The Nation Newspaper

Category: Pension

PenCom introduces E-Pension clearance certificate application portal for employers

The National Pension Commission (PenCom) has introduced an automated online platform for the application of Pension Clearance Certificates (PCC).

This new development, announced in a notice to all employers, aims to simplify and expedite the process of obtaining a PCC.

This development is a major step towards digitising the application process for enhanced service delivery.

The e-Pension Clearance Certificate Application Portal has been officially available for all employers from October 31, 2024.

With the introduction of the online platform, PenCom is aligning with its broader vision of fostering transparency and improving the ease of doing business within Nigeria’s pension system.

The e-Pension Clearance Certificate Portal.

The new e-Pension Clearance Certificate Application Portal comes equipped with several features designed to streamline the application process.

First, the portal offers convenient online submission, where employers submit their PCC applications, eliminating the need for in-person visits to PenCom offices and the submission of physical documents. The portal has real-time tracking and update capabilities through which the status of PCC applications can be monitored from submission to approval in real time.

The portal significantly reduces the volume of paperwork involved in applying for the certificate, shortening processing times and accelerating approval. With data protection requirements, and cyber security being critical priorities, the portal provides robust data protection mechanisms. Sensitive employer and employee information is kept safe and confidential.

In addition, the platform is designed to be intuitive, with a simple and easy-to-navigate interface that facilitates quick and efficient applications for the PCC. Also, a comprehensive user manual is embedded within the portal to provide step-by-step guidance for users, ensuring a smooth experience from start to finish.

Employers can access the e-Pension Clearance Certificate Application Portal via the official PenCom’s website, www.pencom.gov.ng. The platform can be reached directly through the following link: https://pcc.pencom.gov.ng.

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For employers requiring additional assistance, PenCom has set up dedicated support channels. Employers can visit the Commission’s website for more information or contact the support team via email at rakamba@pencom.gov.ng.

Transition Period

While the e-Pension Clearance Certificate Application Portal has been fully operational from October 31, 2024, PenCom has announced a transition period during which both electronic and the paper based applications will run concurrently. This dual approach will be in place until March 2025 to allow employers ample time to adapt to the new system.

Employers are encouraged to make the switch to the online platform as early as possible to take full advantage of its improved efficiency and convenience. Those who transition early will also avoid the rush that typically starts early in the new year as PCC is renewed yearly.

Benefits to Employers, Economy

The introduction of the e-Pension Clearance Certificate Application Portal is a significant move towards digitalising all pension clearance processes. Employers will now enjoy fast and convenient process, avoid physical paperwork, or unnecessary delays in obtaining certificates.

For businesses requiring PCCs, this change aligns with the broader national agenda of digital transformation. An e-platform for PCC application fosters a more efficient and transparent business environment.

The introduction of the e-Pension Clearance Certificate Application Portal marks a new chapter in the consolidation of the Contributory Pension Scheme (CPS). By simplifying and automating the application process, PenCom is empowering employers, enhancing service delivery, and contributing to the development of a more robust, efficient, and secure pension ecosystem in the country.

Culled from PenCom

November 27, 2024
Pension complaints and solutions

ANONYMOUS: Good day, I retired from FMC Markudi in 2020. But my monthly pension has not been paid. Kindly help me.

PENCOM: Dear Sir/Madam, you are advised to approach your Pension Fund Administrator for further clarifications.

BALOGUN: Hello, my name is Balogun. My employer’s name is Amazuma Services Limited. I don’t know my pension company. Kindly help me.

PENCOM: Dear Mr. Balogun, you are advised to approach your Pension Fund Administrator to make enquries.

BOLARINWA: Dear Omobola, my name is Bolarinwa (Asp Rtd). I have voluntarily retired from service in September 2023. I was unable to get my discharge certificate due to my inability to offset my bank loan because I have to present non indebted letter to process it. I don’t know if I can withdraw out of my savings to offset it.

PENCOM: Dear Mr. Bolarinwa, you are advised to approach your Pension Fund Administrator for further directives.

ANONYMOUS: Good day, I am from Maritime Academy of Nigeria, Oron. PDO : I can’t enrol and verify 2024 retirees on PENCOM Porter. What do I do.

PENCOM: Dear Sir/Madam, kindly approach the Pension Fund Administrator of your employees for assistance with the Online Enrolment Application.

