British monarch whose ruled for 70 years  has died on Thursday at the age of 96, Buckingham Palace has announced.

Elizabeth ascended to the throne in 1952, on the death of her father, King George VI. She oversaw the last throes of the British empire, weathered global upheaval and domestic scandal, and dramatically modernized the monarchy.

She died at Balmoral Castle in Scotland after doctors said they had become concerned about her health on Thursday.

Elizabeth ruled over the United Kingdom and 14 other Commonwealth realms, and became one of the most recognizable women ever to have lived. Her son, Charles, immediately became King upon her death.

Patoma Admin by — September 8, 2022 in Foreign 0