About 50 per cent of Retirement Savings Account (RSA) holders, equal to 7 million could qualify to access equity contribution for residential mortgage, experts in the industry have said. According to them, about this number of RSA holders would have received employer employee contributions consistently for 60 months, which is equal to five years, as required under the residential mortgage Read More
The National Pension Commission (PenCom) has said that ñbbjnjvalue of pension fund assets has increased to N14.59 trillion as at the end of October, 2022. This is a 7.20 per cent or N909 billion increase when compared to N13.6 trillion, as at January 2022. PenCom stated this in the monthly pension report that captured the assets under management by Pension Read More
The National Pension Commission (PenCom) disclosed that Nigeria’s Pension Fund Assets, as at September stood at N14.42 trillion. PenCom’s Director General, Aisha Dahir- Umar, who made the dis CV disclosure at the second sensitization programme organised for Civil Society Organisations, CSOs in Abuja, said the Commission successfully concluded the increase of the Minimum Regulatory Capital (Shareholders’ Fund) requirements of PFAs Read More
The Federal Capital Territory (FCT) Area Council Staff Pension Board has disclosed the disbursement of over N8 billion as accrual benefits to 1,217 retirees over the period of six years; from 2016 till date. Also, within the same period, it paid the total of N896 million as death benefit. Director of the Board, Dr. Nanzing Nden, who made this disclosure, Read More
Celestine Omehia was governor of Rivers state from May 29 to October 2007 when he was removed by the Supreme Court. The court had argued that Omehia was not the duly nominated candidate of the Peoples Democratic Party (PDP) and that the person duly nominated was Rotimi Amaechi. The court therefore made Amaechi the first person to become governor without Read More
Efforts to strengthen pension remittance compliance by employers of labour has continued to gain traction, as recovery agents since inception has pulled in N22.13 billion. According to data from the National Pension Commission (PenCom), from the commencement of the recovery exercise in June 2012 to 30 June 2022, a total of N22.13 billion, comprising of principal contributions (N11.441 billion and Read More
Three months after announcing its proposed acquisition of Nigerian pension fund manager First Guarantee Pension Limited, financial holding company Access has obtained the necessary regulatory approvals that will make First Guarantee Pension its subsidiary. Nigerian financial services holding Access Holdings Plc has secured the regulatory approvals to complete its proposed acquisition of a majority stake in pension fund manager First Read More
In 2004, Nigeria embarked on one of the most successful reforms in its history with the enactment of the Pension Reform Act (PRA 2004). Before then, employers used to have riotous schemes that did not inspire confidence in the employees. In the private sector, there were schemes that were less than beneficial and were often implemented in ways that gave Read More
Pension fund assets rose by N842.7 billion in the first half of 2022, hitting a record of N14.27 trillion from N13.42 trillion recorded at the beginning of the year. This is according to the National Pension Commission (PenCom). According to PenCom a total of 27,157 RSA contributors switched their pension managers between January and June 2022, bringing the total number Read More
Nigeria’s pension fund assets increased by N453.8 billion in the first quarter of 2022 to stand at N13.88 trillion as of the end of March 2022, representing the highest level on record. The industry’s assets under management increased by 3.38 per cent in the review period from N13.4 billion as of December 2021. The RSA fund II accounted for most Read More
Several stakeholders have expressed support for the call to exempt personnel of the Nigeria Police from the contributory pension scheme, which into being after enactment of the Pension Reform Act of 2014. This happened during a public hearing on two pension-related bills on Tuesday, organised by the House of Representatives Committee on Pension Matters. The proposed legislations were; A Bill Read More
The National Pension Commission (PenCom) has reported that pension fund assets surged by N1.11 trillion, rising from N12.31 trillion as at December 31, 2020, to N13.42 trillion in December 31, 2021. This is contained in data published by the Commission on its website on Wednesday. Since the National Pension Commission (PenCom) officially opened the transfer window, which allows holders of Read More
Specialist digital life insurance company, Heirs Life Assurance (HLA) has rolled out an awareness campaign for its pension-regulated Annuity Plan, promising retirees a steady income for as long as they live. The premise of the plan is for people to retire without financial worries as the plan pays policyholders a guaranteed pension for life. Last year, Lagos State Government announced Read More
