Nigeria’s National Economic Council (NEC) says the federal government has resolved to borrow two trillion from the current 10 trillion naira pension funds to finance the development of infrastructure. Niyi Falade, CEO of Crusader Sterling Pensions joins CNBC Africa to discuss this story. Watch de video in @CNBC Africa
The Nigerian central bank’s directive that the country’s lenders must have a minimum 65% loan-to-deposit ratio by March will be credit negative as the banks are pushed towards making riskier loans, Moody’s said on 13 January. Loans will need to grow by about 5% from the end of October to meet the new rules, Moody’s says. Pension funds cannot place money with banks rated below investment grade, meaning that pension assets are concentrated in 10 or 11 banks, says...
Nigeria’s Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit asking the Federal High Court, Abuja to order the 36 state governors in Nigeria to “publish details and breakdown of payment of pensions to each of the former governors and other ex-officials, and the names and number of ex-governors and other officials receiving pensions under their respective State pension laws between 1999 and 2019.” Read Also Nigeria’s pension industry squeezed as risk outlook for banks worsens In the suit filed...
Contributors for the Micro Pension plan are now 30,000 seven months after it was launched, the National Pension Commission (PenCom) has said. The Acting Director General of PenCom, Aisha Umar-Dahir said this in an exclusive interview with Daily Trust. The Micro Pension plan was launched by President Muhammadu Buhari in March 2019. It is aimed at extending pension coverage to the self-employed and persons working in the informal sector to drive financial inclusion and allow the target population to...
Nigeria’s Scio-Economic Rights and Accountability Project (SERAP) has sent a Freedom of Information Act request to the Chairman and Deputy Chairman of the Governors’ Forum, Ekiti state governor Dr Kayode Fayemi and Sokoto state governor Aminu Tambuwal, and other 34 governors urging them to use their “leadership position to urgently disclose details of payment of pensions to former governors and other ex-officials between 1999 and 2019 under your state’s pension law, and to provide a copy of the said...
The Federal High Court in Lagos in a landmark judgment has ordered the federal government to "recover pensions collected by former governors now serving as ministers and members of the National Assembly, and directed the Attorney General of the Federation and Minister of Justice Mr Abubakar Malami, SAN to challenge the legality of states' pension laws permitting former governors and other ex-public officials to collect such pensions." A certified true copy of the judgment delivered last week was obtained...
In Nigeria of today, working in the civil service is quite interesting, but that only lasts for the 35 years of active working. Once that lapses, the next phase comes with huge sufferings for most people. Pensioners are the least on priorities, from state to the federal government. It’s a series of untold hardships, right from the point of retiring. Getting the gratuity and regular pensions have always been complex. And the unfortunate thing is that, this trend has...
While the Contributory Pension Scheme (CPS) has been fully established and to a large extent taken care of workers in the formal sector including public and private establishments, the micro-pension plan for the informal sector came on-board fully this year with a major launch by the Federal Government. Read also Poland Approves Plans to Overhaul Pension System The scheme, which went through the usual teething problem associated with every new programme, has, however, appeared to be taking shape...
Nigeria, like the rest of the world, is getting ready for retirement at a pace that might not meet the need of the future. In monetary term, the World Economic Forum (WEF) puts the likely gap between the outcome of global efforts at funding retirement and reality of retirement needs at $400 trillion by 2020. This shows that retirement realities may outweigh retirement preparations and expose elderly persons to financial insecurity in future. Chief Executive Officer of Principal Financial...
Oyo State Chapter of Nigerian Union of Pensioners’ (NUP) Radio station, “Pensioners Radio” will be commissioned in September by Governor Seyi Makinde. The union’s secretary, Comrade Segun Abatan, broke the news when the management of Oyo State Ministry of Information, Culture and Tourism, led by its Permanent Secretary, Dr. Bashir Olanrewaju, visited the Pensioners’ House at Jericho, Ibadan, to witness the test transmission of the radio station. Abatan said the radio station was the first of its kind in...
