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Tag: Nigerian

  • Nigerian boxers might miss out of Rio Olympics

     

    Nigeria will not be present at the 18th World Boxing Championships starting today in the gulf state of Qatar and might miss out from Rio 2016.

    According to the AIBA President, Dr Ching-Kuo Wu, the country might also not be in Rio De Janeiro, Brazil next year because the World Championship is the main qualifying event for the Olympic Games.

    He said: “This edition of the AIBA World Boxing Championships will be a key event in the run up to Rio 2016 as the top boxers from all five continents converge in Doha, Qatar, to compete for places at the Games”

    “For the first time, all boxers had to qualify to the World Championships ensuring that boxing fans will enjoy the most remarkable show the elite of the boxing world has to offer”

    The boxing team had earlier spoke of how disheartening the Nigerian flag was not hoisted at the African Championships due to the inability of the Nigeria Boxing Federation to raise funds to make the trip to Morocco.

    The tournament served as a qualifier for the world championships.

    Algeria, who were top of the boxing medals table at the just concluded African Games in Brazzaville will lead the African contingent at the tournament holding at the at Ali bin Hamad Al Attiya Indoor Arena, Doha. Other African countries participating include Morocco, Ghana, Uganda and Tunisia.

  • Igali banks on Nigerian wrestlers for medals

    President, Nigeria Table Tennis Federation (NTTF), Wahid Oshodi believes the team performed above average at the just concluded 2015 African Games in Congo Brazzaville.

    After Nigeria finished third with one gold, two silver and three bronze medals in table tennis behind Egypt and Congo Brazzaville, which won three gold medals each, the NTTF boss said: “Team Nigeria table tennis have performed above average here but there is lots of room for improvement. The support we have received from the National Sports Commission (NSC) in this edition of the African Games is praiseworthy. For me it is the lesson that good things will come together when all of us that is players, coaches and administrators are united with the common goal of doing Nigeria proud then we can succeed. We need to continue to plan ahead and open our sport up so that more people are playing at a younger age so we can identify talent much earlier and put them on the right path.

    He added: “The number of young talent on show at the African Games tells me that we need to get our fantastic youngsters into the various junior and cadet teams quicker. I hope some of our younger players will soon be ready to take over from the likes of Segun Toriola and Funke Oshonaike.”

    With the engagement of Chinese players by Congo Brazzaville, Oshodi admitted that this would be counter-productive especially for such country to groom home-grown players. “From a technical standpoint, the presence of the players has forced all other teams to raise their game in a quest to beat these Chinese imports. So definitely for us, their presence has forced us to play at a higher level than we are normally used to and this is a good thing. Conversely, I am of the humble opinion that there is great pride in representing ones’ own country and I am not so sure that a situation where players can transfer their allegiance as if it is club football does not really do any good for the development of young talent,” Oshodi said.

    “Some countries will continue to do this but it is definitely a path that we would not think of walking in Nigeria. In any case our pool of talent is massive and we must continue to work hard to develop them to get to the level where they can challenge the Chinese and Koreans. We have seen what is possible with Aruna Quadri becoming a table tennis star player of the year. We must develop our own talents that are born in our continent. I do not think the importation of players to represent a country is the way to go,” he added.

  • 270 Nigerian experts seek opportunities at SNEPCo’s summit

    Shell Nigeria Exploration and Production Company of Nigeria Limited (SNEPCo) hosted a business summit in Aberdeen last week with over 270 personnel representing Nigerian companies within and outside the country in attendance. They explored opportunities to repatriate skills and experience to the oil and gas industry back home in Nigeria.

    The forum christened ‘The Global Nigerian’ is the third in Europe’s oil and gas hub, and had the theme Networking and Collaboration as a tool for national Development and Growth.

    SNEPCo Managing Director Tony Attah in his address, said: “When, in 2013, we set out with the initiative for local companies to collaborate with Nigerian experts in Aberdeen on opportunities and challenges in the Nigeria oil and gas industry, we knew this would be a game changer. Today, we can say that the game changer is beginning to take shape as Nigerians have started returning home to set up businesses.”

