Author: The Nation

  • U.K. Parliament members seek more LDI reporting by pension funds

    U.K. Parliament members seek more LDI reporting by pension funds

    UNITED Kingdom members of Parliament have called on the pensions regulator to require pension funds to regularly report on their liability-driven investing exposures and to engage with them based on results.

    In a report following an inquiry into defined benefit funds and their LDI investments, the Work and Pensions Committee saidTPR should have focused earlier on the risks stemming from the use of LDI strategies.

    Because there was no system for collecting data on LDI from pension funds, particularly smaller funds, the use of leverage grew in a way that was not visible to the regulators until the LDI crisis in September, the report said.

    The MPs also said that the oversight from the TPR was too focused on larger plans and did not pay enough attention to smaller plans, which suffered more from their exposure to LDI during the crisis.

    “It was the pooled LDI funds, in which small pension schemes were invested, which came under particular pressure,” the report said.

    Prior to the crisis, LDI strategies were considered helpful in terms of improving plan funding levels when interest rates were low and pension deficits were high.

    In September, sharp rises in gilt yields resulted in LDI funds being required to post additional collateral at short notice. And to meet collateral calls, and reduce leverage, LDI funds were forced to sell gilts into an illiquid market.

    Get the latest coverage of corporate and public defined benefit plans, as well as new developments at foundations, endowments and sovereign wealth funds.

    The committee endorsed plans to enhance the regulation of trustees and governance standards following the LDI crisis. But as regulation is being reviewed, it said: “DWP (Department for Work and Pensions) should consider whether the use of LDI could be restricted, for example, based on a test related to a trustee boards’ ability to understand and manage the risks involved.”

    The committee also called on halting plans to launch a new funding regime in April next year until TPR’s assessments are complete.

    The MPs also recommended that the government put investment consultants under the remit of the Financial Conduct Authority, having concluded that consultants provided standardized rather than plan-specific advice during the crisis in September.

  • Norrenberger gives workers tips on retirement

    Norrenberger gives workers tips on retirement

    Norrenberger, an integrated financial services Group, has created awareness for individuals nearing retirement and retirees for a financially-secured future.

    The Group hosted an a retirement planning seminar for individuals aged 50 and above, providing them with valuable insights and practical strategies for a secure retirement. 

    The event held in Abuja featured a financial literacy session covering key segments such as financial planning, insurance, lifestyle adjustment, legal and estate planning.

    Participants also had the opportunity to engage Norrenberger’s experts on various themes in retirement planning and also explored other areas with respect to the profitability of their pension savings.

    Managing Director, Norrenberger Pensions Limited, Hamisu Bala Idris said: “In line with our mission to unlock opportunities in the society, we established this event to embolden individuals with the knowledge to maximise the profitability of their pension savings and ultimately secure a comfortable retirement.

    Read Also: Norrenberger offers tips on financial planning

    “Eighty per cent of retirees depend solely on their monthly pension for survival, many of whom live in constant fear of financial crisis based on delayed payments. This highlights the crucial role pension plays in their livelihoods. Moreso, only 10 per cent of the Nigerian population has access to pension schemes”.

    Business Head, Asset Management, Abigail Utomi emphasised the critical role events of this nature play in piloting financial literacy and security for senior citizens in Nigeria and positively impacting the country’s capital market and economy.

    “We continue to seek ways to deepen the market, grow our reach and expand our contribution to Nigeria’s Gross Domestic Product (GDP).

    “At Norrenberger, we are passionate about guiding individuals throughout their journey to financial freedom, even after they transition from the workforce. Our vision remains to simplify wealth creation, creating practical and easily accessible products and services to achieve this, and we are confident in our ability to deliver on our promise,” she said.

  • Comparing National Health Insurance Laws in Nigeria and South Africa

    Comparing National Health Insurance Laws in Nigeria and South Africa

    SIR: South Africa’s parliament recently approved a ground breaking law that paves the way for the introduction of universal health insurance. The National Health Insurance Bill, passed on June 13, has generated both praise and criticism from various stakeholders, including businesses, opposition political parties, health-care professionals, and activists.

    South Africa’s health-care system currently operates on a two-tiered model that is highly unequal. While the state-funded public sector serves the majority of the population, it suffers from chronic underfunding. On the other hand, the private sector relies on individual contributions to medical aid schemes or health insurance, making it affordable to only a few.

