The Nation Newspaper

Category: Pension

  • PenCom mandates PFAs to open more branches across states

    PenCom mandates PFAs to open more branches across states

    • Gives 12-month deadline

    The National Pension Commission (PenCom) has ordered Pension  Fund Administators(PFAs) to open more branch offices and service centres in states  and across the federation to broaden and make their services effective.

    The commission has given a 12-month transition period for PFAs to adapt to the new requirements, ensuring a phased and systematic implementation to meet the stipulated conditions.

    In a recent circular directed at PFAs, the Commission outlined measures for establishing and operating branch offices and service centres. The circular issued in August 2023 consolidates the conditions for opening branch offices and service centres in one document.

    The circular established new standards the PFAs must meet regarding their branches, with the regulator emphasising the necessity for physical presence to meet pension consumers’ demands.

    According to PenCom, each PFA must open a branch office in any state with up to 10,000 funded RSAs. Moreover, for every additional 10,000 funded RSAs, PFAs must establish a service centre in a different location within the state. PenCom also mandates PFAs to open a service centre in a state with up to 2,000 funded RSAs.

    The Director-General, PenCom in a statement, said the latest move directly responds to the increasing demand for pension services nationwide.

    In addition she stated that, other objectives of PenCom are to significantly enhance the geographical coverage of PFAs and elevate their service delivery to Retirement Savings Account (RSA) holders.

    Read Also: PenCom recovers N25.13b unremitted pension contributions, others from employers

    She said: “Since its inception, the Contributory Pension Scheme (CPS) has enrolled over 10 million RSA holders. Pension assets have grown significantly, increasing to N17.34 trillion as of September, 2023. The expansion of the CPS in Nigeria has led PenCom to recognise the urgent need for an increased presence of PFAs nationwide.

    “Section 72 of the Pension Reform Act of 2014 (PRA 2014) empowers PFAs, subject to the approval of PenCom, to establish branch offices within or outside Nigeria. This provision enables a strategic and regulated expansion of the presence of PFAs, aligning with the increasing requirements for pension services across the nation.

    “In 2021, PenCom raised the Minimum Regulatory Capital (Shareholders’ Fund) requirement for PFAs from N1 billion to N5 billion in a move aimed at fortifying the financial capacity of PFAs. By April 2022, all PFAs had successfully met the new Shareholders’ Fund requirement. The recapitalisation has empowered PFAs to improve their capabilities in managing the increasing number of RSA holders and pension assets and expand branch operations”.

    The PenCom boss stressed that the expansion of branches promises to foster increased participation among those mandatorily covered under the CPS, noting that the expansion will facilitate and catalyse voluntary enrollment in the Micro Pension Plan (MPP) among informal sector workers and the self-employed.

    In emphasising the role of PFAs, she highlighted their responsibility to  create awareness and understanding of the CPS operations among employers, employees, and Micro Pension Contributors (MPCs).

    “This initiative underscores the objective of enhancing financial inclusivity and extending pension opportunities across various sectors of the workforce nationwide. PFA branch offices and service centres offer essential services, including registration and enrolment of contributors, updating records, and handling pension contribution schedules. Additionally, they process benefits applications, address enquiries, and provide comprehensive support services to RSA holders.

    “The circular outlined staffing requirements for PFA branches and service centres. The aim is to ensure that the offices are staffed with qualified, experienced individuals. The directive also strongly emphasised appropriate infrastructure, including suitable office spaces, robust ICT facilities, alternative power sources, and safety measures at branch offices and service centres. It also prohibited co-locations to maintain operational clarity and visibility.

    “The commission has allowed a 12-month transition period for PFAs to adapt to the new requirements, ensuring a phased and systematic implementation to meet the stipulated conditions. We believe that this drive for a more significant geographic presence and improved service delivery signifies a substantial leap towards ensuring comprehensive access to pension services while enhancing service quality for RSA holders nationwide. We remain committed to the effective regulation and supervision of the Nigerian Pension Industry to ensure that retirement benefits are paid as and when due”, Mrs. Dahir-Umar added.

