The Nation Newspaper

Author: The Nation

  • 15,418 employers get compliance certificates

    15,418 employers get compliance certificates

    By Omobola Tolu-Kusimo

    No fewer than 15,418 employers have received their pension compliance certificates (PCCs).

    This was made known in the National Pension Commission’s (PenCom) publication entitled: Schedule of Employers Issued with Certificate with Provisions of the PRA 2014 as at May 10, 2021.

    The certificate is mandatory for owners of companies who want to do business with the Federal Government. Those who fail to comply with the Pension Reform Act (PRA) 2014 do not  get the jobs.

    The regulator noted that the 15,418 employers were from various sectors, and they had contributed and remitted their employees’ pension contributions into their Retirement Savings Accounts (RSA) last year.

    According to PenCom, some of the companies that got the certificates include Sterling Bank Plc, which remitted N1.22 billion for its 2417 employees; Fidelity Bank Plc., remitted N827 million for 2904 employees and Reynolds Construction Company Limited, which remitted N739 million for 3764 employees.

    The data showed that AIICO Insurance contributed and remitted N193.93 million for its 296 employees last year, while NSIA Insurance remitted N60.97 million for 128 employees and FBInsurance, remitted N128.36 million for 171 employees.

    Also, Linkage Assurance Plc remitted N60.14 million for 174 employees; Custodian and Allied Insurance Limited, N59.91 million for 121 employees; Custodian Life Assurance Limited, N24.73 million for 49 employees and Unitrust Insurance Company Limited, N52.88 million for 115 employees.

    Mutual Benefits Life Assurance Limited remitted N51.32 million for 145 employees; Mutual Benefits Assurance Plc. N91.58 million for 198 employees; Regency Alliance Insurance Plc., N36.16 million for 119 employees and Jaiz Takaful Insurance Plc., M12.66 million for 36 employees.

    Insurance brokers were also cleared and issued certificates. Plum Insurance Brokers Limited was cleared having remitted N1.07 million for seven of its employees. Risk Analyst Insurance Brokers Limited remitted N4.39 million for 29 employees and YOA Insurance Brokers Limited remitted N21.81 million for 52 employees.

    The report further showed that Afrigblobal Insurance Brokers Limited remitted N6.14 million for 18 employees; Jolly & Partners Insurance Brokers Limited remitted N1.47 million for five employees and Manny Insurance Brokers Limited remitted N1.03 million for seven of its workers.

    Meanwhile, the commission stated that as at the end of third quarter of last year, 5,700 private organisations applied for PCCs. Of this number, 5,432 organisations were issued certificates while 268 applications were rejected for not meeting the requirements.

    It said N244,979,121,189.77 was remitted into the RSAs of 76,498 employees by the  organisations issued certificates.

  • Minimum wage: Sanwo-Olu increases pension by 33%

    Minimum wage: Sanwo-Olu increases pension by 33%

    By Omobola Tolu-Kusimo

    Lagos State Governor, Babajide Sanwo-Olu has approved an increase of 33 per cent adjustments in the pensions of retirees under the Defined Pension Scheme (DBS) arising from the implementation of the New Minimum Wage Act.

    The governor has also announced plans to repeal the former governors’ pension law while presenting the 2021 Appropriation Bill to the state House of Assembly last November.

    The Director-General, Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana made this known in an interview with The Nation.

    Obilana said the governor said the aim of repealing the law was to free the state government of the legal obligations and reduce the cost of governance.

    The LASPEC DG further said the  government is committed to the speedy resolution of pension issues.

    He maintained that Lagos is the only state in Nigeria with up-to-date pension contributions remitted to the Retirement Savings Account (RSAs) of pensioners under the Contributory Pension Scheme (CPS).

    He said LASPEC has been paying a minimum of N1 billion monthly as Accrued Pension Rights to RSAs of pensioners.