Heirs Life Assurance (HLA) has rolled out an awareness campaign for its pension-regulated Annuity Plan, promising retirees a steady income for as long as they live. The premise of the plan is for people to retire without financial worries as the plan pays policyholders a guaranteed pension for life. Last year, Lagos State Government announced Heirs Life as one of Read More
The National Assembly has been urged to organise a public hearing in order to provide an avenue for stakeholders to formally make input into the proposed amendments. This is sequel to the recent retreat organized by the National Pension Commission (PenCom) on the review of the (PRA 2014) in Abuja. The retreat aimed to identify salient issues to be reviewed Read More
The Pension Transitional Arrangement Directorate (PTAD) has disclosed that it had reviewed and paid the sum of N7 billion to 24,000 pensioners across the country. Its executive secretary, Dr. Chioma Ejikeme, made the disclosure Friday during the unveiling of a new online application to pensioners code-named “I’m Alive” at a stakeholders’ forum for North-west in Kano. According to her, the Read More
Pensioners of the defunct Nigeria Telecommunications Limited (NITEL/MTEL) have written President Muhammadu Buhari, asking him to intervene in ensuring compliance with his directive that they be paid the 77 months’ pension arrears owed them. The NITEL/MTEL pensioners in the letter signed by the group’s leader, Mr Kunle Ojo, noted that while most of their counterparts in other privatised government agencies Read More
The National Pension Commission (PenCom) has extended the online verification and enrollment exercise for 2021 retirees, and prospective retirees of the Federal Government Treasury Funded Ministries, Departments and Agencies (MDAs). The Head, Corporate Communications of PenCom, Mr. Peter Aghahowa, made the disclosure in a statement Friday in Abuja. He said PenCom had developed an online application that automated the Annual Read More
The Association of Ebonyi State Indigenes in Diaspora (AESID) has described the recent assessment of governor Dave Umahi’s performance in the state by the founder and Director of Adoration Ministry, Reverend Father Ejike Mbaka, as against the realities on ground in the state. The Ebonyi indigenes warned that Fr. Mbaka should not be carried away by Umahi’s gift to the Read More
Trustfund Pensions has urged employers of labour to ensure compliance with the National Pension Commission directives on Contributory Pension Scheme (CPS) for their employees. The fund also told employers to frequently interact with their employees’ Pension Fund Administrators (PFAs) to be up to date on happenings within the industry. Speaking during an interactive meeting with employers in Abuja, Trustfund Pensions Read More
The national leadership of the ruling All Progressives Congress (APC) has announced suspension of the ongoing State Congress in Oyo state due to forging of documents meant for the exercise and other irregularities. Governor of Yobe state and Chairman, Caretaker/Extraordinary Convention Planning Committee, Hon. Mai Mala Buni, gave the ordered. In a statement signed by the party’s National Secretary Sen. Read More
The Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPPAN), has passed a vote of confidence on Minister of Finance, Budget and National Planning Hajia Zainab Shamsuna Ahmed for her determination towards pensioners’ welfare, describing it as commendable and exemplary. Speaking at the end of her National Administration Council (NAC) meeting held in Abuja, the senior citizens further applauded Read More
Faisal, son of the Chairman, defunct Pension Reformed Task Team (PRTT), Abdulrasheed Maina, has been sent to 24 years imprisonment by a federal High Court in Abuja Justice Okon Abang, in his judgment, held that Faisal, who was sentenced in absentia, was guilty of all the three-count charge. Justice Okon, who handed down a five-year-jail term for count one bordering on Read More
Moves by the House of Representatives to exempt personnel of the Nigeria Police Force (NPF) got a boost on Tuesday, as a Bill to that effect scaled second reading on its floor. Entitled “A Bill for an Act to Amend the Pension Reform Act, 2014 to Provide for Exemption of the Nigeria Police Force from the Contributory Pension Scheme; and Read More
The Nigeria Union of Pensioners, Contributory Pension Scheme Sector (NUPCPS) has urge the board of National Pension Commission (PenCom), to approve the commencement of the payment of N14.000 minimum pension. The union in a communique, signed by the national chairman, Caretaker Committee, Comrade Sylva Nwaiwu and its national secretary, Comrade Adebayo Martins, also appealed to the National Pension Commission (PenCom), Read More
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