    A representative of the Nigerian High Commission, Mr. Hassan Hassan said: “This is the right time for our experts based abroad to return home to make contribution and be part of the success story.”  The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Denzil Kentebe commended Shell on both The Global Nigerian and Partnership Facilitation Programme and confirmed the board’s continuing support for both initiatives.

    In a presentation on procedures for potential contractors in the oil and gas sector in Nigeria, the Deputy Manager, Reservoir Management and Evaluation, Joint Venture oil operations, at the Nigerian National Petroleum Investment and Management Services (NAPIMS), Mrs. Martina Atuchi said: “We are inviting you to be part of the leading economy in Africa with a lot of untapped hydrocarbon resources.”

    The General Manager, Nigerian Content Development, Shell Nigeria, Chiedu Oba gave a progress report on the decisions of The Global Nigerian since the first business summit in Aberdeen in 2013. He said several Nigerians had returned home to establish businesses in the oil and gas sector, while networking had continued on a collaboration portal which recorded more than 12,000 visitors every month by the 60 registered companies and users.

    The participants agreed that the return of a significant number of Nigerian oil and gas professionals could make a ‘game changing’ impact on the efficient delivery of many opportunities that exist in the upstream, mid-stream and downstream sectors. They also suggested the need for low interest rates to boost the growth of the companies.

    The Global Nigerian 2015 was enthusiastically supported by government and industry leaders including representatives from Nigeria’s leading oil and gas trade organisation, PETAN and UK Trade and Investment (UKTI).

  • Practical Nigerian Content forum holds October

    The fifth Practical Nigerian Content Forum has been scheduled to hold from 20 – 22 October in Yenagoa, Bayelsa State.

    The Forum is an annual event organised by the Nigerian Content Development and Monitoring Board. The Executive Secretary of the NCDMB, Mr. Denzil Amagbe Kentebe, will be meeting with government and industry stakeholders at the event, where he will recap the progress made in Nigerian Content and discuss ways forward for Nigerian Content amidst volatile oil prices, high operational cost and increasing global competition.

    “This year, Practical Nigerian Content will once again gather an excellent speaker line up that represents the entire industry value chain to showcase Nigerian Content successes to date, outline the current challenges faced in compliance and discuss the outlook for the future. I look forward to welcoming all stakeholders across the oil and gas industry for what will be a very productive and enjoyable meeting,” Kentebe said.

    Confirmed speakers at the Forum include the Chairman, Petroleum Technology Association of Nigeria (PETAN) Emeka Ene; Chairman, Oil Producers’ Trade Section, Elisabeth Proust; Executive Secretary Petroleum Technology Development Fund, Olufemi Ajayi; Executive Secretary, NCDMB, Denzil Amagbe Kentebe; Chairman, Petroleum Contractors’ Trade Section, Andrew Olotu; Chief Executive Officer, GE Oil & Gas, Lazarus Angbazo; General Manager – Nigerian Content Development, Shell, Chiedu Oba; and Asset Manager & Coordinator, Statoil, Victor Ogwuda.

  • 2015 Uganda Film Festival: Nigerian chairs jury

    2015 Uganda Film Festival: Nigerian chairs jury

    Celebrated filmmaker, Femi Odugbemi, has just returned from another successful international assignment serving as the Chairman of Jury of the just-concluded Uganda Film Festival (UFF) held in Kampala, Uganda.

    Odugbemi, a three-time lead judge of the Africa Magic Viewers Choice Awards, was also jury’s chair of last year edition when he headlined the festival’s international guests along with Nollywood star actress Patience Ozokwo.

    At that time, the organisers of the festival, the Uganda Communication Commission, through its Executive Director Mr Godfrey Mutabazi, wrote a glowing tribute stating that Odugbemi’s “professionalism and commitment displayed during the task, together with the quality of decisions made contributed highly to the resounding success of the UFF 2014.”

    It was no surprise, therefore, that Odugbemi was invited once again to chair the jury along with distinguished international members, including a professor of Literature at Makerere University, Kampala, Dr Sister Dominic Dipio; an German film curator MsBarbel Mauch; President of the East Africa Film Network, Mr Leonce Ngabo of Burundi and pioneer Ugandan TV Producer, Faustin Misanvu.

