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Tag: PenCom

  • Pension fund hits N6.6 tr

    Pension fund hits N6.6 tr

    •PenCom to lawmakers, others: don’t undermine pension reform

    Pension fund assets under the Contributory Pension Scheme (CPS) has hit N6.6 trillion, the National Pension Commission (PenCom) Acting Director-General, Mrs. Aisha Dahir-Umar, has said.

    She made this known a paper titled: “Position paper on the Bill for an Act to Amend the Pension Reform Act, 2014 to Exclude Some Government Agencies from the Application of the (CPS) she presented at the Public Hearing organised by the Committee on Pensions, House of Representatives on the proposed controversial pension bills in Abuja.

    She lamented that despite these achievements, there had been  measures aimed at undermining the pension reform.

    She said there was need to consolidate the gains of the CPS and avoid policy reversals and that this could undermine public confidence and impact the  economy and Federal Government’s change agenda and economic recovery plans.

    Mrs Dahir-Umar, who said the total pension fund assets hit N6.42 trillion by last March, added that the fund grew by about N30 billion.

    She said the total pension assets were equal to about six per cent of the Nigerian rebased Gross Domestic Products (GDP).

    Similarly, the number of registered contributors grew to 7.4 million as at March, representing about 7.45 per cent of total labour force  and 3.95 per cent of total population.

    She pointed out that the pool of pension fund generated by the CPS has aided the deepening of Nigeria’s financial sector and provided a platform for attaining strategic programmes of government in infrastructure, housing and the development of the real sector of the economy.

    Besides she said, the CPS has simplified the payment of retirement benefits by issuing effective regulations and guidelines.

    She further said over 184,979 retired under the scheme during the period under review and are receiving pensions as and when due with an average monthly pension payment of N6.7 billion during the same period.

    She added that the pension reform has gained public confidence and acceptability within the short period of its implementation.

    The private sector, which hitherto was apprehensive of the CPS as a ploy by the public sector to raise funds to address its huge pension liabilities, has come to accept and is  implementing the reform. About 200,000 private sector employers are implementing the CPS and have contributed about 60 per cent of the total pension fund assets, she added.

    She said: “The CPS has also introduced transparency and integrity in the pension administration system. From inception of the reform to date, there had not been a single incidence of fraud or mismanagement of the pension funds and assets under the Scheme among other achievements.

    “In spite of these achievements, however, there have been recent actions, both legislative and administrative, aimed at undermining the pension reform in Nigeria. Exempting some government agencies would lead to divestment from FGN securities before maturity, which would have ripple negative effects on not only the finances of government, but on the entire financial system.”

    The Acting DG said another negative impact of exempting these agencies is the erosion of the pool of long-term investible funds accumulated under the CPS, suitable for economic development of any nation as illustrated in other jurisdictions, including developed economies.

    She observed that this would undermine the process of attaining development initiatives in the infrastructure, housing and real sectors of the economy, hinged on the utilisation of a portion of the pool of pension fund assets.

    “It would also be contrary to public policy for the Federal Government to succumb to the clamour for exemption of its employees from the CPS, which has so far proven to be efficient, effective and beneficial as a pension administration system. Indeed, it is the benefits of the CPS that are attracting increasing number of State Governments in Nigeria as well as other African countries to adopt and implement the Scheme in favour of their respective employees,” she added.

     

  • Removing politics from pencom

    Sympathizers of Mrs. Chinelo Amazu Ahonu have persistently criticized as illegal, her disengagement by the federal government before the expiry of her tenure as Director-General of Pencom. Facts were either ignored or twisted to give credence to a convenient interpretation of the Pension Reform Act 2014 to buttress this argument. It was further argued that Amazu was doing an incredible work at Pencom and her sudden exit was negatively affecting the stability and progress of the agency and the pension industry.

    Thus, when recently on the eve of President Muhammadu Buhari’s return from medical vacation, the federal government announced that the second set of nominees to the executive management offices of Pencom should report to work in acting capacity, supporters of Amazu re-launched their media offensive to push forward the narrative of illegality of the government’s decision to sack her and called for her reinstatement.

