August 2017

07Aug

Nigeria. Development partners set to unlock long-term funds for infrastructure

InfraCredit, an infrastructure credit enhancement institution with GuarantCo, Private Infrastructure Development Group (PIDG), and the International Finance Corporation (IFC), collaborate to support investor capacity building, and knowledge sharing in the Nigerian infrastructure finance sector. It is expected that the successful operation of InfraCredit will address the constraints facing the Nigerian pension market, and other long-term investors, thereby increasing their involvement in investing in long-term bonds to finance infrastructure assets. At the first investor workshop under the capacity building programme held in...

August 7, 2017
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July 2017

31Jul

Nigeria. FUG Pensions targets N500bn assets under management

Future Unity Glanvills Pensions Limited (FUG), said it is targeting assets base of N120 billion by 2019, and N500 billion over the next seven years for its medium term operation. The firm’s current assets under management have grown from zero position in 2007, to over N57 billion in 2017. This was disclosed by the Managing Director and Chief Executive Officer, Usman Suleiman, at the 10th year anniversary of the Company’s held in Lagos. According to him, the Company has put in place...

July 31, 2017
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19Jul

Nigeria. Social Rights Project challenged to prove pension allegation

The Minister of Mines and Steel Development, Dr Kayode Fayemi, on Tuesday issued a seven-day ultimatum to the Social-Economic Rights Accountability Project (SERAP) to prove he still receives pensions. He said SERAP must make public details or proof of pension and any other remuneration alleged to be enjoyed by him from the Ekiti State government since leaving office as governor of the state in 2014. He said in the alternative, the SERAP should publicly apologise to him for including his name...

July 19, 2017
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June 2017

22Jun

Nigeria. NLC asks Cross River to account for N31b bailout fund

The Nigeria Labour Congress (NLC) has asked the Cross River State Governor, Ben Ayade, to account for the N31.1 billion bailout fund the state received from the Federal Government. The Organised Labour in the state had on Monday resumed a total strike it suspended on May 30 demanding the payment of arrears of gratuity, release of promotion letters and many others, saying the Paris fund refund and the bailout funds were meant for payment of salaries, pensions and gratuities and...

June 22, 2017
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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
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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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