    The Uganda Film Festival, in its third outing, showcased films of Uganda filmmakers and other East African countries, including Kenya, Burundi, Tanzania and Rwanda. The festival also featured exhibitions, a film market, training workshops and master classes. The final day of the festival was capped with an elaborate gala evening of glamorous red-carpet and awards in various categories.

    Speaking at the gala awards, Odugbemi revealed that the jury began work over three months ago with over 130 entries into the 2015 UFF. The pre-selection process for the competitive categories was electronically conducted over the course of 60 days and five nominees per category were identified and announced by the organisers in the first week of August.

    The jury then reconvened in Kampala from August 24 to 27 to select the winners. While congratulating the winners, Odugbemi expressed delight at the remarkable progress in the talent and technical quality of the nominated works, especially in the areas of storytelling, casting, performance, visual aesthetics, cinematic values, sound and music.

    While calling for more efforts in the areas of additional dialogue recording (ADR), sound design, music score and final mix, he noted that there has been an improved in the quality of sound, which was usually a weakness of some films in the past..

    The celebrated winner of the festival was the feature film Joseph Ken’s House Arrest which carted prizes for Best Feature Film, Best Sound, Best Screenplay and Best Actress. Other winners of UFF 2015, included Boda Boda Thieves, which won the Best Cinematography and Best Editing prizes; Walk With Me by Peter Muhumuza and Johan Oetitinger which won Best Short Film; Matovu Francis’s Chimp-Boda which won Best Animation and “HALF A DOLLAR” by Oris Ssebowa which won the Best Documentary prize.

  • Busy CAF, FIFA week for Nigerian refs

    Busy CAF, FIFA week for Nigerian refs

    Nigerian women referees are in for a busy week, dictated by CAF and FIFA

    On September 30 in Yaounde, Cameroun, referees Uloma Nneka and Bosede Momoh, who officiated in the All Africa Games Soccer event, will attend the Women Elite Referees course that will further sharpen their skills in readiness for top grade matches in Africa and the world.

    Uloma and Bose will be joined by Stella Iloje, who will be in Cameroun for the Physical Fitness Instructors Course.

    Before the CAF course, Uloma will lead Hilda Nkwocha, Mimisen Agatha, and Ajayi Foluso to Burkina Faso for a Women World Cup, U-20 qualifier 2nd round match pitching the host against Ethiopia on September 26.

    The Nigerian women U-20 team, the Falconets will also see action same week end against Congo DR in a match that will be handled by referee Therese Sylvie Abou’ou of Cameroun and her compatriots.

  • YUNG6IX: I NEVER WANTED TO BE A NIGERIAN SUPERSTAR

    YUNG6IX: I NEVER WANTED TO BE A NIGERIAN SUPERSTAR

    For one who broke into the Nigerian music industry recently, Onome Onokohwomo, aka Yung6ix, has come a long way. This is taking into consideration some of his critically acclaimed hit songs and highly rated collaborations. In this interview with OVWE MEDEME, the award-winning rapper gives an insight into his growing up in Warri

    WHEN did you realise you were called to do music?

    I can’t really put a date to when I started music because I was really young. I actually don’t even know how I started making songs. But I recorded my first song when I was in SS 2. Since then, I just kept on recording till date.

    What inspired you to go into music?

    Life itself inspired me. I was the eldest son in my house, so I spent most of my time alone. All I had was music. I grew up in that kind of house where my parents don’t want us going out. I was always in my room. They always wanted me to read. So, when I get tired of reading, I escape with music. And my aunties, my mother’s sisters, love music a lot. They were always playing different kinds of songs. My mum’s favourite song was Tupac’s Carlifonia Love. She played it all the time. Back then, people still listened to cassettes and they really couldn’t afford to buy a lot of them, so if you can buy one, you will have to play it for one year before you buy another one. You can imagine how much I listen to those songs. So, I guess listening to too much music inspired my career choice.

    How did that experience influence the kind of music you do today?

