Category: Pension

MABAWONKU: My name is Mabawonku, a pensioner with federal share. I retired with NERDC in1993 as assistant chief research officer. My gratuity and six months’ arrears pension have not been paid after several correspondence and physical appearances to PTAD. I did verification screening with PENCOM in 2011 and PTAD in Lagos in April 2019. The Lagos State share has been paid where I retired in 2010 as a director. But for PTAD, promises that have not been fulfilled were given. Please help me.

PTAD: The pensioner is to provide a copy of his pensioner’s verification acknowledgement slip to enable us investigate and follow up on his complaints.

ADETUTU: We read again in The Nation Newspaper  where you asked for my mother’s phone number which I have sent on the July 17, 2019. But there is a mistake in the write up where they wrote she was given monthly pension from 2005 to 2010. She has not been paid from 2005 to 2010. But what she is asking for is the arrears from that 2005 to 2010 which has not been paid.

PTAD: The pensioner was contacted on her mobile phone number and informed to provide a copy of her pensioner’s verification acknowledgement slip through the complaints email (complaints@ptad.gov.ng). This will enable us investigate and follow up her complaint.

MAYOWA: This is for someone very close and dear to me. Please read this and any action taken will be appreciated: “I retired as an Assistant Director of Education (GL 15) in December 1996, having served the government for 35 years. My gratuities were paid in 1998 when the value of the money had fallen more than 100 per cent. I started drawing my pensions in  the year 2000. I am a purely federal pensioner, with no state share at all. Till date, I have not been allowed to enjoy any of the pension increases approved since year 2000. In April 2009, my pensions were harmonised to enable me enjoy the 142 per cent increment approved in year 2000. The voucher was prepared. This included the arrears accruing from year 2000. That month, I was paid only the harmonised monthly amount. The arrears were not paid and have still not been paid till now.

Later this harmonised amount was reduced by 50 per cent for no reason. Despite series of verification and completion of complaints forms, no action has been taken on my case. However, the pension authorities keep on telling the public that they have been paying pension arrears and returning savings from discovery of ghost pensioners to government coffers. I submitted a letter of complaint to the Akure Office of the Public Complaints Office in April 2014, but I am not sure the letter left the office although they charged me for courier fees. I retired from the Federal Civil Service at the age of 56 years. I am now 76 years old and I am still being denied my entitlements by fellow compatriots since year 2000.

This complaint and relevant documents including my bank statement of account are in my records with PTAD as were with those who handed over to them. Why is it that nobody is doing or saying anything about my case since 16 years?  The current administration that is committed to change and correcting previous ills, needs God fearing people who are selfless, honest, public spirited and free from covetousness to administer pensions. I thank you, Omobola, for your interest in the welfare of the elderly.

PTAD: The pensioner is to provide a copy of his verification acknowledgement slip so that proper investigation and follow up can be done on his complaint.

SUNDAY: I retired in June 2003 from the service of former Governmet Agency changed to National Clearing and Forwarding Agency. I received my pension from March 2008 to April 2018. But they stopped my pension after April and I don’t know why. Please help me.

PTAD: If Mr Eshiet has been verified, we advise that he sends a clearly scanned copy of his verification slip to complaints@ptad.gov.ng. If he has not been verified, he can visit our Abuja or Lagos office with his employment documents, BVN and original stamped bank statement from April 2018 till date to be verified and monthly pension payment resumed if eligible.

BENJAMIN: I am Benjamin, I retired in 2006 under the old NEPA/PHCN and by transition from NELMCO to PTAD. My monthly pension of January and March 2015 were omitted. I went to PTAD five  times and did all what I was told to do but to my surprise, each time I went there, they would tell me ‘no fund’ Please intervene for me.

PTAD: The pensioner is required to submit his bank statement from July 2014 to date to PTAD Office Abuja including his complaint to enable us investigate and resolve his complaint.

ISA: Good evening Madam, this is from one of the Pre 1996 Railway pensioners in Nasarawa State. My name is Isa. Our 18 months arrears (part of 52 months) since the time of former President Goodluck Jonathan is yet to be cleared. Also, railway pensioners are the least paid nationwide. Kindly use your good office to help and solve our problems. We “Thank  You” for being there for Us.

