June 2017

02Jun

Nigeria. Pension Authority to end Annuity Funds Controversy

The National Insurance Commission (NAICOM) and the National Pension Commission(PenCom) are making frantic moves to resolve the controversy surrounding the N167.8 billion Annuity Funds Arrangement, LEADERSHIP Friday can exclusively reveal. It was gathered that the two regulators met recently to deliberate on grey areas, a parley which would lead to the release of a framework that will regulate the administration of Annuity Business in the country. The framework known as Joint Service Agreement, according to findings, will explain in details how...

June 2, 2017
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May 2017

31May

Nigeria. Not yet independence for Pension Reforms

Before the advent of the Contributory Pension Scheme (CPS) in 2004, it was a common view seeing public officials shedding tears at public functions decrying the plights of pensioners. With the implementation of the Pension Reforms Act 2004 by the Federal Government more than a decade ago, the road may have not been completely smooth even though it is a radical departure from the past defined benefit system. The anxiety over the utilisation of pension assets since the arrival of the...

May 31, 2017
News, OP Ed
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26May

Nigeria’s pension fund calls authority to increase coverage

The Interim Chairman of the Management Committee of the First Guarantee Pensions Limited Comrade Issa Aremu has called on the new management of the National Pension Commission (Pencom) to increase contributory pension scheme enrollment figure. He made this call at a news conference in Abuja. Aremu, who is also the General Secretary of National Union of Textile, Garment and Tailoring Workers of Nigeria, noted that the current enrolment of less than seven million subscribers in the National Pension Commission was...

May 26, 2017
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24May

Nigeria. ‘First Guarantee Pension Board is Ready to Resume Business’

The Board and Management of First Guarantee Pension Limited, one of the licensed Pension Fund Administrators (PFAs) in Nigeria, said owners of the company are ready to resume normal business operations, six years after suspension of the company’s former board and management by the insurance sector regulator, the National Pension Commission (PenCom). Vice Chairman of the company, Nze Chidi Duru, who stated this during a courtesy visit to THISDAY Newspapers, said that the board is ready to take back the...

May 24, 2017
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03May

Nigeria. State Government of Uyo suspends payments of pensions for retired Civil Servants

AKWA Ibom State pensioners have decried non-payment of their pensions and gratuities despite recent bailouts and Paris Clubs refunds, pleading with the state government to pay their entitlements. It was gathered that from August 2015 till January 2017, retired civil servants have not been paid their gratuity and pension arrears, due to perceived embargo on the payment of gratuities and pensions by the state government. One of the pensioners claimed that from January 2017 till date, the total amount of...

May 3, 2017
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01May

Sustainable finance, financial regulators, and the changing landscape in Nigeria

Today, Kodak is gone because it did not pay close attention to the threat posed by the smartphone technology to its business. It did not adapt to the changing nature of its business environment. The rest now is history. Sustainability is the potential new threat, if ignored or taken for granted. Sustainability has become a new mantra, a philosophy of sorts. It however means different things to different people. If one takes the literary meaning of the word, it simply...

May 1, 2017
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April 2017

26Apr

Nigeria. All Eyes on Dikko, New PenCom DG

As Aliyu Dikko assumes office as the new PenCom DG, Nigerian workers and pensioners are expectant that the seasoned banker and experienced finance manager would bring his wealth of experience to bear in resolving pending issues in their overall interest, writes Ebere Nwoji As the new Director General, National Pension Commission (PenCom), Aliyu Dikko, takes over the mantle of leadership from Chinelo Anohu – Amazu, a number of tasks are awaiting his immediate actions. Some of these are – implementation of...

April 26, 2017
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25Apr

Nigeria’s PenCom General Director hands affairs over

A new chapter in the affairs of the National Pension Commission, PenCom, opened yesterday, after the erstwhile Director-General, Mrs. Chinelo Anohu-Amazu, handed over the affairs of the Commission to the Head of Corporate Responsibility, Aisha Dahiru-Umar. PenCom is the industry regulator overseeing assets of more than N6 trillion of pension assets in the country. The handover followed the arrival of her disengagement letter last Friday which was officially delivered to her. As reported by Vanguard yesterday, her removal was effected through...

April 25, 2017
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17Apr

Nigeria. Row over N22b pension legacy fund

Are 10 insurance firms owing the Federal Government’s Pension Transitional Directorate Department (PTAD) N22 billion meant for the Pension Legacy Fund? Yes, says PTAD. Yes, but. .., say some of the firms. The fund includes the liabilities and assets of pension funds of erstwhile pension offices and treasury funded pensions of parastatals, universities and colleges of education in charge of pensioners under the old pension scheme, known as the Defined Benefit Scheme (DBS). The PTAD, under the Pension Reform Act (PRA)...

April 17, 2017
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March 2017

30Mar

Nigeria. Insurance Companies Yet to Remit over N19bn Pension Fund

The Pension Transitional Arrangement Directorate (PTAD) has said that the federal government is yet to recover all the legacy pension assets, funds and liabilities including over N19 billion in the custody of insurance companies. The Executive Secretary of PTAD, Ms. Sharon Ikeazor, disclosed this at a media briefing in Abuja on “reshaping the landscape of pensions administration for the defined benefits scheme.” Ikeazor said that the legacy fund was inherited from the defunct Pensions Offices and Boards of Parastatals when PTAD...

March 30, 2017
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