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Tag: Nigerian Newspapers

  • IEI Anchor’s assets hit N92b

    IEI Anchor Pension Managers Limited assets rose to N92 billion in its 2018 financial year end, an increase of 35 per cent from N68.2 billion in the 2017 year end.

    Speaking at the company’s Annual General Meeting (AGM) in Abuja, its Chairman, Senator Jonathan Zwingina, said the  company maintained its growth, as its Retirement Savings Accounts (RSAs) grew from 117,031 in 2017 to 131,047 in 2018.

    He noted that the operations of the company were seamless. He said: “Our Assets Under Management with a 34.96 per cent increased from N68, 231, 022, 724 billion to N92, 081, 663, 564 billion between January 2018 and December 2018.

    “Operations of the company ran smoothly, thereby leading to a general growth in the company. However, our Retirement Savings Accounts grew from 117,031 in 2017 to 131,047 in 2018.

    “The management of the company is committed to ensuring that strategies put in place are driven to continually grow the company. Our promise to customers is constant  engagement and satisfaction as well as working  tirelessly on delivering dividend to shareholders and stakeholders.’’

    The company’s Managing Director/CEO, Mr. Glory Etaduovie, said  earned fees increased from N661million in 2017 to N774million in 2018, representing a 17 percent growth.

    “RSA Fund Unit price (now Fund II) grew from N2.21 in 2017 to N2.42 billion in 2018, a growth of 9.62 per cent as Retiree Fund Unit price (now Fund IV) grew to N2.85 billion, a growth of 11.44 per cent during the year under review.

    ‘’Profit after Tax, he said, increased to from N1.4million in 2017 to N34.01 million – a growth of 2329 per cent in 2018.

    “Our 2018 performance was targeted at driving and ensuring customer satisfaction. The customer service centre at our head office was given a major face lift to make it more welcoming and comfortable to clients, among other initiatives.’’

    He added that the Pension Fund Administrator (PFA) intends to continue in its quest to satisfy its numerous customers with a wider market base, while increasing the use of technology to reach and serve them.

    He added: “Hence, our theme for 2019 is ‘’Inclusion and Digitisation’’. We intend to bring everybody on board by reaching out to every segment of the economy. We will be relying more on technology to achieve this goal.”

    On the outlook of the company in the year, Etaduovie said the PFA planned to key into this expected growth opportunity in the economy, by enhancing its digital reach, deepening its market and increase its physical presence in key locations.

    “We expect lots of new initiatives in the industry in 2019, as there were quite a number of such the previous year, some of which would have a resounding effect in 2019,’’ he added.

  • Turning adversity into opportunity

    Refusing to let her physical disabilities hold her back, a physically-challenged entrepreneur, Miss Maria Gorrathy Iche, got involved in several activities before finding her calling in textiles. After studying Fine and Applied Arts at the Federal Polytechnic, Oko, Anambra State, the indigene of Imo State has opened her own textile designing business. She shared her experience with DANIEL ESSIET.

    Miss Maria Gorrathy Iche, a Fine and Applied Arts graduate of Federal Polytechnic, Oko, Anambra State, is an example of a lady who did not let her physical disability hinder the pursuit of her dreams. She had treatment for years, but she did not let her disability come in between her and his dreams.

    With her strong will power and dedication to succeed, she decided to study Fine and Applied Arts. Today, she is enjoying and making a living from it. She started her business with N20, 000 after her National Youth Service Corps (NYSC) in 2016. She has set an example for those who want to live their dreams.

    She has proved that disability could be turned into an opportunity. Her dedication has made her  a notable figure and a leading  textile designer within her local community in Imo State.

    Miss Iche has overcome all the odds to write her name in gold. She is making a living from textile designing. Her collection include handmade bags, assortment of dresses and beads.

    Speaking with The Nation, Miss Iche said she received help and support along the way.

    For her: “There is something called opportunity. God sends it and you have to grab it. When opportunities fell in my lap, I grabbed them. It has made me who I am today.”