CHRISTIAN: I retired from Federal Ministry of Works HQ Mabushi Abuja Nigeria in August 2016 after 35 years in service. Before then l was promoted to the rank of Chief Executive Officer GL 14 with effect from January 1, 2015. Variation to reflect this rank was raised accordingly by the IPPIS Section of the FMW. HQ Mabushi Abuja FCT about six years ago but no payment was made to me. I made several enquiries about the payment of the promotion arrears but no response from the IPPIS. I even resent the promotion letter and other relevant documents to enable them to revisit it if they have not taken any action but no response and no payment. One of the staff informed me that our names were sent to the Accountant General of the Federation Office for the payment but till now no payment was made. l would be very much happy if you would use your good office to help me out of this matter. I have health challenges and l need money to treat myself. My name is Christian.

PENCOM: Dear Mr. Igwemezie, kindly go the the office of the Accountant General of the Federation as the IPPIS falls under the offices purview.

ANONYMOUS: Good day, my complaint has been made by one of my pension account officers on my behalf but I am yet to get update and it has been over three months now. How long does it take for merging?

PENCOM: Dear Sir, Kindly provide the details of the two Retirement Savings Accounts you are trying to merge to enable the Commission process the complaint

Read Also: Pension complaints and solutions

ANONYMOUS: Ma, I strongly need your help. We are leaving the country today and we need money for upkeep as we go. We are banking on my 25 per cent pension savings. PenCom is yet to approve. Kindly help us.

PENCOM: Kindly provide the details of your Retirement Savings Account, the PIN and the PFA to enable the Commission process the complaint.

EFE: Sir, sequel to your advice to send my pin which I did to enable the commission investigate my complaint in The Nation newspaper of Wednesday, nothing has been forthcoming. I want to know my present RSA credit, bond and eligibility status to be able to access the 25 percent. Efe

PENCOM: The Nation should forward the PIN number to PenCom

ADESAKIN: My name is Adesakin, my employer has not remitted my pension deducted for about 70 months. What can I do?

PENCOM: NO PFA

ABUBAKAR: Dear Nation, my name is Abubakar from Ilorin. I worked for the Nigerian branch of the Danish Yoghout Company, FANMILK PLC, for 31 years. It was the illness brought on by my workplace accident that made them lay me off without compensation. I beg to use this forum to appeal to the CSR conscience of FANMILK PLC and the embassy of Denmark. Thank you.

PENCOM: Not under our Purview, NSITF.

November 27, 2024
Pension complaints and solutions

JAMIUDEEN: Good day, my name is Jamiudeen. I retired from National Population Commission on May 1, 2023. I have been to my pension manager, Stanbic Ibtc Pension for my accrued right and gratuities. They always told me that it has not been paid and I need money urgently to do the operation of my right leg at Igbobi Orthopedic hospital. I was infected with the wound while in active service of Censor 2006 and since then I have been spending my money on the leg. The commission did not take care of me. I spent my cooperative money on the leg until I was told that an operation is needed to be carried out on my skin grafts. Since then, I have been waiting for my pension money to take care of my leg. Kindly help so I can be paid as soon as possible. I cannot feed myself and the children or pay school fees and house rent.

PENCOM: Payment was made on the May 24, 2024. The RSA holder is advised to approach his PFA to confirm.

SANI: My name is Sani, I worked with West African Postgraduate Medical College, Yaba, Lagos. We chose Leadway Pensure Pfa Limited at Number 121/123 Funsho Williams Avenue, Surulere, Lagos. My pension contributions employer/employee has been fully remitted to the Leadway. Also my Legacy has been fully remitted to the Leadway. I have retired since March 31, 2023 and have submitted all the necessary documents for RSA and Legacy to be paid to me since May, 2023. Leadway told me that my documents were rejected because I did not put my pay slip. I sent the pay slip to them immediately. Since then no payment has been made to me. Leadway’s response is that PENCOM has not approved my documents for them to pay me. Please, I want you to intervene so that my money can be paid to me. It is six months that I am at home without earning salary. Thank you.

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PENCOM: Dear Sir, please carry out the Enrolment exercise, and submit the Enrolment slip, you may wish to visit www.pencom.gov.ng for guidance on how to get enrolled.

