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  • ‘FMBN, REDAN, Shelter Afrique to create $2b affordable housing fund’

    ‘FMBN, REDAN, Shelter Afrique to create $2b affordable housing fund’

    Some stakeholders have agreed to pool resources to tackle the housing problem headlong. This is by ensuring  improved access to credit facility and reducing development costs for low-income housing.

    The Federal Mortgage Bank of Nigeria (FMBN), Real Estate Developers Association of Nigeria (REDAN) and a pan-African finance institution, Shelter Afrique have joined forces to create a $2 billion affordable housing fund.

    The money, will be disbursed at $200 million yearly to developers, to help in financing the construction of a targeted 10,000 homes over the next decade.

    Activities to be generated from the construction works are expected to  create more than 150,000 jobs.

    “We agreed that we needed to bring in Shelter Afrique to work in partnership with REDAN to make available some funds over the next 10 years by providing REDAN members with the necessary construction finance that is required to drive the national housing model,” the Acting Managing Director of FMBN, Richard Esri, explained.

    Recently, the Federal Government announced it would waive an initial 10 per cent payment on mortgages below N5 million or $15,700, being administered by the FMBN. This is targeted at future homeowners planning to take out mortgages in the low-to-mid price range. According to the Centre for Affordable Housing in Africa, the average cost of a mortgage is $18,000, with interest rates at around 19 per cent as of last September. This move comes on the heels of the establishment of the Family Homes Fund by the government, last September.

    Aside from helping to develop more houses, the injection of the $2 billion fund is to keep mortgage rates in affordable housing schemes at well under the average 23 per cent, with a target of 9.99 per cent and payable over 20 years. Under this arrangement, prospective buyers are required to make an initial deposit of 10 per cent of the house value to qualify for these home loans; 70 per cent of the mortgages are expected to go to houses priced between N2.5m ($7, 900) and N4.5m ($20,000).

    Financed through the Sovereign Wealth Fund, Federal Government bonds and Bank of New York, the scheme will work as a public-private partnership (PPP). It is also expected to promote the development of primary mortgage institutions, which tend to have a narrow banking licence and are generally reliant on wholesale funding, making them more vulnerable in times of financial or economic crisis.

    These changes will come as welcome news to many Nigerians, with half of the population living on less than $1 a day. Furthermore, the minimum wage is currently around $60 per month, meaning home ownership is often out of reach for those in the low- to middle-income wage bracket.

    The Centre for Affordable Home Financing in Africa reports that a standard mid-level apartment in an urban area in the country can cost as much as $100,000, with rent averaging around $5, 000 a year; the situation has kept home-ownership rate at 25 per cent.

    Meanwhile, the mortgage penetration rate stands at about 0.6 per cent of gross domestic product (GDP).  The World Bank data which although is low by standards in more developed economies, puts Nigeria roughly in line with many other large African markets. The report also attributed low mortgage uptake to lack of awareness and cost, as high interest rates can make mortgages too expensive for middle-and low-income earners.

    According to the Oxford Business Group, a global research and consultancy company with a presence in over 35 countries, including the Middle East, Africa and Asia to the Americas, in order to begin filling Nigeria’s existing deficit of 17 million housing units as projected by the World Bank and to meet the increase in demand, the government will need to support the construction of 170,000 units per year over the next decade. With almost half of the country’s 170 million population residing in cities and urbanisation growing at an annual rate of 3.75 per cent, demand for affordable houses is also set to remain strong.

  • SPDC LiveWIRE beneficiaries to benefit from $.8m fund

    SPDC LiveWIRE beneficiaries to benefit from $.8m fund

    Twenty-eight beneficiaries of the Shell Nigeria LiveWIRE programme are retooling to get a good share of the $800,000 growth fund for the year, provided by Grofin Investment, Shell Petroleum Development Company (SPDC) has said.

    Grofin is a business development financier supporting viable, growth-oriented small enterprises in the Niger Delta through the Aspire Small Business Funds (ASBF) supported by the Shell Petroleum Development Company (SPDC).

    To brighten their chances of securing sufficient financial support from Grofin and other lending institutions, SPDC has completed a one-day Business Scale-up and Linkage workshop for the beneficiaries drawn from Bayelsa, Delta and Rivers States.