    After she enrolled for her Ordinary National Diploma (OND), she discovered her  interest  in fashion and passion for colours.

    Miss Iche said physically challenged entrepreneurs would continue to face challenges because the society had not shown them enough support. She faced rejection, but she soldiered on.

    She said it is her dream to see her craftsmanship celebrated on a national platform, saying this is what will bring her joy.

    She is determined to work with physically challenged artisans in villages across Imo State, if the government supports her.

    Her plan is to establish an organisation that provides scholarships to underprivileged students to pursue careers in textile design and bead making.

    Her goal is to provide longtime employment to local artisans who are contributing to collections that are relevant.

  • PenCom faults PFAs’ branch management

    A survey by the National Pension Commission (PenCom) in two states has revealed that Pension Fund Administrators (PFAs) are not complying with the regulations. Omobola Tolu-Kusimo reports.

    The National Pension Commission’s (PenCom) survelliance in two states has  brought a damning report: Pension Fund Administrators (PFAs) have failed in the management of their branches.

    In the report, the commission stated that it inspected 13 PFAs in Ondo and Ekiti states to determine  PFAs’compliance with minimum requirements for branches and service centres as well as the quality of their services to stakeholders.

    A contributor to the Contributory Pension Scheme (CPS), Christopher Essien, said the PFAs don’t pay attention to their branches.

    Recounting his experience, he said he had visited a PFA in Calabar to lodge a complaint, but the officials he met asked him to come back another day.

    Essien said when he went back, they still did not have an answer for him.

    A retiree, who simply identified himself as Florence, said her PFA failed to pay her pension promptly.

    Another contributor, Ekeleme criticised her PFA because he did not have his statement of account and know how his pension was being managed.

    ‘’I am registered with one of the PFA, but I have  not receive any update on my pension since 2013. I attempted to reach them on their website but the it was not working,’’ she added.

    Read Also: PenCom recovers N16b in seven years

    PenCom Acting Director-General, Mrs. Aisha Dahir-Umar, in the report titled: “PenCom 2019 Second Quarter Report”, said the commission sought to ensure that the PFAs staff members were conversant with the provisions of the state contributory pension laws and relevant regulations and guidelines issued by the commission.

    She disclosed that during the quarter under review, the commission issued new circulars and guidelines to licensed pension fund operators.

    She said: “The circulars and guideline include Circular on the Implementation of the Requirement for Provision of Fidelity Insurance Cover for Employees of PFAs and Pension Fund Custodian (PFCs) which was issued on June 18, 2019; Circular on the issues in the Transition from the Contributor Registration System to the Enhanced Contributor Registration System (ECRS) issued on June 19, 2019; and Revised Guidelines for Retirement Savings Account Registration – Enhanced Contributor Registration System (ECRS). The ECRS is an upgrade on the Contributor Registration System (CRS) earlier deployed by the Commission in the registration of contributors into the Contributory Pension Scheme (CPS).

    “The commission also reviewed monthly compliance reports submitted by the operators. The major issues observed from the review of the compliance reports forwarded by the operators during the quarter under review were un-credited pension contributions, delay in the payment of retirement benefits to the retirees and outstanding commitments from previous routine examinations.”

    On corporate governance, the PenCom boss said the commission found that some PFAs had inadequate composition of the Board, non-submission of yearly performance evaluation of individual directors challenges.

    “During the quarter under review, a total of 29 operators forwarded their Corporate Governance Reports for the year ended December, 31, 2018. The major issues observed from the review of the Corporate Governance reports were the inadequate composition of the Board, non-submission of Annual Performance Evaluation of individual Directors, inclusion of Executive Directors as members of the Board Audit Committee, some Directors being members of all Board Committees and holding Board meetings same day with the Board Sub-committee meetings.

    “Also, licensed pension operators continued to render the returns for the funds under their management/custody as well as that of the Company to the Commission via the Risk Management & Analysis System (RMAS) for the quarter ended June 30, 2019.

