The Nation Newspaper

Tag: Stakeholders

  • SEC, stakeholders meet tomorrow

    Regulators, operators and other stakeholders in the capital market are scheduled to meet tomorrow to discuss key initiatives that could impact on the recovery and long-term growth of the market.

    The first meeting of the Capital Market Committee (CMC) in the year under the auspices of the Securities and Exchange Commission (SEC) is billed to hold at the Federal Palace Hotel, Victoria Island, Lagos.

    Thursday’s CMC meeting is the first since the suspension of Mr. Mounir Gwarzo as SEC Director-General (DG) and it comes on the heels of last week’s sack of the commission’s acting D-G, Dr Abdul Zubair and Mhis replacement by Ms Mary Uduk, who is expected to preside over the meeting.

    At the meeting, the CMC will consider reports from its technical committees and review the outlook for the market in the light of emerging developments. Top on the agenda would be the capital market master plan implementation and other Capital Market Initiatives. The 10-year master plan for the market, which is expected to refocus the market and help double its size over time and grow the economy was unveiled in November 2014.

    The CMC, chaired by SEC DG, consists of chief executives of registered capital market operators, including stockbrokers, solicitors, custodians, fund managers, issuing houses, rating agencies, registrars, reporting accountants, trustees and consultants, among others.

    Others are chief executives of the Chartered Institute of Stockbrokers (CIS); Nigerian Stock Exchange (NSE), Abuja Securities and Commodity Exchange (ASCE) and Central Securities Clearing System (CSCS).

    The CMC also has two members each from observer groups, which included Asset Management Corporation of Nigeria (AMCON), Central Bank of Nigeria (CBN), Corporate Affairs Commission (CAC), Debt Management Office (DMO),  Federal Ministry of Finance, Federal Mortgage Bank of Nigeria (FMBN), Federal Inland Revenue Service (FIRS), Nigerian Deposit Insurance Corporation (NDIC), Investment and Securities Tribunal (IST), Nigerian Investment Promotion Council (NIPC), National Insurance Commission (Naicom), National Pension Commission (Pencom) and FSS2020.

    The CMC was established to serve as a medium for exchange of ideas among market stakeholders as well as for feedback on how to continuously improve the market activities. It meets quarterly to deliberate on various issues affecting the market and other policy matters.

     

  • Road Projects: Stakeholders laud Ambode, urge speed

    Prominent stake-holders in the Lagos East senatorial district of Lagos State have commended the numerous road construction projects embarked upon by the Lagos State Government under the leadership of Governor Akinwunmi Ambode, saying the Isawo Owutu and Igbogbo roads, among others, when completed, will further open the area up for development.

    Speaking under the auspices of the Eminent Persons of Ikorodu Division (EPID), under the Chairmanship of Prof. S. A. Sanni, a pan Ikorodu Division socio-political and economic organisation, the stakeholders also urged the governor to speed up the processes of moving contractors to sites where necessary and ensure the smooth running of the construction projects where applicable. The liaison group said it will soon enter into communication with government on how to alleviate the effects of the development on the people by providing some palliatives.

    In a release signed by Sir Engr. (Chief) R. O. Shoderu and Chief Tele Oduloye, Chairman and Secretary of the liaison group respectively, the group said the various reports of the consultative committee it constituted to look into the ongoing road projects in the division revealed that the people of Ikorodu are virtually happy about the developments and are willing to co-operate with the government and the handlers of the said projects across the division. It, however, noted that the notice before the demolition exercise in Igbogbo was rather short.

    “The Kabiesis, chiefs and the entire people of Ikorodu Division express profuse thanks to His Excellency, Mr. Akinwunmi Ambode, the Governor of Lagos State, and the Lagos State Government for approving and embarking on construction of super highways of over seven kilometres each to pass through major areas of our division. We stand by the government in the current phase (demolition of structures), in spite of the pains being felt by some of us as we believe the completion of the roads will bring gains to us.

    “It has been emphasised at various meetings by our traditional rulers and leading socio-political leaders that the state government would not delay payment of compensation to those affected by the demolition exercise. We hereby passionately plead that the government should give this a priority attention,” the statement read in part.