    He said: “Since the inauguration of his administration, a total number of 7,308 retirees had their Accrued Pension Rights of N29.1 billion credited into their RSAs between May 2019 and last month.

    “The status of implementation of states’ report collated by the National Pension Commission affirmed that Lagos State is the only state with a valid Group Life Insurance Policy for its employees.This is the evidence of the state government’s dedication to the financial security of its workers, post service and beyond.

    “Let me also add that Lagos State Government has been consistent in her leadership role in the implementation of the CPS in line with the provisions of the Lagos State Pension Reform Law of March 19, 2007 now amended on February 22, 2019.”

    Obilana noted that LASPEC has been the trail blazer on pension matters in the country, having won awards as the most compliant state in the dispensation on several occasions. “The payment of accrued rights to retirees of the state is carried out systematically and scheduled by year of exit. The retirees are, therefore, not under any coercion to offer kickbacks to staff of the Commission to ensure payment.

    “A testament to the governor’s commitment to the welfare of pensioners is the recent honour bestowed him by the Nigerian Union of Pensioners (N.U.P) who presented the distinguished award of “Excellence and Greater Commitment to Pensioners’ Welfare” to the representatives of the Lagos State Government at its 11th Quadrennial National Delegates Conference in Abuja,” he added.

  • Pension complaints and solutions

    Pension complaints and solutions

    Ocheni: Good Day. My name is Ocheni. I submitted my late father’s file to his PFA since 2018 but nothing has been paid. The family is passing through hard times. Please help me

    PenCom: We have contacted the Next-of-Kin with the phone number provided. His father’s batch is yet to be paid. Payment will be made immediately funds are made available by the Federal Government.

    Anonymous: When can I transit to annuity to continue to enjoy pension for life? For instance, is there a time lag?

    PenCom: If the retiree is on programmed withdrawal, he/she can switch to annuity once yearly.

    Bello: My PFA is Sigma Pensions. I want to know when people that retired in April, last year will start receiving their pensions.

    PenCom: There is no timeline for the payment, but once funds are made available, payment will be done.

    Anonymous: The approval of my RSA withdrawal retirement benefits is not forthcoming for more than two months. My PFA keeps on telling me that PenCom is yet to give approval. Kindly find out the reason for the delay.

    PenCom: Please state the nature of request made to the commission as well as information such as your RSA PIN and your PFA to enable the commission respond to your question appropriately.

    Aliyu: My name is Aliyu. I am a staff member with the Nigeria Teachers’ Institute (NTI), Kaduna. I have a problem of wrongful remittance into another RSA with Premium Pensions, which was duly reported to both Premium Pensions and PenCom and no solution at sight. Please advise me.

    PenCom: You are advised to liaise with your pension desk officer to ascertain if your records are accurate. If they are, you are advised to liaise with the Office of the Auditor-General of the Federation if your organisation is under the Integrated Payroll and Personnel Information System (IPPIS).

    On the other hand, if your organisation is not under IPPIS, you are advised to correct your records with your employer and request them to forward a nominal roll to the National Pension Commission.

    Muhammad: Hello. My name is Muhammad. I did the documentation for the death benefit of our father since 2019 but the family did not receive any payment and we are going through hardship.  Please note: My father’s name: Kudu Bida; Place of work: Federal University of Technology, Minna before he passed on October 6, 2019. I am the next-of-kin to my father. His PFA is Sigma Pensions

    PenCom: You are advised to provide the RSA PIN of your late father for your complaint to enable us the commission resolve the matter.

    Biem:  I have observed over the years that The Nation and PenCom devote much attention to Contributory Pension Scheme (CPS) and far less on Defined Benefit Scheme. For example, see The Nation of September 21, 2016 and  April 7, 2021 (Pages 36 and 11).

    I am a Federal Government pensioner (GL 12/9 with 22 years of service. PTAD should pay me. I challenge the Chairman National Salaries Incomes & Wages Commission, NSIWC over deliberate low increment of my pension 2003, 2007, and 2010. My careful, scientific actuarial calculations from 2003 to 2019 showed my pension loss of N658,1785:77.