    The National Health Insurance Bill aims to establish universal health coverage by purchasing services from health professionals through a National Health Insurance fund, which will be delivered at both private and public facilities. The goal is to ensure equitable access to quality health care for all citizens, regardless of their race or income. By eliminating the requirement for direct contributions to medical health schemes, South Africans will have access to quality health care without financial constraints, according to Joe Phaahla, South Africa’s Health Minister.

    In terms of health spending, South Africa currently allocates 8.5% of its gross domestic product (GDP) to health care, higher than many comparable nations. However, half of this expenditure benefits only the 16% of the population fortunate enough to have medical insurance. This leaves the public health-care system overwhelmed, with long queues, critical staff shortages, and aging infrastructure, struggling to provide basic health care for the remaining 84% of the population.

    In Nigeria, a similar initiative was undertaken with the enactment of the National Health Insurance Authority Act 2022. The Nigerian law seeks to establish a National Health Insurance Scheme that provides access to affordable health care for all citizens.

    South Africa’s National Health Insurance Bill and Nigeria’s National Health Insurance Authority Act 2022 share a common goal of providing access to quality health care for all citizens. Both laws seek to address the existing disparities in health-care access and ensure equitable coverage. However, their approaches and specific provisions differ in various aspects.

    Read Also: Health insurance: HMOs promise to work with<br>Tinubu to implement new Act

    First, South Africa’s National Health Insurance Bill proposes a National Health Insurance fund that will purchase services from health professionals, both in private and public facilities. This fund will be financed through general tax revenues, payroll taxes, and mandatory contributions from individuals and employers. The details of financing and the benefits package are yet to be determined, raising concerns about the potential tax increases required.

    In contrast, Nigeria’s National Health Insurance Authority Act 2022 establishes a National Health Insurance Authority (NHIA), which operates as a social health insurance program. The NHIA is funded through contributions from employees, employers, and the government. The Act mandates that employers with at least five employees and a minimum annual turnover must provide health insurance coverage for their employees.

    The South African Bill aims to ensure universal access to quality health care for all races and income groups. It seeks to eliminate the requirement for direct contributions to medical health schemes and provide coverage for legal residents based on their healthcare needs rather than socioeconomic status.

    Nigeria’s National Health Insurance Authority Act 2022 focuses on providing health insurance coverage for employees in the formal sector and vulnerable groups such as children under five, pregnant women, elderly citizens, and persons with disabilities. It emphasizes the need to expand coverage to informal sector workers and citizens in rural areas over time with complementary subnational health insurance schemes.

    The South African Bill aims to utilize both private and public facilities to deliver health services. Health professionals will be contracted by the National Health Insurance fund to provide care. The Bill establishes the South African Office of Health Standards Compliance to ensure quality standards are met by all providers.

    In Nigeria, the National Health Insurance Authority Act 2022 allows for the participation of private health-care providers in delivering services to beneficiaries. Accredited private facilities can become NHIA-accredited healthcare providers and receive reimbursement for services rendered.

    However, both countries face challenges in implementing their respective health insurance laws. In South Africa, concerns have been raised about the cost implications, potential tax increases, and the management of state facilities that currently struggle to meet quality standards.

    In Nigeria, the implementation of the National Health Insurance Authority Act 2022 faces challenges such as limited coverage for citizens in the informal sector and rural areas, as well as the need to ensure that private health-care providers meet quality standards and adhere to the NHIA reimbursement process.

    As South Africa and Nigeria take steps towards universal health coverage, their experiences will offer valuable insights into the challenges and opportunities associated with transforming health-care systems. Time will tell how these landmark laws shape the future of health care in both countries and serve as potential models for other nations striving for equitable and accessible health services for all their citizens.

    •Victor Okeke,

    Centre for Social Justice, Abuja.

  • Basketmouth’s Last One Laughing, Naija shows for July 14

    Basketmouth’s Last One Laughing, Naija shows for July 14

    The first unscripted African Original, LOL: Last One Laughing Naija, by Prime Video will be launched on July 14.
    It will be hosted by Nigeria’s king of comedy, Basketmouth.

    The unique, unpredictable, six-part series of unscripted comedy follows the successful adaptation of Prime Video’s global smash-hit comedy franchise currently produced in over 20 countries and territories worldwide .

    The countries Canada, Australia, Mexico, Brazil, and South Africa— hosted by Trevor Noah and launching early next year.
    Featuring a stellar cast including Okey Bakassi, Acapella, Mr Funny aka Sabinus, KieKie, Buchi, Dat Warri Girl, Taaooma, Senator, IGoSave, and Gandoki, the series will see Basketmouth pit 10 of Nigeria’s best comedy and entertainment stars against one another in a celebrity showdown where anything can happen.

