December 2018

10Dec

Nigeria. Pension: PenCom Adopts Risk-based Supervision To Promote Risk Mgt

The National Pension Commission (NAICOM) has adopted a risk-based supervision approach to promote better risk management in pension sector of the nation’s economy. Acting director-general, PenCom, Mrs. Aisha Dahiru-Umar, who stated this at the Compliance Officers Forum held in Uyo, Akwa-Ibom State recently, disclosed that the commission moved to a more risk based approach to supervising pension operators by aligning its supervisory framework with that of the Financial Services Regulation Coordinating Committee (FSRCC). Stating that risk management is essential to the...

December 10, 2018
News, Slider,
Read more...
06Dec

Nigeria: Military alerts public on scam on retirees

Nigeria’s Military Pension Board (MPB) has alerted retirees and families of deceased personnel of the circulation of “fake and malicious” messages by impostors to defraud them of their hard earned income.The Public Relations Officer, Flt.-Lt. Obasi Okoroafor, said the board has advised them to promptly report such fraudsters to the nearest military unit. Okoroafor said the MPB was dismayed by the circulation of the fraudulent messages by mischievous elements claiming to be its agents. “The dubious messages request for money from...

December 6, 2018
News, Slider,
Read more...

November 2018

07Nov

Nigeria. Understanding the Contributory Pension Scheme

The Contributory Pension Scheme, CPS, which commenced in July 2004, seeks to, amongst others, ensure that every worker receives his retirement benets asand when due. Hence, pension contributions is the total contributions of both employer and employee from July, 2004 to the month of retirement based on applicable grade level/step, salary structure and income earned on the contributions. Features of the CPS Contributory in nature: The CPS is contributory in nature. This means that the employer will contribute 10 percent, while...

November 7, 2018
News, Slider,
Read more...

October 2018

26Oct

Nigeria. Government Meets Labour Over Wage Saga As Pensioners Threaten Protest

The Secretary to the Government of the Federation (SGF), Boss Mustapha, has met with organised labour over the minimum wage imbroglio. The Guardian learnt yesterday in Abuja that the meeting with the president of Nigeria Labour Congress (NLC), Ayuba Wabba, and his Trade Union Congress (TUC) counterpart, Bobboi Kaigama, was to avert the October 30 rally and November 6 nationwide strike by the unions. It was also learnt that the scribe demanded a full account of what transpired during earlier negotiations...

October 26, 2018
News,
Read more...
24Oct

Nigerian pensioners issue ultimatum on pension arrears

The Nigeria Union of Pensioners (NUP) have issued a 21-day ultimatum to the government to pay the arrears of pensions owed them and also increase the minimum being paid, in line with the impending review of minimum wage.Mr. Abel Afolayan, the national president of the NUP, who made the demands at a news conference in Abuja, said that the union has served the Pension Transitional Arrangement Directorate (PTAD the notice in compliance with the extant labour laws. He said that...

October 24, 2018
News, Slider,
Read more...
15Oct

Nigeria. Pension fund infrastructure investments rose by 600% in 20 months – Dahir-Umar

Hajia Aisha Dahir-Umar is the acting Director General of the National Pension Commission (PenCom). In this exclusive interview with Daily Trust, she says infrastructure investments through pension funds have grown by over 600 per cent, from N2.23 billion in January, 2017, to N16.07 billion as at August 31, 2018. What has been your experience running PenCom since assumed office as its acting Director General? Since assumption of duty as acting director general in April, 2017, we have remained focused on the...

October 15, 2018
News, Slider,
Read more...

September 2018

19Sep

Corporate governance key to pension’s growth

The concept of sustainable investment is becoming more essential daily as an effective means of achieving desired impact on the global environment. The sustainable investment approach considers Environmental, Social and Governance (ESG) factors, as well as the long-term health and stability of the economy as a whole. These were the assertions of the Pioneer Director-General, the National Pension Commission (PenCom), Muhammad Ahmad, at the conference of Directors of Licensed Pension Operators in Nigeria, in Lagos. Read more Guardian

September 19, 2018
News, Slider,
Read more...
03Sep

Why Nigerians Seek Protection Of Participants In Micro Pension Scheme

The scheme is targeted at the informal sector operators who constitutes over 50 million working adults and un-pensionable Nigerian population who by virtue of their professions, trades and endeavours do neither belong to the current CPS arrangement provided by the Pension Reform Act 2014 as amended nor have a veritable platform to save for their retirement. Nigeria has an adult population of 96.4 million (50.8% Male and 49.2% Female) with 63.9% residing in the rural areas. 56.2million adults (58.3% of...

September 3, 2018
News, Slider,
Read more...

August 2018

29Aug

Theresa May In Africa: The Future Of Fintech In South Africa, Nigeria And Kenya

A delegation of UK fintech specialists joined Prime Minister Theresa May on her first official trip to Africa and will visit South Africa, Nigeria and Kenya to meet with entrepreneurs to establish trading and export ties in these emerging markets. Representatives from Azimo, the Financial Conduct Authority, Standard Chartered, Farm.ink, the London Stock Exchange Group and the Prime Minister’s Ambassador for Fintech were just some of the 29 leaders that accompanied May on the trip in order to forge connections...

August 29, 2018
News, Slider, , , ,
Read more...
21Aug

Nigeria. Pension: Over 37.3m adults face risk of old age poverty

Over 37.3 million adults in the informal sector face the risk of old age poverty, as the informal sector workers are isolated from the formal pension arrangements. Chairman of Pension Fund Operators Association of Nigeria, PenOp, Ronke Adedeji, who disclosed this said that 18.4 million adults which represent 19.1 percent of the total adult population, have farming as their main source of income  while 18.9 million adults which represent 19.6 percent of the total adult population get their income...

August 21, 2018
News, Slider,
Read more...