    “This is part of the mentoring element of Shell LiveWIRE. Our aim is to continuously contribute to creating sustainable employment, economic growth and social development through the provision of business development assistance to youths particularly in the Niger Delta,” said SPDC General Manager, External Relations, Igo Weli.

    Speaking at the workshop, SPDC Social Performance/Social Investment Manager, Gloria Udoh, urged the beneficiaries to make the best use of the mentoring and linkage opportunities to move their enterprises to higher levels.

    “This is an opportunity to sharpen your presentation, marketing and business relationship skills; understand how to grow your business; and learn how to make a successful pitch to access the Grofin SME loans and other business support facilities,” she said.

    Responding on behalf of the beneficiaries, Stella Nnaji described the workshop as “filled with so much energy, motivation and opportunities.” She expressed gratitude to SPDC and its joint venture partners for the LiveWIRE programme, which she said was making a world of difference in the growth of small and medium scale businesses in the Niger Delta.

    The Shell LiveWIRE is a flagship enterprise development programme designed to help young people explore the option of starting their own business as a real and viable career option.

  • We need fund to tackle kidnapping, says IG

    We need fund to tackle kidnapping, says IG

    Inspector-General of Police (IG) Ibrahim Idris has identified inadequate funding as the factor hindering the police from tackling kidnapping.
    He noted that a lot needs to be done to follow up on prosecution of suspects in courts.
    Idris spoke yesterday in Abuja during a seminar organised for Zonal and Command Police Public Relations Officers.
    The theme of the one-day seminar was: “Public Perception and Improving the Image of Nigeria Police Force”.
    On how funding has hampered the police in tackling kidnapping and some of its activities, the IG said: “Members of the National Assembly (NASS) are our survivors. Our progress depends on them because they need to pass our budget every year.
    “I have said before now, the NPF is greatly underfunded and for us to give our best, we need to be properly funded. We need funds to pay for allowances, funds to address our administrative requirements and buy equipment.”

    “We also have the issue of kidnapping that has become a challenge to us. We need a lot of fund to tackle this challenge. We need fund to enhance our intelligence gathering and address information that are in public space. These are issues that need to be addressed for the police to achieve maximum results.
    “For us to have maximum effect in conducting our activities, we need fund to carry out these activities.”
    On negative perception the public have about the police, the IG said: “We should come up with strategy to change the negative perception people have about us. We as police officers have to conduct ourselves in a positive way.
    “We have to beat our drum loud and clear so that the public can see that their investment in the police is not in vain. If we keep quiet, the negative things that few us do will overshadow the whole good.”
    On arrest and prosecution of cases in court, the police chief said: “When you arrest people, follow them to court and allow people monitor and appreciate what we do because people believe that the job stops after we arrest and parade suspects.
    “Follow the cases and get the outcome of the cases. Sentencing and serving terms in prison serve as deterrent for future would-be criminals. They would understand that there is a price to pay for crime because you are either sentenced to death or you spend term in prison.”
    Idris warned his men against the use of social media for the purpose of showcasing themselves and also using it to divulge classified information.
    He noted that such acts were detrimental to the country’s security.
    On how police officers are perceived, the resource person from United Kingdom Department for International Development (DFID), Dr. Olu Ogunsakin, said: “The overall legitimacy of the police depends much more on citizens’ perceptions of how the police treat them than on their perceptions of police success in reducing crime.
    “Public confidence in and support for the police depends more on citizens perceptions of police officers’ motives than whether the outcome was personally favourable to the citizens.
    “If people do not believe that the police are fair, the police may lose legitimacy and people’s confidence and trust in the police can be eroded.”

  • 16 banks fund $220m with N72b at Forex forwards

    16 banks fund $220m with N72b at Forex forwards

    With N72 billion, 16 banks funded $220 million Central Bank of Nigeria (CBN) allocations under the Forex Forwards policy meant to stabilise the naira, it was learnt yesterday.

    Banks are calling for bids from retail end-users in preparation for the business travel allowances, school fees and medical bills auction. The CBN is expected to from tomorrow begin releasing weekly forex cash (every Tuesday) to commercial and merchant banks to meet needs at retail end of the market.

    The lenders are informing customers interested in buying Personal and Business Travel Allowances, and paying school fees and medical bills about requirements for getting forex.

    A CBN Financial Markets Department report released yesterday showed that 10 banks, which could not be identified as at press time, with N54 billion funded $162 million Forex Forwards for 30-day tenor maturing March 27. The wholesale intervention rate was between N330 and N335 to the dollar.