    It actually helped me in life. Until recently when I really found the sound I want to sell to the world, western music had always been my thing. When I first came into the game, when I started with Storm Records, there was a problem at some point because I was making too much Western music. There was a problem selling the music out there.

    Those were parts of the things I learnt from being under a record label. Western music had always been my major influence. I did not grow up with the state of mind that I want to be a Nigerian superstar. To me, there were no Nigerian superstars when I was growing up. Soundcity back then was just a 30 minutes programme on AIT. There was no MTV Base. All of these things we have now where not available back then.The only superstars we knew were Tuface and his crew and there was no social media for us to connect with them and know what their lifestyle is like.

    So the real superstars I knew growing up were in the West and those were the people I always wanted to be like. I never pictured myself being a Nigerian superstar or an African superstar while I was growing up. It was never part of the dream.

    What is this sound you want to sell?

    It’s called Afro Hip Music. Growing up in the Nigerian music industry and making successful hit songs, you get to understand that there is a certain type of music that the people accept, and that is afro music. Whether we like it or not, ‘afro’ is our culture right here in Africa. I cannot go outside Nigeria and be rapping to Jay Z about what is happening in Brooklyn. I cannot sell his own stuff to him. I have to sell my stuff. So I’m selling hip hop from the afro music point of view, from the Fuji music point of view; from the Nigerian point of view. Basically, what I am influenced by is my own environment and our own sound.

    How easy was it breaking into the Nigerian music industry?

    It wasn’t easy at any point. Before record labels started putting their eyes on me, I had made lots of attempts to break into the industry. I had come to Lagos several times. I grew up in Warri. So I used to come to Lagos, spend all my money, go broke, go back to the South, hustle and then return to Lagos. I did that so many times. It wasn’t until I did Oleku, a cover to Ice Prince’s song that labels started noticing me. That was when I got my deal with Storm Records and all thanks to God, my first single was a hit song. That was just a breakthrough point for me.

    These days you seem to be going away from the rap genre

    I do Afro Music. Whether people like it or not, I’ve been releasing this sound for over a year now since my album Six O’ Clock. People are starting to accept it as the sound that I’m selling. A lot of people don’t know yet but very soon, we will see rappers doing the exact same thing I’m doing now to make commercial hits. There is a new market because it is what people want but in a different way. And then, everybody is trying to sell the same afro sound but selling it in a different way from a different point of view is what counts. Nigerians love new things.

    What stands you out from other artistes?

    Everything we do in life, we always have to learn. I learn a lot. If there is something that is trending and I see the value in it, I take it. But what I do is, I do not take it and use it. I take it and I redefine it. People don’t do that. Music itself is re-creation. There is nothing in this world that is being done that has never been done before. There is something I did in one of the tracks on my EP. The effects of about 40 percent of the song were made with my producer’s mouth. It is all about the quality of what I am putting out there.

    Are you not afraid of competition?

    I am not afraid of competition. I am only competing with myself. In fact, considering where I am right now, I know that I have to beat myself to be ahead. I never lose if I keep beating myself. You can’t be focused on people. At the end of the day, nobody will want to work with you. If everybody could afford original, there will be no fake out there because people love good things. I always work to be a better person.

    Are you working on any project?

    Yes, I’m working on my EP titled Billionaire Ambition. The EP is actually supposed to be out there but we did not foresee the success of my latest single, so I just gave it time for it to sink in. We will be putting out another hit any time now. So far, we have eight songs in the EP. It has five songs, two collabos and one instrumental. We are just putting finishing touches to it. There will be live instrumentations on it. We had different instrumentalists coming to put their hand in it and whatnots; drummers came to do some things on the EP. I worked with some producers from America. It will be a crazy sound.

    What record label are you signed on to?

    I am signed on to Kash Kamp & Trick Billionaire Musiq (KKTBM).

    What did you study in school?

    Lots of people actually think I am a Masters Degree holder but I actually did not graduate from school. I had to defer my admission after I got my deal. I have attended six universities in Nigeria. My dad was particular about what he wanted me to study. Because i don’t want to stay home, most times when I’m in school, I don’t tell him what I’m doing. Sometimes, I write JAMB to get into school; he doesn’t even know the course I’m studying. I ended up attending a private school but I deferred my admission in 200 Level after I got my deal.