    Secondly, is the failure and refusal to raise my pension of 2011, 2016, and 2019. All breach CFRN S. 173 (3) NSIWC to act.

    Pension is from Latin ‘pensi’. – Wikipedia. First world state pension law was in 1889 by Prince Otto von Bismarck for age 75. Some 100 countries have pension schemes. Nigerian pension is a legacy of British Colonial Administration from 1950, backdated to 1946.

    Recent pension policy reviews 1974, 1975, Civil Pension Decree No 102 of 1979 Military Pension Decree No 103 of 1979, CFRN 1979, CFRN 1999, Pension Reform Act 2004, Several pension circulars, especially 1975-2010, are instructive. Defined Benefit Pension is 30-100 per cent of last salary. Why does Nigeria not pay regular living pensions? – D.M. Biem Makurdi, BNS.

    Adigun: My name is Adigun and my PFA is First Guarantee.  The issue I want to discuss affects all contributory pensioners who were Osun State Government employees that retired between 2016 and 2021. None of these sets has received either gratuity or pension since they retired. The real problem is not known as we were being fed with lies by various concerned PFAs.

    Kindly advise us on the way to go.

    Ene: I am Ene. Please what are the rules and regulations of payment for Federal Government’s retirees? Secondly, I retired last month. When will my accrued right be paid?

    PenCom: The rules and regulation for paying Federal Government’s retirement benefits under the CPS starts by participating in the Commission’s pre-retirement verification and enrolment.The prospective retiree/retiree needs to contact the Pension Desk Officer (PDO) of his/her MDA to get the necessary documents for enrolment. He/she is also required to come along with the PDO to the enrolment center for his/her attestation. After the enrolment exercise, the retirement benefits are determined and paid into the RSA of the retiree based on the information provided by the retiree during enrolment.

    But please NOTE that retirement benefits are paid subject to release of funds by  the Federal Government for payment of accrued rights.

  • Redevelopment projects: Lagos pays N39m to displaced residents

    Redevelopment projects: Lagos pays N39m to displaced residents

    By Folake Olaoni

    The Lagos State Government, through the Urban Renewal Agency (LASURA), has paid N39.8million rent for the families displaced by the re-development of Isale-Gangan Phase One and the Adeniji Adele Housing Estate on the Island.

    Their weak buildings were pulled down to prevent a collapse.

    LASURA General Manager, Ajibike Shomade, said the dilapidated state of some of the buildings on the Adeniji Adele estate led to their demolition in July 2014.

    This resulted in the displacement of 30 families, for whom LASURA implemented a resettlement plan.

    She said 12 of the affected families opted for annual rent payment by the state while the others chose to be resettled.

    She added that Adeniji Adele Housing scheme phases 1-4 were proposed for re-development through a Public-Private Partnership (PPP).

    “In a similar vein, the Isale-Gangan project was conceived during Governor Babatunde Raji Fashola’s tenure and was projected to be a systematic urban upgrade and renewal for the affected area which would advance the Lagos mega city status.

    “After the contract award for the construction of Isale-Gangan highrise apartments had been concluded, some of the affected families had to be relocated and were moved out of the area to make way for the first phase of the project development which has been substantially completed,” Shomade explained.

    She said nine of the affected families of lsale-Gangan opted for payment of annual rent in lieu of accommodation, adding that they last received payment in January 2017; the 12 families of Adeniji Adele last received payment in May 2017.

    The General Manager said each of the families was paid N2.3million for their three years rent from 2018.

    She thanked the affected families for their patience and urged them to continue supporting the Babajide Sanwo-Olu administration towards the timely completion of the two projects.

    One of the leaders of the Adeniji Adele Residents Association (phases one to four), Alhaji Giwa Bioku, thanked the government for the gesture and prayed for a quick completion of the projects.