    Six banks, also unnamed, funded $58.52 million Forex Forwards for 60-day tenor, maturing April 25 with N18.6 billion. The wholesale intervention rate was between N315 and N320 to the dollar.

    The intervention, the CBN said, was meant to deepen dollar liquidity in commercial banks, sustain efforts to strengthen the naira against the dollar and ensure that forex is available to genuine users.

    Specifically, the drastic fall in the price of crude oil, which constitutes the largest component of Nigeria’s forex reserves, has cut dollar earnings from about $3.2 billion monthly to about $1 billion. This has negatively impacted on the value of the naira.

    Some of the measures put in place by the CBN to end the crisis include the first Naira-Settled Over-the-Counter (OTC) Forex Futures Market (FFM) launched on June 27, 2016 with FMDQ OTC Securities Exchange.

    Also, last week’s announcement by the CBN making more dollars available to commercial banks to fund Personal and Business Travel Allowances as well as settle medical bills and school fees forex users was also meant to strengthen the naira.

    The Naira-Settled OTC Forex Futures are non-deliverable forwards or a contract where parties agree on an exchange rate for a pre-determined date in the future, without the obligation to deliver the underlying dollar on the maturity/settlement date.

    On the maturity date, it will be assumed that both parties would have transacted at the spot forex market rate. The OTC Forex Futures contract is an effective exchange rate management tool supported by a transparent price driven by a two-way quote market. The contracts assist the CBN in managing the volatility in the spot forex market, thereby promoting stability and entrenching market confidence.

    A report by Afrinvest West Africa Limited, an investment and research firm, said the naira shed 46.5 per cent and 66.3 per cent in the interbank and parallel markets between June 2014 and January 2017. The spread between the two rates reached an all-time high of N215.00 last week.

    “However, the political and economic implications of the forex shortages motivated the directive issued by the National Economic Council to the CBN last week for a more flexible forex market structure and closure of the gap between interbank and parallel market rates. In light of this, the CBN issued a new policy action on the 21st February, 2017, which is expected to increase forex allocations to retail end users while reducing the demand pressures in the parallel market,” it said.

    The success of the CBN’s aggressive intervention and moderation in demand in the unofficial market led the naira to post its biggest one-week rally of 13 per cent in more than three years in the parallel market, appreciating from a trough of N520 to dollar to a three-month high of N460 to dollar as speculators with short naira positions sold off.

    “Personal and business travel allowances, school fees and medical fees have been estimated to account for less than 20 per cent of total forex demand in the country, hence there is still a large volume of demand  that could pressure rate at the parallel market. While we believe the successful implementation of the new FX directive would ease pressure in the parallel market, flexibility in pricing and allocation in the interbank market remains a necessity to restore confidence in the system,” the firm said.

  • Fed Govt mulls using TSA to fund budget

    The Federal Government is planning to use a portion of the Treasury Single Account (TSA) balance to fund the national  budget, the Accountant-General of the Federation, Alhaji Ahmed Idris, told reporters yesterday in Abuja.

    Speaking at the retreat on TSA, he said: “The policy has helped to reduce the amount of borrowed funds by government, there is need to have a mechanism that would allow the balances in TSA to be used in a profitable manner  for  budget execution. The implementation of the policy has been successful, there is need to harness the immense potentials of the initiative in budgeting and debt management.

    “This is one of the critical aspects of our reforms. Beyond mere cash management, there is need to look particularly in this time of recession to see how best we can deploy the large balances that we have been keeping with CBN (Central bank of Nigeria) for the betterment of the economy.”

    He said all the stakeholders will continue to talk and  would be advising government appropriately. “It is not something that we will do tomorrow; we have to sit on how we deploy them profitably into very efficient and very viable instruments. So all that needs to be worked out,” Idris said.

    He also said there is improvement on deployment of technology and modern applications to solve all the challenges that are being encountered.

    “Right now, we are talking with some programme developers, because we observed that for teaching hospitals and universities, there are endowment funds, there are third party funds and there are funds that are not meant as holding funds. We deploy technology to seep out those funds, separate (them) from normal conventional revenues,” he explained.

    Idris reiterated that his Office has stopped N4.7 billion in cost of keeping old ministies, department and agencies (MDAs) accounts which attracted large cost of borrowing through over drafts, and other charges monthly.

