The Nation Newspaper

Tag: scheme

  • FMBN mulls Diaspora mortgage scheme

    FMBN mulls Diaspora mortgage scheme

    The Federal Government, through the Federal Mortgage Bank of Nigeria (FMBN), is finalising a process that will build houses for Nigerians living abroad in the country, its Chief Executive Officer, Mr. Gimba Ya’u Kumo, has said.

    He told The Nation in Abuja that the initiative comes under the aegis of the Diaspora Home Ownership Scheme, now nearing completion.

    Kumo said: “I’m happy to let you know that we are for the first time trying to launch what we call the Nigerian Diaspora mortgage programme. This is a programme that will make Nigerians that are living outside the country to have houses of their own in their country of origin.”

    Already, Kumo said the mortgage institution was seeking to raise funds from international agencies, especially from Asia, to execute the programme.

    He said payment for the homes would be tied up to the VISA and Mastercard gate of the owners, adding that a consultant has been appointed to work out the modalities with the appropriate bodies. He said it would be made public and launched in New York, United States (U.S.).

    He further said preparatory to the initiative, the bank has been privileged to deliver three lectures in the U.S. on the scheme and one in London, all aimed at sensitising and testing the waters before the commencement.

    According to him, the bank has recorded tremendous success since he took over its management in December 2010. For instance, Kumo said the first thing his team did was to strengthen the collection process of the mortgage firm, as it was able to move the collection of the National Housing Fund (NHF) by almost 300 per cent, that is, from N700 million in 2010 to the present collection level of N2.5 billion. Besides, the bank’s operation has been upgraded from manual operation to fully computerised institution, thereby making it possible to institute a new electronic collection for the NHF, that is, NHF e-collection.

    Kumo said there was need for greater participation and integration of other groups and individuals into the government housing delivery scheme, especially through the cooperative societies.

    He said in the 22-year-old FMBN, 45 per cent of its portfolio came through mortgage and estate development schemes, which were achieved in the last three years – a feat he attributed to the collaboration between the bank, Nigerian Labour Congress, Trade Union Congress, Nigerian Employers Consultative Association and the Nigerian Union of Journalists (NUJ).

    He admitted that the establishment of the Nigerian Mortgage Refinances Company (NMRC) in January, would further boost housing delivery in the country.

    Kumo said the organisation had been able to deliver 6, 100 houses across the nation.

  • Still on Abia youth empowerment scheme

    Recently at Bende ,headquarters of Bende council area in Abia State, the state governor, Chief Theodore Orji in continuation of his government’s youth empowerment programme gave out 200 vehicles to unemployed youths, and N2 million each to 13 unemployed graduates.

    Beneficiaries of this were mainly unemployed youths from Arochukwu, Ohafia and Bende council areas, all in Abia North district. Before now youths from other two zones in the state Abia South and Abia Central had benefitted from programme.  It would be recalled that since coming into office in 2007, Governor Orji never pretended or reneged on his government’s genuine commitment towards empowering the teeming unemployed youths in the state aimed at reducing crime drastically.

    On several fora, Orji has emphasized that an idle mind is the devil’s workshop, stressing on the need for the youths to be meaningful engaged no matter how small. Today in the state are more than 4,000 youths that were selected across the council areas and placed on monthly stipend of N20,000 each as social security since 2007. The programme has enabled most of the beneficiaries to live a life of their own, and search for employment without overburdening their parents after graduation.

    Through Ochendo Scholarship Scheme, so many youths in the state whose parents cannot afford to train in school have been offered scholarship to study at home and abroad at graduate and post-graduate levels. Those of them in primary and secondary schools have been enjoying free bus ride to schools since 2007. Bursary award of N50,000 each for the first time in the history of the state is being offered to indigenous undergraduates in tertiary institutions across the country by the state government. Also not left out in the bursary arrangement are indigenes of the state that are currently studying in Nigerian Law schools across the country.