  • NBS, LCCI decry 18.12% inflation rate

    NBS, LCCI decry 18.12% inflation rate

    By John Ofikhenua and Okwy lroegbu-Chikezie

    The National Bureau of Statistics (NBS) and the Lagos Chamber of Commerce and Industry (LCCI) yesterday decried increasing food inflation in the country.

    Whereas the country recorded a marginal decline of 0.05 per cent in its inflation rate in April 2021, food inflation is still on the rise.

    According to its Consumer Price Index report of last month, “the composite food index rose by 22.72 per cent in April 2021 compared to 22.95 per cent in March 2021”.

    NBS blamed the sustained rise in food prices to soaring beverages prices, noting that “this rise in the food index was caused by increases in prices of coffee,  tea and cocoa, bread and cereals, soft drinks,  milk, cheese and eggs, vegetable, meat,  oils and fats, fish and potatoes, yam and other tubers”.

    LCCI Director-General, Dr Muda Yusuf, said the  inflation rate was very high, despite the 0.5 per cent decline from the March 18.17 per cent figure.

    This translated to 0. 23 per cent decline, while core inflation soared to 12.74 per cent from 12.67 per cent during same period.

    The LCCI chief said food inflation at over 22 per cent was still very high, in spite of the marginal moderation in food prices in April 2021.

    According to him, in spite of the five-basis points moderation in consumer prices, inflation rate remained high, as it doubled the Central Bank of Nigeria’s upper target range of nine per cent.

    Yusuf said the impact of monetary interventions on agricultural output had been undermined by several structural constraints, including insecurity.

    He said the moderation was largely on account of base effect of current drivers of inflationary pressures, inclusive of productivity challenges, worsening insecurity, persistent foreign exchange illiquidity and high energy costs.

    “LCCI notes the marginal moderation (year-on-year) in headline inflation as domestic prices accelerated by 18.12 per cent in April 2021 compared to 18.17 per cent reported in the previous month.

    “This is first time the economy would witness a moderation in consumer prices since August 2019 when the Federal Government shut the land borders.

    “The chamber notes the slight moderation in food prices on year-on-year basis in April 2021 (22.72 per cent) compared to 22.95 per cent reported in March 2021.

    “However, food inflation at over 22 per cent is still very high in spite of the marginal moderation in food prices in April 2021.

    “The situation has continued to impact the activities of every economic agent, including households, businesses and investors with profound impact on the citizenry, particularly the low and middle-income households.

    “The high level of inflation continues to dampen consumer purchasing power at a time households income are not increasing in proportion to cost.

    “High inflation environment also impact businesses in terms of rising production costs and depressed margins, making it increasingly difficult for corporates to deliver impressive returns to shareholders.

    “This has implications for the sustainability of investment,” he said.

    Yusuf was hopeful that the Monetary Policy Committee of CBN, set to meet next week, would concentrate on addressing the persisting inflationary pressure should the economy maintain its positive growth trajectory in the first quarter.

    “Tightening policy stance by raising the monetary policy rate would naturally have implications for interest rates across key segments of the financial market.

    “Overall, we believe effective synchronisation of fiscal and monetary policies is crucial in the fight against high inflation,” he said.

    During the period under review, NBS said on month-on-month basis,  the food sub-index increased by 0.99 per cent in April 2021, down by 0. 91per cent points from 1.90 per cent recorded in March 2021.

    The report added that the average annual rate of change over previous twelve-month average was 18.58 per cent,  0.65 per cent points from the average annual rate change recorded in March 2021 (17.93) per cent.

    Continuing, the data said in April 2021, food inflation on year on year basis was highest in Kogi  (30.52 per cent), Ebonyi  (28.07 per cent) and Sokoto  (29.90 per cent), while  Abuja (0.05 per cent ) recorded the slowest rise in month on month food inflation with Rivers and Ogun recording price deflation or negative inflation  (general decrease in the general price level of food or a negative food inflation rate).