    While appreciating the immense effort of the Kabiesis towards the fruition of the road projects, the group further commends the involvements of illustrious sons and daughters of the division such as Prince Biodun Ogunleye, Asiwaju Olorunfunmi Basorun, Hon. S. O. B. Agunbiade and Hon. Nurudeen Solaja, for relentlessly pursuing the approval and commencement of the projects by the state government.

     

     

  • IGP seeks traditional rulers, stakeholders collaboration to fight crime

    The Inspector General of Police, Alhaji Ibrahim Idris, has called on traditional rulers and community leaders to collaborate with the Police to fight crime in the country.

    The police boss made the call during a meeting with traditional rulers, religious leaders and other stakeholders in Jalingo the Taraba state capital yesterday.

    He said crime rate had reduced in the state, but called on traditional rulers and others to partner with the police to rid the state of crime.

    He emphasised the role of traditional institutions in complementing the efforts of security operatives in crime control.

    He said     the visit was to sensitise the people to the need for unity and peaceful coexistence and also educate them on the importance of community policing.

    The police chief attributed the modest achievements of the force in crime fighting to the support of traditional rulers and called for more cooperation to record more successes.

    Idris added that he had directed the deployment of additional mobile units to the state to checkmate crime effectively.

    He said there was need for community partnership, to enable police to locate all the hideouts of hoodlums.

    “We will always protect our source of information and we promise to act in accordance with the rule of engagement; so I call on all stakeholders to see us as partners in progress,” he said.

    The Chairman, Council of Traditional rulers, Aku-Uka Wukari, Dr Shekarau Masa’ibi, praised the Inspector-General of Police over tough measures adopted to tackle crime in the country.

    “The emergence of Idris as IGP has brought renewed vigour to the fight against crime. Officers and men of the Nigeria Police Force are now more committed to ensuring a crime-free Nigeria,” he said

    He appealed to the police to do everything possible to curb the menace of crime and criminality

    The monarch also advised Nigerians to support the force with information to ease the war against violence.

     

  • Stakeholders identify threats to maritme security

    Stakeholders in the Maritime industry have urged the Nigeria Customs Service (NCS) to review the process that enabled individuals and organisations to obtain permits to operate bonded warehouse terminals without possessing the necessary equipment to inspect containers bringing goods into the country.

    They said the action became necessary following the need to protect national security and the country’s economy.

    An Apapa-based importer with a 20-year experience, who pleaded for anonymity, said the security implication of not having capacity to inspect containers bringing goods into the country cannot be over-emphasised, especially in a country soaked with tension and killings.

    He said: “Anybody can bring anything, including prohibited items, under the circumstances. Without proper inspection, for instance, recent arms seizures by the service could not have been possible.”

    He emphasised the security threat possible in the activities of bonded terminals without equipment to inspect containers, saying the absence of customs examiners and other relevant government agencies was open to abuse.

    Investigations by our correspondent revealed that there is huge potential for mischief in activities of some bonded terminals without equipment to inspect containers.

    “The implication of this to national security is huge,” a clearing agent said.

     

  • Stakeholders move to ameliorate risk assest

    Experts and stakeholders have converged on Lagos to find a solution to the problem of non-performing collaterised risk assets in banks, especially the mortgage.

    The meeting held under the aegis of the Chartered Institute of Bankers of Nigeria (CIBN),  in collaboration with the Nigerian Institution of Estate Surveyors and Valuers (NIESV).

    The forum had as theme: “Panacea to collaterised non-performing assets: bankers and valuers perspectives.”

    The group noted that the rising profile of non-performing portfolios granted to the real estate sector had been a source of worry. In 2015, it said the total risk assets of banks was five per cent, a figure that had risen to 15 per cent as at last October.

    This translates to triple the limit acceptable by the Central Bank of Nigeria (CBN) for non-performing assets.

    The lenders blamed most of the development on inconsistent valuation reports used in granting credit facility to developers. The group noted the impact of valuation reports and the way out of the predicament. They aimed at  solution to the numerous cases of non-performing assets.

    For the guest speaker, Mr. Akin Olawore, an estate surveyor and valuer, valuation is a risk management tool, which if properly deployed, is a useful  will help banks in assessing risks. It also provides banks with useful guide for fallback position on loan in case of default. Hence, valuation by certified surveyors is needed as guide against banks’non-performing collateral risk assets.