    At a time many thought that it was impossible for the state governments to give out free vehicles to the youths, the present government in Abia State has since given out more than 500 vehicles free to the youths in the state. Details of the beneficiaries of this and particular of the vehicles and models were always made public, confirming the authenticity of the scheme. Also given out free to the youths were more than 500 tricycles, sewing machines, computers, and others through the state youth empowerment programme.

    I recalled reading some baseless and sponsored articles in some newspapers criticizing the state youth empowerment scheme alleging that the government was giving out rickety vehicles to graduates and PDP members in the name of youth empowerment in the state. But surprisingly, some of the published beneficiaries of the programme were from Anambra and Imo states, but were born, brought up and are still residing in Abia State.

    Some of the beneficiaries of the vehicles have added one or two cars to their fleets and have provided jobs for idle drivers and at same time put food on the table of their family members. Across the state today, commercial taxi business is booming and one can easily pick cab to any part of the state or outside at ease.

    The governor has also embarked on aggressive and sustained agricultural revolution in the state. His government was the first in the country to introduce Youth-In-Agriculture Initiative which was aimed at encouraging and supporting youths in practising commercial farming. Since then, so many unemployed youths in the state have been trained and supported by government to practise agriculture in the state. Some of them are already employers of labour today after being trained at the government established liberation farms in all the council areas of the state.

    There is no doubt that the Abia Youth Empowerment Scheme is unique and a model that is worthy of emulation by present and successive governments across the country. Empower Nigeria’s partnership with the Abia State government is a right step towards sustained and successful youth empowerment in the state. It will also encourage other youth development partners to be partners in progress with the state government in keeping and setting the pace for youth empowerment.

    It could be recalled that the collapse of major industries across the country did not begin today; rather it is as a result of long years of neglect by successive governments. And it is clear that the industries cannot be fixed overnight because of the huge capital and technical knowhow required, having been neglected for decades.

    So investing a huge chunk of public funds in their revitalization will surely affect other critical sectors of the economy that also require urgent attention. In this regard, while the Abia State government is working on revitalizing the ailing industries it inherited, her idea of doing something in the immediate to tackle youth unemployment through her youth empowerment scheme should be highly commended.

    Waiting until the ailing industries are brought back to life before the unemployed youths could be empowered or employed will be a time bomb. That is why states across the country should adopt the Abia Youth Empowerment Programme Scheme model to pre-empt possible youths restiveness. It is a more practical approach to youth empowerment. Also the long-term approach, which has to do with the revitalization and construction of industries should be worked on.

    The Abia youth scheme is the surest way of taking the unemployed youths out of the streets to reduce crime rate. No wonder the crime rate in the state has reduced drastically since the commencement of the programme.

    The success of the programme is predicated on the fact that it is being carried out in a most transparent manner which has made it difficult for politicians to hijack it for selfish political purposes. There are no middlemen between the beneficiaries and the state government to avoid exploitation and fraud. The state government should not only continue with the scheme, there is also the need for the in-coming government to sustain it, at least pending the resuscication of the ailing industries that are undergoing rehabilitation in the state.

     

    • Okenwe, a beneficiary of the state youth empowerment scheme wrote Umuahia, Abia State
  • ‘Why new pension scheme won’t fail’

    ‘Why new pension scheme won’t fail’

    Mr. Bayo Yusuf is Managing Director/Chief Executive Officer, UBA Pension Custodians. In this interview with Assistant Editor, Nduka Chiejina, he speaks on the prospects, challenges of the revamped pension scheme and what it bodes for the economy. Excerpts: 

    How will describe the Nigerian pension industry as currently constituted?

