April 2019

10Apr

Nigeria: The Informal Sector To Benefit From The Contributory Pension Scheme

In a bid to strengthen the post-retirement financial capability of all working Nigerians (across all sectors of the economy), the National Pension Commission (PenCom) has finalised plans to launch the micro pension plan (MPP) on Thursday, 28 March 2019. The MPP will allow employees of organizations with less than three staff as well as self-employed individuals to participate in the contributory pension scheme. The move to expand the scope of coverage of the contributory pension scheme will potentially mean...

April 10, 2019
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March 2019

29Mar

Nigeria. PenCom launches Micro Pension Plan and invests N6.5tr in securities as Buhari promises retirees better deal

•Contributory scheme hits N8.74 trillion in January Acting Director General of the National Pension Commission (PenCom), Aisha Dahir-Umar, has said N6.51 trillion, representing 73 per cent of the agency’s total assets, has been invested in Federal Government securities issued to finance various projects.Of the sum, N95.3 billion went for infrastructure while N7.19 billion was committed to the N10.67 billion Green Bond of the government. Speaking at the launch of the Micro Pension Plan (MPP) yesterday in Abuja, she...

March 29, 2019
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07Mar

Nigeria. Pension, Key Component Of Social Security System – PenCom Boss

The Acting Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar has described pension as key component of social security adding that the objectives of pension reform in the country was to reduce old age poverty. Dahir-Umar who made the remark during an interaction with DAILY INDEPENDENT, noted that there were several initiatives embarked upon by governments at all levels to eradicate poverty through gigantic reforms or social security programmes and provide financial support directly to the poor without it...

March 7, 2019
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February 2019

13Feb

Nigeria. Between NUPENCO and PenCom’s Transfer Window

The recent approval of operational license for Nigerian University Pension Management Company (NUPENCO), a new Pension Fund Administrator (PFA) that will oversee the management of pension funds contributed by university workers, by the National Pension Commission (PenCom) has raised a lot of questions on the modus operandi of the 15- year old contributory pension scheme(CPS) in Nigeria. The questions are coming from stakeholders who argued that before now, many contributors had been agitating to migrate from their pension fund...

February 13, 2019
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04Feb

Nigeria. N8.4trn Pension investment to promote industry – PENCOM

The National Pension Commission (PenCom) has clarified that pension funds are not lent out but invested in FGN Bonds, Treasury Bills and other financial instruments yielding profit over time.The funds which stood as at N8, 499,891.97 trillion as at November 2018 have depleted through borrowing to corporate entities, states among others.A document exclusively obtained from PenCom by Blueprint showed the FGN Bonds gulped N4, 439,561.29 trillion, representing 52.23 per cent of the total amount, while investments in Treasury Bills amounted to...

February 4, 2019
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January 2019

29Jan

PenCom Grants Licence To Nigerian University Pension Management Company (NUPEMCO)

The National Pension Commission (PenCom) yesterday approved the issuance of a license to Nigerian University Pension Management Company Limited (NUPEMCO) to carry out the business of a Pension Fund Administrator (PFA). The Commission in a statement made available to DAILY INDEPENDENT by Peter Aghahowa, Head Corporate Communication, said: “This approval is consequent upon a detailed evaluation of NUPEMCO’s compliance with the requirements, terms, and conditions stipulated by the Commission. Read more @Independent

January 29, 2019
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28Jan

Nigeria. 7 million aged people beg FG to create Ageing and Elderly Commission

No fewer than seven million aged people in the country have appealed to the Federal Government to establish a commission for Ageing and Elderly Persons with a view to addressing their current plights and sufferings. The ageing Nigerians said the creation of the Elderly couple in happy mood. commission would provide an environment which will encourage and promote active living for all aged groups, thus fostering social capital and a sense of community living. They also called on...

January 28, 2019
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09Jan

Nigeria. FG Reaches Agreement With ASUU Over Industrial Action, Pension

The federal government, has reached an agreement with the Academic Staff Union of Universities, ASUU, at the end of a meeting with union leaders in Abuja. Minister of Labour and Employment, Chris Ngige, who presided over the meeting, said the government has met most of the union’s demands, including the release of fifteen and a half billion naira for payment of salary shortfalls. The minister also said ASUU has fulfilled all righteousness on the issue of pensions.  He said all...

January 9, 2019
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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
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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
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