    “The Commission sustained its regulatory intervention on First Guarantee Pension Limited owing to non-resolution of the outstanding issues. However, the PFA continued to provide services to its clients with a satisfactory solvency and going concern status.

    ‘’The Commission sustained its efforts at ensuring an expeditious resolution of the shareholders’ dispute in the PFA with a view to ending the regulatory intervention,”she said.

  • Kwara govt, Saraki trade words over distribution of school materials

    Kwara State Government and former Senate President Bukola Saraki are at each other’s throats on the recent distribution of instructional materials to public schools in Kwara central.

    The state government argued that the materials were distributed directly to the schools from the Mandate office of Senator Saraki as opposed to going through the ministry of education.

    The state also added that personal identities of the former Senate President were emblazoned on them, stressing that it was not aware of the distribution of these instructional materials.

    But Saraki countered that the state government has misconceptions about the true picture of the processes involved in capturing and implementation of projects of this nature.

    In a statement, spokesperson of the Kwara Ministry of Education and Human Capital Development.Yakub K. Aliagan said that: “The appropriate thing to do is to send those materials to the Ministry of Education which has a statutory duty of vetting learning materials for quality control and then approve such for distribution. Not doing so was a violation of a basic rule which is key to strengthening our
    institutions and keeping standards.

    “Besides, it is wrong for anyone to emblazon their images or personal logos on instructional materials made with public resources for distribution in public schools. The said materials were some sort of Constituency Projects which have been approved and funded by the Federal Government of Nigeria.

    “It is instructive to note that the Kwara State Ministry of Education recently approached Governor AbdulRahman AbdulRazaq to mass-produce instructional materials with his picture emblazoned on them ahead of school resumption and the Governor rejected the proposal on the ground that there should be no personalisation of projects executed with public funds.

    “Flowing from the above, the authorities at the schools were right to have rejected those materials because the Ministry of Education was not aware of such and also because there should be no politicisation of education, whether directly or indirectly, especially at the basic level where the children are very impressionable.

    Read Also: Saraki, supporters sing new song in Kwara

    “Since the materials had been produced with government funds, we urge the Mandate Office of Senator Bukola Saraki to return them to the Ministry of Education after having replaced the covers emblazoned with personal photographs or political identities.”

    Reacting Director of Project and Empowerment, Mandate Office of Senator Bukola Saraki,Otukoko Olayinka Ibrahim said that “the distribution of the instructional materials is a constituency project facilitated by the immediate past Senate President Bukola Saraki through the Universal Basic Education Commission (UBEC); that the constituency projects with UBEC is not limited to distribution of books, it include: Construction of classrooms, provision of Pupils and Teachers furniture, distribution of customized notebooks and textbooks (as it appears in the UBEC documents). distribution of Science Laboratory equipments, distribution of Mathematics kits, distribution of computer systems and generator sets; that during the needs assessment conducted by the mandate office, the office of Dr. Saraki collaborated with the LGEA offices which are directly in charge of basic schools across the four LGs for capturing of schools with basic infrastructure and material needs and same was communicated to UBEC by Dr. Saraki’s office for implementation.

    “That prior to distribution of the items, the mandate office informed the LGAs offices again to invite the selected schools, as shortlisted by UBEC to mandate for collection of “approved” items for their respective schools. So to say the State Government is not aware of the distribution is will throw many unanswerable questions to one’s mind.”

  • Kogi Govt. set to inaugurate N4 billion Rice Mill

    The Kogi Government is set to inaugurate a newly-constructed rice mill worth over N4 billion and with the capacity to produce 50 tonnes of rice per day.

    Gov. Yahaya Bello disclosed this on Tuesday during an inspection tour of the mill at Omi dam in Ejiba, Yagba West Local Government Area of the state.

    ”In 2016, we visited this particular Dam and I promised to establish a rice mill here, and today we have this factory 100 per cent established by Kogi State Government.

    ”We approached the Federal Government through the Minister for Water Resources, to allow us to use this dam for the benefit of our people.

    ”Today, we are here to inspect a brand new rice factory that is second to none, as far as northern Nigeria is concerned ,” Bello said.