    Nigeria’s pension industry is positively growing, in the sense that this is the first time we are having a well structured, well regulated formal pension industry in the last decade. Before the 2004 Pension Act, the only seeming regulator we had was the Joint Tax Board (JTB), the private sectors have one scheme or the other and they go into it because of the tax benefits they get. Everybody tried to meet up with the requirements of the Joint Tax Board because of the tax benefit when they are rendering their account at the end of the year. For the public sector, it has always been Pay-As-You-Go, so the Head of Service was in charge of regulation there. So there was no formal structure or regulation, so to say, prior to 2004 we had a seemingly well regulated pension industry and clearly defined operators and those who they are managing the scheme for.

    Unlike where we had the public sector taken care of by the government, private sector left in the hands of the employers and the only thing the government did at the time was to say ok if there is no formal scheme for the private sector then the NSITF which used to be NPF that was the only saving grace for the private sector. But since the 2004 pension reform, we have a formal, well-regulated, structured pension industry and we can all see the benefit today with N4.21 trillion in accretion of capital to be used for the economy.

    What is your take on the newly amended Pension Reform Act (2014)?

    It’s a welcome development in the sense that it addresses many issues from the employee, the employer and the government. The complaint from the employees has been that what they get is not commensurate and how do we increase this amount? That has been addressed by increasing what the employer puts into the account of the employee from 7.5 per cent to 10 per cent. And also on the employee side their own contribution has to go up to from 7.5 per cent to 8 per cent. This, for me, is a welcome development because you are running a scheme based on what you are able to accumulate over time and what returns on investment. So, this, for me, is going to improve what will be in the purse of the employee at retirement.

    ICT in pension administration was a topical issue at the World Pension Summit, how do you hope to integrate ICT with pension administration?

    The success of this industry is hinged on ICT because it’s a retail market and in the retail market a lot of data passes from the employee to the employer and to the operators and also the regulator. So, if there is no good, robust ICT, then there will be a major challenge we all know the era we are in now, the swoosh media, information goes left and right. At the beginning of 2004 pension system, the level of information technology was inadequate. The law says we should collect on behalf of the PFAs with no restriction, yes the requirement to be a custodian is that you must be a subsidiary of a bank with a very large branch network, UBA, for example, has over 700 branches; that does not mean we have to now select that as an employer you must go to X branch, no you can go to any branch of UBA and make your payment, you can go to any branch of UBA to make your lodgements. At the beginning, electronic payment was not popular, so employers to the branches submit cheques, in some cases accompanying schedules are not included so there were a whole lot issues at the beginning. We also had money deposited which employer we did not know. For example, you send an employee to make lodgements, this employee puts his name as the depositor and when the teller captures it he captures the personal name; it becomes an issue to identify who made the lodgements and when you identify who made the lodgements finding the schedule becomes an issue again.

    So, you need technology in collection. At the initial stage, we had a whole lot of money taking us time to track down but what we have done over time now is that in the last two to three years with the advent of electronic banking and the support of the CBN, with a directive that all public sector organisations must make their payments electronically. This put an end to cheque writing and this was another challenge as money was trooping in in large volumes and there was no industry standard to say when you are paying electronically.

    These are the basic information that must accompany the payment from the receiving bank to the sending bank so we see a lot of money coming in via different channels without proper narration and identification. So, the question of how to address this came since this the era of electronic banking, things have to change we now had to come up with a system that will capture this fully, as technology is improving, we need to also use technology to drive the collection which is the number one assignment of the custodian.

    So, we came up with a platform which is being driven by holistic needs by using the platform called Electronics Pension Collection System. With this system, an employer, after running a payroll for the month, all he needs to do is to log on to the platform, upload the schedule, irrespective of the employers, employees and the PFAs, the pension generated from your payroll application and you upload it on this system, this system will break it down to respective PFAs and respective custodians. Immediately you finish that, there is an automatic payment system; if you have an internet banking, from there on, you will just transfer the money.

    As you upload the system, the schedule of pension into that platform, turns into the respective PFAs, so the PFA gets an alert that XYZ employer has uploaded and awaiting payment and immediately the employer makes payment, alert is sent that payment has been made, so that enables us to have what we call security processing of collection. This is a system that we are testing now which we believe as an industry is going to go a long way to reduce the number one challenge of the industry today as a custodian. Collection is our number one challenge.