    “Our audiences are going to love seeing a series full of incredible Nigerian humour and comedic talent with this A-List line up of comedians, who will test each other’s limits in the pursuit of laughter in LOL: Last One Laughing Naija,” Wangi Mba-Uzoukwu, head of Nigerian Originals, Prime Video, said.

    “We’re proud to be bringing Prime Video customers a genre most loved and consumed by Nigerian audiences around the world,” she added.

    On his own, Ned Mitchell, head of African and Middle East Originals, Prime Video, said:“LOL: Last One Laughing Naija is a global hit for Prime Video, and that’s why we’re excited to bring its very own version to customers in Nigeria.”

    Read Also: There’s more to AY, Basketmouth beef than 30k ‘rhetoric’ – Julius Agwu

    Speaking further, he stated: “As the first unscripted African Original to launch on Prime Video, LOL: Last One Laughing Naija continues to set the tone and standard of the authentic Nigerian stories and genres we want to share with our audiences at home and abroad, and our commitment to the local TV and film industry.”

    The six-part series will follow the group of comedians as they compete to be the Last One Laughing.
    ‘’For six hours, there is only one rule: if you laugh, you lose. The last comedian to remain straight-faced will be the winner, and will be able to donate N40millionto a local charity of their choice.

    The top comedic line up will bring every comedy trick they have to make each other laugh while resisting the urge to laugh themselves.

    The series is produced by Amazon Studios in collaboration with Nigeria’s LiveSpot360 Productions and will be available on Prime Video in over 240 countries and territories worldwide.

    ‘’The six-part series will launch with two episodes streaming back-to-back each week over a three-week period from July 14-28. The series will be available on Dolby Atmos for customers with compatible setups for an enhanced viewing and audio experience. ‘’

    It is the latest project from Amazon Prime Video following the success of projects like Gangs of Lagos and Brotherhood by Jáde Osiberu along with others like Breath of Life, King of Thieves; Hey, You!; and Palava! as well as TV serials, Beyond the Veil and Grind.

  • Ondo 2024: NDDC Commissioner declares for governor

    Ondo 2024: NDDC Commissioner declares for governor

    Representative of Ondo State in the Niger Delta Development Commission (NDDC) Board, Olugbenga Edema, has declared his intention to succeed Governor Oluwarotimi Akeredolu in 2024.

    Edema, at an interactive session with reporters in Akure, said he remains the best person to rule the state after Akeredolu in the All Progressives Congress (APC).

    The NDDC Commissioner explained that he joined the race because he has developed a blueprint to turn the state’s fortunes around. Edema said he would review the school curriculum to give technical education a priority.

    Edema, who was Chairman of the Ondo State Oil Producing Areas Development Commission (OSOPADEC), promised to give revolving loans to small businesses and students.

    Read Also: Ogbuku takes NDDC to Niger Delta Creeks

    He said, “I have informed Governor Akeredolu of my desire to contest, and he has not opposed it. I consider myself the best man who will carry on Akeredolu’s legacy to the next level because we have shared all these legacies together.

    “Our education curriculum should be redesigned to meet our current demands. We need to focus more on vocational and technical skill acquisition. So, our children should be trained in entrepreneurship at an early age so they know how to make and use money.

    “When the deep sea port comes on stream, it should be able to attract about 10,000 direct jobs and 30,000 in the multiplier effect. If, for instance, we are able to open up Ondo State through the Lekki Peninsula to Dangote Refinery, that road will also expand opportunities for us. 

    “Some people think Nigerians are lazy or don’t know what to do. There are things you do to make the citizens active. You can do this by putting structures in place to attract investors to the state. What investment needs is an enabling environment…”

  • Bawa’s suspension

    Bawa’s suspension

    •This is necessary to pave way for unfettered investigation

    President Bola Ahmed Tinubu’s suspension of the chairman of the Economic and Financial Crimes Commission (EFCC), Mr Abdulrasheed Bawa, in order to pave way for unfettered investigation of the allegations of abuse of office levelled against him is quite in order. A statement from the Office of the Secretary to the Government of the Federation (OSGF), signed by the Director, Information, Willie Bassey, on the night of June 14 said the suspension was to allow for “proper investigation into his conduct while in office. “This (suspension) follows weighty allegations of abuse of office levelled against him,” the statement said adding that “Mr Bawa has been directed to immediately hand over the affairs of his office to the Director, Operations in the commission, who will oversee the affairs of the Office of the Chairman of the Commission pending the conclusion of the investigation.”