  • Pension complaints and solutions

    Pension complaints and solutions

    YAJI:  Good day, my name is Yaji. My complaint is about the delay of my late father’s benefits, Inspector Yaji. His PFA is Leadway Pensure Nigerian Ltd. He died on July 16, 2013. We are yet to be paid his death benefits.     

    PENCOM:  Dear Sir, the request was returned to the Pension Fund Administrator because there was no death certificate attached, which is one of the requirements for processing death benefits. Kindly provide the death certificate to the PFA for resubmission of the request.

    PRECIOUS: My name is Precious Schutmann Nig. Ltd. My complaint is on that we applied for application for Certificate of Compliance For 2019 to 2022. Our Employer Code is PR0000153777. Sir, I submitted an application since August 4, 2023 and since then I have not heard anything from PENCOM. I need your assistance for speedy process. Thank you.      

    PENCOM:  Dear Sir, the documentation to process the certificate was incomplete. Kindly visit www.pencom.gov.ng to see the required documentation for processing of Pension Clearance Certificate.

    OBADARE: My name is Obadare. I am a retiree from Radio Nigeria. I did my PenCom verification in September 2022 but I am yet to be paid my pension. Kindly look into my case, thank you.

    PENCOM: Dear Obadare, kindly provide the name of your Pension Fund Administrator to enable the Commission process the complaint.

    SALIU: My name is Saliu, I understand it takes five working days for approval to come from you when a PFA forwards application. I want to find out why it’s not so with my application. This is two weeks now according to Leadway Pension that my application has been sent to you. What is holding my application?

    PENCOM: Dear Mr. Saliu, kindly provide the name of your Pension Fund Administrator to enable the Commission process the complaint.

    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.

    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.

    MOHAMMED: Dear sir, we are the administrator of our late father Mohammed. He worked with immigration service from 1987 and was down sized during the presidential task force in 2006. Since then, we have not collected Kobo from National Pension Commission or Nigeria Immigration Service. We don’t know where to go or what to do sir. Help us out. Yours faithfully. Bawa

    PENCOM: Please provide the PFA and PIN number to enable the commission investigate your complaint.

    Read Also: Pension funds gain N588b to hit N17.35tr in Q3

    ANONYMOUS: I am Oforlea, I retired on September 14, 2022. My date of birth is November 23, 1964 but it was wrongly captured in my NIN as November 23, 1965 which has been corrected. I later went for recapturing at Premium Pension but the staff of the company refused to attend to me. He said my date of birth is different from the date of birth in PENCOM record. Meanwhile, I have November 23, 1964 in all my records. What should I do?

    PENCOM: Please send the complaint to info@pencom.gov.ng

    ANONYMOUS: I have a problem with my pension. I am a police officer.  My pension has not been paid into my pension account since 2017. I have been on this for the past three years now by moving from one office to another but all my effort proved abortive. Kindly help me.

    PENCOM: Kindly provide your name and PIN.

    OHAEKELEM: Good morning Madam, I have applied for my late husband’s death benefit since August 2021 through NPF PENSIONS. I have been informed that my file is awaiting the DG’s approval. Please may I know the position now and where my file is? My late husband’s name is SP. NNAMDI OHAEKELEM

    PENCOM: Dear Madam, kindly provide the Retirement Savings Account PIN to enable the commission process the complaint.

    EMMANUEL: Good morning, My name is Emmanuel. I will like to know if it is possible for me to get upfront payment of my pension to enable me pay for my son’s school fee and exams up to N100,000? My official line with the commission is 08056573289. Thank you.

    PENCOM: Kindly note you cannot access your pension contributions until you attain the age of 50 years. However, you can access 25 percent of your total contributions, if you have been out of a job for more than four months.