    We are doing the testing of the application now, it is an industry initiative which the custodian is playing a major role in driving and ensuring that it comes to light and as soon as this is done, it takes off the collection challenge that the industry is facing. So, when employers deduct your money that 24 hours specified in the Act will now be seen because as we speak, it is very difficult to achieve in that 24 hours. We cannot have a smooth pension system without ICT but the number is growing. Right now, we are just six million and we are talking of bringing in the informal sector into it. The informal sector is another area entirely in the sense that they are not all experienced individual and we know that so we are working with the banks, specifically UBA, to come up with a product that will enable the informal sector use their phone to remit their pension contribution, they don’t need to go to the bank. So, technology is a major game changer and also it is going to be a differentiating factor in few years to come. So, we cannot do without the ICT in pension landscape, especially administration.

    The President and Minister of Finance hinted that they were targeting a $100billion pension asset in 20 years, do you see this as being feasible in the next 20 years or do you see it coming a lot earlier?

    I see it coming a lot earlier. I was sharing statistics with you before and I said, there are 17.6million employers in the informal sector and these employers have employed 43million as of march 2014. Total Retirement Savings Account opened is just 6.2million, so, you can see the gap. Now, the new Act makes provision for a minimum of three and above and when you look at the figures of 16.7 million and 43million, you can see that there is minimum employment figure by the SME. So, it is just for the operator to hit the market. I can assure you, in a couple of years, twenty years is very far. With the rate of growth that we have been having at 30 percent annual growth contribution, I can assure you, in the next two years, the rate of growth will be more than this even with the fact that we have a new set of people. The main challenge for us is to have the mechanism, the framework. We know that in whatever we do, we need to domesticate it.

    We know the average informal sector employer, the financial education is very limited. They believe in what they can get back in the immediate and pension is a long term thing and when you look at the demography of the majority of the people in the informal sector; secondary school leavers, ONDs, these are people in their twenties. So, in coming up with a framework for the informal sector, there is need for us to have a portion of their accumulation that they can have access to at any point in time.

    What I mean is 100 per cent of your contribution will not be locked down till retirement. A provision says 20 per cent of your contribution, you can have access to it at anytime. That is you are domesticating it. A fashion designer, for example, if you run into problem or see a new machine to buy, you cannot tell her that she cannot access the money, that it is tied down until retirement age, even a professional can have access to 20 per cent of his or her money. So, it is not until you get to retirement before you begin to see the benefit of my contribution, I should be able to benefit from it while I am working, not when I retire. The panel was discussing that the people should see the direct impact of their contribution.

    We have a situation where government changes every four years. What if government changes and the new one says this road should no longer be tolled and the proceeds of pension would already have been used to finance the project and then they did not recoup either the principal or the profit, how do you strike a balance between these two?

    Government will not just come and say, stop collecting toll from this land. If government says that, then it is saying, yes, I will pay because that project, the hundred percent fund was not provided by the government. The people that put their money must be paid before it can say, no, we are not going to toll this road again. So, there is going to be a strategy for the people that put their money in this project. I did not fund this project hundred percent, I funded 40 per cent and a counterpart funded the remaining 60 per cent and I am saying as government, because I have a responsibility to the people, I’m saying, I am going to fund this project hundred percent, so, what is the cost of the balancing in financing this project? It will be difficult for government to say, no, the project I did not finance hundred percent, I am stopping it and the counterpart that participated in the financing of the project, I am not going to pay them their money. So it is not every project that is bankable and it is not every project that you should throw your money at. You should look at the project, if it is bankable, people will bring finance. So, pension fund will not say because they have money, they should throw it into any project, no. No pension fund will do that.

    How much has been paid out to retirees so far?