ANIEMA: Hello, my late mum’s pension fund has not been paid since she passed in 2019. Her name is Aniema. Until her untimely death, she worked at Federal Science and Technical College (FSTC), Uyo, Akwa Ibom State. Her daughter who is the next of kin is Favour. I have submitted all the necessary documents to Stanbic IBTC Pension. Kindly assist us so that favour can start university and her younger siblings too.

PENCOM: Dear Sir, the death benefit has been processed/paid in July 2023. The named beneficiary is advised to contact PFA.

FOLORUNSO: My name is Folorunso. I worked with Vanguard Newspaper and later joined The Nigerian Tribune. On joining Tribune, Stanbic Ibtc Pension opened a new RSA account for me, same Stanbic with Vanguard. I now have double PEN registration and I am having difficulties in accessing my funds. For over a year now, I have kept writing both STANBIC and the DG of PENCOM but to no avail. After much pressure, STANBIC claimed to have harmonised the two PEN account numbers and it is left for PENCOM in Abuja to give approval for me to access my funds. My findings show that it will take another one year to get PENCOM approval. Please what can I do to get the urgent attention of the PENCOM DG to resolve my pension issue?

PENCOM: send the PIN numbers

DJOGRI: Hello, my name is Adjogri. I retired on July 31, 2016 from Delta State SUBEB, and got my accrued right to process my lump sum and pension. I went to Oak Pension Ltd on November 8, 2023 to process it after eight years.

But I have not heard from them. l am yet receive my lump sum neither has my annuity sum been released. Meanwhile, my contemporaries that choose programme withdrawal with the same Oak Pension have all received their payments. Is it a sin to choose annuity which is what warrant this unholy treatment from Oak Pension? Pension Act provides us the freedom to choose any form of payment and I have opted for Annuity but Oak Pension is punishing me because I didn’t choose their Programme Withdrawal. I plead with PENCOM to intervene and not allow the situation degenerate into litigation. Thanks in anticipation.

PENCOM: Please, note the evidence of Annuity Request is yet to reach the Commission. The RSA holder should contact the PFA to submit the request.

November 21, 2024
Chevron pensioners demand 5% cost of living adjustment, others

Pensioners of Chevron of Nigeria (PenCon) have demanded among other things, the restoration of five per cent January annual increment, and 75 percent PENGASSAN annual Monthly Basic Salary (MBS) negotiated increment unilaterally removed.

The group also demanded de-freezing retiree pensions frozen in 2022, hardship compensation as given by other International Oil Companies (IOCs), restore retiree right to associate and engage, improve medical services for retirees, seek redress on unilateral closure of CNCPFA and outsourcing of retirees’ funds to third parties, compensation for retirees from sale of pension assets and stop discrimination against retirees.

According to the group, failure which, it shall take the case to BREKETE and also return in January 21 & 22, 2025 with a follow-up press conference where the names of three HR Nigerian managers and directors would be mentioned and how they have failed Nigerians would be discussed in detail.

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The President, Comrade Omare Jonathan who spoke on behalf of the Chevron retirees during a town hall meeting in Lagos as a matter of urgency and importance urged Chevron to comply with the constitution of the Federal Republic of Nigeria and Operational tenets no 7 and 10 by engaging the Pensioners of Chevron Nig Ltd immediately.

Jonathan explained at the point of retirement Chevron Nig Limited (CNL) gave every would-be retiree a form purported to be from a union called Chevron Retirees Association of Nigeria (CRAN). According to him, as soon as this form was duly filled and returned Chevron immediately started deduction of union dues from source and remited same CRAN’s account, adding that Chevron became the undocumented patron of CRAN responsible for both membership and financial drive.

“When Chevron unilaterally yanked off retirees’ January 5%, CRAN said nothing and did nothing. When Chevron yanked off 75% of accrued PENGASSAN negotiated increment in MBS; CRAN maintained her stoic silence. CNCPFA was shut down unilaterally by Chevron, CRAN was not perturbed”.

He noted in Nigeria, Labour and Pension laws recommend mandatory periodic pension reviews to cushion effects of such adversarial factors on living. Jonathan explained that in keeping with these provisions, Unions and Managements in the Nigerian oil industry adopted 5percent Cost of Living Adjustment (COLA) to base pay every January and also agreed to hold annual negotiations to adjust salaries and allowances.