  • Pension complaints and solutions

    Pension complaints and solutions

    MUHAMMED: Good day, I am Muhammed. My PFA is Access Pensions Limited. My complaint is that 20 months after retirement, I have yet to receive my payment while most of my colleagues have received their money. Please, what is happening?      

    PENCOM: Dear sir, your payment has been processed and paid. Please, visit your Pension Fund Administrator to confirm the payment.

    CANDIDUS: Hello, I am Candidus. I worked at the Joint Admissions Matriculation Board (JAMB). I have been processing my 25 per cent payment since April 2023 but my PFA Norrenberger Pension has delayed my data recapture for up to two months. Please help out. 

    PENCOM: Dear sir, your request is being processed.

    LAWSON: Dear Omobola, my name is Lawson. My Pension Administrator is Stanbic IBTC Pension Managers. For over four months, the National Pension Commission is yet to approve my retirement pension fund. According to Stanbic, PenCom kept rejecting it in their system/portal. There have been several calls for re-filing and re-submission, yet no positive feedback by Stanbic concerning my pension fund.

    What do I do? Do I engage lawyers to take up this matter with Stanbic IBTC Pension Managers and PenCom in court?

    I am tired of waiting. Thank you for your timely intervention in this important case.

    PENCOM: Dear Madam, your payment has been processed and paid. Please, visit your Pension Fund Administrator to confirm the payment.

    GHAZALI: Good day, a gentle reminder of my earlier submission last week. I applied for transfer of account from Access Pension to Leadway Assurance. I submitted request five weeks ago. Thank you.

    PENCOM: The Commission is yet to receive the request, please visit your Pension Fund Administrator to submit the application.

    INSPECTOR OSEZUA: Hello, my complaint is that I don’t know which pension administrator I belong to. I was enlisted into the Nigeria Police Force on November 1, 2008. I was told by Fidelity Pensions and Trustfund Pensions that my money has been transferred to PenCom.

    Till date I don’t know which PFA I belong to, whether my money is with PenCom or with Nigeria Police Pension NPF.

    Kindly assist me to know where I belong. Thank you.    

    PENCOM: Dear sir, please visit your preferred Pension Fund Administrator among the two PFAs and undergo the data recapture.

    SANI: My name is Sani. I worked at the West African Postgraduate Medical College, Yaba, Lagos. We chose Leadway Pensure Pfa Limited at Funsho Williams Avenue, Surulere, Lagos.

    My pension contributions (employer/employee) has been remitted to the Leadway.

    Also, my legacy has been fully remitted to Leadway. I retired since March 31, this year and have submitted the documents for RSA and legacy to be paid to me since May.

    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 to pay me.

    Please, I want you to intervene so that my money can be paid to me. I have been a job for six months. Thank you.          

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

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    MMADUAGWUNA: My name is Mmaduagwuna. I am soliciting  PenCom’s intervention to enable me access 25 per cent of my pension contribution.

    My PFA is Veritas Glanvills Pensions. I worked at FirstBank of Nigeria Limited between 2011 and  2018. I accessed 25 per cent of my contributions in 2018.

    Since then, I ventured into  importation but failed.  I have also ventured into PoS business but needed some funds to forge ahead. You can verify. Thank you.              

    PENCOM: The Commission is yet to receive the request. Please visit your PFA to submit the application.

    ÇHRISTIAN: Hello, My name is Çhristian from Warri Delta State. My complaint is that PenCom is the one delaying the payment. Please, I need explanation. My PFA is Trustfund.

    PENCOM: The Commission is yet to receive the request, Please, visit your Pension Fund Administrator to submit the application.

    JOHN: Hello, I applied for 25 per cent withdrawal with my PFA, Access Pensions since August 4, 2023. They are yet to make payment. I have been sending mails to info@pencom.gov.ng and consumer@pencom.gov.ng for the past two weeks but not a response from any of them. How do I publish my complaints because I want them sanctioned?

    PENCOM: Dear sir, Your application has been approved. Please visit your Pension Fund Administrator to confirm.