    Bawa’s suspension came barely a week after the suspension of the governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele.

    Indeed, this coincidence gave room to speculations in some quarters that he was suspended because President Tinubu and those around him were unhappy over the role played by Bawa in the naira redesign policy of the former President Muhammadu Buhari’s government. The naira redesign and cashless policy were ostensibly touted as a means to address monetary and fiscal issues, but some politicians believed it was targeted at them and Tinubu in particular, so as to deny them access to the money they had allegedly stashed outside of the banking system for the purpose of bribing voters during the elections.

    But not a few questioned the sincerity of the exercise considering its timing, and especially the government’s refusal to reverse the policy weeks after it was glaring that it had failed, and in spite of the pains it inflicted on Nigerians and the destructive disruptions to the economy. Bawa himself had a few months ago lent credence to the story of some governors making attempts to pay salaries in cash to defeat the purpose of the exercise.

    Such insinuation of a vendetta suspension can only make sense in the context of the banana peels that had dogged several of Bawa’s predecessors. True, it is not easy to fight corruption in a corruption-ridden country like ours without corruption fighting back. It may also be true that successive governments had found it convenient to remove the EFCC boss they met on ground and replacing them with their own candidates.

    Read Also: Bawa’s suspension: Arewa, CSOs, AYCF commend Tinubu, seek EFCC’s overhaul

    But that cannot entirely explain Bawa’s case.

    The clamour for his removal predates the Bola Tinubu administration. Several non-governmental organisations (NGOs) had been protesting against the continued retention of Mr Bawa in office based especially on alleged disregard of court orders. Indeed, as recently as February, this year, some of the NGOs protested in Lagos over this issue as well as an alleged politicisation of the commission’s activities. Both Bawa and the former Inspector-General of Police, Usman Alkali Baba, were notorious for such disobedience to court orders. That the country’s chief law enforcer was disregarding court orders with impunity was bad. It was equally bad that a commission whose motto is “No one is above the law” was trampling on the same law with impunity. Unfortunately, rather than take action against them, the government that they were serving continued to condone their illegality.

    Perhaps the last straw in Bawa’s case was the allegation by former Governor Bello Matawalle of Zamfara State who accused him of demanding $2m bribe. Although Bawa has denied the allegation and had instead accused Matawalle of brazen looting of Zamfara State treasury; the former governor insisted he had enough evidence to nail the EFCC boss.

    There is no doubt that these are weighty allegations on the parts of the two parties. Did Bawa actually demand  $2million bribe from the former governor? If it was true, then what would the former governor want to conceal that would have warranted the demand for such a hefty bribe? These are matters of public concern that should not be swept under the carpet. The public has the right to know the truth and nothing but the truth in a matter as grievous as this, especially where the country’s anti-corruption czar is involved. The office of EFCC boss is such a delicate one and whoever is occupying that office must, like Caesar’s wife, be above board. It becomes problematic when that office is being tarred with mud.

    We have nothing against the call for reforms in the appointment and removal of the EFCC boss to remove him from the apron strings of those he is supposed to check their excesses. Indeed, the instability in the leadership of the commission since inception calls for nothing less.

    But this does not preclude the fact that only an unfettered investigation can unravel the truth in Bawa’s case, and this cannot be done with him sitting pretty in office.

  • Truly concerned

    Truly concerned

    •Govt must heed advice of Concerned APC members on project monitoring if it wants to succeed

    The Concerned All Progressives Congress (APC) members that urged President Bola Ahmed Tinubu to set up a task force on his government’s policies and programmes must have taken some lessons, albeit informally, from the Nigerian democratic practices, at least in the last 24 years.  The practice has been a situation where elections are won by political parties and they go ahead to give appointments to individuals who are expected to work to actualise the programmes and policies of such governments but who often fail to deliver.

    However, the closest that any administration came to any attempt to coordinate the duties of some ministries was during the Goodluck Jonathan administration that the now Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, who was then Nigeria’s finance minister also acted as the coordinating minister of the economy. Despite her efforts, she met stiff opposition, especially from some governors most of who were equally of the then ruling Peoples Democratic Party (PDP).