    “Valuations has different concepts and for many purposes. This is why it is expedient for bankers to disclose purposes they require valuation reports for. It is not just enough to approach a valuer and say give me valuation. Banks should respect the view of the valuers in achieving common objective. Valuers are to protect bankers against risk collateral assets,” Olawore said.

    According to him, overcoming this challenge requires continuous and close dialogue between all stakeholders, especially between valuers and bankers, who he said, needed to have a better understanding of themselves.

    Olawore listed insufficient legal and or due diligence; inaccurate data, collusion and fraudulent practices, swap of valued properties, wide disparity of figures by valuers as some of the reasons for the conflict between bankers and valuers.

    Similarly, another valuer, Mr Lanre Bolu, spoke about the timeliness of valuation, noting that the one done two years ago could not stand the test now, hence the need for re-evaluation.

    Other speakers at the forum, chaired by Mortgage Bankers Association of Nigeria (MBAN) President, Mr Adeniyi Akinlusi, also noted improper documentation, over invoicing, inconsistent valuation, among others, as some of the challenges of collaterised risk assets.

    CIBN President, Professor Segun Ajibola, expressed worries over the rising risk assets of banks. He said banks relied on real estate to protect their portfolio, said profitability and to discharge their duties.

    He called on estate surveyors and valuers to assist banks in valuing and reviewing properties and also provide advisory services, especially as it applies to collateral.

    Solutions proffered to mitigate the situation include: the use of alternative dispute resolution, epecially mediation to achieve a mutually acceptable settlement option, sale and lease back, modified public auction and sealed bid auction as panacea.

    Also, notably was the call on bankers avoid strained relationships with their customers by encouraging loan restructuring, the use of auctioneering in discharging assets before final sale to AMCON, bankers not to give offer letter without valuation, effective legislation to strengthen foreclosure law in the country, and also the need to simplify and reduce time for mortgage litigation.

  • NCC ‘ll partner stakeholders to drive broadband development

    In spite of the enormous contribution of the telecoms sector to the nation’s gross domestic product (GDP), it is still conatrained by a myriad of challenges which could derail the Federal Government’s target of 30 per cent broadband penetration. But the Executive Commissioner, Stakeholder Management, Nigerian Communications Commission (NCC), Mr. Sunday Dare says the regulator is partnering stakeholders in the industry to address these challenges, LUCAS AJANAKU met him in Lagos.

    What is your assessment of the industry and why is NCC convening this forum?

    The situation across the country is dire in terms of non-approvals of Right of Way (RoW) and multiple taxation. In some cases, we have more than 25 applications for permits unapproved for two years or more. Thus, in terms of deployment of telecom infrastructure, the major telcos suffer great setbacks and these translate into declining quality of service (QoS) to millions of subscribers. The non-approval and heavy taxation of telecom infrastructure have led to service gaps in FCT in particular and across the country. Nigeria has slightly over 250 service gaps where there is no telecom service or penetration.  Connectivity is not yet 100 per cent and we said without this approvals, we cannot have improvement in the QoS. The Commission has received assurances particularly from the FCT minister and some state governors that approvals will be granted speedily and taxes reviewed. Even as I speak, I think certain approvals have taken place.  Presently, given the situation which is staring us in the face, with the expiration of the NEC document soon, NCC is speeding up consultations. We are leveraging the results of the state-to-state interventions we have had, the feedback we’ve had across the stakeholder matrix, the experiences of the operators and numerous other engagements at the highest levels to review the document and present an acceptable standardised RoW and taxation document with regard to the telecoms industry. The Commission, in October last year, made a presentation to the office of the Vice President.NCC, through the Industry Working Group (IWG) is now looking at how it can bring all of these together- by identifying different interests, challenges of the economy and revenue and other relevant matters in the document review process.  What do we hope to achieve? To come up with a reasonable and acceptable document -a standardised regime of charges and taxation. One that pays attention to the peculiarity of a strategic state like Lagos and a developing telecom state like, perhaps Jigawa for instance, because it might be difficult to charge in Jigawa the same amount Lagos is charging. In some instances, charge per linear meter in Lagos can be N500 while in Jigawa, it may be slightly higher due to low volume of telecom activity and the need to generate some revenue. Importantly, beyond the charges, we hope to shorten the times for approvals, improve the engagement between the state governments who need tax revenue and the operators who want to deploy to expand their networks. Now, the NCC is caught between these two giants and the Commission’s overriding interest is to ensure that Nigeria’s goal of attaining a broadband penetration of over 60 per cent across the country is not impeded. The interests of the parties do not collide but are reinforcing. They complement each other.  If for instance, the telcos deploy their infrastructure, their revenue base increases by the same token the taxable revenue that will come to the state also increases. So if one of the operators makes N10billion because it is able to improve and increase the volume of its business and then it has problems with certain deployment and the revenue dips to N5billion, what is going to go to the federal and state as taxable revenue also decreases. So we hope that this document that we are trying to review now will look at this critically. NCC has other critical stakeholders. It is not just the state governments. We have the federal ministries, departments and agencies and everybody is coming with charges. It’s a whole galaxy to say but we are trying to bring that whole galaxy under one regime and then have something that can be looked at. There might be a range for Row charges with a ceiling.  We hope that the IWG will do that difficult task so that by April, we could have a draft resolution that will be presented to NEC and then NEC can discuss this towards reaching an agreement. NCC hopes to do a presentation there, answer their questions and then see how we can get this done.