    In the period under review, the data showed that “all items less farm produce”, or core inflation, which excludes prices of volatile agricultural produce stood at 12.74 per cent, up by 0.07 per cent when compared with 12.67 per cent recorded in March 2021.

    NBS explained that “on month-on-month basis, the core sub-index increased by 0.99 per cent in April 2021. This was down by 0.07 per cent when compared with 1.06 per cent recorded in March 2021.

    “The highest increases were recorded in prices of pharmaceutical products,  vehicle spare parts,  Hairdressing salons and personal grooming establishments,  garment,  furniture  and furnishing, medical  services,  shoes and other foot wears, motor cars,  major household appliances  whether electric or not,  dental services,  hospital services,  non durable  household goods and fuel and lubricants for personal transport equipment.

    “The average 12-months annual rate of change of the index was 11.25 per cent for the 12-month period ending April 2021; this is 0.24 per cent points higher than 11.01 per cent recorded in March 2021”.

  • Buhari hails new era at capital market

    Buhari hails new era at capital market

    By Taofik Salako, Deputy Group Business Editor

    President Muhammadu Buhari has lauded the historic roles of the capital market in national development and  its transition into a new era of increased competitive value creation for stakeholders.

    At the virtual launch of the Nigerian Exchange Group (NGX) Plc’s campaign, The Stock Africa Is Made Of, Buhari headlined a host of key decision-makers in the public and private sectors, which was held to showcase the  demutualisation of the then Nigerian Stock Exchange (NSE) and to further amplify the emergent NGX Group as a leading capital market infrastructure provider.

    Delivering his remarks prior to sounding the honorary closing gong to close the stock market, Buhari described the demutualisation of the then NSE as a national pride and the beginning of a new era for the Nigerian capital market.

    He noted that he had signed the Demutualisation Bill in August 2018, which paved the way for the long-awaited demutualisation of the then NSE.

    According to him, the occasion of the demutualisation of the NSE was a proud moment for all Nigerians who indeed deserve congratulations for the feat as it marked the beginning of a new era for the capital market.

    “It is also important for me to highlight that the history of NGX Group is tied to that of the nation itself, founded 61 years ago at a pivotal time when Nigeria gained her independence.  The Exchange continues to play its part in nation building by stimulating economic growth and providing a platform for businesses and individual to save and raise capital through innovation, diversified products and services, enabling regulatory environment and much more,” Buhari said.

    Group Chairman, Nigerian Exchange Group (NGX Group) Plc, Otunba Abimbola Ogunbanjo noted that the Exchange has come a long way, through different leadership regimes that have overseen multiple boom and bust economic dispensations within the Nigerian economy, to emerge as a leading integrated market infrastructure in Africa and the engine of growth for Africa’s largest economy.

    “Our story is one birthed from resilience, collaboration, determination and continued focus on our vision. A true Africa story. With demutualisation, NGX Group is well positioned to enable strong economic growth and contribute its quota to the development of the Nigerian capital market, and the African Continent,” Ogunbanjo said.

    Group Managing Director, Nigerian Exchange Group (NGX Group) Plc, Mr. Oscar Onyema, said the post-demutualised holding group has a vision to be the premier Exchange hub for Nigerian businesses and for the wider African economy, building on the strong reputation and corporate governance the NSE has established over the years.

    “As we march bravely into the NGX era, we look forward to impact creating partnerships that will unlock value for our stakeholders, whilst improving the state of the Nigerian economy. It is a period to reinforce on the global stage, our great African pedigree and the Stock Africa Is Made of,” Onyema said.

    Chief Executive Officer, Nigerian Exchange (NGX) Limited, Mr. Temi Popoola, said the Exchange is excited with its new era and will continue to champion the growth of the African capital market through trade and investments that will facilitate Africa’s economic recovery and reposition the continent for sustainable economic development.

