The National Pension Commission (PenCom) has been awarded the Outstanding Regulator of the Year 2018 by the Independent Newspapers Limited, publishers of Daily Independent Newspapers.
The honour was in recognition of PenCom’s relentless pursuit of excellence in regulating the pension industry.
The Commission was extolled for its strides in implementing the Contributory Pension Scheme (CPS) and moving pension administration to new heights.
The award was received on behalf of the Commission by the Secretary /Legal Adviser Mr. Muhammad Sani Muhammed, Head, Corporate Communications Department, Mr. Peter Aghahowa and Principal Manager, South West Zonal Office, Mr. Akinsola Adeseun.
It will be recalled that under the stewardship of the Ag. Director General, Mrs. Aisha Dahir-Umar, the Commission had witnessed innovations such as Pension Enhancement for retirees under the Programmed Withdrawal and the Multi Fund Structure amongst others.
Public confidence and acceptability of the CPS has soared and membership has grown to 8.41 million contributors as at December 2018. The scheme has accumulated up to N8.50 trillion as at November 2018 and a total of 260,808 retirees are receiving monthly pensions regularly.
The Commission is poised to bring the informal sector into the Contributory Pension Scheme, through the Micro Pension Plan. This Plan avails pension services to self-employed persons and persons working in organisations with less than three employees.
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Dangote eyes foreign markets to generate forex
By David Agba
President Dangote Group of companies Alhaji Aliko Dangote has in France confirmed that his group will be focussing on export to foreign markets to generate foreign exchange. This is in line with the comments made by the CBN governor Mr. Godwin Emefiele that the Federal Government will soon start sourcing foreign exchange from Dangote Group, as soon as the latter’s refinery, petrochemicals and fertiliser projects come on stream. This potential reversal of roles was disclosed by the Central Bank Governor, Mr. Godwin Emefiele, after he spent over four hours touring the ongoing Dangote Refinery, Petrochemicals, Fertiliser projects and Dangote deep-water jetty at the weekend.
Emefiele had toured the project sites in the company of the President/CE of the Dangote Group, Aliko Dangote; Deputy Governor of the CBN, Aishah Ahmad; Group Managing Director, Dangote Industries Limited, Mr. Olakunle Alake; Group Executive Director of Dangote Industries, Mr. Devakumar Edwin; and the Managing Director of Guaranty Trust Bank, Mr. Segun Agbaje. The CBN governor premised his comment on the huge forex earnings that are expected to accrue from the export of the petrochemical and fertiliser products from the Dangote refinery and fertiliser plants by the time the fertiliser plant begins operations in May this year, and the refinery takes off as planned in 2020.
Aliko Dangote said he’s on schedule to finish by next year his $15 billion oil refinery, which will be one of the world’s biggest, despite analysts saying the timeline is ambitious. “There are quite a lot of challenges, but we’re moving,” Dangote told reporters at a conference in Paris about the plant, which is being built near Lagos, Nigeria’s commercial capital, and designed to process 650,000 barrels of crude daily. “We’re still targeting next year for commissioning.” The 61-year-old said he will export about 35 per cent of the refinery’s products, while the rest will serve the local market. Dangote Industries Ltd. said last year the plan is to produce about 50 million liters (13.2 million gallons) a day of gasoline and 15 million liters of diesel, though output can be changed according to demand. The company has been in talks with oil traders including Royal Dutch Shell Plc, Vitol Group and Trafigura Group Pte about them supplying crude and buying refined fuel.
The complex will include a $2.5 billion fertiliser factory with a capacity of 3 million metric tons annually, set to be ready this year, and a petrochemical plant. They will be powered by gas, which will be sent from the Niger River delta via two 550-kilometer (341-mile) underwater pipelines, also costing Dangote about $2.5 billion. Aliko Dangote, said he expected to step up exports of cement and other commodities from Nigeria from this year as he focuses on foreign markets to boost sales and generate much-needed hard currency. Dangote told Reuters he expected to have 8 million tonnes of cement to start exporting from July and was commissioning a 650,000 barrel per day (bpd) refinery near Lagos – set to be Africa’s biggest – next year. The export drive would expand further from 2020. “By next year we will start exporting more than 2 million tonnes of ammonia out of our 3 million tonnes’ capacity and we will export more than 35 percent of petroleum products and about 30 million tonnes of cement,” he said.
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Partnerships, key to improving Africa’s economic devt says DP World
By David Agba
The key to African economic emergence lies in removal of barriers, increased connectivity between nations and infrastructure development, DP World’s Group Chairman and Chief Executive Officer, Sultan Ahmed Bin Sulayem, told African leaders and top executives in Dakar Senegal.
“We be believe in the viability of Africa, we believe in investing in the continent during our investment in Senegal we improved efficiency and volumes 135 percent in 10 years,” Mr Bin Sulayem told the audience at the Africa Emergence Conference 2019 in Dakar Senegal.
Addressing a panel on how private institutions can help support emergence in Africa with President Macky Sall of Senegal and Prime Minister Mahatir Mohammed of Malaysia Mr Bin Sulayem explained how economic emergence is dependent on increasing inter African trade and infrastructure development.
He stressed that as a smart trade enabler, DP World has the extensive expertise and know-how that can help African countries realise their trade and infrastructure goals, while assisting countries to address national ports and logistics infrastructure challenges.
He highlighted the importance of developing a logistics infrastructure reflecting DP World’s activities in Rwanda and Mali.
President Macky Sall of Senegal said to the Audience that DP World helped in the development of Senegal.
“What the CEO said is the truth, in Senegal we have experienced a change because DP World was present before I became President with a concession of 25 years at the Port of Dakar,” he said.
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NSE, Afrinvest launch factor equity indices to optimize investors’ returns
By Amaka Ifeakandu
The Nigerian Stock Exchange (The NSE) and Afrinvest Securities Limited (“ASL”), a leading capital market research and securities execution platform, have launched two new factor indices: the NSE-Afrinvest Banking Value Index (NSE-Afr BVI) and NSE-Afrinvest High Dividend Yield Index (NSE-Afr HDYI).
The indices will be available real-time on both NSE and Afrinvest WA websites from Monday, January 21, 2019.
NSE-Afr BVI and NSE-Afr HDYI were designed in response to requests for applicable benchmarks for measuring value in banking stocks and high dividend stocks listed on the Exchange. They will serve as tools for investment managers and corporate treasuries seeking appropriate benchmarks to evaluate the performance of their portfolios to a segment of the banking sector or high dividend orientation as applicable. The indices can also be used as the performance target in index-replicating financial
NSE-Afr BVI and NSE-Afr HDYI were designed in response to requests for applicable benchmarks for measuring value in banking stocks and high dividend stocks listed on the Exchange. They will serve as tools for investment managers and corporate treasuries seeking appropriate benchmarks to evaluate the performance of their portfolios to a segment of the banking sector or high dividend orientation as applicable. The indices can also be used as the performance target in index-replicating financial products such as Exchange Traded Funds and Derivatives.
On the launch of the indices, the Chief Executive Officer of the Exchange, Mr. Oscar N. Onyema, remarked, “In view of rising demand for financial products that adequately meet the needs of market participants, particularly investors, the Exchange is pleased to collaborate with Afrinvest West Africa on these novel index strategies. The indices consider the fundamentals of underlying securities. We commend Afrinvest for its product innovation and for leveraging the Exchange’s Index calculation and management expertise”.
“The Exchange is committed to driving sustainability of our marketplace and supporting investable product creation endeavours by stakeholders to enhance the depth of the market. We will continue to welcome innovative solutions to identifiable gaps in the capital market”.