    What are the implications of these charges on government and telecoms end users?

    Well, I think the implications are tripartite. There are implications for the telecom industry especially and the key stakeholders, implications for the government in terms of the revenue accruing to it, in terms of the investment that comes into telecom and then that dovetails in terms of the number of people employed in the telecom industry and then we have implications for the subscriber. Let me start from the subscriber, the quality of service (customer satisfaction)  suffers because a subscriber expects that if he gets a registered line, puts credit on it, he expects to enjoy some level of satisfaction in terms of quality of service. Your call is going through, your text message is not delivered on time, and your connectivity to the internet is slow and lots more. These will persist if the operator for instance continues to have problems in deploying additional infrastructure or expanding his network because of multiple charges and right of way issue. What it means is that the operator has to or will put a lot of pressure on the system and equipment it has such that if you have a duct that only 500 calls can go through every hour and you want to expand and you cannot expand, you will now start piling 2000 calls through that duct. That leads to congestion and of course dropped calls.  You know what happens when 2000 people are trying to get into a door that was made for 500 people and of course the only reason might not be that they don’t have the permit but it is part of it, we will say we want to deploy but we cannot deploy because we’ve not been given permit but there is also something called the capital expenditure (capex). The dollar component of their commercial agreement and the rest is a major concern for operators. Some of them took loans from the banks at the rate of N195-196 to a dollar and it went to N500, N450 it’s at N360 now but we are still looking at almost twice the amount and have not been able to get out of that debt trap. It’s going to take a while so they are cutting down, they are not getting enough forex which will bring in equipment from outside. On the part of government, it affects the revenue (annual operating level) because if they are not making enough revenue, we’ll only tax them based on the volume of business they do that’s one. Two, one of the core mandates of NCC through the NCC Act 2003 is to encourage investment we have seen between 2015, 2016, 2017, we’ve seen an almost 10 per cent contribution to GDP but as the telecom industry is facing  some challenges the GDP contribution has dropped slightly. All of these affect the taxable revenue that comes to government, impact on quality of service and employment is at risk.  So, you see, it’s tripartite. It is so connected and let’s say, unless we face these challenges and solve them, it will affect the foreign direct investment (FDI) coming into the country, it will affect QoS and consumer satisfaction, it will also affect the revenue base of the operators and the taxable revenue accruable to government at different levels.

    Three years ago, Association of Licensed Telecoms Company of Nigeria (ALTON) signed an agreement with Lagos State government over the harmonisation of these charges. What is the situation? Has it become a stumbling block?