    He said that the factory had the capacity to produce over 1000 bags of 50 kg of high quality rice every day, and could employ over 5000 people as direct labour , and more of indirect employments.

    He said that over N300 million would be injected into the economy of the state every month, through the factory, while generating additional over N120 million as Internally Generated Revenue (IGR) for the state, monthly.

    ”The rice mill will also be producing fish and poultry meals, because we are presently having over 500 fish ponds in this Omi dam.

    ”We have the capacity to produce cassava and all agro allied products in this particular location,” the governor said.

    Read Also: Border closure boosts local rice patronage

    He stated that the factory had its own independent power generation plant, powered through biomass gasification technology.

    According to him, the capacity of the plant is 500 kWh and the rice milling plant capacity at every processing line (shift) is 200kwh.

    Bello also said that the plant would have an excess power of 300kwh, which would be used to power strategic locations in neighbouring communities.

    ”Kogi is situated in the centre of Nigeria. People traveling to North, South, East and West must pass through Kogi, which means we are saddled with lots of responsibilities.

    ”All that is required now is that the Federal Government through the Central Bank (CBN), should to come to our aid, because we have the capacity to expand this factory in multiple folds.

    ”Through this factory, we are going to pull many of our people out of abject poverty,” he said.

    The governor assured that the rice factory and all other projects in the state would be commissioned by President Muhammadu Buhari before the Nov. 16 governorship election in the state.

    The governor further said that his administration had curtailed insecurity to the barest minimum.

    He, therefore, urged the people of the state to continue to embrace peace and security and live in harmony with one another, including the Fulanis and other tribes for the development of the state.

    ”This factory will only exist if we protect, safeguard and cherish it jealously as our own,” he said.

    In his remarks, the Obaro of Kabba, Chief Solomon Owoniyi, who spoke on behalf of all traditional rulers in the region, thanked the governor for the gesture, saying the facility was the first of its kind and the best in the whole of the state.

    The monarch, however, urged the governor to use his influence and connection with the Presidency to ensure that the Kabba-Ilorin road was rehabilitated for the benefit of the people and the mill.

    Earlier, the State Commissioner for Agriculture, Mr Kehinde Oloruntoba, commended the governor for the gesture, saying the people of Kogi West would be eternally grateful to him.

    Oloruntoba said the rice mill was just the phase one of the project, assuring that the second phase would be provided to have seed production company, so that the state would have a uniform rice facility. (NAN)

  • ‘Nigeria needs unified exchange rate’

    Nigeria operates a multiple exchange rate regime, which the Central Bank of Nigeria (CBN) has defended. But the International Monetary Fund (IMF) has faulted the multiple exchange rate regime and asked the country to unify its exchange rate. The IMF says a unified exchange rate will impact the country’s economy more positively than the multiple exchange rate regime. IMF Nigeria Senior Resident Representative and Mission Chief, Amine Mati, in this interview with COLLINS NWEZE speaks on why Nigeria should unify its exchange rate to grow the economy and tackle inflation.

    What is the International Monetary Fund’s (IMF’)s opinion of Nigeria’s multiple exchange  rate system?

    It is encouraging that progress already made by the authorities towards unifying the exchange rate windows. However, restrictions on access to foreign exchange for certain categories of goods, and the remaining multiple exchange rates create distortions in both private and public sectors decision making. They discourage long-term investment, encourage smuggling and provide avenues for corruption.

    Moving forward, a removal of foreign exchange restrictions, including recently introduced ones, and a full exchange rate unification, in line with the authorities’ Economic Recovery and Growth Plan (ERGP), will help keep the parallel market premium low in a more sustained manner. It will help Nigeria move towards a more diversified economy.

    The Central Bank of Nigeria (CBN) maintains that unifying the exchange rate is not the solution to Nigeria’s inflation problems. Do you agree?

    Global trends suggest that countries with multiple exchange rates struggle to see their economic growth recover and trade pick-up after a crisis. Countries with multiple exchange rates on average also experience higher inflation. With lowering inflation and boosting growth as focal points for Nigeria, unification of the exchange rate can bring major gains.