    Of course, the federal government’s directive is yet to be realized in view of the Senate’s position that the nominees could not assume duties until they are confirmed by it.

    At the outset of Amazu’s disengagement, two cases were instituted at the Federal High Court, Abuja by individuals and organizations of Igbo extraction, challenging the legality of her disengagement and nomination of first, Mr. Aliyu Abdulrahman Dikko (from North-West) and later, Mr. Funsho Doherty (from South-West). It was argued that, should Amazu’s disengagement remain, her replacement must come from the South-east zone. While we await the argument of lawyers and the verdict of the court in these cases, there is a compelling need to present another perspective to the conversation, especially in the light of persistent publications on the subject.

    Amazu’s sojourn in the pension commission presents an interesting trajectory of controversy and impunity from entrance to exit. Readers following developments in the pension industry from its inception in 2004 would recall the controversy surrounding her appointment as Company Secretary and Legal Adviser on director level, despite the fact that she lacked the requisite experience for that office and grade as stipulated in the Public Service Rules. She served as Director in the agency until December 2012, when she was appointed by the President Goodluck Jonathan administration as Acting Director-General following the exit of the pioneer executive management led by Mr. M. K. Ahmed. This was also done in defiance of the Federal Government Public Service Policy introduced by the President Yar’Adua administration, mandating the retirement of directors who served for eight years in office.

    Amazu continued in office as Acting Director-General and Sole Administrator of Pencom from December 2012 to December 2013 when Jonathan appointed her as Executive Commissioner and Acting Director-General along with other three Executive Commissioners and Alhaji Ahmed Muazu as Chairman. The controversial amendment of the Pension Reform Act to lower the qualifying experience for appointment as Director-General of Pencom was done in 2014. It is common knowledge that the amendment was done to pave the way for Amazu’s appointment as substantive Director-General, which was consummated in October 2014. Since then, she continued in office until April 2017, when she was disengaged by the Buhari administration along with the managements of other Federal Government parastatals.

    Indeed, it was reliably related that when the Federal Government’s disengagement order was issued to the affected agencies, Amazu refused to vacate office until she was forced out by State Security Services operatives. That was the beginning of the resistance against her disengagement, which is being advanced in the media and the law courts as well as in political and sectional circles. This resistance has persisted without minding the fact that the personality involved indeed thrived in impunity. Certainly, those who live by the sword, die by the sword.

    What specific progressive projects and policies introduced and executed by Amazu for Pencom or the pension industry have been jeopardized by her recent exit as alleged by her supporters?

    It is claimed that she introduced a yearly World Pension Summit for Africa, which the officials confirmed were hosted by Pencom at a huge cost for the three years it was held. Furthermore, operators in the industry vehemently complained that they were forced to participate at the summit for high fees denominated in foreign currency. That was in addition to forcing the administrators to contribute huge sums to a social responsibility project for the procurement of a machine for the treatment of prostate cancer.

    Some of her legacies itemised include some staff welfare programmes, introduction of the micro-pension scheme for the informal sector and opening of zonal offices in the six geopolitical zones. However, the zonal offices were said to have been established by the pioneer executive management and that Amazu merely performed the commissioning ceremonies for the offices. There were also staff recruitment exercises undertaken by her for which the House of Representatives Committee on Federal Character had severally queried its lop-sidedness in favour of her state of origin.

    Yet operators were frustrated by Pencom’s inability to finalise and issue revised regulations and guidelines during her superintendence since the enactment of the 2014 Act. The regulation on investment of pension fund was only issued in April 2017, on the eve of her exit from the agency. Why was Pencom unable to resolve the issues inhibiting the opening of the transfer window, which the pension industry and contributors had been waiting for since the time of the pioneer executive management? Amazu’s inability to resolve the challenges obviously necessitated the regulatory action taken by the agency on First Guarantee pension fund administrator.

    Finally, it is safe to leave the legality of Amazu’s disengagement for the court to decide since the issues have been presented before it. However, it should be noted that the Pension Reform Act gives the President the power to remove any or all members of the Pencom executive management in public interest. Where the whole team was disengaged, it does not require a lawyer to realize the illogicality of the argument that the next Director-General must necessarily come from the South-east. The argument would have been valid had there been occasional vacancy in Pencom created by exit of any individual member of the executive team, because the President would be compelled to appoint a replacement from the zone of the exited member in order to maintain the federal character principle stipulated in the Pensions Act.