    It will not be right to say Lagos is a stumbling block and this is the narrative.  Lagos State is a bellwether for this country in several aspects. When it comes to the telecoms industry, the telecom headquarters of this country is Lagos; when it comes to population, the one single biggest population is Lagos; when it comes to the centre of business, it is Lagos; when it comes to the pace of development, it is Lagos. So Lagos does matter and like other big cities in the world, you expect that a state like Lagos in any economic engagement will like to maximise the benefit for the sake of the state. So that is what you are seeing in Lagos and rightly so.  Lagos is trying to make sure that even in engaging with the telecom industry and other similar industries as you have seen, the state wants to renegotiate the basis of agreements or review this and that. Is there a way Lagos can get more value for this engagement? That is what is happening. Now, the worry for us is that while the legitimacy of that position cannot be challenged, time is of essence. Lagos has the right to do it, but we are worried about the timeline, the pace at which it is happening. If it is not fast enough, if it is delayed willingly or unwillingly, the effect on the telecom industry and particularly the effect on the achievement of the roll out obligations in the National Broadband Plan (NBP) 2018 suffers. And there will be ripple effects. Our role is to ensure amicability and help facilitate collaboration between states like Lagos and NCC licence holders.  So what we want to see on the part of Lagos and we know that once Lagos gets it right, other states will take a cue from it, is harmonisation of positions and a partnership that works both ways.

    For the benefit of all the states of the federation let’s have this review; let us have this understanding and agreements and make sure that we hit it on an accelerated pace such that every party wins. For instance,  Lagos and any other state as the case may be, gets more value, the operators can deploy the infrastructure needed and ultimately the man on the last mile which is the consumer also gets better services. Let me give you an example, Lagos is clearly the number state in the country and its Smart City project tis on course. There is greater value in working with all the elements in the industry especially the regulator.  The smart city thing is also within the new ecosystem and  you have to ride on the back of telecom infrastructure. What is this telecom infrastructure? It’s not independent of the infrastructure of any of the operators, it’s not independent of the NCC as a regulator; it’s not independent of the quick deployment of the huge submarine cables lying at the shores in Lagos needed to create the backbone infrastructure for broadband penetration. We have Main One, SAT 1, GLO 1 just lying there at the shores. We know about six other states who have started their Smart City projects in Nigeria and are working with NCC.

    The engagement spectrum is wide; government to government, some is government to private but we are all connected. NCC will work with Lagos as with others to achieve smart city, e-government and a digital economy. So like I said, Lagos is not a stumbling block. Lagos provides that critical passage to the success of the Infraco or NBP of the Federal Government.

    Against all these odds, is the 30 per cent broadband penetration target is  still achievable?

    Well, I think as at the end of last year, we were at 23.1 per cent and we have a 2018 target. We are not where we exactly want to be. We believe that the fact that we are at 23.1 per cent now realistically has to do with some of the challenges I mentioned earlier. One of these challenges has to do with the economic environment and the steep rise in forex pricing.  Nothing indicates that more than what happened to Etisalat. Beyond the fact they took a loan of $1.2billion, dollar component was massive and taken at the rate of N195 and have to pay back at almost N400. Etisalat almost collapsed. The fact that the other big telcos were able to survive also shows the resilience of the telecom industry and its operators.  But also with that comes the fact that the rate of network expansion and the rate of deployment we expected to see has slowed down. The industry has not been able to move that fast enough with the development of backbone infrastructure for broadband penetration. Ironically, you look at our shores, we have Main One, we have Glo 1, we have Sat 1, and they are there at our shores untapped.  Other countries are saying if you are not using them give us, they are sitting there because we don’t have the backbone infrastructure to distribute.  It is a question of the backbone infrastructure. Once you have the backbone infrastructure, the broadband penetration we are talking about is going to happen. Right now, we have 270 access gaps across the country and you know what I mean by access gaps, places where you don’t have connectivity at all either internet or telephone connectivity.

  • Stakeholders laud govt for improvements in nation’s road sector

    •As Fashola presents Federal Highways Regulations 2018

    STAKEHOLDERS in the nation’s road sector have applauded what they call improvement in road management across the country.

    They are particularly happy with Power, Works and Housing Minister Babatunde Fashola, for the innovation he has brought to road administration.

    Representatives of the National Association of Road Transport Owners (NARTO), the National Union of Road Transport Workers (NURTW), and Petroleum Tanker Drivers Association, speaking at a one-day public enlightenment on the developments in the road sector held in Abuja said the new approach has gone a long way in restoring  the confidence of Nigerians in the  road sector.

