PenCom ranks FCT, Delta, Kaduna, 7 others as top performing States in CPS

By Favour Nnabugwu
he National Pension Commission (PenCom) has ranked FCT, Delta, Kaduna and seven others as the top performing  states in the implementation of the Contributory Pension Scheme (CPS)
The other States, according to PenCom, are Edo, Anambra, Benue, Ekiti and Lagos, Ondo and Osun as at December 2022.
PenCom in a report, however applauded Edo State for the level it has reached in
the CPS.
The pension regulatory body said the state government enacted the Edo State Contributory Pension Scheme Law in 2010 and that implementation of the CPS commenced in February 2017.
According to PenCom, “The State Government established the Edo State Pension Bureau to oversee the implementation of the CPS in Edo State. It has registered the State’s employees with Pension Fund Administrators (PFAs).
However, three self-funded agencies and 18 LGCs are yet to commence registration of their employees.
“The State government is remitting 10 per cent employer and 8 per cent employee pension contributions and has conducted an actuarial valuation to determine the employee’s accrued pension rights. It has a valid Group Life Insurance Policy
The commission added that the State has opened a Retirement Benefits Bond Redemptions Fundf Account with a PFA and is funding the Accrued Pension Rights of the State public service employees
Naicom commerces FRS 17 in June 2023

By Favour Nnabugwu

 

 

The National Insurance Commission, Naicom has did that the regulatory body will begin to ask operator to file report in the Financial Reporting Standard 17 (FIRS 17) from June this year.

FRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard.

The objective of FRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts.

The Insurers steering committee during a meeting on Thursday revealed that the FRS 17 will take effect from June 2023.

Making this know is the Head Corporate Communication and Market Development who is part of the committee who said that Naicom is helping companies to make sure they comply and for the meanwhile time, they will submit the FRS 14 before June 2023.

Salami at this point said,”Operators have been given up till June this year to submit their accounts on FRS 17″.

The commission, said in its efforts to get insurance firms ready for the new finance reporting model, it had set up sub-working groups to facilitate the migration.

The Commissioner for Insurance, Mr Olorundare Sunday Thomas, urged board members of each insurance firm to get prepared for the IFRS 17 implementation pointing out that the deadline for migration was already at hand.

“I want to urge you also to follow up on the implementation of International Financial Reporting Standards. IFRS 17 in your companies.

You are therefore required to ensure that your entities are in full compliance and ready for the dateline”, the commissioner charged

He also urged the directors to take the issue of development of insurance in the country serious directing them to work closely with their management because a lot was expected from them at the top level.

“The Commission is working assiduously to open up the market particularly the retail end, conducting engagements with various agencies and state governments on the need to boost insurance culture across the country”.

However, the supply side which is the insurance companies must also be proactive with follow-ups in these places. If the industry is desirous of having significant impact on the nation’s GDP, it therefore must take retail business seriously.

This also must be supported with massive awareness campaign about insurance products across the geo-political zones taking into consideration peculiarity of each of the regions, “Thomas said.

PenCom dissociates self from ASSOPEP

By Favour Nnabugwu
 

The National Pension Commission (PenCom) has denied knowledge of the illicit activities of Association of Pension Desk Practitioners of Nigeria (ASSOPEP).

PenCom in a statement said it has particularly noted ASSOPEP’s claims of resolving pension issues and assisting retirees in securing their retirement benefits.

The general public is kindly requested to note that the claims by ASSOPEP are entirely false as the Association has no affiliation with the pension industry nor authorisation of any kind whatsoever from PenCom, it submitted.

PenCom noted that moreover, Licensed Pension Fund Operators (LPFOs), who are statutorily mandated to undertake the processing and payment of retirement benefits, are not associated with ASSOPEP in any way.

PenCom, therefore, urged the general public to be cautious of any promise or claim made by ASSOPEP regarding pension and retirement benefits or any other matter relating to the pension industry in Nigeria.

The Commission strongly advised workers, retirees, pension desk officers and everyone approached by the Association with claims of consulting with their Pension Fund Administrators (PFAs) and PenCom for guidance and assistance in respect of their retirement benefits to exercise caution as any interaction with the Association is at the individual’s own risk.