PTAD: It is an assumed liability by some groups of pensioners in the NRC. The group is yet to forward any supporting documents.

ALICE: My name is Alice. Well-done and thanks for The Nation’s concern on pensioner’s matters. My pensioner number is Anonymous. I did verification since August 2017 but PTAD has not paid me till date. Kindly assist, several pensioners have gotten their pension. I am a state pensioner with federal share. I retired on April 30, 2008 without payment till date. Thank you.

PTAD: The pensioner’s complaint has been investigated. She will receive payment as funds are allocated and released by the Federal Government.

JOHN:  My name is John, a retiree from Federal Polytecnic Idah 2018. My PFA is Sigma. I did my biodata in July 17, 2017 and my last salary was September 2018. I learnt that PenCom exists for the Nigerian pension industry to ensure that retirement benefits are paid as and when due.  Since the time to date does it mean pension is no longer paid as and when due? When should I expect my retirement benefits. And, what are the kind of problem(s) that cause this long delay?

PENCOM: He needs to forward his enrolment slip to enable the Commission access his records.

By Omobola Tolu-Kusimo

Police pension fund administrator, the NPF Pensions Limited has re-assured the personnel of the Nigeria Police both serving and retired on good investment return and safety of their pension fund assets.

The Chairman, Board of Directors NPF Pensions, IGP Suleiman Abba (Rtd), gave the reassurance during the commissioning of the new head office in Abuja.

Suleiman stated that the company would not relent at delivering the best services and make the enhancement of their welfare.

He said prior to the establishment of NPF Pensions in 2014, Personnel of the Nigeria police were registered and scattered amongst other Pension Fund Admisnitrators (PFAs) in the country with attendant challenges associated with lack of coordination and a dedicated service provider that will focus mainly on the needs of Police Personnel as they  affect their pension matters.

He noted that these and other grievances fueled the agitation of police personnel to seek for exit from the Contributory Pension Scheme (CPS).

He said: “As a result of this development, the Federal Government set up a Technical Committee to propose the exiting of the Nigeria Police from the CPS. The Office of the Secretary to the Government of Federation-led Committee submitted its report and after series of consultations, NPF Pensions Limited was established in 2012 and licensed in 2014, when I was the Inspector General of Police.

“Since the commencement of its operations in January, 2015, which was also at a time I was the IGP, NPF Pensions has taken with great importance the issue of bringing pension services and welfare benefits to the door-steps of its clients (the Nigeria Police Personnel). Through its strategically located Pension Desk Officers and Customer Service Officers located at each of the state commands, formations, training schools and colleges, various forms of harmonious relationship have been achieved. The PFA has lived up to its expectations of police officers and other stakeholders’’.

The Managing Director, NPF Pensions, Hamza Sule Wuro Bokki, added that the PFA would continue to provide quality customer and financial advisory services to their stakeholders and adopt investment strategies that would yield the best possible returns on their pension assets.

He disclosed that the PFA was strictly established to administer, invest and manage pension funds in strict adherence to guidelines from the National Pension Commission (PenCom) of Personnel of the Nigeria Police Force.

“Our fund performance is measured and reported daily to management on a post-trade basis. Asset valuation and pricing of positions and the analysis of investment returns are done daily on an accrual and marked-to-market basis. Also, performance attribution is done on a daily, weekly or monthly basis and classified by sector, industrial grouping and market.

“We also provide range of products and services to our clients that include Retirement Savings Account, Additional Voluntary Contribution and Access to Financial Planning. Furthermore, online real-time reports are available through the management dashboards. Internally derived and public benchmarks are used to appraise the performance of the Fund by security, sector, industrial grouping and market”, he added.

The newly-licensed Lagos Commodities and Futures Exchange ( LCFE) is targeting no fewer than 10 million Nigerian youths for empowerment as commodities traders under its proposed seamless capacity building.

The Exchange shall leverage its state-of-the-art technology to bring millennials and those in the group of ‘Generation Z’ to the commodities and futures exchange ecosystem as future operators. Details of the eligibility criteria are being worked out.