    TARTSEGHA: On the July 10, 2023, I complained that I retired in 2021 and did enrolment in August 2022.  My PFA is Stanbic Pensions.

    I am told that August and September enrolments have been paid. But I am yet to be paid. Thank you for helping retirees.

    PENCOM: Dear sir, your payment has been processed and paid, please visit your Pension Fund Administrator to confirm the payment.

  • PFAs invest N672.1b in real estate, SUKUK, others’

    PFAs invest N672.1b in real estate, SUKUK, others’

    • ’Fund boosting infrastructure financing’

    Pension Fund Administrators (PFAs) channelled N672.1 billion to finance projects across the country by September, this year, The Nation has learnt.

    The funds were invested by the PFAs under the guidelines of the National Pension Commission (PenCom), according to a document obtained by the newspaper.

    A breakdown of the amount indicated that N261.79 billion was committed to real estate.

    A total of N136.03 billion was invested in the infrastructure funds while N154.76 billion has been  allocated to SUKUK Bonds, a critical financial instrument for infrastructure development.

    While N98.55 billion was invested in Green Bonds, underlining the commitment to environmentally sustainable projects, N20.97 billion has been invested in Real Estate Investment Trusts (REITs), aligning with the strategy to boost infrastructure financing.

    Director-General, PenCom, Mrs. Aisha Dahir-Umar, said these  investments were aimed at boosting  infrastructure with pension funds.

    She stated that under the Contributory Pension Scheme (CPS), pension funds have provided  support for  developing vital projects.

    She said pension funds have become a viable alternative source of infrastructure funding.

    She said: “The Pension Reform Act of 2014 (PRA 2014) and the revised Regulation on Investment of Pension Assets issued by PenCom laid the foundation for this transformation by permitting pension funds to invest in infrastructure assets. These investments take shape through various financial instruments and vehicles, including Infrastructure Funds, Real Estate Investment Trusts (REITs), Private Equity Funds, and SUKUK.

    “The revised Regulation on Investment of Pension Assets has opened new avenues for pension funds to channel their investments, establishing them as essential participants in the country’s infrastructure development landscape. Under the revised regulations, pension funds can only invest in Infrastructure Funds that have up to 60 per cent of their investments within Nigeria, ensuring a substantial portion of funds is directed towards domestic infrastructure projects.

    “One of the most noteworthy developments is the allowance for pension funds to invest in government-issued infrastructure bonds and Sukuk bonds. This progressive step has paved the way for financing infrastructure projects through debt instruments, offering stable returns for pension funds while bolstering critical national projects.

    “The primary objectives of pension fund investments in infrastructure are the safety and security of pension funds. Furthermore, maintaining sufficient liquidity is crucial to meet pension obligations promptly; ensuring retirees receive their benefits as scheduled. To meet these objectives, pension funds invested in infrastructure adopt strategic asset allocation strategies that carefully balance risk and return.

    “The revised Regulation on Investment of Pension Assets sets high standards for accountability and governance. The requirements set by the revised Regulation on Investment of Pension Assets in infrastructure funds/assets include: Having audited financial statements, predefined liquidity/exit routes and the presence of experienced infrastructure financing professionals. The requirements are all geared towards enhancing the safety of pension funds.”

    Read Also: Zenith Bank’s Q3 profit hits N505 billion

    Besides, she said, investing pension funds in infrastructure has gained considerable traction as countries seek innovative ways to fund and support essential development projects.

    The DG noted that with their long-term investment horizon and significant asset base, pension funds are increasingly recognised as ideal partners for financing infrastructure ventures. Globally, various countries have implemented  reforms and policies to facilitate pension funds’ participation in infrastructure investments.

    “By allocating a portion of their portfolios to infrastructure assets such as roads, bridges, energy facilities, and public utilities, pension funds aim to achieve attractive risk-adjusted returns while contributing to their nation’s economic growth and social progress. Through prudent risk management and collaboration with public and private stakeholders, pension funds have become vital contributors to bridging the infrastructure finance gap and creating sustainable, resilient infrastructure for the benefit of present and future generations.