    Do you intend to go back?

    Of course, I intend to go back to school. School is very important especially concerning my ambition. I have it all worked out

    Tell us about growing up in Warri?

    Growing up in Warri is one of the reasons why I love hip hop music. There are countless times when I could have lost my life. I give thanks to God for my life today. I almost lost my life in the Warri crisis. We lost a lot during that period. We lost our car, we lost our house. We lost lots of things. It was really crazy. I have a lot of those stories coming up in my next album. But on this EP, it is just about me expressing myself; making heartfelt music.

    In a nutshell, who is Yung6ix?

    Yung6ix is a young boy with big dreams.

    i, decision to switch genre, upcoming EP, among other issues. 

  • Sujimoto to change Nigerian luxury estate

    Sujimoto to change Nigerian luxury estate

    For high end property seekers, nothing compares to luxury and comfort. But even luxury has different categories. For instance, what is luxury for someone that lives in Chelsea, London might differ from what is luxury for someone that lives in Ikoyi, Lagos. This is because describing a luxury property in London might not be comparable to ‘luxury’ in Lagos.

    According to the Managing Director of Sujimoto, Mr. Sujibomi Ogundele, the fundamental principle of luxury is the capacity to blow people’s minds. This, he said, is what his firm has used religiously in its mission to change the Nigerian luxury real estate market.

    “Is quality really that expensive? What is expensive is our intention to deliver quality. Unfortunately, the need for immediate gratification by indigenous developers has had a negative effect in the luxury property market sector, leaving consumers to lean towards Italian, German and Lebanese companies alike. What these foreign firms can do, we can do better, faster and even cheaper! The Nigerian Real Estate Sector has refused to meet five per cent of its potential, and whilst clients and real estate enthusiasts testify that our buildings meet international standards, it is also an amazing investment vehicle for property investors,” Ogundele said.

    He said Sujimoto’s market intelligence showed that the most expensive apartment in Ikoyi, Lagos, is of 300sqm size, and on offer for $2 million. While comparing the local luxury real estate market to what obtains in Europe, Ogundele said among all properties in Ikoyi, very few or almost none of them would meet 50 per cent of Lorenzo’s architecture, finishing and features. He, therefore, urged investors to key into its scheme, assuring that it would offer good return on investment.

    “First lucky investors would gain the opportunity to buy our luxury homes at a fraction of the outright sales price, thus, propelling their return on investment and above all, owning a property with a $2.5million value at a $1million investment. Some critics are still thinking, hoping, visualising and deciding, but as I always say, only the few brave optimists can control the wealth of the many pessimists,” Ogundele said.

  • New Mauritius core investor takes over Nigerian German Chemicals

    New Mauritius core investor takes over Nigerian German Chemicals

    Mauritius fund-management company, Advanced Finance and Investment Group (AFIG Funds) has fully taken over as the new core investor and manager of Nigerian German Chemicals (NGC) Plc. The takeover led to major changes in the board and management of NGC, including the resignation of the chairman, executive vice chairman and a non-executive director.

    AFIG Funds, through one of its funds-Atlantic Coast Regional Fund (ACRF), had in December 2014 reached agreement with shareholders of NGC to invest $14 million in the Nigerian company. The parties to the transaction then followed through the approval process with relevant regulatory authorities including the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE).

    A source in the know said the takeover of the board and management was sequel to receipt of all necessary approvals from the Nigerian regulatory authorities. In a terse regulatory filing, NGC said its chairman, Mr.  Babatunde Savage; executive vice chairman, Mr. Adeboye Shonekan and a non-executive director, Mr Olusegun Oshinowo resigned their appointments on September 4, 2015.

    The new core investor promptly immediately appointed Mr. Stephane le Bouder, a director of AFIG Funds, as the acting chief executive officer and Mr. Samson Osewa, a director of NGC, as acting chairman of the company. Both appointments took effect on September 4, 2015.