    According to him, partnerships are a critical element of the group’s strategy as it will continue to engage stakeholders whose support is essential to the achievement of the aspirations in this NGX era.

    Chief Executive Officer, NGX Regulation Limited, Ms. Tinuade Awe commended the President and other dignitaries for being part of the inspiring moment of the Nigerian capital market.

    “It has been an exciting journey to date, and I am confident that we will all work well together to achieve even greater heights in the NGX era,” Awe said.

    Other speakers at the event included Dr. Zainab Ahmed, Minister of Finance, Budget and National Planning; Otunba Adeniyi Adebayo, Minister of Trade and Investment; Mr. Lamido Yuguda, Director General, Securities and Exchange Commission (SEC); Alhaji Aliko Dangote, Chairman, Dangote Group; Mr. Jim Ovia, Chairman, Zenith Bank Plc; Mr. Masai Ujiri, President, Toronto Raptors; Mr. Tony Elumelu, Group Chairman, United Bank for Africa (UBA) and Founder, Tony Elumelu Foundation (TEF); Mr. David Swchimmer, Chief Executive Officer, London Stock Exchange; Ms. Julie Becker, Chief Executive Officer, Luxembourg Stock Exchange; Mr. Eric Hespenheide, Chairman, Global Reporting Initiative; and Mr. Ben Llewellyn-Jones, Deputy British High Commission Lagos.

  • Nigeria eyes $3b from Eurobond’s sale

    Nigeria eyes $3b from Eurobond’s sale

    By Collins Nweze

    Nigeria plans to issue $3 billion or more in Eurobonds as international capital markets (ICM) open up and interest rates decline.

    Nigeria had planned a Eurobond issue early last year after its sixth sale in 2018, but it decided to defer the 2020 sale due to market turmoil caused by the COVID-19 pandemic.

    Last month, the Debt Management Office (DMO) said the government was looking to pick advisers.

    “The plan is to raise $6.183 billion from a combination of sources,” President Muhammadu Buhari said in a letter to parliament seeking approval for the debt raise.

    “From recent trends in the ICM, it is now possible for Nigeria to raise funds in the ICM. We estimate that Nigeria may be able to raise $3 billion or more, but not more than $6.183 billion in a combination of tenors between five to 30-years.”

    Nigeria emerged from its second recession since 2016 in the fourth quarter, but growth is fragile. The government expects a 2021 budget deficit of 5.60 trillion naira to be financed largely from foreign and local borrowings.

    Buhari said it wanted to moderate debt service costs by accessing relatively cheaper funds abroad, especially as global interest rates fall below 2020 levels while local rates begin to rise.

  • AfDB, EBRD to bridge $2.5tr financing gap

    AfDB, EBRD to bridge $2.5tr financing gap

    By Daniel Essiet

    The African Development Bank (AfDB) Group and the European Bank for Reconstruction and Development (EBRD) have  signed a memorandum of understanding (MoU) to help bridge the $2.5 trillion annual financing gap for development in Africa.

    Under the partnership, the AfDB and EBRD will capitalise on their expertise and experience, with a particular focus on climate change, green and resilient infrastructure and capital markets development. They will also work on improving business environments, bolstering the real economy and mobilising private sector investment.

    COVID-19 is threatening progress made towards the UN Sustainable Development Goals and is exacerbating debt vulnerability of many African countries.

    Sustainable private sector development will be key to recovery and prosperity across the continent.

    “The new partnership agreement between our two institutions will pave the way for us to do more together, especially in supporting the growth of Africa’s private sector. The impact of Covid-19 on government resources is huge and we need to mobilise more private resources to help African countries build back stronger,” said AfDB President, Dr. Akinwumi Adesina, on signing the MoU with his counterpart, EBRD President, Odile Renaud-Basso.