According to him, these were handed over by Gulf Oil (GOCON) to Chevron in 1990. Retirees not represented by any union were awarded 75percent of whatever NUPENG and PENGASSAN negotiated to their base pay.

In all of these, the Chevron Retiree Association of Nigeria which Chevron force-fitted all retirees was silent while retirees are dying in droves in penury, this quickly raised our suspicion, Jonathan stated.

The President narrated on closer scrutiny, it was discovered that CRAN was registered as a limited liability company, just as Chevron, and not as a trade union or pressure group. According to him, it is this limited liability company meant to make profit and not to represent people that Chevron for 29 years has been deducting our dues and paying adding their lawyer will soon be reaching out to Chevron to make refunds with accrued interests.

According to Jonathan, this fundamental defect was in favour of Chevron as it made it impossible to challenge them for any wrong-doing. To CRAN, Chevron is an angel and can do no evil, Chevron has been enjoying this state of affairs for 29 years, he added.

He admitted Chevron and CRAN had a peaceful co-existence over 29 years until PenCoN entered the stage in October 2022 to set things alright. CRAN has regularised her documents just in June 2023. Thus PenCoN was in existence before CRAN.

On the issue of CNCPFA outsourcing, Jonathan said the issues of outsourcing of CNCPFA and CNCPFA non recognition of PenCoN was taken to the National Pension Commission for mediation in line with the Act. However, Chevron failure to accord recognition to legal representatives of pensioners as well as their failure to carry stakeholders along in matters pertaining to the management of their funds that should over ride other considerations of PENCOM adding that the primary reason for the Pension Commission existence is to protect and defend the interest of retirees.

According to Jonathan available information had it that rather than do their duty of calling both parties which is what mediation is all about, they chose to meet with Chevron only, giving room to suspicion of unwholesome influence.

Jonathan expressed the fear now that Chevron has shut down CNCPFA, and moved the funds to third parties not known to the pensioners, any agreement between us, questioning what becomes of the pensioners when they finally live the shores of Nigeria.

November 21, 2024
‘Micro Pension Plan creates wealth for informal workers’

The Micro Pension Plan (MPP) goes beyond savings, it is also about creating wealth.

The plan, which covers informal workers with pension coverage, empowers millions of Nigerians to transition from economic vulnerability to financial security.

These were the submissions of the Ag. Director General of the National Pension Commission (PenCom) while speaking at the recent Micro Pension Plan Industry Stakeholders’ Engagement Forum held in Lagos.

The forum, which was organised by PenCom and the Pension Fund Operators Association of Nigeria (PenOp), brought together key stakeholders from the financial services, technology and policy sectors to discuss the evolution of the MPP and its potential to uplift millions of Nigerians.

Speaking on the theme: “Reimagining Micro Pension Plan: Balancing Service, Policy, and Health,” she highlighted the transformative power of the MPP in offering financial security to Nigeria’s informal sector workers— an essential yet underserved demographic in terms of pension coverage.

Addressing participants, Ms. Oloworaran said over 77.5 million Nigerians, including traders, artisans, small-scale farmers, and transport operators, currently works outside the formal pension system.

She noted that while these workers contribute significantly to the nation’s economy, many are left without a safety net, vulnerable to economic shocks as they age.

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She stressed the fundamental role of the MPP in providing this crucial safety net. She explained that families with stable income streams in retirement can afford better healthcare, send their children to school, and invest in small businesses, further contributing to economic development.”

A tool for Poverty Alleviation

The Acg. PenCom DG further stated that the MPP, launched in 2019, aims to give informal workers a chance to save small amounts regularly towards their retirement.

She said: “By offering flexible and affordable contribution plans, the initiative helps reduce the cycle of poverty that many Nigerians face in old age. There is a direct connection between financial security and economic development. Globally, pensions are a tool for long-term wealth creation.

“Currently, pension funds in Nigeria amount to over N21 trillion, representing a critical source of capital for infrastructure projects, healthcare, and other vital sectors. Increasing participation in the MPP could significantly boost these funds, driving national growth while improving the financial security of millions of families”.

While reimagining the MPP at the forum, Ms. Oloworaran highlighted the alignment of the MPP with President Bola Ahmed Tinubu’s administration’s focus on economic inclusivity and poverty reduction.