    In a communiqué at the end of  the workshop, participants stressed the need for the enforcement of axle load limit to safeguard the nation’s road infrastructure while also emphasizing the reintroduction of toll gates on federal highways as a means of  improving revenue generation for the maintenance of roads.

    Realizing the damaging effects of overloading on the nation’s road network, participants advocated that all Heavy Goods Vehicles (HGVs) owners and operators should abide by the new Axle Load limit regime in line with the ECOWAS Supplementary Act/SP.17/02/12 relating to the harmonization of standards and procedures for the control of dimensions, weight and axle load of goods vehicles within the ECOWAS Member States.

    Other highpoints of the Communiqué are reaffirmation of need to operationalize the weighbridge stations on federal roads to check overloading, recognizing the need for adherence by motorists to road signage for safety, need for all stakeholders to join hands to halt the abuse on Nigerian roads and agreement that tank farm owners and sea port operators should comply with the axle load limits by installing weighbridges at their depots/ports.

    Speaking during the workshop, the President of the National Union of Road Transport Workers (NURTW), Alhaji Najimdeem Yasin, asked government to put in place a mechanism to institutionalize the culture of construction, rehabilitation and maintenance of federal roads as well as putting necessary instruments that would guide against the abuse of the roads by users.

    In a separate goodwill message ,the President of the National Association of Road Transport Owners (NARTO), Alhaji Kassim Bataiya, pledged the support of the association to the federal government “in all its efforts to put Nigerian roads on course.”

    President Muhammadu Buhari, who was represented at the occasion by the Secretary to the Government of the Federation, Mr. Boss Gida Mustapha, said the convocation of the workshop was an indication of the important role that road transportation plays in the nation’s economic development adding that the critical place of road transportation in the country’s evolution and the national life had never been more alive than presently.

    Fashola  said the workshop was meant to reflect and agree on the need for change about how Nigerians have used their road infrastructure adding that the country’s economic growth, national productivity and job opportunities would be impacted by the conclusions and resolutions of the meeting.

     

  • PENCOM, BPP and stakeholders’ trust

    Some recent events and developments should prove simultaneously instructive and rejuvenating for Nigeria’s pension industry. The situations being referenced undoubtedly bear consequence on the element of trust which is the most vital asset for such a sensitive and crucial sector of the economy.

    The matters and references under focus here include the on-going public hearing of the Ad Hoc Committee of the House of Representatives investigating the activities of the erstwhile Presidential Task Force on Pension Reforms. The inquiry is supposed to cover the activities of the task force from 2010 to the time of its dissolution and any other successor agency. Then, there is the initial response by the Acting Director General of the National Pension Commission (PenCom) Aisha Dahir-Umar to a recent invitation of the Economic and Media Forum of the Global Africa Journalists Association in which she remarked thus: ‘’I think that the entire pension industry in Africa’s largest economy is ready to embrace world class standard practices. But particularly for us at PenCom, we are determined to become a point of proud and envious reference in pension matters internationally’’. Then thirdly and equally significant was the recent report that the Bureau of Public Procurement (BPP) rejected the plan by PenCom to cancel the acquisition process for the building of a Pension Administration System (PAS) estimated at N3.9 billion.

    All of the three matters referenced trigger larger questions relating to one vital irreducible issue: the security and the life-savings especially of the ordinary Nigerian worker who has made painful and diligent contribution to pension schemes on which to depend particularly in their old age. This is the critical aspect of the entire matter that must never be trifled with or minimized by the powerful technocrats and political elites who sometimes treat pension funds as resources to be recklessly expended for other purposes. Too often, influential Nigerians who have appropriated and expropriated public funds safely tucked away in foreign financial institutions- the very elites who have taken care of their own future, have tended to treat the tearful savings from the starvation wages of the Nigerian workers as some funds that could be toyed with for selfish benefits-not by any means for the good of the contributors to the pension funds.