    As a result, the OAGF has “been able to track government revenue; we have been able to see revenue inflow and that has helped us to harness our revenue in that direction. We have been able to stop leakages because some of these over 20,000 accounts were not even known to some agencies that owned them, and TSA has brought about transparency in terms of delivery.”

    Reacting to concerns that the implementation of the TSA has forced many banks to sack workers, Idris said: “Banks are never created to hold public funds or government funds virtually for free. No! That is not banking. Nowhere in the world are banks relying on public funds to survive. So, banks are now becoming more innovative and that innovation is what will bring them back to business. I believe very soon, retrenchment in the sector will be a thing of the past and they will be looking for people to employ because they are now focused on doing what they are supposed to do.”

    Since the policy was fully implemented in September 2015, about N5.244 trillion has accrued to the account and everyday the account keeps swelling.

    The retreat was attended by stakeholders in the private and public sectors of the economy.

  • NCDMB warns operators to remit contributions to Fund

    NCDMB warns operators to remit contributions to Fund

    •$100m NCIF ready for use soon

    The Nigerian Content Development and Monitoring Board (NCDMB) has warned  contractors in the upstream segment of the petroleum industry to remit their contributions to the Nigerian Content Intervention Fund (NCIF).

    Its Executive Secretary, Simbi Wabote, at a stakeholders meeting on NCIF remittances in Lagos, reminded stakeholders that the Nigerian Content Act provides that one per cent of every contract in the upstream sector of the oil and gas industry should be deducted at source and paid into the Fund.

    Many upstream companies, perhaps out of ignorance of the process of remittance, have not been remitting their contributions, hence, the stakeholders meeting. The forum was to recreate awareness on the need and how to remit contributions to the Fund.

    Wabote noted that the Act also gives the Board the mandate to manage the Fund and deploy it for projects, programmes and activities directed at increasing content in the oil and gas industry.

    He said: “NCDMB focused the early years of the Act in collections, putting in place an operating model for the utilisation of the Fund, establishing the Nigerian Content Development Fund (NCDF) Advisory Committee for efficient governance of the Fund; and creating confidence and trust of Industry stakeholders.

    “The Board opened up the Fund for utilisation from 2013, based on the approved operating model that segmented 70 per cent of the Fund to financing commercial interventions and 30 per cent for developmental initiatives and activities carried out by the Board on behalf of the industry.

    “Therefore, this forum is convened to engage stakeholders on the channels for remittance of Funds into NCDF account with the Central Bank of Nigeria (CBN). As most of you are aware, the NCDF was established by Section 104 of the Nigerian Oil & Gas Industry Content Development (NOGICD) Act of 2010. The Act provides that one per cent of every contract in the upstream sector of the Nigeria oil & gas industry shall be deducted at source and paid into the Fund.

    “Under commercial interventions, the Fund was leveraged to provide 30 per cent partial guarantee to commercial banks for loans granted to oil and gas service companies towards financing project execution, asset acquisition or facility upgrade. It also provided 50 per cent interest rebate on performing loans. Beneficiaries of the Fund include Ladol, Starz and Vandrezzer.”

    According to the NCDMB chief, developmental intervention covered Capacity Development Initiatives (CDIs) including training programmes, NCCF administration, establishment of NOGICJQS, establishment of oil and gas parks, direct equity participation by the Board in high impact projects as well as compliance monitoring activities carried out by the Board on behalf of the industry.

    He stated that the introduction of the Treasury Single Account (TSA) policy by the Federal Government and the need to deepen accessibility of the Fund for critical activities informed the need to re-engineer the Operating Model of NCDF.

    The Board has fully complied with TSA policy by opening Naira and foreign currency accounts in CBN, into which all NCDF remittances are to be made, stressing that NCDMB does not operate account in any commercial bank, contributors are therefore expected to pay all remittances into the NCDF accounts in CBN, he added.

    To enhance accessibility to the Fund, the Board in July 2016 signed a Memorandum of Understanding (MOU) with Bank of Industry (BoI) to establish the Nigerian Content Intervention Fund (NCIF). NCIF provides long term facilities to contributors to NCDF on the basis of all, in eight per cent interest rate.