“By integrating informal workers into the formal financial system, the MPP plays a crucial role in the government’s vision for national economic growth. “Pension funds are not just for the benefit of retirees.

“They are a vital part of our nation’s economic infrastructure. The more people participate in the MPP, the more funds we can mobilise to drive long-term growth”, she added.

PenOp President, Christopher Bajowu, on his part, said the MPP has a large growth potential.

Bajowu, who was represented by PenOp’s head of Media and branding, Donald Onuoha, also said the MPP requires a little tweak to achieve its potentials.

On the significance of the MPP, Mr. Bajowu said millions of people in the informal sector are getting old without pensions.

“It’s in our best interest to ensure that we work together to get as many more people on a Self-Sponsored Pension Plan which in Nigeria, we refer to as Micro Pension Plan,” he said.

The PenOp President stressed the need for deepening of financial inclusion through the MPP to ensure that more people are included in the formal financial system. He commended PenCom for commitment to growing the informal pension space.

As highlighted by stakeholders at the forum, increased participation in the MPP can drive both personal financial stability and broader economic development. With continued commitment from PenCom and industry players, the MPP has the potential to be a transformative tool for poverty alleviation, financial inclusion, and long-term wealth creation in Nigeria.

November 21, 2024
Sanlam General Insurance wins Financial Inclusive Insurer of the Year

Sanlam General Insurance Nigeria Limited, a subsidiary of Sanlam Life Insurance Nigeria has announced its recognition as the Financial Inclusive Insurer of the Year at the 2nd International Financial Inclusion Conference 2024.

The event, hosted by the Central Bank of Nigeria (CBN) under the theme, “Inclusive Growth: Harnessing Inclusion for Economic Development,” brought together notable leaders, including the Vice President of Nigeria, Kashim Shettima; Governor of the CBN, Mr. Olayemi Cardoso; and Lagos State Governor, Babajide Sanwo-Olu in Lagos.

According to the company, this award affirms Sanlam’s unwavering commitment to advancing financial inclusion through innovative and impactful solutions tailored to the unique needs of Nigerians.

The Managing Director/CEO of Sanlam General Insurance Nigeria Limited, Bode Opadokun reflected on the significance of achievements that led to the award win.

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He said: “This recognition as Financial Inclusive Insurer of the Year underscores our dedication to bridging the financial gap in Nigeria through innovation and inclusivity. At Sanlam, we believe that everyone deserves access to security and confidence, and this award is a testament to the collective effort of our exceptional team.

Together, we are redefining what it means to serve and inspire.

“While the award signals a bold step forward, Sanlam remains committed to creating a brighter and more inclusive future for individuals and businesses across Nigeria. Sanlam is a pan-African brand with a rich history and heritage founded in 1918 as a life insurance company. The brand has grown to become Africa’s largest non-banking financial services group, with a strong presence in 27 countries on the African continent, and a niche presence in India, Malaysia, the United Kingdom and Australia. Indeed, Sanlam operates in 8 out of the 10 largest economies in Africa, with over 154,000 employees globally, delivering superior value to customers, shareholders and the broader society”, he added.

November 20, 2024
PTAD gets executive secretary
- Ejikeme bows out
A new Executive Secretary in person of Miss Tolulope Abiodun Odunaiya yesterday took over the affairs of the Pension Transitional Arrangement Directorate (PTAD) yesterday, The Nation, has learnt.

This came following the appointment of Miss Odunaiya by President Bola Ahmed Tinubu.

She takes over from Dr. Chioma Nnenna Ejikeme who was the Executive Secretary from August 2019 to November 2024.

A statement by the Head, Corporate Communications Unit, Olugbenga Ajayi read: “We are delighted to inform our Publics especially PTAD pensioners and other stakeholders of the appointment of Miss Tolulope Abiodun Odunaiya by President Bola Ahmed Tinubu as the substantive Executive Secretary of Pension Transitional Arrangement Directorate (PTAD).

“Miss Odunaiya assumed office today, 18th November, 2024 at the PTAD Headquarters where management and staff of the Directorate welcomed her warmly. She is taking over from Dr. Chioma Nnenna Ejikeme who was the Executive Secretary from August 2019 to November 2024.