    We are pension fund custodians and we have specific rules entrenched in the Act. Number one is collection on behalf of PFAs that sign us up. We are custodians to 10 of the 27 PFAs; we have 27 PFAs and of these 10 are our clients. On a monthly basis, we collect between N17billion and N18billion in terms of collections spread across the federation. Two, settlement of transactions on behalf of PFA, the administrative part of investment is being handled by the custodian.

    So, we settle transaction on behalf of our PFAs and when we settle, we collect instrument representing investment. Also, income collection, the income accrued in all of these investments like the dividends on equity, interest on placement. Also, the payment of benefit to retirees, every month, for those that are on programme withdrawals, we make payment on behalf of our PFAs. We have 25,000 retirees that we pay on a monthly basis and we pay in the excess of N3.5 billion. These are some of the things we do aside other value added services. We are basically servicing the PFAs; we don’t have a direct relationship with the employees. We were appointed by the PFAs and that is why you cannot see us in the newspapers everyday because the people we are servicing are just 27.

  • ‘New pension scheme is infallible’

    It would be difficult for the new pension scheme to fail, the Chairman of Pension Fund Operators Association of Nigeria (PenOp) Mr. Misbau Yola, has said.

    He said it would take the collusion of the regulatory body, the National Pension Commission (NAICOM), Pension Fund Administrators (PFAs), Closed Pension Fund Administrators (CPFA) and the Pension Fund Custodian (PFCs) for the new pension scheme to fail.

    Yola, who spoke in Lagos, said it would be impossible for one or all the players to conspire and manipulate the system, adding that the regulation and operation of the pension industry makes the new scheme infallible, as against the old scheme.

    He said: “It is impossible for the new scheme to fail going by the way it is structured. The role of PenCom, PFAs, PFCs and the contributors, the Retirement Savings Account (RSA) are distinct. The structure of the new scheme is such that employers and employees are required to make monthly funded contributions throughout the working life of the employee towards the employee’s retirement benefits.

    “The Act establishes PenCom as the single body responsible for the regulation of the pension industry in Nigeria with a cardinal objective to regulate, supervise and ensure the effective administration of pension matters in Nigeria.

    “The PFA’s/CPFAs are the key operators under the scheme and as such, are responsible for the administration and management of pension funds under the Act. They deal directly with the contributors or Retirement Savings Account (RSA) holders and their beneficiaries on continuous basis.

    “They are also responsible for opening RSAs for all customers, and are to issue them with PenCom’s personal Identification Number (PIN), invest and manage pension funds and assets, mantain books of accounts of all transactions relating to pension fund under its management, provide customer service support to employees, including access to RSA information and account statements on the demand and calculate and pay retirement benefits.

    He explained that the PFCs on their part are subsidiaries of licensed financial institutions responsible for the custody and safe keeping of pension assets. They are to notify the PFA’s within 24 hours of the receipt of the contributions, settle transactions on behalf of the PFAs and collect dividends and other income accruing to the fund on the PFA’s behalf. They would also report to PenCom on all matters relating to the pension fund, he added.

    Yola said these distinct roles by all players in the pension industry makes it difficult for any one player or all players to manipulate.

    Speaking on the rationale for pension reform in the country, Yola said most schemes in the past in the private and public sector, were either under-funded or unfunded, and unsustainable.

    He recalled that there were unsustainable outstanding pension liabilities, especially in the public sector. It was also characterised by weak and inefficient administration of pension schemes while most private sector employees were not covered by any form of retirement benefits.

    The Acting Director-General of the Commission, Mrs. Chinelo Anohu-Amazu said the cardinal principle of separation of custody of funds from management and supervision has resulted in a pension scheme with sound internal mechanism for the transparency and accountability.

    She said whereas the PFAs manage the funds, they do not have access to same as custody is vested in the PFCs and the Commission ensures both parties adhere strictly to regulations governing the funds.

    This ring fencing of pension fund asset and regulatory non-interferencehas resulted in the consistent growth in a large pool of pension Assets of N3.8 trillion which are invested in structured and safe financial instruments, she said.