    How did the IMF reach the conclusion that unifying the exchange rate will further improve Nigeria’s economy? What specific benefits would such a policy bring to Nigeria?

    Our assessment is based on the experience of several countries worldwide. In addition, our research specifically on Nigeria has found that unifying the exchange rates and removing foreign exchange restrictions is also likely to lower income inequality. It helps facilitate more effective ways of protecting consumers through social safety nets.

    How do you measure Nigeria’s economic progress in terms of its multiple exchange rates, against the experience of countries such as Brazil and Egypt?

    We welcome ongoing unification in foreign exchange windows and the ERGP’s goal to move towards a unified regime. This goal is in line with trends seen in other countries over past decades: multiple currency practices are non-existence in developed economies and have been on a declining trend globally in emerging economies.

    What conditions need to be in place before exchange rate unification can be achieved?

    Unifying the exchange rate now being in accordance with the ERGP’s goal would support Nigeria’s economy. It will be most effective as part of a wider policy package, with measures that include a focus on revenue mobilisation to make room for priority spending, tight and transparent monetary policies, a resilient banking sector and structural reforms.

    Are there serious concerns from the IMF and some global leaders that Nigeria could follow the same route as Venezuela if it doesn’t act quickly and unify its exchange rate system?

    The IMF’s view is that Nigeria’s long-term economic potential will be improved significantly with exchange rate unification as it removes distortions, provides greater clarity to economic operators and a level playing field. However, as stated in the past, this is not a panacea by itself as it needs to be part of a tight monetary policy that keeps inflation in check. It also needs to be backed by strengthening banking sector resilience, and structural reforms; such as governance and power sector.

    While currency floating or allowing depreciation may seem like the right thing to do, is Nigeria in a good place to make such a decision?

    Moving towards a more flexible exchange rate would be beneficial to the Nigerian economy, but a flexible exchange rate does not necessarily imply that the currency will depreciate, as that depends on macroeconomic fundamentals. Indeed, our last evaluation published in April, this year implied only a moderate misalignment of the current exchange rate.

    In summary, a more flexible and unified exchange rate will be most effective for Nigeria in the context of more comprehensive policy reform package.

  • Kogi, Bayelsa polls: PDP steps up efforts to unite aggrieved members

    The People’s Democratic Party (PDP) has assured of fruitful reconciliatory efforts at uniting aggrieved members following the fallout of the party’s September 3 primary elections in Kogi and Bayelsa states.

    The outcome of the primaries had sparked disagreement within the ranks of aspirants and their supporters in the two states, with fears of mass defection threatening the unity and cohesion of the party ahead of the November 16 elections.

    The PDP however said the party is poised for “sweeping victory” in the elections, stressing that its grassroots structures have been activated in the two states ahead of the elections.

    In a statement on Tuesday by the spokesman for the PDP, Kola Ologbondiyan, the party states that its members and supporters have nothing to fear as reconciliatory efforts in the aftermath of the governorship primary elections in the two states were yielding immense results and further strengthening its structures and formations as one big, united and formidable family.

    Read Also: Diri, Lyon 50 others to contest Bayelsa governor’s seat

    It further assured that it’s leaving no stone unturned to ensure that all aggrieved members are appeased so that the party could face the elections as a family.

    The PDP commended what it described as the understanding and the spirit of sportsmanship being exhibited by critical stakeholders in the two states as well as their commitment towards the success of the party at the elections.

    It added that it has already galvanized all segments of the voting population across the two states, boasting that the two states remained are known to be strongholds of the PDP.

    The party boasted that no force, not even the All Progressives Congress (APC) can stop the victory of its candidates in the two states.

  • UCL: Liverpool, Chelsea lose on Matchday One

    Dries Mertens’ penalty and a late Fernando Llorente goal condemned Liverpool to defeat in their Group E Champions League opener against SSC Napoli.