    In addition, Section 106(4) of the Act gives the President the power to appoint an entirely new board for the agency in the event that a new board has not been constituted more than six months after the dissolution of the previous board. It is a known fact that the boards of all agencies of the Federal Government were dissolved in 2015, which was almost two years by the time Amazu was relieved of her appointment.

    The Federal Government must, therefore, not succumb to the ethnic and baseless clamours for the reinstatement of Amazu. Indeed, Nigerians must give credit to the pioneer executive management of Pencom for laying a solid foundation for the agency, such that the career staff are currently smoothly and competently navigating the tides of politics and ensuring regulatory stability in the pension industry. That is the sort of institutional stability we should focus on, evaluate and customize for adoption by other public institutions in Nigeria.

    • Bajulaiye is a public affairs commentator based in Abuja.
  • Pension: PenCom against Devolution of Power Bill

    Pension: PenCom against Devolution of Power Bill

    The National Pension Commission (PenCom), has kicked against the ongoing amendment on pension in the Constitutional Amendment Bill No.3 on Devolution of Powers by the National Assembly.

    The Acting Director-General, Mrs. Aisha Dahir-Umar, said the amendment if passed into law, will bring chaos and regulatory arbitrage in the country.

    She said acceding to the proposed amendment which allows State Houses of Assembly to enact laws establishing regulatory agencies on pension matters would directly be in conflict with the Pension Reform Act (PRA) 2014 and, therefore, invalid for reasons of its inconsistency with the provision of Section 4(5) of the 1999 Constitution (as amended).

    She made this known in a position paper titled, ‘Subject of Pensions in the Constitutional Amendment Bill No. 3 on Devolution of Powers,’  made available to journalists in Lagos.

    She said the proposed amendment will bring unintended negative consequences that will require another round of tedious constitutional amendment to address.

    She noted that the. Pension Reform Act, 2004 as repealed by PRA 2014 has appropriately addressed the issues that the proposed amendment in the Bill No. 3 seeks to address, adding that It only reproduced same issues, thus its needlessness.

    She said:” the National Assembly may make laws for the federation or any part thereof.

    with respect to the regulation of matters relating to pension and gratuity of federal employees, persons in the public service of the federation, employees of federal statutory institutions and parastatals and other persons, subject to federal regulation including employees of incorporated companies regulated by federal enactments.

    “Setting of standards for management of pension matters throughout the federation in respect of workers, whether in private or public employment and making laws for the regulation of pension matters in relation to persons in military service, the police force and other paramilitary and security agencies in the federation.

    “The House of Assembly may subject to paragraph 1 hereto make laws relating to the regulation of matters on pension and gratuity of state employees, persons in the civil service of the state, employees of state institutions and parastatals, employees of local governments within the state and other persons subject to state regulation including employees of business enterprises resident within the state and subject to state regulation.”

  • Senate bars PenCom, CBB, ICPC bosses from resumption

    Senate bars PenCom, CBB, ICPC bosses from resumption

    THE Senate yesterday warned nominees into the headship of three Federal Government institutions whose names were recently announced not to resume work until their nominations are confirmed in accordance with the provision of the Constitution.
    The nominees affected by the Senate directive are Alhaji Ali Usman who has been nominated to become the Director General of the Pension Commission (PenCom), Dr. Mohammed Isah nominated as chairman of the Code of Conduct Bureau (CBB) and Prof. Bolaji Owasanoye, the chairman nominee of the Independent Corrupt Practices Commission (ICPC).
    In a statement by its spokesperson, Aliyu Abdullahi, the Senate noted that: “The leadership of the Senate has been inundated by enquiries from individuals from across the country who want to know whether the statement from the office of the Secretary to the Government of the Federation to the effect that the nominees into the headship of PenCom, Code of Conduct Bureau and ICPC should resume work immediately pending their confirmation by the Senate was as a result of an understanding between the executive and the legislature.
    “We will like to advise the Acting President who was quoted to have given the directive for the resumption of the nominees that the directive was illegal and not right. The Senate will not support any action that is not in line with the law.
    “We advise the nominees to hold on until they are cleared by the Senate as required by the law before resuming in their respective offices. We do not want anything that will cause any problem between the executive and the legislature.”