     

  • IVF: Nordica centre offers ‘money back’ scheme

    IVF: Nordica centre offers ‘money back’ scheme

    An In-vitro Fertilisation (IVF) clinic, Nordica Fertility Centre, has introduced a money back guarantee scheme.

    According to its Medical Director, Dr Abayomi Ajayi, the centre initiated the scheme as a result of interaction with clients who had undergone one form of assisted reproductive conception (ART) or the other, especially IVF.

    “Their concern has to do with the (perceived) high cost of the last resort (IVF) and its failure. So, they prefer to stay away.

    “As professionals, the scheme will also put us on our toes and bring the best of our skill to the core. We simply call it- ‘money back guarantee scheme,” he said.

    Ajayi explained how the scheme will work. He said: “The Nordica Money-Back Guarantee Scheme is a multiple cycle strategy that greatly increases the possibility of conception due to the sustained treatment of challenged couples over time. The product is the first of its kind in this market. It serves as an alternative to the pay-per cycle and, most importantly, comes with a money back guarantee, like the name suggests. The Guaranteed Cycle is a reflection of the confidence we have in the result that a multiple cycle strategy would deliver.

    “ The scheme gives you an option of three cycles and at least one Frozen Embryo Transfer (FET) treatment for N3.5 million for own egg patients and N4 million for recipients. Should the patient not get pregnant after this, there would be a refund of N500,000 technical fee (for both own egg and recipient). The scheme comes to an end anytime pregnancy is achieved even if after the first cycle. There will be no other refund, apart from the technical fee of N500,000, which is only due, after three cycles and at least one FET. There will also be no refund if the couple decides to pull out of the scheme after commencement,” he added.

    Speaking on the benefits, the Clinic Manager, Mrs Ranti Ajayi, said: “It gives realistic expectation on a clear cut path to success with multiple cycle offer. Client undergoes three cycles and at least one FET treatment plan, gets pregnant or gets a refund (money – back) of N500,000 technical fee; gets better personalised treatment at a discounted rate. The scheme ensures cost effectiveness for the multiple cycles as against single attempt.

    “Also, participants in the scheme are protected from price increase during the 18 months period. Patients with complications arising within the first 12 weeks of pregnancy (Ectopic or miscarriage) won’t be precluded from the scheme as long as treatment for the above has been taken care of (pregnancy is defined as a conception that goes beyond 12 weeks),” she said.

  • Scheme impacts communities

    The Director, Community-Based Farming Scheme (COBFAS) of FUNAAB, Dr. Jonathan Atungwu, has said the scheme is positively impacting students of the university and their host communities.

    Atungwu said in addition to the theoretical aspect of their programmes, COBFAS provided a platform for the students to put into practical, what they had been taught in the classroom, while the host community benefits in the process. He said the 2012/2013 Farm Practical Year (FPY) would have been completed but for the ongoing national ASUU strike.

    He praised the university Management for being supportive and funding the scheme. He also said there were no unpleasant incidents throughout the nine months the 1,020 students spent in the four COBFAS locations, namely: Isaga Orile (247), Iwoye Ketu (222), Ode-lemo (256) and Odogbolu (290), attributing the success to the peaceful co-existence with their host communities, the obas and their chiefs.

     

  • Micro-credit scheme thrills Deltans in Lagos

    Joy coursed through Ajegunle, a sprawling Lagos suburb, as 230 residents of Delta State origin got soft loans to boost their small-scale businesses. The facility was provided by the Delta State Micro-Credit Programme (DMCP), the loan certificates handed out at a Navy base located in the area.

    The service enlivened the beneficiaries called clients operating in 23 cluster-groups. In songs and dance, they expressed their joy. Firewood sellers hailed Delta State Governor Emmanuel Uduaghan and the DMCP, coordinated by the state Ministry for Poverty Alleviation. Kerosene marketers spoke of an anticipated boost in their business. The soft drinks group thanked the governor and the Commissioner for Poverty Alleviation, Dr Antonia Ashiedu who presented the loan certificates to the clients.