    Belgian forward Mertens scored from the penalty spot after Liverpool defender Andy Robertson was judged to have fouled Jose Callejon.

    Former Tottenham forward Llorente then capitalised on a mistake from Virgil van Dijk in stoppage-time to roll the ball past Liverpool keeper Adrian.

    This defeat has thus made Jurgen Klopp’s side the first defending Champions of the competition to lose the opening game of the following campaign since AC Milan in 1994.

    In London, Ross Barkley missed a late penalty to deny Chelsea a point, as the Blues UEFA Champions League campaign under Frank Lampard began with a 1-0 loss to Valencia in Group H.

    Read Also: BREAKING: Napoli beat Liverpool in Champions League opener

    Valencia’s off-the-field issues have overshadowed their on-field exploits since Marcelino’s sacking last week, but Albert Celades’ side bounced back from their 5-2 defeat to Barcelona with a resilient performance at Stamford Bridge.

    With Jasper Cillessen in fine form and Mason Mount’s injury having compounded Chelsea’s frustrations, the Blues’ frailties were exposed once more when Rodrigo Moreno prodded in Dani Parejo’s free-kick with16 minutes remaining.

    VAR came to Chelsea’s rescue when the referee decided to award the hosts a spot-kick for a Daniel Wass handball, but substitute Barkley – who overruled Willian to take the penalty – struck the bar.

    In Germany, Marc-Andre ter Stegen saved Marco Reus’ penalty as Barcelona held Borussia Dortmund to a goalless draw.

    The Germany international also denied Reus with a smart double save as Dortmund dominated the second half.

    Julian Brandt did beat Ter Stegen late on but his effort hit the bar.

    Barcelona gave a Champions League debut to 16-year-old Ansu Fati but created little, despite Lionel Messi’s first appearance of the season off the bench.

  • BREAKING: Napoli beat Liverpool in Champions League opener

    Dries Mertens and Fernando Llorente scored late goals as Napoli defeated holders Liverpool 2-0 in Tuesday’s opening round of Champions League group stage matches.

    Mertens converted a penalty on 82 minutes and Llorente added a second in stoppage time as Napoli gained a measure of revenge for last season’s 1-0 loss at Anfield that denied the Italians a spot in the knockout rounds.

    (AFP)

  • Xenophobia: APC Chieftain lauds Air Peace, Abike Dabiri-Erewa

    A Chieftain of the All Progressives Congress, Hon. Ayoola Lawal has commended the Chairman, Air Peace Airline, Bar. Allen Onyema for his heroic kindness in airlifting Nigerians from South Africa to Nigeria.

    He hailed the kind gestures of Onyema in responding to such a critical situation to save the lives of Nigerian citizens regardless of ethnic background.

    In a statement made available to The Nation, He said “The Chairman of Air peace airline, Mr. Allen Onyema’s heroic act of kindness, patriotism, and pure leadership in airlifting stranded Nigerians that were targets of the barbaric killings in South Africa is worthy of commendation”

    He however urged Nigerians to support Onyema’s business and encourage him to be the best airline in Africa and possibly the world best airline soon.

    Read Also: Air Peace boss, Onyema’s masterstroke

    Lawal, also hailed the efforts of the Chairman, Nigerians in Diaspora Commission, Hon. Abike Dabiri-Erewa for living up to expectations once again through seeing to the effective and prompt evacuation of Nigerians caught up in the xenophobic attacks in South Africa.

    He further commended President Muhammadu Buhari’s hard stance against South African government on the issue of killings of Nigerians and other African nationalities urging other African leaders to always take immediate actions when it comes to its citizen’s rights.

    He said, “Our leaders across the board should reflect on the barbaric killings of Nigerians in South Africa as part of their leadership failures because most of the Nigerians became victims because they traveled in search of green pastures.

    “This should serve as a clarion call to all our leaders to discharge their duties in providing a conducive environment for Nigerians to strive, create job and ensure basic amenities for all because no individual will leave his or her country in search of greener pasture when he/she as a son/daughter of nobody can become somebody without knowing anybody.”