  • 184,979 retirees benefit from pensions scheme — PenCom

    184,979 retirees benefit from pensions scheme — PenCom

    The National Pension Commission (PenCom) on Saturday said at least 184,979 retirees have benefited from the Contributory Pensions Scheme.

    The Acting Director-General of PenCom, Mrs. Aisha Dahir-Umar, disclosed this at a retreat organised by Pension Operators (PenOp) in Abeokuta, Ogun State.

    She said as at March 2017, the retirees were receiving pensions regularly with an average monthly pension payment of N6.7 billion.

    She commended the Federal Government for providing stable, predictable and adequate source of income for employees.

    Dahir-Umar, who was represented by the Head of Research and Management, PenCom, Mr. Aminu Farouk, said the pension fund assets had also increased to N6.42 trillion.

    She said the N6.42 trillion represents the total pension asset grown as at March with an average monthly contribution of N30 billion.

    He said the number of registered contributors increased significantly to 7.4 million within the same period.

    She said the total pension assets were equivalent to six per cent of the Nigeria rebased Gross Domestic Product (GDP).

    According to her, PenCom has been able to pull more than 200,000 private sector employers to the scheme and has contributed more than 60 per cent of the total pension assets.

    NAN

     

  • PenCom prepares 12919 for retirement

    PenCom prepares 12919 for retirement

    The National Pension Commission ( PenCom) has prepared 12, 919 employees of the Federal Government due to retire between January and December 2018 on procedure for retirement.

    Head Corporate Communication Department, Emeka Onuora, who made this known in a statement, said this has been achieved through a training session tagged, “2017 Pre-Retirement Workshop from retirees drawn from Ministries, Departments and Agencies (MDAs).

    He said the workshop which was meant to educate participants on how to transit seamlessly from active employment to retirement under the under the Contributory Pension Scheme (CPS), took place at 11 centers across the six geo-political zones of the Federation and the FCT.

    He stated that some of the topics discussed during the programme included enrolment exercise and documentation required, annuity and programmed withdrawal and accessing retirement and terminal benefits under the contributory pension scheme.

  • PenCom: Fed Govt’s workers enrolment begins next week

    PenCom: Fed Govt’s workers enrolment begins next week

    The National Pension Commission (PenCom) plans to embark on a nationwide pre-retirement enrolment exercise for retiring employees of Federal Government Treasury Funded Ministries, Departments and Agencies (MDAs)  between July 3 and August 30.

    The Commission said the exercise is for the purpose of payment of retirement benefits,  the Commission’s Head, Corporate Communications, Emeka Onuora explained in a statement.

    According to him, the exercise is intended for employees in the service of the Federal Government Treasury funded MDAs who are due to retire between January and December, 2018 by virtue of their  attaining 60 years of age or 35 years in service whichever is earlier and 65 years or 70 years of age for employees of tertiary institutions.

    He stated that the exercise also involves those who have already retired but are yet to be enrolled.

  • Anxiety over fate of PenCom

    Anxiety over fate of PenCom

    Mixed reactions have greeted the removal of the Director General of the National Pension Commission (PenCom), Mrs. Chinelo Anohu-Amazu, in what observers argued was politically-motivated thus raising fears that the Commission may be heading for a troubled future with such a precedence, reports Ibrahim Apekhade Yusuf

    You don’t change a winning formula so the saying goes. But this wisecrack may not necessarily count all the time, especially when it is subjected to base political permutations and other such considerations that hardly set store for the ideal and idea of competence and performance.

    The above becomes apposite in describing the present circumstances of the National Pension Commission (PenCom), where the recent change in leadership has sent tongues wagging that the Commission may be headed in the wrong direction.

    Crux of the matter

    It will be recalled that the Chinelo Ahonu-Amazu management-led team of PenCom was sacked one year ahead of its tenure along with 22 other federal government agencies on April 13, 2017, by the federal government which also announced their replacement same date.