    “In Nigeria, despite the positive momentum, some challenges persist. Concerns about long-term political commitment and uncertainties surrounding investment opportunities continue to pose hurdles for Pension Fund Administrators (PFAs). To overcome these obstacles, PenCom is collaborating with relevant government agencies and the private sector to create a conducive environment for infrastructure investments.

    “The involvement of pension funds in infrastructure financing marks a significant milestone in Nigeria’s journey toward economic prosperity.The commitment of pension funds to support infrastructure development will undoubtedly play a pivotal role in closing the infrastructure finance gap, ensuring the realisation of critical projects, and fostering sustainable growth in the nation.”

    She maintained that as pension funds assume a central role in infrastructure financing, PFAs are guided by the priorities of safeguarding pension savings and achieving fair returns on investments.

    By harnessing the substantial pool of retirement funds, the pension system is securing the future well-being of workers in retirement while instigating transformative change in the country’s infrastructure landscape, she added.

  • Leadway Pensure PFA, MD get awards

    Leadway Pensure PFA, MD get awards

    Leadway Pensure PFA and its Managing Director, Lanre Idris, have received the West Africa’s Pension and Lifestyle Company of the Year and Best Pension and Finance CEO of the Year awards at the West Africa Innovation Awards.

     Besides, Leadway Pensure was also received the Best Customer Care Award for the company’s dedication to providing exceptional services with a focus on customer satisfaction. Idris was appointed managing director of the company two years ago.  Idris said: “I am thrilled and deeply honoured for these multiple recognitions, which validate our unmatched leadership, unwavering dedication to our enrolees, and competence in delivering impressive returns on our funds and sustained market leadership in the pension industry. These awards are recognition of exceptional individual skills and a celebration of the collaborative spirit that defines the Leadway Pensure brand and its teams.

    Read Also: Moniepoint promises to drive financial inclusion in Nigeria

    “These accolades motivate us to continue our journey of excellence, providing innovative and reliable pension solutions to our valued clients. We will continue to redefine the standards within the finance and pension space.”

  • ‘Adopt Heirs Insurance Group digital framework’

    ‘Adopt Heirs Insurance Group digital framework’

    The Managing Director/CEO, Heirs Life Assurance, Niyi Onifade, has urged insurance regulators to adopt Heirs Insurance Group’s digital framework as the minimum standard to drive insurance accessibility and service quality. 

    Onifade made the call at the second United Capital Securities’ Insurance CEO Breakfast Forum in Lagos.

    The Commissioner for Insurance, Mr. Sunday Thomas commended Heirs Insurance Group for their immense contributions to the   industry.

    He said: “The commission is committed to supporting every initiative that will increase insurance adoption in the country.’’

     He also  said the commission is focused not only on compliance, but also on a wider process that would transform the entire insurance market.

    Onifade emphasised the important role technology plays in bringing customers closer to insurance.

    Read Also: Zenith Bank’s Q3 profit hits N505 billion

    He said: “We realised that we must be digital from day one and, thus, we embraced digital tools from the start and drove insurance education heavily through our social media platforms and other digital channels.”   

    He cited the deliberate steps the companies within Heirs Insurance Group have taken to lay a strong digital and technology foundation for its service. Onifade further outlined how the infusion of technology has been pivotal in revolutionising the overall customer experience at Heirs Insurance Group saying, “we have championed digital transformation to ensure our customers not only find insurance accessible but also experience a level of service that aligns with their expectations.”   

    Themed “Technology as a critical driver of growth and transformation in the Nigerian insurance landscape,” the forum had in attendance the Commissioner for Insurance, Mr. Sunday Thomas; Group MD/CEO, United Capital plc, Peter Ashade; MD/CEO, Heirs General Insurance, Wole Fayemi; Professor Olayinka David-West, and other executives from the Nigerian financial industry.  