“In a brief meeting with the management and staff of the Directorate, the new ES promised to build on the legacy of her predecessors and the staff which she believes has brought PTAD to its enviable status. Miss Odunaiya said, “It is with a deep sense of responsibility and purpose that I address you as the new Executive Secretary of this Directorate. I want to begin by acknowledging the remarkable work of my predecessors and the dedication of every individual who has contributed to bringing us to this point”.

She promised the staff a new chapter—“one where collaboration, unity, and shared purpose drive our efforts toward meaningful outcomes and lasting progress.

She also said: “My vision is for a Directorate where every individual feels recognised, empowered, and motivated to make meaningful contributions.

“I urge all of us to transcend personal interests and come together around our shared purpose: improving the lives of our pensioners, who have selflessly served this nation, often in challenging circumstances”.

Miss Odunaiya reinstated that “pensioners are the backbone of our country’s history and development, having devoted their time, skills, and energy to building the Nigeria we inherit today.

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“It is both our responsibility and our honor to ensure they receive the care, respect, and timely entitlements they deserve. Their sacrifices must never be forgotten, and through our collective efforts, we can reaffirm their value to the nation and make their retirement years fulfilling”.

The Head of Corporate Communications further stated that the new ES vowed to align with PTAD’s mission and vision with the Renewed Hope Agenda of President Bola Ahmed Tinubu, for a prosperous Nigeria.

“By prioritizing efficiency, accountability, and compassion, we will contribute to a nation where every citizen feels valued and supported—especially those who dedicated their lives to public service”.

She thereafter took a tour round the Departments and Units of the Directorate to get first-hand information on the administration and processes at the Directorate, Ajayi relayed.
November 20, 2024
Leadway reaffirms commitment to supporting women

Leadway Group has reaffirmed its commitment to empowering women in different spheres of professional life.

The group reemphasised this position at its sponsored ‘She Leads Africa Level Up Career Fair 2024’.

The event which held at the University of Lagos had in attendance over 1,500 participants comprising of young female graduates, employers, and industry leaders.

The She Leads Africa (SLA) Level Up Career Fair is a conference organised by She Leads Africa, a community platform for empowering and helping young African women grow.

At the heart of the initiative is the critical objective of creating a vibrant space for networking and professional development for women from different professional backgrounds. The conference featured a wide array of speakers who provided deep insight and mentorship drawing from their wealth of experience.

Speaking at the event, Manager, HNC Segment, Leadway Pensure, Rahinatu Omolamai in the panel session she featured titled “Staying Ahead of the Game: How to Future-Proof Your Career in a Constantly Evolving World,” shared valuable insights from her two decades of experience in the financial services sector in navigating industry changes, building strong client relationships, and leveraging leadership skills for lasting career success.

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On Leadway’s commitment to supporting women, Omolamai stated that Leadway is committed to empowering women not only within the organisation but also in the communities served.

She said: “Our support for the SLA Level Up Career Fair aligns seamlessly with our brand goal, which is to cultivate an inclusive environment where women can thrive in their careers, under the auspices of our women-focused Hersurred community.”

Commenting on Leadway’s partnership with SLA, Head, Corporate Services, Leadway Holdings, Aishat Bello-Garuba said the event exemplifies Leadway’s broader strategy of advancing gender diversity and inclusion through meaningful engagement with external communities.

“We are excited to partner with SLA, a platform that empowers women to connect with potential employers and learn from established professionals. The SLA Career Fair highlights Hersurred’s commitment to women’s empowerment and career development,” Bello-Garuba added.

“The sponsorship by Leadway’s women-focused initiative, Hersurred, underscores the organisation’s dedication to promoting gender diversity and professional growth. Hersurred aims to create inclusive platforms for women, allowing them to connect with industry leaders, gain essential insights, and prepare for successful careers.

“Hersurred is Leadway Group’s initiative focused on empowering women through mentorship, networking, and educational opportunities. It fosters a supportive community committed to personal and professional advancement”, she added.

November 20, 2024
SIMS bonds with dealers

TCL in association with their partner firm Sims Nigeria Ltd in Nigeria has organised Dealers Meet tagged “TCL/Sims Dealers Meet”.

The event brought together successful dealers and distributors of TCL who had met the monthly and quarterly targets of the Dealer Scheme launched by TCL.

The scheme rewarded participants with return air tickets, local sightseeing, and the opportunity to explore TCL’s latest product range and future plans.

