February 2024
09Feb

Nigeria. Pensioners threaten mass protest in Abuja over demands; seek N100,000 monthly pension

According to the union, the economic downturn has led to a high cost of living in the country. NUP president Godwin Abumisi spoke on Thursday when he fielded questions from journalists in Abuja. Mr Abumisi said the union had lost about 1,500 of its members in recent times due to economic hardship and the high cost of living in the country. “It is not in our power to distribute food items to pensioners in Nigeria. We do not have the resources. In...

February 9, 2024
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January 2024
22Jan

Nigeria. Stop paying ex-governors scandalous pensions – Falana

Human Rights activist, Femi Falana (SAN), has called on Lagos, Akwa Ibom and Rivers state governments to stop paying what he described as scandalous pensions to ex-governors while workers are owed arrears of meagre pensions. He made the call on Sunday in a statement made available to our correspondent. According to him, not less than 20 ex-governors are in the Senate, receiving jumbo salaries and allowances. “Lagos was the first state to implement a pension law for its former governors. The Lagos...

January 22, 2024
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03Jan

Nigeria. Stakeholders Worry Over Slow Pace Of Micro Pension Plan

The ever slow pace with which Micro Pension Plan (MPP) is being subscribed to has been a source for concern for the operators, regulators and other stake­holders. Launched by the immediate past Pres­ident Muhammadu Buhari in 2019, four years down the line not much has been achieved in terms of numbers of contrib­utors and of course, micro pension assets under management. The MPP was launched to bring into the pension net, work­ers in the informal sector of the economy who are...

January 3, 2024
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December 2023
19Dec

Nigeria. PenCom asks employees of defunct organizations to reclaim their unpaid pension contributions

The National Pension Commission (PenCom) has called on former employees of defunct banks and other organizations in the country to approach their Pension Fund Administrators (PFAs) to reclaim the N12 billion in the Transition Contribution Funds (TCF) in their custody. According to the commission, the defunct organisations include Diamond, Intercontinental, Citizen, Mainstream and Oceanic Banks whose workers have yet to claim their funds. Speaking at a media parley organised by the Pension Fund Operators (PenOp), PenCom’s Director-General, Aisha Daniel-Umar, said that...

December 19, 2023
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14Dec

Nigeria. Pension coverage: Micro pension’s impact on informal sector (Part 1)

The Contributory Pension Scheme (CPS) is a vital initiative empowering individuals to secure their financial well-being in old age. Tailored initially for formal sector employees, the CPS was extended to include informal sector workers following the Pension Reform Act (PRA) amendment in 2014. Guided by the provisions of the PRA 2014, the National Pension Commission (PenCom) introduced the Micro Pension Plan (MPP) with the specific objective of broadening pension coverage to include workers in the informal sector. Under the MPP,...

December 14, 2023
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November 2023
27Nov

Nigeria. N130bn pension fund invested in infrastructure – PenCom

Pension Fund Administrators invested N130.18 billion funds under the Contributory Pension Scheme in infrastructure as of the end of September 2023. Figures obtained from the National Pension Commission on ‘Unaudited report on pension funds industry portfolio for the period ended 30 September 2023- Approved Existing Schemes, Closed Pension Fund Administrators and RSA Funds (Including unremitted contributions @CBN & legacy funds’, revealed. According to the figures, total assets under the CPS stood at N17.35tn as of the period under review. Part of the...

November 27, 2023
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October 2023
30Oct

How Nigeria’s Contributory Pension Scheme Grew 52% in Three Years

The Director General of the National Pension Commission (PenCom), Mrs Aisha Dahir-Umar, has said pension assets under the Contributory Pension Scheme (CPS) surged by N5.94 trillion or 52.3 per cent over the last three years from N11.35 trillion in August 2020 to N17.29 trillion in August 2023. The CPS is an arrangement where both the employer and the employee contribute a portion of an employee’s monthly emoluments towards the payment of the latter’s pension at retirement. Speaking recently on the development...

October 30, 2023
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12Oct

Nigeria. Informal sector workers demand social protection

The Federation of Informal Workers of Nigeria has canvassed for social protection for informal workers, noting that over 90 per cent of Nigerians are engaged in the sector. The call was made by delegates at the 2nd Delegates Conference of the Federation of Informal Workers’ Organisations of Nigeria held recently in Lagos. The union argued that government policies have led to the collapse of many industries in the formal sector over the years. This has led to rapid expansion of the...

October 12, 2023
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10Oct

Nigeria. PenCom Disburses N10.2bn To 142,486 NSITF Scheme Contributors

The National Pension Commission (PenCom) has has transfered a total of N10.2 billion to 142,486 Retirement Savings Accounts (RSA) under the Organised Private Sector (OPS) of the Nigerian Social Insurance Trust Fund (NSITF) scheme to date. This was disclosed by the director-general of PenCom, Aisha Dahiru Umar, at a one-day interactive session with the OPS on the current developments and challenges in the implementation of the Pension Reform Act (PRA) 2014, which took place in Kano State, on Tuesday. “To date,...

October 10, 2023
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September 2023
18Sep

Nigeria: ‘Benue Owes Pensioners 120 Months Arrears’

Pensioners on the payroll of the Benue state government and those of the local governments have received four and three months payments respectively since the beginning of Governor Hyacinth Alia's administration. The payments covered the months of May to August 2023 for state pensioners while local government pensioners received payments from June to August 2023. The State Chairman of Nigeria Union of Pensioners, NUP, Michael Vember, who made this known in a chat, noted that the government's mode of payment had...

September 18, 2023
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