PFAs invest N1.49 trn in Treasury Bills

By Giwa SHILE Pension Fund Administrators (PFAs) in the country have invested N1.49 trillion in Treasury Bills. The monthly report released by the National Pension Commission (PenCom) on Sunday in Abuja by Mr Peter Aghahowa, the commission’s spokesman made the disclosure. The commission also disclosed that the PFAs invested N4.22 trillion in Federal Government’s bonds, Federal Mortgage Bank of Nigeria (FMBN) got N10.91 billion; Sukuk bonds, N53.15 billion; and green bonds, N6.96 billion. “State government securities gulped N154.43 billion, while corporate bonds was N400.45 billion with corporate infrastructure bonds amounting…

Read More

Pension: PTAD payrolls 9,125 ex-workers of NITEL/MTEL

By Meletus EZE The Pension Transitional Arrangement Directorate (PTAD) has included 9,125 ex-workers of Nigerian Telecommunications Limited (NITEL), and its mobile subsidiary, MTEL, to its monthly pension payroll. A statement by management of PTAD in Abuja on Saturday disclosed that the addition of the pensioners to the payroll was coming after 12 years of uncertainty post privatisation of NITEL/MTEL. PTAD said the inclusion of the ex-workers was in fulfillment of President Muhammadu Buhari’s commitment in ensuring that all pensioners get their entitlements. PTAD also announced that payments to 1,385 Next of Kins of deceased…

Read More

Unpaid Pensions: 900 Nigeria Airways retirees die

By Aliyu DANLADI Capt. Shu’aibu Alfa, Member Ministerial Committee on the verification of payment of retired Nigeria Airways workers, on Friday revealed that 900 retirees have so far died nationwide from 2004 till date. Alfa, who is the Supervisor, Kano Verification Centre, made the disclosure in Kano. There are three centres where the ongoing verification exercise for the Nigeria Airways retirees are being conducted. He said during the 15 years, no fewer than 900 of the retirees died, while the medical cases of some of them became worse, homes were…

Read More

PenCom approves 3,280 applications for retirement in Q1

By Giwa SHILE The National Pension Commission (PenCom) has approved 3, 280 applications for payment of retirement benefit under life annuity plan. The commission, in its 2018 first quarter report posted on its website, said the 3,280 retirees received N3.61 billion as lump sum payment and were paid annuity premium of N17.96 billion to insurance companies. This, PenCom said accumulated to a total of N63.91 billion and N259.58 billion as lump sum and annuity payments respectively. It said the approved annuity applications for the quarter under review increased the total…

Read More

Pension: LASG releases N795m as part of retirees’ accrued rights

By Aliyu DANLADI The Lagos State Government has released N795 million in September to settle part of accrued pension rights of its retirees. The Lagos State Pension Commission (LASPEC) said on Sunday in Lagos that the gesture was in fulfilment of monthly pension settlement embarked on by Gov. Akinwunmi Ambode. According to LASPEC, the fund was released for 213 Public Service Retirees under the Contributory Pension Scheme (CPS) in the state. The commision also confirmed that 9,804 retirees have had their accrued pension rights of N40,245 billion paid. It said…

Read More

Insurance Recapitalisation: Investors urge NAICOM to extend Oct. 1 deadline

By Meletus EZE As Oct. 1 remains deadline for insurance companies to switch to Tier-Based Minimum Solvency Capital (TBMSC) based regime, industry investors have called on the National Insurance Commission (NAICOM) for extension. The shareholders made the call on Saturday in Lagos . They posited that NAICOM should be seen to be supportive of the growth of the Industry as a regulator, saying the commission’s recent actions were  not indicative of an interest to see the Industry grow. Pastor Williams Adebayo, the President of Greenish Shareholdes’ Associatio, said the commission’s…

Read More

Payment of N22bn entitlements will save lives of Nigeria Airways pensioners

By Thompson ABISOLA Ex-workers of the defunct Nigeria Airways on Tuesday thanked the Federal Government for approving N22.6 billion for the payment of their entitlements. They said that the payment of the money would go a long way in saving the lives of some of the pensioners who had been living in pain over lack of money to attend to their health issues. The airline, which started flight operations in August 1958, was liquidated by former President Olusegun Obasanjo’s government in May 2003, with the workers yet to be fully…

Read More

Insurance company marketer bolts with employer’s N1.39m

By Meletus EZE A 34-year-old, Dan Ismaila, was on Thursday docked at an Abeokuta Chief Magistrates’ Court for allegedly forging receipts and stealing N1.39 million belonging to his employer, Mutual Benefits Life Assurance Limited. The accused is facing a three-count charge of forgery, false representation and stealing. According to the prosecutor, ASP Sunday Eigbejiale, the accused committed the offences between July 2015 and April 2017 at Panseke in Ibara area of Abeokuta. Eigbejiale said the accused, a marketer with the company, forged the statement of account dated April 2017 with…

Read More

PenCom releases N86.7bn to over 275,000 sacked workers

By Aliyu DANLADI The National Pension Commission (PenCom) said it had released N86.7 billion to sacked workers of various companies who had been into Contributory Pension Scheme (CPS). PenCom Acting Director-General, Mrs Aisha Dahir-Umar, who disclosed this on Monday in Lagos, said the amount was for the settlement of 275,172 disengaged workers. She said the figure represented the total paid from 2004, when the CPS came into effect, to June 2018. Dahir-Umar also said the amount was about one per cent of the N8.23 trillion pension assets. The acting director-general…

Read More

Osun releases N 19.8bn to settle workers’ salary, pension arrears

By Giwa SHILE The Osun State Government said it has released N19.8‎ billion for the settlement of salary and pension arrears owed all categories of workers in the state. The state Commissioner for Finance, Mr Bola Oyebamiji, announced this at a news conference on Thursday in Osogbo. Oyebamiji said the Governor gave the directive following consultations with labour leaders and other stakeholders. He explained that the money would be used for the payment of August salaries, backlog of the salaries and pensions for September to December 2015‎, in addition to…

Read More