Managing Director, Lagos Commodities and Futures Exchange ( LCFE), Mr Akin Akeredolu-Ale unfolded the plan during the ringing of opening bell on the Exchange in commemoration of 2020 World Investment Week ( WIW) which focuses on financial literacy.

He said the Exchange was looking at integrating more than 10 million young commodity traders across the six geo-political zones of the country into the capital market through its LCFE youth commodity trading account platform.

He noted that the current investing population in the Nigerian capital market is still heavily populated by the older generation and LCFE is interested in introducing and attracting the younger generation to the market.

According to him, the large varying commodities available due to the vast natural resources in Nigeria provides the opportunities for the young generation to trade in different types of investment products.

“The listing of commodity contracts and commodity-backed commercial papers for capital raising on a commodities exchange by stakeholders of the commodities ecosystem is one of many ways that new and existing investors of the capital market can participate. Other investible options available include futures, forwards and spots contract based on all forms of commodities- agriculture, oil and gas, solid minerals and currencies,” Akeredolu-Ale said.

He assured that LCFE is committed to creating awareness for the investing public through a carefully planned list of knowledge sharing sessions which will be conducted in partnership with the regulators and other stakeholders of the capital market and the commodities ecosystem.

According to him, these knowledge sharing sessions have been carefully planned to highlight various commodity finance areas ranging from investible ethical instruments, options for pension fund investment in commodities and many more.

“Investor education is very important to us at Lagos Commodities and Futures Exchange (LCFE). The call for diverse investment opportunities has grown increasingly louder in the past few months. As a unique commodities Exchange in the Nigerian capital market, we understand the need to deepen the capital market by creating fungible investment instruments backed by commodities for investors,” Akeredolu-Ale said.

He pointed out the pivotal role of technology in finance noting that as a technology-driven commodities exchange, LCFE understands the role of technology in finance and it is exploring all the different and new technically-driven trends in the Fintech space.

“We are engaging with Fintech partners who play major roles in crowd funding, crypto currency and block chain technology. LCFE is looking forward to aligning with the Securities and Exchange Commission through the relevant technical committees to engage with the stakeholders in this unique fintech space to bring structure and support to the commodities ecosystem,” Akeredolu-Ale said.

He added that LCFE has also committed to providing access to relevant financial information and trading data from the commodities ecosystem through targeted partnerships.

He pointed out that the World Investor Week (WIW) is a week-long event aimed at raising awareness about the importance of investor education and protection, towards engendering the financial and overall wellbeing of the individual, and particularly in view of the effects of the COVID-19 pandemic.

Lafarge Africa Plc recorded double-digit growths in sales and profitability in the third quarter, with gross turnover rising by 10.3 per cent to N179.9 billion.

Key extracts of the nine-month report for the period ended September 30, 2020 showed that Lafarge Africa’s sales rose from N163.1 billion to N179.9 billion. Profit after tax also grew by 37.1 per cent from N20.6 billion in third quarter 2019 to N28.2 billion in third quarter 2020.

Lafarge Africa had distributed N16.11 billion to shareholders as cash dividend for the 2019 business year after the cement group completed a major balance sheet restructuring. Shareholders received a dividend per share of N1. Lafarge Africa did not pay any dividend for the 2018 business year.

Key extracts of the audited report and accounts of Lafarge Africa for the year ended December 31, 2019 had shown that total turnover dropped from N217.8 billion in 2018 to N213 billion in 2019. Gross profit also declined from N67.11 billion to N55.95 billion. Operating profit also dropped from N38.53 billion in 2018 to N34.91 billion in 2019.

With the successful completion of its capital injection and balance sheet restructuring, the group recovered from pre-tax loss from continuing operations of N1.51 billion in 2018 to a pre-tax profit of N17.89 billion in 2019.

Country Chief Executive Officer, Lafarge Africa Plc, Khaled El Dokani, said the performance of the company was due to its turnaround and cost-reduction strategy and the divestment of the South African business.

According to him, the decrease in net debt has significantly strengthened the group’s balance sheet and has placed it in a vantage position to face the future.

He noted that Lafarge Africa has taken necessary measures to protect the health of its employees, customers, suppliers and other stakeholders from the ravaging impacts of the Coronavirus pandemic.