    Her replacement, Alhaji Aliyu Abdulrahman Dikko is waiting to assume duties alongside Funso Doherty, the new Chairman, and the quartet of Akin Akinwale, Abubakar Zaki Magawata, Ben Oviosun and Nyerere Ayim, Executive Commissioners subject to confirmation by the Senate.

    Investigation by The Nation revealed that the PenCom boss may have been removed as a result of her refusal to acquiesce to plan by the federal government to borrow the N3.5 trillion pension contribution funds for other uses.

    Mrs. Anohu- Amazu’s sympathisers at PenCom claimed that her removal smacks of arbitrariness, and negates the spirit of due process in the Pension Reforms Act.

    A powerful cabal in the presidency, according to them, is actively at work to effect arbitrary changes in a manner that is grossly contrary the spirit and letters of Part 5, section 21(1) and (2) of the Pension Reform Act, 2014, which specifies that a DG ought to have been formally written a letter by authorities.

    They insist that the former DG has performed well in office especially with regard to what they call her zero tolerance for corruption, disregard for vested interests’ manipulative efforts and an ‘unprecedented boost in staff morale, welfare and human capital development.’

    Another source who asked not to be named because of the sensitive nature of the issue confided in The Nation that officials from the Ministry of Finance, Budget Office and Debt Management Office had mid last year approached the board and management of PenCom on plan by the federal government to utilise the pension contributory funds, now about N3.5 trillion to run the 2016 budget.

    Following the removal of the PenCom management, The Nation gathered that the Department of State Service, DSS had penultimate Saturday stormed the PenCom head office in Abuja, to ward off alleged illegal operations not in the interest of the key federal government agency holding billions of Naira in trust for Nigerians.

    The raid by the DSS operatives followed a tip-off by whistleblowers that some sacked top officials of the commission who were relieved of their jobs were allegedly tampering with vital financial records at the agency.

    Apparently acting on the information, the DSS deployed its crack team to post sentry there and arrest those behind the nefarious operations.

    A security source said those caught in the act would be treated as criminals if the allegations against them were established.

    But a top DSS official described what happened as a proactive measure to prevent fraud and not a raid.

    The source said, “We did not conduct any raid on PenCom office. What we did was to put a standby team at the office to prevent anybody from tampering or altering any document unlawfully or without due process.

    “We had information that some documents are being tampered with, some documents are being signed and back dated at the PenCom office following the announcement of a new management of the commission.

    “We are only being proactive by ordering all officials there to stop forthwith any action on official documents pending when the new management    will assume duty.”

    In a telephone chat with our correspondent, Mr. Emeka Onuora, Head, Corporate Communications Department, PenCom, said he was not aware of any invasion of the Commission’s headquarters.

    Asked to confirm if the PenCom boss was still functioning as the head of the Commission despite her removal, he said: “I’m totally bereft of any idea as to whether Madam is still in charge.

    “All I can say is that I did not see her in the office on Friday. I think the DSS should be in a better position to tell us what they know.”

    All you need to know about PenCom

    The National Pension Commission (PenCom) was established by the Pension Reform Act (PRA) 2004 and later PRA 2014 to ensure effective administration of the Nigerian Pension Industry. It has been empowered by the PRA 2014 to superintend on all pension matters in Nigeria including supervision and regulation of the Contributory Pension Scheme (CPS) and the old Defined Benefits (DB) Scheme as well as the Pension Transitional Arrangement Directorate (PTAD).

    The Commission operates under a Board of Directors (Board) headed by a part-time Chairman with the Director General as the Chief Executive Officer. The day – to – day running of the Commission is handled by the Executive Committee, which comprises of the Director General and four Executive Commissioners who are also members of the Board. Each Commissioner heads a Division that is made up of Departments and Units that are headed by Heads of Departments and Units respectively.

    The Commission had established institutional and legal frameworks to facilitate the successful implementation of the provisions of the PRA 2014. In this regard, 21 Pension Fund Administrators (PFAs), 4 Pension Fund Custodians (PFCs) and 7 Closed Pension Fund Administrators (CPFAs) were licensed and currently operate in the industry. The total Pension Fund Assets had grown to N5.2 trillion ($26.4 billion) as at December 2015 with total membership count of 6.8 million as at the same period.

