April 2022

Nigeria. PenCom to fine PFAs over pensioners’ delayed payment, others
05Apr

Nigeria. PenCom to fine PFAs over pensioners’ delayed payment, others

The National Pension Commission has vowed to sanction Pension Fund Administrators over the spate of delays in the payment of pension benefits, among other related infractions. The commission stated this in its ‘Revised regulation on the administration of retirement and terminal benefits.’ “A PFA that fails neglects or refuses to enlighten the retiree on the features of Programmed Withdrawal and Retiree Life Annuity to enable the retiree to make an informed decision shall be liable for an administrative sanction of N500,000,”...

April 5, 2022
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March 2022

Nigeria. PTAD saves N7 billion through BVN verification of pensioners
07Mar

Nigeria. PTAD saves N7 billion through BVN verification of pensioners

The Pension Transitional Arrangement Directorate (PTAD) has said that over N7 billion has been saved through the use of Bank Verification Number (BVN) in its verification of pensioners under the Defined Benefit Scheme. According to the agency, the N7 billion hitherto went to settling dead or uncertain pensioners from the federal government account. The exercises got rid of 19,018 retirees who had been receiving monthly pension benefits from the Federal Government. Speaking on the development at a workshop for media in...

March 7, 2022
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February 2022
28Feb

Nigeria. Stakeholders advocate micro pension to secure financial future

The Pension Fund Operators Association of Nigeria have urged those in the informal sector to embrace micro pension as a means of securing their future financially. The Chief Executive Officer of the Association, Mr. Oguche Agudah made the call at the maiden Retreat and Unveiling of Magazine, THE PENSIONER for the Pension Correspondents Association of Nigeria in Abuja. Mr. Agudah said Contributory Pension Scheme should be embraced by all, because of its flexibility and safety of funds as it was a...

February 28, 2022
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17Feb

Nigeria: LASG Pays Over N1 Billion to 222 Retirees’ RSA, Promises to Clear Backlog of Pensions

The Director-General of Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana has said that the Lagos State Government has paid the sum of N1.04 billion to its retired workers. Obinala, who disclosed this at the 91st Batch Retirement Bond Certificate presentation Ceremony held in Lagos revealed that the state has cleared its pension contributions of 2018 - 2020 retirees under the contributory pension scheme. He assured the retirees that their contributions have been paid into their RSA. According to him, "despite the...

February 17, 2022
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11Feb

Tunji Andrews is Building Awabah, a Pension Platform for Nigeria´s Informal Sector

The world’s population is expected to grow by 2 billion people from 7.7 billion in 2019 to 9.7 billion in 2050. The report suggested that nine countries would make up over half the projected growth of the global population, five of which are African countries – Nigeria, the Democratic Republic of Congo (DRC), Ethiopia, Tanzania and Egypt. In agreement, Cities Alliance reported that about 95 per cent of this growth will happen in low and middle-income countries globally. Africa is...

February 11, 2022
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04Feb

Nigeria: Alleged Pension Fraud – EFCC Closes Case Against Ex-Head of Service, Steve Oronsaye

The Economic and Financial Crimes Commission (EFCC), on Thursday, rested its case in a pension fraud trial involving a former Head of Service of the Federation, Stephen Oronsaye. The anti-graft agency closed its case with the testimony of its 21st prosecution witness. It will now be the turn of Mr Oronsaye and his co-defendants to open their defence to the 49 charges of money laundering involving N2 billion in public funds. EFCC alleged in the charges at the Federal High Court in...

February 4, 2022
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December 2021
27Dec

Nigeria. FG still owes over N90.1bn pension liabilities — PTAD

The Federal Government still owes over N90.1 billion pension inherited unfunded liabilities to redundant agencies and parastatals, the Pension Transitional Arrangement Directorate, PTAD, has said. The Directorate disclosed this at the training workshop it organised for pension correspondents in Abuja. Deputy Director of Parastatals, Pension Department, PaPD, of PTAD, Yusuf Umar, who disclosed this, said the outstanding revealed that the defunct Nigeria Telecommunications Nitel/Mtel had the largest with N73 billion unfunded liability, translating to 81 per cent.Umar said others were Delta...

December 27, 2021
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13Dec

Nigeria. PenCom says 72,000 participants registered for Micro Pension Plan

The National Pension Commission (PenCom) has disclosed that 72,000 participants have been registered under the Micro Pension Plan (MPP) as at November 2021. This was disclosed by Head, Micro Pension Department, PenCom, Mr Dowda Ahmed, in an interview on Friday with NAN during the Pension Fund Operators Association of Nigeria (PenOp) Annual Media Parley in Lagos, themes, “Micro Pension – Challenges and Opportunities.” He also pointed out the category of people under the scheme. What PenCom is saying Ahmed stated that the scheme...

December 13, 2021
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November 2021
22Nov

Pension funds can steer next level growth and development in Nigeria

In retrospect, it is widely attested that an active pension ecosystem effectively congregating players – a regulator, administrators, custodians, public and private sector employers and working-class persons across several age groups – is well established in Nigeria. The maturity of this industry relative to more advanced economies of the world like the US or the Organisation for Economic Co-operation and Development nonetheless, the pension industry globally has displayed great resilience, navigating the turbulence and whirlwinds: macroeconomic shocks, economic downturns,...

November 22, 2021
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17Nov

Nigeria. Pension schemes subscribers increased by 3.6% year-on-year in 2020 – PenCom

The National Pension Commission, PenCom, has disclosed that the total membership of the pension Schemes increased by 3.6% from 8.95 million from December 2019 to 9.3 million in December 2020. This is according to the Commission’s recently released 2020 Annual Report. Growth in the industry is said to have been triggered by factors such as increase in the level of compliance by the public and private sectors owing to steps taken by the commission to improve compliance and coverage, as well...

November 17, 2021
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