He pointed out that the construction sector and construction sites are generally more resilient than other sectors and Lafarge Africa has a strengthened balance sheet and is well equipped to weather the storm.

He said the company is closely monitoring the evolving situation and the impact of the Coronavirus pandemic on the Nigerian market.

He noted that the Nigerian cement industry growth momentum is expected to slow down in 2020 compared to 2019 on the back of the Coronavirus pandemic and the challenging global macro-economic environment.

He said the group has launched an action plan-health, cost and cash to curtail the effect of the disruptions on its business adding that the group will continue to focus on the implementation of its cost optimisation initiatives during this period to minimise the impact on the business.

Year-end shareholding analysis showed that Lafarge Hiolcim now holds 83.81 per cent majority equity stake through two subsidiaries- Associated International Cement Limited (AIC UK), which holds 27.77 per cent equity stake and CariCement BV, which holds 56.04 per cent equity stake. No any other shareholder held more than five per cent stake in the company.

By Taofik Salako, Deputy Group Business Editor

Stanbic IBTC Holdings Plc recorded 19 per cent growth in net earnings in the third quarter as profit after tax closed the nine-month period at N66.2 billion.

Key extracts of the interim report and accounts of Stanbic IBTC released at the Nigerian Stock Exchange (NSE) showed that gross earnings rose by 4.0 per cent to N183.3 billion in third quarter 2020 as against N176.2 billion recorded in third quarter 2019.

Profit before tax also rose from N69.11 billion to N76.87 billion. After taxes, net profit grew by 19.1 per cent from N55.6 billion in third quarter 2019 to N66.2 billion in third quarter 2020. Earnings per share thus rose from N5.13 in third quarter 2019 to N5.80 in third quarter 2020.

The third quarter performance indicated that the group might be on the way to modest improvement in the current business year. Stanbic IBTC had recorded a net profit of N75.04 billion in 2019. The company subsequently paid N21 billion as dividend for the 2019 business year, implying a dividend per share of N2, 33.3 per cent increase on N1.50 per share paid for the 2018 business year.

Key extracts of the audited report and accounts for the year ended December 31, 2019 had shown that gross earnings rose from N222.36 billion in 2018 to N233.81 billion. Profit before tax increased from N88.15 billion in 2018 to N90.93 billion in 2019. Profit after tax also improved marginally from N74.4 billion to N75.04 billion. Earnings per share however dropped from N7.04 in 2018 to N6.92 in 2019. The decline in earnings per share was due to additional shares due to cash-to-scrip dividend conversion policy of the company.

In a recent review, Chief Executive Officer, Stanbic IBTC Holdings Plc, Yinka Sanni, while acknowledging that the regulatory and economic environment could sometimes be challenging, said the company remained resolute in its target to emerge as Nigeria’s leading end-to-end financial solutions provider.

“While we look to 2020 with great optimism, we are fully aware of the challenging macro-economic and regulatory headwinds that we must contend with as we enter a new decade. Nonetheless, our strategic journey towards becoming the leading end-to-end financial solutions provider by 2023 continues as we leverage our universal capabilities whilst focusing on cost management, digitisation and client centricity in accelerating growth in 2020,” Sanni said.

He added that the Stanbic IBTC continues to benefit from its adoption of a digital strategy as well as operating a holdings company structure which enables subsidiaries to cross-sell and also leverage expertise within the group.

Under a resolution passed at its extraordinary general meeting in August 2016, shareholders of Stanbic IBTC Holdings may choose to receive dividends declared by the company, up to year 2020, either in cash or as new ordinary shares in the company.

Under the conversion programme, the reference price to be used in determining any scrip dividend allotment shall be the volume weighted average price (VWAP) of the company’s shares on the NSE for the five business days commencing on the day the ordinary shares are first quoted ex-dividend.

Where a shareholder elects to receive the whole or a part of his dividends by way of new ordinary shares, such scrip shares shall only be allotted after receipt of any required regulatory. In order to be valid, any scrip dividend election by shareholders must be made to the company’s Registrars, not later than seven days prior to any dividend payment date.