    The payment of retirement benefits under the CPS by FGN to retirees as well as death claims to beneficiaries of its deceased employees is now regular and timely. Unless for the delays being experienced in the settlement of accrued benefits whenever there are delays in the funding of the Retirement Benefits Bond Redemption Fund by the FGN.

    In the exercise of its statutory responsibilities, the Commission had conducted series of enlightenment and sensitisation campaigns through the media and at various seminars, roundtable discussions and conferences. Some of these conferences were conducted in collaboration with other institutions including multilateral agencies such as the World Bank/IFC and the Commonwealth Secretariat. In this vein, the Commission has been collaborating with the Nigeria Labour Congress (NLC) and Nigeria Employers Consultative Association (NECA) to conduct annual seminars to promote compliance by employers.

    There are currently 25 state governments that passed Pension Reform Laws while others are at Bills stage. The PRA 2014 has made the implementation of CPS compulsory for the states and local governments and PenCom has been providing all necessary support to these important tiers of government to ensure their successful adoption of the Scheme.

    The scheme had facilitated increased transparency and accountability in determining budgetary estimates for payments of pensions by the federal government and all the state governments that adopted it.

    It is instructive to note that the Commission had achieved the modest successes by effectively collaborating with some government agencies notably Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), National Insurance Commission (NAICOM), Nigeria Stock Exchange (NSE), Financial Reporting Council of Nigeria, and National Bureau for Statistics (NBS). The Commission is also being supported by the Bureau for Public Procurement (BPP) in its efforts to ensure compliance by eligible employers. The BPP Act 2007 has provided that any company soliciting for contracts with any of the agencies of the federal government must produce evidence of compliance with the PRA 2004 before it can bid for the contract.

    No cause for alarm

    Expectedly, the management and board of Pension Fund Operators Association of Nigeria (PenOp) have a different view about the change in leadership at PenCom.

    PenCom is an independent, non-governmental, non-political and non-profit making body established to promote the operations of the pension industry, provide for self-regulation and ensure that international best practices relating to the industry are observed by the operators registered in Nigeria.

    Speaking in an interview with Mr. Eguarekhide Longe, Chief Executive Officer and Managing Director of AIICO Pension Managers Limited, he said there was no cause for alarm.

    Longe who also doubles as president of Pension Fund Operators Association of Nigeria (PenOp) dismissed all such insinuations that things might suddenly get awry on account of the change at PenCom.

    According to him, “PenCom has issued a statement. They said there is an acting Director-General to hold forte until the new people come in. So let’s just speak to that. There is no sensation about it.”

    Pressed further, he said: “I think that what I can say to you is that the industry is sufficiently institutionalised such that it is insulated from the changes that would always occur on the operator or regulator side. So don’t let us be dramatic about it. Whatever need to happen as far as confirmation or propriety of selection is concerned, will come out from the National Assembly.”

    As to whether PenOp feels strongly that the change in leadership at PenCom will not affect the fortunes of the sector, he said such fears were totally unfounded.

    “It is not going to affect anything at all. It won’t affect anything at all. The industry is institutionalised, it is stable. The head of helms of affairs of operators or regulators will change, but then the industry is structured. Money goes to custodians and then they report to the regulator. There may be a direction as to should we support the society’s economy more or not? We’ve already worked through all those issues. There are rules about them and we will follow the rules. It is as simple as that. No one person can change that. “You need to also report that the government has released money to pay the accrued rights of people for over one year so there is continuity.”

  • New DGs for BPE, PenCom, others

    New DGs for BPE, PenCom, others

    President Muhammadu Buhari yesterday approved appointments for some Federal Government agencies.

    A statement by the Director (Press), Office of the Secretary to the Government of the Federation, Bolaji Adebiyi, said the appointments took immediate effect.

    Julie Okah-Donli is the Director-General of the National Agency for the Prohibition of Trafficking in Persons (NAPTIP). Mary Ikpere-Eta was named as the Director-General of the National Centre for Women Development (NCWD).