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    MRS DORATHY: I am Mrs. Dorathy.  I am an old woman with bad sight and have difficulty in moving around.

      I worked at the then P&T. My date of first appointment was September 22, 1962 and my date of retirement was June 1, 1986.

       I have not been captured.

     Please help me.

    PTAD: Support team will contact pensioner to resolve complaint

    DUROJAYE: Thank you for your reply in The Nation of August 2023 on my shortpayment of my federal pension since 2015.

    As requested, I have sent my bank statements since 2015 through email to PTAD on July 3, 2023.

    PTAD: Work in progress.

    ANNONYMOUS: Hello sir, my name is Kiriki. My federal pension has not been paid since February 2022 to date. When my pension number is slotted into the computer system, it showed number: ‘does not exist’.

    I retired from MDA: TESCOM, Akure Ondo State, (Education). My date of first Appointment was January 1, 1972.

    PTAD: Pensioner to wait for reinstatement to payroll before retryingADAJI: Hello, The Nation. PTAD, through the newspaper in one of the Wednesdays in June 2022 at page 26 confirmed that my gratuity had been computed for payment.

    I have been waiting patiently since then and nothing happened.

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    Help me request that PTAD to release my gratuity.

    PTAD: Pensioner to provide verification slip to enable us investigate further

    ADESIYAN: My name is Adesiyan, I am one of the federal pensioners from Osun State. My problem is that I have tried to confirm my “I’M ALIVE” programme for more 10 times. The message comes back as ‘Verification Failed and Faces do not Match’. What can I do to solve this problem?

    PTAD: Pensioner contacted and advised to locate a cyber café to do fingerprint option.

    ANONYMOUS:  Good day, I will like to know if my father is eligible for pension under Defined Benefit Scheme (DBS). He was appointed on July 3, 1989 and removed on April 27, 1999.

    PTAD: No name and details provided.

    SUNDAY: Good day, my name is Sunday from Cross River State. My father died since July 10, 2005 while in police service. He is late inspector Okimba. His last place of service is Akwa Ibom State. I went on to process his entitlement as his next of kin in 2015 at PTAD office Abuja where I was verified and captured with pensioner number. But up till date, I have not been paid.

    Kindly help me.

    PTAD: There was incomplete documentation at the time of verification. NoK is requested to come forward with these documents: Enlistment form, emolument form; Letter of Administration, Marriage Certificate; Introduction Letter from Last Command; Valid Means of Identification; NoK’s Birth Certification; and NoK’s BVN.

    ABDULLAHI: I am Abdullahi from Jos Plateau State. My father was a staff mrmber of the Ministry of Defence, Civilian Unit for 16 years before he died in 1995.

    I have attended various screening and verifications and the last one was in Jos in 2017. I have submitted the required documents for payment of gratuity and pension benefits as a Next-of-Kin (NoK), but  so far, nothing has come out.

    In 2020, I was called from PTAD to submit some documents, including bank account details, which I did. From your publication of my case, PTAD is asking for the verification number which I scanned and sent since then.

    I hope Omobola will assist me.

    PTAD: NoK should provide deceased name and bank statement.

  • OPADEJI: I thank you for your humanitarian work for pensioners.

    My name is Opadeji. I retired from NITEL on January 21, 2001 on grade level 14 as senior manager. I participated in the NITEL verification in 2001 and PTAD verification in 2005 respectively. In 2005, when I was going for pensioners verification exercise, my documents were missing and I sworn to an affidavit on the loss of the documents. On the basis of the loss, PTAD placed me on grade level 9 and I sent complaint emails to PTAD several times but no action was taken on my complaint email. I therefore took the risk of traveling to Abuja PTAD office when the original copy of letter of promotion was delivered to me by a good Samaritan. My salary was subsequently readjusted to grade level 14 but less than my salary before the verification exercise and also far less than the pension being paid to my colleagues on the same GL 14. Therefore, I sent many complaint emails but returned undelivered perhaps my emails have been blocked. Since then, I have accepted my fate. Now that I have the opportunity to forward my complaint through you to PTAD, I shall be grateful if my complaint can be treated with utmost concern. Thank you.