    In some weird way, democracy in Nigeria has not achieved a very coordinated performance level where the party members or any political party and those appointed to offices appreciate that their political parties would be judged by their fidelity to their campaign manifestoes. It has been largely cases of discordant notes and some people in governments behaving like there is nothing at stake.

    This attitude has not augured well for either the political parties or the nation’s economy. It is therefore commendable that the Concerned Members of the APC under the aegis of Patriotic and Concerned APC Members are pushing for a team that can assist President Tinubu to diligently monitor the team he would choose to help his administration actualise the policies and programmes that can improve the economy.

    The group believes that the task force will have its work cut out for it as its focus would be to make sure that there is a departure from the past style where appointees did not work hard enough to assist the president to deliver on his party’s promises. We agree with the group that only people of integrity should be appointed into the monitoring team. It believes that the Buhari administration fell short of expectations  because the team seemed to have worked at cross-purposes.

    Read Also: Kogi: Coalition drums up support for APC’s Ododo

    Such a task force would add value if well planned. Its duties should be clearly spelt out and  offices well-funded. Moreover, there must be synergy in all its operations. It must be ready to hit the ground running and be alert to project implementation and supervisory roles to maintain standard and work with time.

    The President’s appointment of Hadiza Bala Usman as Special Adviser on Policy Coordination is in line with the appeal from Concerned Group and we want to believe that she is up to the task. However, the President should set up an independent body to assist her because one person might not be in a position to coordinate every sector effectively, given the scale of work to be done.

    The last eight years of the Buhari administration left the economy in a very precarious state. The new administration must take the road less travelled for better result on policy implementation.  Political and economic experts believe that Nigeria has never lacked sound policies, the basic problem has always been in implementation. Even beyond implementation would be the question of strategies, cost and processes. All these steps need diligent and consistent monitoring and periodic reports and evaluation for success to be achieved.

    The President would be in a position to enforce compliance based on reports by those charged with monitoring. These can form the bases of evaluation of those appointed to head ministries and agencies. If well-coordinated, there might be an end to the lethargic attitude of many public officers who hitherto derailed government’s policies and programmes over the years. We recommend that APC governments at the state level and other political parties should adopt these measures even at all levels because it would aid national economic development and accountability.

  • Pension complaints and solutions

    Pension complaints and solutions

    ADEJO: Dear Omobola, my name is Emmanuel Abiodun Adejo. I retired in December 2019 at 65 on CONTESDISS15/9 at the Federal Polytechnic, ldah Kogi State. I was verified and enrolled in September 2022. My PFA is ARM Pensions Managers. 

      My complaint is about the non-payment of my pension benefits.  I was not given any reason.

       Kindly help me.

    PENCOM: Payment has been made. Please visit your Pension Fund Administrator for confirmation

    AKPAN: The late Akpan was born on April 26, 1970 and died in active service on February 17, 2019. Her PFA is Stanbic IBTC Pension Managers.    

    The deceased officer was appointed as a Catering Assistanct on salary Grade Level 04 Step 1 with effect from  November 16, 1992. She was on SGL 06 Step 06 on CONPSS as at June 2004 and SGL 09 step 14 on CONPSS till death. The nominated next-of-kin of the deceased officer is Favour. She is yet to be paid the benefits.

    PENCOM: Payment has been made. Please visit your Pension Fund Administrator for confirmation

    OSOWALE: Good day, I am Comrade Tasiu. I write on behalf Osowale. His PFA is Stanbic IBTC Pension Managers Limited. He was captured and registered on October 2021. He was given a retirement benefit enrolment slip. He worked at the Ministry of Defence and retired on August 13, 2021 at the Air Force Comprehensive School, Ibadan, a part of the Ministry of Defence.

    PENCOM: Payment has been made. Please visit your Pension Fund Administrator (PFA) for confirmation.

    MELVILLE: My name is Melville. I retired from the Nigerian Immigration Service on February 2022. My PFA is Access (former First Guarantee). My PFA says my name was omitted and that they had sent  a reminder to PenCom.

    Kindly expedite action on payment.

    PENCOM: Payment has been made. Please visit your Pension Fund Administrator (PFA) for confirmation.

    ABUBAKAR: Hello, my name is Abubakar. I am a next-of-kin.The president had approved the payment of outstanding pension benefit and said something about 2014 retirees.

    But my father died in 2013. Will his death benefit also be paid? How long does it take on average? Thank you.