    For the Nigeria Social Insurance Trust Fund (NSITF), Bayo Somefun is managing director. Tijani Suleiman, Jasper Azuatalam and Kemi Nelson are executive directors.

    Ahmed Dangiwa is the Managing Director of the Federal Mortgage Bank (FMB). Melvin Eboh is Executive Director (Org. Resourcing), Hajiya Rahimatu Aliyu is Executive Director (Loans Department, Securities Issuance and Market Development) and Umaru Abdullahi Dankane is the Executive Director (Policy and Strategy Loans Set-Up and Pay Off).

    For the Bureau of Public Enterprises (BPE), Alex Okoh is Director General.

    Petroleum Products Pricing Regulatory Agency (PPPRA) has Abdulkadir Saidu Umar as Executive Secretary, Ibrahim Musa Goni is the Conservator-General/Chief  Executive Officer (CEO), National Park Service (NPS).

    Service Compact (SERVICOM) has Nnenna A. Akajemeli as the National Coordinator/CEO.

    For the National Directorate of Employment (NDE), Dr. Nasiru Mohammed Ladan is the Director-General.

    Saliu Dada Alabi is the Director General of the Michael Imoudu National Institute for Labour Studies (MINILS). The National Research Institute for Chemical Technology has Professor Jef. T. Barminas as Director-General.

    The Nigeria Institute for Social and Economic Research (NISER) new Director-General is Dr. Haruna Yerima.

    Sunday Thomas is the Deputy Commissioner for the Nigeria Insurance Commission (NAICOM). The Consumer Protection Council has Tunde Erukera as Executive Secretary.

    Mohammed Bello Tukur is the Secretary of the Federal Character Commission.

    For National Pension Commission (PENCOM), Dikko Aliyu Abdulrahman is the Director-General (Subject to Senate Confirmation). Funso Doherty is the Chairman and Executive Commissioners include Akin Akinwale, Abubakar Zaki Magawata, Ben Oviosun, and Nyerere Ayim.

    Umar Gambo Jibrin is the Executive Secretary of the Federal Capital Development Authority. For the Nigeria Agriculture Insurance Corporation, Mrs. Folashade Joseph is the Managing Director Cecilia Umaru Gaya, is the Director General of Administrative Staff College of Nigeria (ASCON).

    Lagos International Trade Fair Management Board has Mrs. Luci Ajayi as Executive Secretary Nigeria Export Processing Zones Authority has Emmanuel Jimme as Managing Director. Nigeria Lottery Regulatory Commission has Lanre Gbajabiamila as Director-General. Jalani Aliyu is the Director-General of the Nigeria Automotive Design and Development Council.

     

  • NAICOM, PenCom direct life insurers on accounts with PFCs

    NAICOM, PenCom direct life insurers on accounts with PFCs

    After six months of stalemate over custody of annuity fund between the National Insurance Commission (NAICOM) and the National Pension Commission (PenCom), the two agencies have agreed to allow life insurance firms to open operational accounts with Pension Fund Custodians (PFCs) of their choice for custody of the fund.

    In a joint circular issued at the weekend titled: Strengthening the administration of annuity for pensioners, the two regulatory bodies said they were reviewing the regulation on retiree life annuity, which would be released to the public in compliance with the PRA 2014 within three months of this notice.

    They also agreed that all new annuity purchased or being processed shall therefore be domiciled in the dedicated account with the PFC.

    “All life insurance companies providing life annuity for retirees under the Contributory Pension Scheme (CPS) shall proceed to open Operational Accounts with Pension Fund Custodians (PFCs) of their choice.

    “All new annuity purchased or being processed shall therefore be domiciled in the dedicated account with the PFC, the treatment of all existing retiree life annuity funds and assets would be dealt with upon issuance of the Joint Regulations referred to above; NAICOM shall ensure that life insurance companies comply with the above requirements; the processing and approvals of new retiree life annuity requests shall continue forthwith.

    “All Pension Fund Administrators (PFAs) shall resume the processing of new annuity requests for retirees and forward same to PenCom for necessary approval without delay; PenCom shall ensure that PFAs transfer all approved premium for Retiree Life Annuity to the Operational Accounts opened by the Life Insurance Companies with PFCs,” the circular read.