    Based in Mauritius, AFIG Funds is an investment fund management company with $ 122 million under management. It is one of the premier fund managers dedicated to private equity investment in Africa. AFIG Funds has offices in Dakar, Washington DC and Johannesburg. Atlantic Coast Regional Fund LLC (ACRF), the maiden fund of AFIG Funds, is a regional fund focused on 29 countries in West and Central Africa. ACRF considers investments in all sectors, and targets strong growth companies, preferably with a regional scope, in its target region.

    AFIG Funds’ investment would provide NGC with the means to embark on its next phase of development, which includes the completion of new and more modern production facilities with expanded production capacity.

    Besides, AFIG Funds would also enable the company to add an intravenous fluids plant, further cementing its position as a local leader in the manufacture of critical healthcare products. The investment will also support the company’s continued expansion and diversification of its brand offerings under its own name, and under license from global pharmaceutical leaders such as Johnson & Johnson.

    Shonekan had hailed the investment from AFIG Funds as the much-needed catalyst to accelerate the growth of the company.

    “The partnership with AFIG Funds represents a unique opportunity for NGC. AFIG Funds brings not only capital to accelerate the company’s growth and expansion, but also support to management and international experience that is already helping to strengthen the company’s ability to seize new market opportunities. NGC has a long and proud history as a leader in Africa’s largest market, and we look forward to building on this legacy to help strengthen the Nigerian healthcare sector, as well as facilitate access to world-class medicines for the people of Nigeria,” Shonekan said.

    Chief executive officer, AFIG Funds, Mr. Papa Ndiaye, said the investment in NGC was as a result of a painstaking selection process over a six year period and involving several companies across the regions.

    “We are pleased to invest in NGC. Over the past six years, we have evaluated a number of pharmaceutical companies in West, Central and East Africa, and found NGC to present one of the best investment opportunities in the sector, in terms of local leadership and strong brands,” Ndiaye said.

    He described NGC as a resilient company that is poised to capture the tremendous market opportunities in Nigeria.

    NGC produces and distributes its own brands of medicines, as well as several brands under license from major international pharmaceutical companies. It produces liquid and tablet medicines and also has a beverage production facility, subdivided into water and soft drinks. In the company’s 50 years in the market, it has built a portfolio of brands, including household brands such as Abidec, Daga, Gluformin and Valgin. Other products included Sparwasser, a brand of bottled, and Vimto and Sunkist, flavored and carbonated drinks which it produces under license for the Nigerian market.

    The new chief executive, Mr. le Bouder holds both French and American citizenships and had prrior to joining AFIG Funds, served as Deputy Assistant Secretary for International Affairs at the US Treasury Department Office of Legislative Affairs in Washington DC. As a political appointee, he had worked with senior Treasury and White House officials to advance the Obama Administration’s international financial and development agenda in Congress.

    He had earlier worked for the US Congress as Staff Director for the House Financial Services Subcommittee on International Monetary Policy and Trade. As senior committee staff, under the leadership of Chairman Barney Frank (Massachusetts), Stephane helped draft the landmark Dodd-Frank Wall Street Reform Act. Under the leadership of Subcommittee Chairman Gregory Meeks (New York), he was responsible for congressional oversight of US engagement with multilateral institutions.

    Prior to working for the US Government, he worked for MyC4, a Danish technology startup building an online peer-to-peer microfinance lending platform dedicated to Africa.  Mr. le Bouder also worked for Chatham Financial, in Pennsylvania, advising regional and community banks across the US on identifying, modeling and trading interest rate risks. He started his career at the Corporate Executive Board in Washington DC, advising Fortune 500 clients on Treasury function best practices.  He holds a BA and MA in Economics from McGill University, and an MBA from Harvard Business School.

    Osewa, a pharmacist and member of the Pharmaceutical Society of Nigeria, had served as Director of Pharma Production and Director of NGC. He joined NGC in 1982. He is a former president of National Association of Industrial Pharmacists.

     

  • Nigerian pension funds soar to N4.98tr

    Nigerian pension funds soar to N4.98tr

    The  total  value  of pension  industry  assets  under  the  Contributory Pension Scheme (CPS)  as at July 31, has risen to about 4.98  trillion.

    The figure sprang from an average monthly contribution of N20 billion and 30 per cent annual growth rate.