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    PTAD: Pensioner is on Payroll. Pensioner’s grade level readjusted from grade level 9 to 14 steps 10. He should provide Bank Statement from January 2018 to date for reconciliation.

  • Pensioners are to benefit from Conditional Cash Transfer

    Pensioners are to benefit from Conditional Cash Transfer

    • Stories by Omobola Tolu-Kusimo and Demilade Adebesin

    The Pension Transitional Arrangement Directorate (PTAD) and  Nigeria Union of Pensioners (NUP) has said pensioners are part of the groups  that will benefit from the N25,000 Conditional Cash Transfer (CCT) programme.

    The Director, Civil Service Pension Department (CSPD, Mr Sulayman Shelleng, broke the news  during an interactive engagement with stakeholders.

     They included the National Pension Commission (PENCOM), Pension Union Executives and Pension Desk Officers of the Parastatals Pension Department.

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    Shelleng stated that the CCT is part of the poverty alleviation programme of the Federal Government to support  vulnerable groups.

     He explained that PTAD, in collaboration with the NUP, ensured that the data of DBS pensioners who had been verified and are on the payroll, has been  submitted to the Ministry of Humanitarian Affairs and Poverty Alleviation, through the NUP.

    The NUP Representative, Mr Gadzama Gadzali, confirmed receipt of pensioners data and further clarified that the transfer WAS being handled by the Ministry of Humanitarian Affairs and Poverty Alleviation.

  • Assetium Capital to reshape commodities sector

    Assetium Capital to reshape commodities sector

    Assetium Capital Management Limited has pledged to reshape the commodities sector, its Chairman, Dr. Abubakar Koro Muhammed, has said.

    Muhammed spoke at a press conference and dinner to unveil the firm in Abuja.

    He said the company was set up to tap from the opportunities in the sector and contribute to the nation’s Gross Domestic Product (GDP).

    He said: “Recognising the critical importance of this sector and the imperative to attract and safeguard investments and market participants, the Federal Government has undertaken a proactive stance. The Securities and Exchange Commission, in collaboration with the establishment of a dedicated commodity regulatory division, has embarked on a mission to organise, nurture, and oversee a structured commodities market.

    “This endeavour was underpinned by the meticulous crafting of a comprehensive roadmap, spanning from 2018 to 2025, with the active involvement of major stakeholders to ensure inclusivity and a cohesive approach to planning and implementation.

    “In response to this burgeoning opportunity, a visionary group of individuals has seized the moment. They have recognised the potential and the necessity of engaging with the government’s active participation in this sector, positioning themselves within the value chain of the commodities industry.

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    “Assetium Capital Management Limited was registered with the Corporate Affairs Commission (CAC) in 2019, marking its entry into the commodities market. In March 2023, it achieved a significant milestone by obtaining its licence from the Securities and Exchange Commission as a commodity/broker dealer firm.

    “We are dedicated to creating tangible value for our investors and ensuring that our shareholders are duly rewarded with sound returns on their investments. Our vision extends beyond the immediate horizon. We aspire to emerge as one of the top three commodities companies in Nigeria by the year 2030.’’

    Director in the Board of the company, Kelvin Ihongbe, said harnessing the potentials of the commodity market will ensure food security in line with the promise of president Bola Tinubu’s administration.

    Ihongbe said that with commodity investment you can’t go wrong. If you also noticed, the president has also talked about food security and with commodity investment, you can be rest assured that there will be food security and that is why we want to use this business to provide food security, provide employment for youths in Nigeria and give everyone value for their money.

    The Chief Executive of the firm, Kunle Awoluyi on his part said the organisation has set up a risk management committee to ensure that the management is properly advised on every investment and risk taken.