    “As soon as we finalise the process for release of the initial $100 Million (N31 Billion) to BoI for the pilot phase, contributors to the Fund with manufacturing proposals in the oil and gas industry can approach BoI for the NCIF facility, which has a single obligor limit of$10 million and tenor of up to 5-10 years,” he said.

  • Why we launched N1b MSMEs’ solar energy fund, by BoI

    Why we launched N1b MSMEs’ solar energy fund, by BoI

    The Bank of Industry (BoI)  launched the N1billion solar energy fund for the Micro, Small and Medium Enterprises (MSMEs) because of the power challenge in the sector, its Acting Managing Director, Mr. Waheed Olagunju, has said.

    Speaking at the launch in Lagos, Olagunju said solar energy had become alternative for the MSME operators in view of the poor supply in the country.

    The cost of electricity accounts for about 40 per cent of operational expenses for most MSMEs, resulting in reduced profit margins and unsustainable ventures.

    Olagunju said: “Many Nigerians and Nigerian businesses that can afford other alternative energy sources have resorted to the use of electric generators at exorbitant costs. It was estimated that in 2015, manufacturers spent as much as N3.5trillion to generate alternative power due to the challenges in the supply of public electricity.

    “MSMEs play a major role as the engine through which most countries in the world thrive. Their growth and development are crucial to the level of industrialisation, modernisation, income per capita, equitable distribution of income, welfare and quality of life enjoyed by the citizenry.

    “Consequently, the performance of the MSME sub-sector is closely associated with the development of a nation. In Nigeria, the growth of this sector has been hampered over the years by a combination of factors, one of which is access to reliable electricity.

    “For Nigeria to, therefore, achieve sustainable and inclusive development, there is an urgent need to substantially increase the supply of modern and affordable energy services from sources that are affordable, accessible and environmentally friendly,” he added.

    Olagunju said renewable energy provides healthy and sustainable alternative to the continuous use of fossil fuels, with long-term cost saving advantages, especially in the absence of reliable power supply which is an essential ingredient for growth.

    “It is, therefore, important to support the provision of sustainable and reliable energy for MSMEs, which is why the Bank of Industry has decided to provide the solar energy fund to MSMEs.

    “The bank is already playing an active role in lighting up and powering Nigeria through the provision of solar energy solutions for rural communities, having successfully deployed solar solutions worth N240million to six off-grid communities, one each in Niger, Osun, Gombe, Anambra, Edo and Kaduna states, under its pilot scheme. These communities with an average of 200 homes each previously had no access to electricity, but since the provision of clean, reliable and sustainable solar electricity, the lives of the indigenes of these communities have changed significantly.”

    The bank’s General Manager, Large Enterprises, Mr. Joseph Babatunde, who gave a breakdown of how the Fund would be deployed, told The Nation that the projects would be implemented by select development partners to support agriculture, solid minerals, cottage industries, artisans, and service industry, and clusters to improve their operations.

    According to him, what will be due each applicant is N50 million,  adding that the allocation is scalable depending on the project.

    He noted that the initiative would not only boost employment generation, but it would also improve the standard of living of the beneficiaries, revamp the economy, and enhance poverty alleviation.

    Some of BoI’s development partners are Arnegy Solar Limited, GVE Projects Limited, GreenPower Overseas Limited, The Solar Shop Limited, Wayo Tropical Technical Limited, Blue Carmel Energy Limited, Novel Integrated Services Limited  and Solar Force Nigeria Limited.

    They will implement the projects from design to execution.

  • APC to Mimiko: use N6.8b Paris fund to pay workers

    APC to Mimiko: use N6.8b Paris fund to pay workers

    The All Progressives Congress (APC) in Ondo State has told Governor Olusegun Mimiko to offset salary and pension arrears with the N6.8 billion collected from the Paris Club.

    A statement by its Publicity Secretary, Abayomi Adesanya, alleged that N6.8 billion was paid to the Ondo State government on November 30, by the Paris Club, to pay salary and pension arrears.

    The statement reads: “We are also aware of plans by the governor to divert the N6.8 billion for the payment of contractors for some fictitious and incomplete projects

    “Our advice to Mimiko is to pay the pensioners and workers with the N6.8 billion Paris Club funds accordingly.”

    The party called on the pensioners and workers to be watchful of the “wicked” plot against them and rise up to the occasion, especially in this festive season.