    This was revealed in a report obtained by The Nation from the National Pension Commission.

    PenCom Director-General, Chinelo Anohu-Amazu
    PenCom Director-General, Chinelo Anohu-Amazu

    This pool of pension funds, according to the report, is a potential platform for attaining the  transformation agenda of Federal Government in the provision of infrastructure, energy, employment generation and the real sector of the economy.

    The total number of registered participants in the CPS stood at 6,631,539 employees in the period under review.

    A breakdown of the report showed that the public sector accounted for a proportional contribution of   48.69    per cent,    while   the   private    sector accounted for the balance of 51.31 per cent.

    The report said the CPS has simplified the process of payment of retirement benefits through the issuance and implementation of effective regulations  and guidelines.

    It read: “The  regulation  requires  employees   to commence   the  process of  accessing   their  benefits  six  months  before  the  date  of their  retirement. This allows for smooth transition  into retirement life as retirement benefits are currently paid as and when due.”

    Meanwhile, a total of 111,756 workers have retired under the CPS. While  90.41 per cent of the retirees opted for Programmed Withdrawal method of collecting periodic pensions including those, who retired on   health  grounds, 9.59 per cent went for annuity.

    The report, however, noted some challenges of the Scheme, which include compliance and enforcement, extending coverage to the informal sector and self-employed, dearth of investible financial instruments,

    “The issue of compliance among the small sized private sector employers remains a critical challenge in the implementation of the CPS.   These organisations see the CPS as additional cost to their operations and are not willing to implement the scheme.

    “The  informal  sector  and  self-employed   persons   lack  a coherent structure  and  have  an unwieldy  composition,  which  renders  their integration   into the  new scheme  a difficult task.  Policy issues like contribution  rate,  mode   of collection   and enforcement in the informal sector are still being addressed by the Commission.

    “The  need  to  broaden  the  universe   of  investible  instruments for pension  fund investment is of importance in the presence of the continuous growth of  pension funds. Similarly, the  drive  for  tax efficient laws that would  promote   the  introduction  of alternative assets  is critical  in the  Commission’s  effort  to ensure  the  safety and sustainability   of pension  funds  and assets,” the report said.

    On prospects of the scheme, The Commission stated that the enactment and signing into law of the Pension Reform Act 2014 would assist in addressing various stakeholders’ concerns and other problems that confronted the  implementation of the Pension Reform Act 2004.

    “Also, as  part of the efforts to enhance compliance with PRA 2014 and to ensure that stakeholders understand the workings of the CPS, the  Commission would scale up its enlightenment campaigns across different segments of the country. These would include participation  in workshops,  seminars,  and advocacy  programmes to address identified challenges in the implementation of the CPS.

    “The Commission would continue to fine tune its risk-based supervisory approach in the discharge of its supervisory and regulatory functions. In this regard, PenCom has deployed and implemented a Risk Management and Analysis System (RMAS), which allows  off-site  examination of pension operators as well  as generate timely industry reports.

    “The Commission employs dynamic investment monitoring procedures that focus on risk issues as they affect the investment portfolios of pension funds. This is backed by support activities toward the development of new financial instruments and deepening the financial market.

    “Thus, plans are in the pipeline to introduce multi-funds, investment in infrastructure fund and bond as well as  real estate. In order to ensure successful implementation of these programmers, research capabilities are being enhanced in investment and risk management,” the report further said.

    The Commission disclosed that various strategies are being implemented to ensure compliance with the  provisions of the PRA 2014, especially by private  sector organisations.

    The Commission said as a way of enforcing compliance, it has come up with a stricter regime of sanctions.

    In the same vein, recovery agents have been appointed to recover unremitted pension contributions and interest penalty from private sector employers.

    In addition, the requirement for Certificate of Compliance from companies soliciting contracts from Ministries, Departments and Agencies (MDAs) of Federal Government has   contributed immensely to the improved compliance by private sector employers.

    On the implementation of the scheme in the states, the report showed that 21 states have enacted laws on the CPS while 14 states are at various stages of adopting the scheme.

    One state is, however, yet to commence any action towards implementing the CPS, the report said.