    The credit facility is not like the regular bank loan. Accessed through micro-finance banks, it has no interest rate, which removes the usual repayment difficulties which attend other loans. Yet, perhaps the greatest thing about the DMCP credit lifeline is that it helps to open up the clients’ business opportunities and boost their profit profile. It has revolutionised small businesses in the state, some going on to become cottage industries.

    The Ajegunle loan disbursement has expanded and extended the jobs scheme beyond borders.

    Presenting the loan certificates, Dr Ashiedu said Governor Uduaghan is showing the true meaning of democracy by caring for Deltans living in other states of the federation.

    The commissioner also emphasised the need for every Deltan, irrespective of where they live, to be good ambassadors of Delta State.

    “My happiness is that the governor of Delta State Dr. Emmanuel Ewetan Uduaghan is leading by example and that is how it should be – anywhere you are, your government should care for you especially if you are a good ambassador of the state; that is what we’ve come to do in Ajegunle, Lagos State today”.

    Comrade Joseph Evah, a leader in the Niger Delta, who facilitated the event, also commended Governor Uduaghan for showing love and care for his people in Ajegunle. He pointed out that Lagos State has the highest number of Deltans living outside Delta State, and that consequently there are some who are also economically weak.

    He called on other state governors to emulate Dr Uduaghan and empower their people living outside their states of origin as that is a sign of good leadership.

    He said: “For Governor Uduaghan to do this for us, it shows that he loves his people living outside Delta State. By the time every governor will do the same to their people, Nigeria will be a better place. It shows we love ourselves in Niger Delta.

    The Managing Director, Bank of Industry Microfinance Bank Ltd where the money will be accessed, Mr. Kelvin Iyamu thanked the state government for finding the bank worthy, saying that the award-winning programme aimed at improving the living standard of the economically weak persons in the society is a grassroots-oriented programme.

    “The Delta State government is improving the living standard of Deltans in Nigeria and I believe it is a nice and good way to show democratic leadership”.

    The DMCP clients, who could not hide their joy, appreciated Governor Uduaghan for remembering them in Ajegunle and promised to pay back the loan on time to access bigger loans.

    The clients thronged the venue with their various products, happy to be associated with the micro-credit scheme.

    A firewood seller, Helen, thanked the governor for coming to their aid.

    “Ah!” she exclaimed, “we thank our governor so much. Now me and my group, we will order for more firewood and supply to others; you see that means more money for us”.

    Another client, Omonigho, a kerosene seller, said: “My governor has demonstrated why he is the best in empowerment programmes. Look at us in Ajegunle, being empowered outside Delta State. He came to us oh! It is a dream come true for us; for my group we can now buy a tanker of kerosene. God bless you for us”.

    The clients are involved in three categories of business such as trading, services and cottage industry.

  • Society for the blind seeks support on scheme

    The Chairman, Nigeria’s Society for the Blind, Oshodi, Lagos Mrs Biola Agbaje has appealed to well-meaning Nigerians to partner with the society’s new micro-credit scheme.

    The newly proposed scheme, according to Agbaje, is geared towards making their students self-reliant upon graduation.

    At a briefing at the school’s vocational training centre, Mrs Agbaje said the scheme had realised N1 million courtesy of kind-hearted Nigerians. She added that plans had reached an advanced stage for the society to partner with a micro-finance bank on the scheme which she said would take off soon.

    She said: “We now have an active after-graduation programme for these students and we have an officer who monitors their progress. We are in the process of starting a micro-credit scheme for graduates who wish to be self-employed. I am to inform you that with the support of public-spirited individuals and groups the fund has reached N1 million mark, and we are still appealing for more donors to support the scheme. It will take off as soon as we finalise arrangements with the micro finance organisation which will operate the scheme for us.”