    The immediate foregoing discussion pointedly links us to the first of the three references underlying this article. The investigation by the Ad Hoc committee of the House of Representatives is a nightmarish reminder of the gross abuse and brutal rape to which pension savings were subjected under Abdulrasheed Maina. Maina was the head of the defunct Presidential Task Force on Pension Reforms beginning in 2010. The sheer mindlessness and systemic pillage causing the disappearance of billions in pension funds under the so-called reform task force was the definition of a grave tragic comedy-to have even situated Maina and the word reform in a single sentence was a violent contradiction of terms.  The story of Maina’s rapacious gang with the possible implication and collusion of very high federal civil servants and the banks remains a repugnant and indelible stain on the profile of Nigerian pension industry.

    The new zeal of some leaders of the various sub-sectors in the nation’s pension industry can only be catalyzed and strengthened with encouraging actions of the apex Nigeria’s political leadership, the legal institutions and parallel regulatory and supervisory agencies. The current matter involving the BPP and PenCom is thus organically sprouted in the environment where reform is gaining eminence in pension management. The action of the BPP definitely calls for clarity beyond the curious veil of hazy technicalities. For the sake of objectivity, one seeks to know if the BPP as an agency which is supposed to ensure probity and ethics in the process of procurement attempting to stifle a rigorous review of a contract by the same agency that initiated and owns the project. Is there something smelly and sinister in the contention by the BPP that the commission cannot review an approximately hefty N4 billion project if PenCom believes that there could be some substantial reduction in the cost of the same project? A considerable number of experts in the pension industry insist that the same project could be executed for about 70 per cent less of the approximate N4 billion. This is the encapsulated genesis of a disturbing story.

    Consequent on her appointment as the Acting DG of PenCom, Aisha Dahir-Umar, decided to conduct a review of the various on-going projects of the agency. It was under such consideration that Dahir-Umar cancelled the annual one-billion naira guzzling jamboree tagged World Africa Pension Summit. It was evident that her predecessor and the senior staff who ran the programme could not provide any credible memo or evaluation to justify the fiesta which had held consecutively in 2014, 2015 and 2016. It was clearly a drain on PenCom’s resources and unquestionably a stratagem for other purposes. DG Dahir-Umar is acting exactly as she remarked in her response to the invitation by the Economic and Media Forum of the global journalists’ association that, ‘’Nigerian pension industry must be awakened to global standards of ethics and transparency and thereby engender the trust and confidence of stakeholders in the industry’’.

    Other projects under Dahir-Umar’s predecessor, Chinelo Anohu-Amazu which has drawn the scrutiny of ethics and transparency groups include the establishment of a N2-billion PenCom TV and the acquisition of an approximate one billion-naira prostate cancer treatment machine. The medical equipment has reportedly been gathering dust and has also been inoperable since it was procured. It will be enlightening to know if the BPP gave certificates of “no objection” to the acquisition of the equipment involved in the aforementioned projects, and if so, what tests in prudence and transparency were the projects subjected to?

    Along the same trajectory of thought, I propose that the stakeholders particularly the contributing workers are entitled to know the crux of the matter in the current contention over a N4 biilion project between PenCom and the BPP.  And this is the matter: PenCom under previous D-G Chinelo Anohu-Amazu had selected a foreign company to build a Pension Administration System (PAS) estimated at N4 billion for the agency. But the current acting DG DahiR-Umar had requested that the BPP allow for a review of the contract citing unduly high estimates and security concerns. But the BPP insisted that the project must not be delayed for any reason despite the legitimate questions crying out for clarification.

    Why is the BPP engaging in bureaucratic acrobatics and beclouding a serious issue with arcane language-stubbornly taking a position as if the bureau’s certificate of “no objection’’ were a holy writ that cannot be subjected to common sense evaluation?  Is the BPP speaking for the foreign company regarding the cost of the project?  One should believe that the bureau has no other motives in this matter. The BPP should therefore let the contracting firm directly respond to the question of over blown estimates.  More intriguing is the fact that there’s no prohibiting provision which prevents PenCom from reviewing or cancelling the contract, except for the curious zealousness of BPP. Based on the reverent nature of the task for which it obligated, prudence and transparency should be the permeating mantra of BPP and not the current perception or misconception that the bureau is projecting in the current PenCom controversy.