    Renaud-Basso said: “The Covid-19 crisis has made the need for better and ever closer collective action even more urgent. Collaboration between the EBRD and the African Development Bank has grown from strength to strength over the years in the region. This partnership will allow our institutions to do even more to promote sustainable private sector development in North Africa.”

    The AfDB and  EBRD have a long history of cooperation. Last month, the two institutions signed a $114 million financing package for the construction of the largest private solar plant in Egypt.

    This new partnership will enable the two institutions to strengthen the potential for joint projects and activities, unlocking investment opportunities in their common countries of operations.

  • Over 12,600 workers, retirees change PFAs

    Over 12,600 workers, retirees change PFAs

    By Omobola Tolu-Kusimo

    A total of 12, 681 workers, and retirees have dumped their Pension Fund Administrators (PFAs) over poor returns on investment and poor customer service as at March 31, 2021, The Nation has learnt.

    This followed the recent implementation of RSA Transfer window (RTS) by the National Pension Commission (PenCom).

    Section 13 of the Pension Reform Act 2014 allows Retirement Savings Account (RSA) holders under the Contributory Pension Scheme (CPS) to transfer their accounts from one PFA to another once in a year.

    The 12,681 RSA holders, who moved their pension assets quadrupled the 2,799 RSA holders that moved as at last December 31, showing acceptance of the transfer window by workers and retirees.

    PenCom Director-General, Mrs. Aisha Dahir-Umar told  The Nation the response by RSA holders to the opening of the RSA transfer window by contributors has been encouraging.

    She said the commission is excited that they have been able to provide the opportunity for contributors to make choices while engendering competition and improve service delivery in the pension industry.

    She stated that the launching of the Transfer window (RTS) on November 16, 2020 heralded the full implementation of one of the cardinal features of the CPS, the portability of RSAs.

    She said: “By this development, RSA holders have been empowered to move their RSAs from their current PFAs to other PFAs of their choice, whenever they desire to do so. The RTS is a fully automated, efficient and transparent process that has pre-defined timelines. It ensures hassle free movement of RSAs across PFAs.  The transfer of RSAs involves movement of pension assets between PFAs and the entire process attracts the full weight of the commission’s regulatory surveillance. The fact that the process has been completely free of charge has also given RSA holders an added advantage.

    “The opening of the ‘Transfer Window’, as it is popularly referred to, has been embraced by a large number of RSA holders in their quest for better service delivery and returns on investment from PFAs. The commission has ensured that the requirements for initiating RSA transfers are minimal, and has made these requirements as well as the necessary information to guide RSA holders through the process available on its website, www. pencom.gov.ng.

    “The response by RSA holders to the opening of the RSA transfer window by contributors has been encouraging. In the maiden Transfer Quarter, which ended on 31 December 2020, a total number of 2,799 RSA holders transferred their RSAs to various PFAs. This number more than quadrupled in the next Transfer Quarter, which ended on 31 March 2021, as a total number of 12,681 RSA transfers took place.

    “A consistently upward trend is anticipated, as RSA holders continue to realise the ease with which they can initiate the transfer of their RSAs. Overall, the opening of the RSA transfer window is revolutionary. Going forward, high standards of service delivery will remain a focal point in the Pension Industry”, Mrs. Dahir-Umar added.

  • Polaris Bank launches digital banking platform

    Polaris Bank launches digital banking platform

    Polaris Bank yesterday launched its much-anticipated digital banking platform, VULTe.

    Its Chairman, Muhammad Ahmad said the launch of VULTe was in line with the corporate goal of the bank to offer customers and non-customers 24-hour services.

    According to him, the launch of the digital platform is milestone and a vindication of the bank as a strong and digitally-led retail brand.

    “When we started the Polaris journey almost three years ago, we were very clear on the type of bank we must build and the direction we must go.”

    This was largely informed by the fast pace of change in financial service provisioning and the apparent technology-defined outlook of our business.