    The briefing, she stressed, is held yearly whereby the 57-year-old society advertises its various programmes of training and rehabilitating the visually-impaired.

    The centre runs a two-year course for visually impaired adults and adolescents in braille reading and writing, telephone operation, typewriting, mobility, handicrafts, soap making, home economics, tieand dye, among others. The society also runs a one year course for professionals and special persons who just need to adjust to their new predicaments so as to adjust to normal life.

    Mrs Agbaje’s deputy, Mr Asiwaju Fola, said the society depends on fund raising, and donations coming from public-spirited individuals, companies and organisations. She said the society organises May Ball yearly, a platform under which it raises money to run its affairs.

    “We are supposed to receive subventions from the Federal Government and Lagos State government annually. But these have not been given to us for some year except recently when the state governor visited us. When the society’s income is viewed against the background of the ever-rising cost of running our programmes, which stands at about N4 million per month, then it becomes imperative to ask for more public support,” Fola added.

     

  • ALSCON’s scholarship scheme out

    University undergraduates who hail from communities in Akwa Ibom and Rivers State are to benefit from scholarship grants of the Aluminium Smelter Company of Nigeria (ALSCON), a subsidiary of global aluminium producer, United Company RUSAL.

    The communities are Ikot Abasi, Mkpat Enin, Eastern Obolo, and Oruk Anam in the Akwa Ibom state as well as to neighbouring communities of Opobo/Nkoro and Andoni in the Rivers state.

    The RUSAL-ALSCON scholarship programme was set up as a Corporate Social Responsibility (CSR) initiative in 2009 to improve the standard of education in the Niger Delta. The programme has so far granted financial support to more than 180 beneficiaries.

    Beneficiaries, usually 200-Level undergraduates, are selected in line with specific criteria of the Scholarship Programme Organising Committee, comprising members of ALSCON’s senior management.

    A free application form to take part in the Scholarship Programme can be submitted by any interested student, who is local to the area covered by the programme, and who meets the set selection requirements.

    Application forms are available at the main gate at the ALSCON plant as well as in the secretariats of the Heads and Chiefs of Clans of Ikot Abasi LGA and at the Ikot Abasi Students Association until the May 31 deadline.

    Examinations and concluding formalities for the programme are planned for next month.

     

  • NIMASA plans retirement scheme

    The Management of the Nigerian Maritime Administration and Safety Agency (NIMASA) is planning a Voluntary Lump-Sum Retirement Scheme for staff of the agency on Grade levels 15 to 17 with less than five years in service.

    This was made known to The Nation by Hajia Lami Tumaka, Deputy Director Public Relations.

    In a memo signed by the Director of Administration and Personnel Services, Mr Chuks Mgbemena, addressed to staff of the agency, stated that the scheme is for staff who are in service prior to attaining the mandatory retirement age of 60 or 35 years in service and in the case of directors, eight years on their present position.

    Tumaka said interested staff in this category willing to benefit from the scheme were encouraged to apply to the Administration and Personnel Services Department.

    “The Voluntary Lump Sum Retirement Scheme is part of the conditions of service in NIMASA under Chapter 7 Section 7.10 of the agency’s conditions of service handbook. This section stipulates that in order to encourage early voluntary retirement, staff who have five years or less to retirement by years of age or years of service may be offered lump sum payment.

    “The payment shall be based on Annual Terminal Base Salary for the remaining active years of service and prorate. All other entitlements shall also apply. The lump sum payment inducement option shall, however, be subjected to management discretion to apply it as and when it deems necessary,” Tumaka stated.

    This scheme was put in place to encourage staff who may be willing to retire early to go into some other ventures not to lose out entirely on their outstanding years of service. It is a voluntary scheme enshrined in the agency’s conditions of service and only members of staff who are willing to accept it can benefit from the scheme. It is not the right of staff as this scheme can only be invoked by the discretion of the executive management when it deems fit, she added.