PenCom noted that it has, in the meantime reported the activities of ASSOPEP to law enforcement agencies for appropriate action.

The activity of the Association of Pension Desk Practitioners of Nigeria, started on November 8, 2016 with its annual conference held in Abuja with theme The New Pension Act 2014- The Implementation Hurdles for Nigerian Employees. Since then the ASSOPEP holds its annual conference in Abuja in November every year.

DG NiMet, Mansur Bako Matazu now a governing board member of NOSDRA

By Favour Nnabugwu
 
The Director General of the Nigerian Meteorological Agency, ((NiMet), Prof Mansur Bako Matazu has been appointed as member of the Governing Board of National Oil Spill Detection And Response Agency (NOSDRA).
The approval was contained in a letter  to the Honourable Minister of Environment, signed on behalf of the Honourable Minister of Aviation by the Director ( Human Resource Management) of the Ministry of Aviation.
” I am directed to refer to your letter No FMENV/PRS/1782/1/18 dated 29th March, 2023 on the above subject and convey the approval of the Honourable Minister of Aviation for the Director General of Nigerian Meteorological Agency (NiMet), Prof. Mansur Bako Matazu to serve on the Governing Board of the National Oil Spill Detection And Response Agency (NOSDRA).” The letter reads.
By this appointment, Prof. Matazu is expected to bring his wealth of knowledge and experience to bear.
UN-OCHA collaborates with NiMeT on humanitarian

CAPTION:
L-Director-General of the the Nigerian Meteorological Agency (NiMet), Prof Mansur Bako Matazu and Head of Office for Nigeria of the United Nations Office for the Coordination of Humanitarian Affairs (UN-OCHA), Trond Jensen
By Favour Nnabugwu
The United Nations Office for the Coordination of Humanitarian Affairs (UN-OCHA) has expressed interest to work with the Nigerian Meteorological Agency (NiMet).
This was made known when a team from the UN body paid a courtesy visit to the NiMet headquarters yesterday.
Speaking on the purpose of their visit the leader of the team and Head of Office for Nigeria, Trond Jensen said he was impressed by the analysis and the work that NiMet is doing that the purpose of the visit is to continue it’s advocacy efforts to enhance the urgency, efficiency, and quality of humanitarian response in the north east states of Borno, Adamawa and Yobe.
“One of the things we want to do this year together with the government Institutions that we are working with is to be better prepared for the rainy season this year”.
He noted that last year was a national disaster in terms of the extent and impact of the flooding, also in terms of the damage to infrastructure.
Mr Jensen emphasized that their desire is to work more closely with NiMet.
” We want to work more closely with you in terms of understanding what might happen this year, compared to last year and how we can work better, working with you in terms of preparedness, in terms of anticipatory action where your input is actually critical for us to understand how the inclement weather would impact on the humanitarian work”. He said.
Responding the Director General of NiMet, Prof. Mansur Bako Matazu observed that both organisations have a common goal and the  convergence of providing early warning for all.
He explained that NiMet has achieved certain level of leadership role in the continent based on the provision of climate services from co-generation to effective dissemination and getting feedbacks within the value chain.
Prof. Matazu revealed further that based on this,  NiMet provides daily weather forecast to Liberia, and Sierra Leone as part of the World Meteorological Organisation VCP programme which has been on for almost seven years to date.
He disclosed that ” We are also implementing the WMO SOFF project, we are peer reviewing Liberia and Burkina Faso, Liberia we are doing that alone but with Burkina Faso we are peering with Spanish Met Service. We also want to apply for the second stage to peer review one or two other African states”. He said.
Prof. Matazu revealed that by doing some of these projects NiMet has gained experience to be able to do some of its own national mandate while partnering with some Ministries , Departments and Agencies.
Prof. Matazu said  NiMet is flexible and willing to work with the UN body and assured that ” if we get details of your target location and elements of interest, we can come up with some products specifically for your usage and we can get it relayed to you electronically or we can create a segment in our App, NiMet weather App that can be downloaded from the playstore.