    “We are, therefore, bringing VULTe to the market place. And this is not another mobile app, but one with a world of difference, a mobile digital bank.This is your bank in your hand, affording you total control of your financial service needs. With VULTe, you serve yourself, the way you want to be served,” Ahmad said.

    Acting Managing Director, Polaris Bank Limited, Mr. Innocent Ike said the new  platform is returning all powers to the customer as king.

    He noted that customers were at liberty to enjoy unhindered, contactless and refreshing banking experience all at the tip of their fingers thanks to the newly launched VULTe app.

    “With VULTe, we affirm our resolve to serve the customer better and make their banking experience, more pleasurable. Therefore, we will continue to launch an array of banking products to cater to the varying needs of our diverse customers,” Ike said.

    According to him, VULTe represents Polaris Bank’s bold declaration to hand over control of banking services to customers and allow them to serve themselves as they would want to be served.

    “As a Polaris Bank customer, you are at liberty to determine your banking experience since we have put the bank in your hand 24/7. You now have total control to serve yourself; it’s no more customer service but customer self-service.

    “Are you opening an account, setting limits on your account, verifying your identity documents, registering your biometrics, making inquiries, taking an instant loan? You are in total control – you do it at your time, at your convenience, and on your terms – you determine how delightful your banking experience will be,” Ike said.

    The highlight of the launching was the practical demonstration of the uniqueness of the VULTe application by the bank’s Chief Digital Officer, Mr. Bamidele Adeyinka to the excited guests.

    Adeyinka said the digital banking platform, VULTE, will change everything that happens in the ‘brick and mortar’ space to clicks and buttons.

    He explained that VULTE comes in mobile-Android and iOS and web applications and it allows customers with either of the options, to access banking services at the click of the button.

    Adeyinka said all bank customers in the country can take advantage of the VULTe to carry out their banking transactions including account opening, bills payments, transfers, balance enquiry, airtime rechage and quick loans.

    He added that on-boarded customers will be able to access PayDay Loan on both mobile and web digital platform where eligibility will be displayed to the customer within the VULTe application.

    Also, on-boarded customers will be enabled to pay taxes and levies for different government parastatals in addition to several other benefits such as ability to perform intra-bank and inter-bank transfers.

    “To onboard, customers with BVN will input their BVN and take a selfie-photo of their face which will be compared automatically with the photo on their BVN profile via facial recognition – an advanced cognitive and artificial intelligence facial recognition technology,” Adeyinka said.

    Meanwhile, the bank also announced special reward packages for early users of the VULTe app. Executive Director, Abuja and Northern Region, Polaris Bank Limited, Mr. Muhammed Abdullahi  reeled out giveaways and free gifts to customers for their loyalty and positive acceptance of VULTe.

    “Consequently, please note that the first 2000 persons who download VULTe from Appstore or PlayStore and make a transaction on the platform, stand to win a collection of beautiful mementos like;  Mugs, Michael Cable Charger, Key Rings, Pop Socket among other collection of gifts,” Abdullahi said.

    The launch event had in attendance representatives of Central Bank of Nigeria (CBN), key financial technology (FinTechs) industry players and strategic partners of Polaris Bank who all in their goodwill messages attested to the bank’s unwavering determination to ensuring quality customer satisfaction at all times.

    Some of the dignitaries included Prof. Olayinka David-West, Dean, Information Systems, Lagos Business School (LBS); Chief Demola Aladekomo, Chairman, Chams Plc; Agada Apochi, Managing Director, Unified Payment Systems; Babatunde Okeniyi Managing Director, PayAttitude; AyoTunde Coker, MD Rack Center; Funke Opeke, MD, Main-One; Jimi Awosika, Group Vice Chairman Troyka/Insight; Akin Banuso, County General Manager, Microsoft; Dr. Ken Ikpe, Group CEO, Insight Redefini; Paul Mosimabale Upperlink Co-founder; Obi Emetarom, Appzone Limited MD and Mrs Abiola Laseinde, MD ,Edniesal Consulting.