    PENCOM: Please note that for your  father’s death benefits to be paid, you must submit some documents to his Pension Fund Administrator (PFA) for processing.

    If you have done this, please forward to the commission the following: His RSA PIN, full name, name of PFA as well as other vital information to enable the commission work on the matter. Thank you.

    ANNONYMOUS: Good day. I want to remain anonymous. I worked at the Federal Radio Corporation of Nigeria (FRCN) as a Principal Marketing Officer and retired in April 2019.

    I was promoted to a Controller Marketing, in January same year. Up till date, my Grade Level 13 arrears and Level 13 promotions have not been implemented with my PFA, Premium Pension.

    Kindly help look into my problem.

    Thank you.

    PENCOM: Please provide your PIN.

    JERRY: Good day. I am Jerry from Jos. I am calling to seek your help concerning my late dad’s pension upgrade. He worked at the Federal Ministry of Defence.

    PENCOM: Please provide your PIN and PFA.

    ADE: I am Adeosun. I retired in February 2018 and my documents were submitted to LASPEC towards the end of 2021 and re-submitted in July, this year.

    My PFA is Leadway Pension. My repeated calls to LASPEC are not yielding any result. Could you please help me find out the cause of the delay in payment?

    PENCOM: Please provide your PIN.

    LAURENCE: I sincerely express my joy to The Nation and the National Pension Commission.

    I call on the commission to rescue me from the problem of dual PIN that I have suffered for long. Special thanks for Mr Laurence Ogungbemi of Stanbic IBTC Pension office Abakalike, Ebonyi State.

    I travelled to Makurdi, Benue State to process my pension payment. But I was frustrated because they attended to one person daily.

    The Makurdi branch of Stanbic IBTC Pension should better close down since they only attend to one person daily.

    PENCOM: Go and carry out the Data Recapture Exercise with your preferred PFA to resolve the issue of double PIN.

  • Abiodun mourns Amotekun commander Akinremi

    Abiodun mourns Amotekun commander Akinremi

    Ogun State Governor Dapo Abiodun has described the death of Commander of the Amotekun Corps, David Akinremi, as a great loss to the state’s security architecture.

    Akinremi, a retired Commissioner of Police, died yesterday after an undisclosed ailment.

    He was appointed Commander of Amotekun Corps in 2021.

    Read Also: Lagos NUJ mourns late professor Lai Oso

    Abiodun, in a condolence message, described the deceased as ‘a gallant officer who contributed in no small measure to the peace and security currently being witnessed in the state’.

    “This is a sad moment for us in Ogun State. Commander Akinremi was instrumental in our efforts to rid our state of crimes and criminality. He contributed in no small measure to peace and tranquillity currently prevailing in Ogun State. We will miss his immeasurable contribution to the state.

    “I commiserate with the family he left behind. I also commiserate with the rank and file of the Amotekun Corps. Our government will do the utmost to lessen the pain of his exit both on the family and the Amotekun Corps,” the governor said.

  • Rain destroys Benin-Akure highway

    Rain destroys Benin-Akure highway

    • •Travellers trapped for five days

    Continuous heavy rains have destroyed a section of the Benin-Akure highway at the Molege/Elegbeka/Ifon axis, and the Ipele/Idoani/Isua/Kabba highway, both in Ose Local Government Area of Ondo State.

    The road has become a nightmare to motorists, especially heavy duty vehicles.

    They lamented that they spent days at the failed portion of the road.

    Some motorists who spoke at Owo, Owo Local Government Area, said they spent over five hours from Ifon to Ipele junction, a journey that should normally last 45 minutes.

    They said the road has totally become impassable for motorists.

    Read Also: Ogun agency cautions against obstruction of highway

    It was gathered that five heavy duty trucks fell at several failed portions.

    Commercial drivers plying the Benin-Akure route resorted to taking the Akure-Ore axis.

    Chairman of Ose Local Government Area, Dennis Adekunle, was said to have spent four hours travelling from Idoani to Ipele junction after navigating through bush paths to access the situation. He described the situation as terrible and pathetic. Adekunle called on the Federal Road Maintenance Agency (FERMA) to mobilise resources to fix the road.

    The chairman noted that further destruction of the road would cut the people off from the rest of the state now that farmers are approaching harvest time.

    Lawmaker representing Ose Constituency in the House of Assembly, Olatunji Oshatti, called on the Federal Government to find a lasting solution to it. Oshatti hoped that the difficulty travellers faced on the road would soon become a thing of the past.