More than 70 dealers and distributors of TCL successfully fulfilled the targets and participated in the Business Dealers Meet in Lagos.

The occasion also witnessed the presence of Sims Nigeria Ltd Chairman/CEO, Mr. Simeon Eyisi; Chief Corporate Services Officer, Mrs. Bernadette Eyisi; Chief Operating Officer, Mr Ik Eyisi; TCL MEA Smart Screen Operations Director, Mr. Zhang Yiheng, among others.

The Dealers Meet set the stage for insightful discussions and presentations on TCL’s latest product range and future plans.

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Thought-provoking conclave deliberated by industry experts were also part of the events, showcasing TCL commitment to fostering strong partnerships and expanding its footprints across the globe.

Speaking on the occasion, Eyisi said he is pleased to witness the success of TCL/Sims Dealers Meet in Lagos, Nigeria.

He pointed out that the event has not only strengthened their partnership but also showcased TCL’s commitment to excellence in the consumer electronics industry.

Reflecting on the success of the Dealers Meet in Nigeria, Yiheng, said, “The Dealers Meet has been instrumental in connecting with our valued partners and the wider dealer network. I congratulate our dealers and distributors for meeting the targets and joining the event at Lagos, Nigeria.

“It also provided a valuable opportunity to showcase our new 115 inches TV and discuss our strategic vision for the future. TCL is dedicated to furthering its presence in the region to address the increasing demand for our trusted products.”

“The Dealers Meet in Lagos, an important West African city, was a grand success, concluding on a positive note with Sims’ partners optimistic about the opportunities that it brought. The company boasts a comprehensive network, including government-approved research and development centres, dealers, distributors, and service centres.

“The objective of the Dealers Meet was to reinforce the company’s collaboration with dealers and showcase TCL’s diverse product portfolio and facilitate discussions on upcoming plans and initiatives”, he added.

November 20, 2024
PenCom targets informal sector in new plan

To capture the 77.5 million workers in the informal sector, the National Pension Commission (PenCom) is rejigging it’s Micro Pension Plan (MPP) by embarking on a series of transformative initiatives.

This was made known by the Acting Director General of PenCom, Ms Omolola Oloworaran while delivering a keynote address at the micro pension plan industry stakeholders’ engagement forum organised by PenCom and the pension fund operators association of Nigeria (PenOp) in Lagos.

Oloworaran disclosed that the transformative initiative would include Market Segmentation:, Rebranding, Robust Technology and Incentives.

According to her, the market segmentation will involve tailoring the MPP to address the unique needs of different informal sector groups while rebranding will be about giving the plan a new name and identity to resonate more with the target audience and drive engagement.

For robust Technology, we will partner with Fintechs and telco companies to create a seamless, user-friendly platform for contributions and withdrawals to enable us scale, drawing inspiration from successful models in Kenya, Rwanda, South Africa, and Botswana.

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As regards incentive, she said the commission will eplore ways to provide tangible benefits, such as microloans or health insurance linkages, to incentivize participation.

Speaking on theme, “Reimagining Micro Pension Plan:” captures the essence of what the Micro, Oloworaran said: “MPP represents: a tool for transforming the lives of ordinary Nigerians; Beyond policy and operational frameworks, the MPP is fundamentally about people- providing hardworking Nigerians with financial security, dignity in old age, and an opportunity to escape the cycle of poverty in old age.

“The Transformative Power of Micro Pensions Nigeria’s informal sector is home to over 77.5 million hardworking citizens—traders, artisans, small-scale farmers, transport operators, and self-employed professionals—who form the backbone of our economy.

Despite their significant contribution to the nation’s GDP, many of these individuals live without any form of financial safety net, leaving them vulnerable to economic shocks and hardships in their later years.

The Micro Pension Plan is designed to change this narrative by enabling informal workers to save in small, manageable amounts over time, the MPP offers them a chance to build a financial buffer for the future. The potential impact of this plan on poverty alleviation is enormous.

“With pension funds under management currently yielding an average return of

14 per cent, the MPP is not just about savings—it’s about creating wealth. It’s about empowering millions of Nigerians to transition from economic vulnerability to financial security. Imagine the ripple effect: families with stable income streams in retirement can afford better healthcare, keep their children in school, and even invest in small businesses,”Oloworan said.

November 15, 2024