    BPP must allow one of the agency at the summit of the nation’s pension industry to undertake necessary reforms and initiatives for the accelerated growth of the sector.

    In casting an overall look at the three dimensions of the focus of this discussion- if the Ad Hoc committee of the House of Representatives  can send a no-nonsense signal for the regime of supervision in the pension industry, if the new leadership at PenCom stays dedicated to its words and actions regarding ethics and professionalism and if such agencies as the BPP will allow new ideas like those of Dahir-Umar to flourish – then we might to be coming close to declaring the dawn of a new era in the nation’s pension sector and a rejuvenating  guarantee for the life-savings of ordinary Nigerian workers.

     

    • Prof Onoh-Stevenson writes from Edinburgh, Scotland.

  • NCC seeks stakeholders’ input on commercial satellite regulations

    The Executive Vice Chairman, Nigeria Communications Commission (NCC), Prof. Umar Garba Danbatta, has advocated for a robust input from critical stakeholders for the development of guidelines for Nigerian Satellite Communications market.

    He said there is need to fine-tune and update the guidelines and regulatory framework for commercial satellite communications in Nigeria in line with international best practices and standards to enable the country maximise the opportunities in the sector.

    He made the remark during a Public Inquiry on the Commercial Satellite Communications Guidelines and the Draft Consumer Code of Practice Regulations at the Headquarters of the NCC in Abuja.

    Represented by the Director, Spectrum Administration, Mr Austine Nwanlune, an engineer, Dambatta said: “The draft commercial satellite communications guidelines are aimed at creating a legal framework to regulate the provision and use of satellite communications services and networks, in whole or in part within Nigeria or on a ship or aircraft registered in Nigeria.

    “The intention behind the development of the guidelines is to ensure a well developed and organised satellite communications market in Nigeria with appropriate legal framework that meets international best practice, encourages innovation and guarantees public safety.

    “Furthermore, the guidelines will ensure effective management of scarce frequency resources, especially bands where frequency is shared between satellite and terrestrial systems.

    “It will also encourage the use of satellite connectivity to unserved areas that lack terrestrial transmission infrastructure backbone.

    “The draft consumer code of practice regulations which is an amendment of the previous regulations made in 2007 when finalised will provide a more robust framework for effective and efficient processes/procedures to be followed by licensees in developing their individual consumer code to govern the provision of services and other related consumer practices.

    “This is to ensure that consumers are adequately informed of the type of services being offered by operators, thereby aligning with the commission’s function of protecting the interest of consumers against unfair practices.”

  • UTME: Stakeholders laud JAMB for hitch-free exercise

    Some education stakeholders in the Federal Capital Territory (FCT) have commended the Joint Admissions and Matriculation Board (JAMB) for ensuring hitch-free examination since the beginning of the exercise.

    Some parents, who spoke with the News Agency of Nigeria (NAN) in separate interviews on Tuesday in Abuja, noted that 2018’s examination began promptly and was hitch-free compared with the last year’s exercise.

    Mr Akpan David expressed satisfaction at JAMB’s general coordination and services, saying two of his children that wrote the examination said that they did not encounter any difficulty throughout.

    NAN correspondents’ visit to some of the centres such as Digital Bridge Institute, Christ the King College, Gwagwalada, Kabat ICT Centre and Solid Fundamentals Montessori Academy among others revealed the exercise was conducted without hitches.

    Some officials of the centres, who spoke with NAN, said three sessions comprising of 250 candidates per session sat for the examination within the allotted durationý.

    Mr Cletus Okam, an ICT Manager, in one of the centres said the first session always started a few minutes past 7a.m in the morning and it would last for two hours.

    Some candidates affirmed that the exercise was smooth and they did not have any problems login into the computer system.

    Ms Chinyere Oji said that at her centre that the examination started on schedule and went on smoothly.

    Oji noted that the internet network at her centre was fast and candidates were able to finish the examination within the given period.

    However, Mrs Edith John expressed disappointment at one of the centres, saying that the centre did not adhere to the official time for each session of the examination duly largely to poor internet network.

    She, therefore, suggested that the board should ensure that it gives accreditation to ICT centres that were ready to offer good services to candidates.

    UTME started nationwide on Friday, March 9 and it is expected to last one week.