    It noted with displeasure that while workers could no longer meet their financial obligations due to the six months’ salary owed them, Mimiko was planning to divert the money into phony contracts with the aim of enriching himself and cronies.

    But Commissioner for Information Kayode Akinmade described the statement as baseless and unfounded.

    He urged the APC stakeholders to contact the Federal Ministry of Finance for verification of their ‘frivolous’ allegation.

  • Firm to fund 1m farmers by 2025

    Babban Gona, a social enterprise that  supports thousands of mini farmer cooperatives across Northern Nigeria to produce maize, rice and soybeans, is providing  loans to increase their production.

    Babban Gona Business Associate, Ladipo Akoni,  said: “To date we have provided 16,000 loans to smallholder farmers to sustainably cultivate 12,000  hectares of arable land. These low-cost loans, and our quality inputs and services have empowered our smallholder farmers to achieve yields 2.3 times the national average and increase their net incomes to 3.5 times the national average, thereby transitioning our farmers from lower-income earners to lower- middle income earners.

    “Beyond this, 90 per cent of our members surveyed have used their increased profits to send their children to school or send their children to a better school. Furthermore, over 40 per cent of Babban Gona members are below 35 years.”

    The enterprise is targeting 1,000,000 smallholder farmers by 2025. The organisation has encouraged farmers to form cooperatives for agricultural production.

    Akoni believed thousands of farming households have escaped poverty because of support to farmers. The Babban Gona model, according to him, was designed to address the root cause of insecurity and poverty through de-risking smallholder farmers and unlocking cost effect capital to them.

    He said Babban Gona, also a franchise model, provides small holder farmers access to required investment capital, in addition to providing a comprehensive suite of agricultural and marketing services along the entire agricultural value chain. “This subsequently results in a dramatic increase in profitability, incomes and eventually living standards,” he said.

    According to him, there is potential in farming.  “We can do better by giving farmers small loans so that they can be producing on larger scale and flood the country with food,” he said.

    The project works with farmers in the North to improve rural livelihoods. It provides agricultural services such as promoting new farming technologies to increase crop production.

  • Board to issue rules for accessing $600m fund

    The Nigerian Content Development and Monitoring Board (NCDMB) is to roll out new guidelines for accessing the $600 million Nigerian Content Development Fund (NCDF), its Executive Secretary,  Simbi Wabote, has said.

    He spoke at the Sixth Practical Nigerian Content Conference in Abuja.

    Noting that operators had been complaining about problems in accessing the fund, Wabote said the guidelines would remove barriers.

    He said the fund had grown over the years, adding that six companies had accessed it. He did not list them.

    Wabote said: “I must say that it is not directly giving money to those six Nigerian contractors; it is about guaranteeing some of the loans that they got from the banks because we are not a funding institution.

    “Not much has been expended from that fund for capacity development. Part of the strategy of this new board is to come out with a very transparent process through which genuine Nigerian contractors involved in the oil and gas sector will have access to the fund.’’

    The Board pledged to expand its operations to the midstream and downstream sectors of the oil and gas industry in line with Section 106 of the Nigerian Content Act.

    Wabote listed the Floating Production Storage Offloading (FPSO) integration yard of LADOL in Lagos, which carries part of Total’s Egina FPSO, as one of the great achievements of the Nigerian Content. The project will begin operation between next year and 2019.

    Besides, Wabote said the Board would unveil a five-year roadmap that would chart a new Nigerian Content implementation path to increase value addition in the industry.

    He confirmed that the Board was rejiging the Nigerian Oil and Gas Parks Scheme (NOGAPS) to domicile oil and gas components manufacturing close to oil fields and involve local businesses in operations.

    According to him, the sites for the parks have been acquired while designs will soon begin. “We have set a timeline for every milestone we intend to achieve in the next couple of months; at least we should have one up and running to test the benefits before we replicate,” he said.

    The NCDMB chief said the major focus of the Nigerian Content Law was not “Nigerianisation” of the  sector, but “domiciliation” of value-adding activities.

    He said there were investment opportunities in fabrication and construction; manufacturing of component parts, equipment,  spare parts, accessories, drilling fluid, sub-sea production systems, line pipes, and personal protective equipment (PPE), among others.

    “While some people are worrying about the money they have contributed, many are not making their contributions as enshrined in the Act. This board will look at strategies to make them comply with the provisions of the Act,” Wabote said.