Oil & Energy

Ambode Assures Retirees On Pensions

Published

11 years ago

August 24, 2015

Governor Akinwunmi
Ambode of Lagos State says his administration will be in the forefront of ensuring efficient and effective pension scheme administration to make life comfortable for retirees.
Ambode, who was represented by the Deputy Governor, Dr Idiat Adebule, made the pledge at the 18th Retirement Benefit Bond Certificate Presentation Ceremony in Lagos on Thursday.
He said that Lagos was the only state government that was up-to-date in pension contribution remittances.
‘’Our employees are our greatest assets and this is why we are not only committed to ensuring that they enjoy good conditions of service, but to also ensuring that their entitlements are paid promptly when they retire.
‘’We are aware that some parastatals have not fully complied with the provisions of the State Pension Reform Laws in terms of regular remittances of contributions into employees’ Retirement Savings Account.
‘’This will not be tolerated by this administration as the resultant effect of non-conformity is that many will retire without any provision made for the payment of their terminal entitlements.
‘’We are also aware that we still have backlog of retirees who are yet to receive their entitlements, especially at Local Governments and SUBEB.
‘’This administration is a people-oriented government. We understand that you have spent the better part of your lives in service of this state and you deserve to live in peace and comfort in retirement, ‘’ he said.
Ambode said that the government would ensure that retirees get paid their terminal entitlements as and when due.
Also speaking, Director-General, Lagos State Pension Board, Mrs Folashade Onanuga, said that the gesture was a continued testimony of the successful administration by the state government.
Onanuga said that the government had taken the bull by the horn by first releasing the sum of N11 billion to immediately bring succour to those retirees on the waiting list.
‘’It is your right to live in comfort at retirement, having utilised the better part of your active lives serving the state government.
‘’Today, a total sum of N2.2 billion has been paid into the Retirement Savings Account of 658 retirees. The rest of the fund will be paid accordingly to systematically clear the outstanding pension shortfall.
‘’This, in essence, brings the total number of retirees under the Lagos State Government Pension Scheme to 7, 099, ‘’ she said.
Onanuga also urged retirees and beneficiaries to spend their money wisely.
In her remarks, Mrs Grace Uzoro of the National Pension Commission (Pencorn) said that pension scheme was aimed at putting smiles on the faces of those who had laboured to serve the country.
Uzoro commended the Lagos State Government for being at the forefront of championing the scheme.
According to her, Lagos State has made Nigeria proud as the government is a government of action in terms of retirees’ welfare.
Uzoro urged other state governments to emulate Lagos State to ensure their employees retire with peace of mind.
Mr Leo Onayemi, who spoke on behalf of the retirees, said that the gesture was unexpected as most of them thought they would never get their entitlements.
‘’It is a great day for all of us. Gov. Ambode has not spent up to four months in office and he has been able to achieve this.
‘’We will continue to support him in every way for making us reap the fruit of our labour, ‘’ he said.
The Tide source reports that 658 retirees were presented with the Retirement Benefit Bond Certificates.
It would be recalled that on Aug. 5, Gov. Ambode directed that pension cash assets in the sum of N11billion be immediately deployed to offset pension liabilities in arrears since year 2010.

Oil & Energy

NERC, OYSERC Partner To Strengthen Regulation

Published

2 days ago

February 23, 2026

The Tide

THE Nigerian Electricity Regulatory Commission (NERC) has stressed the need for strict adherence to due process in operationalizing state electricity regulatory bodies.

It, however, pledged institutional and technical support to the Oyo State Electricity Regulatory Commission (OYSERC).

The Chairman, NERC, Dr Musiliu Oseni, who made the position known while receiving the OYSERC delegation, emphasised that the establishment and take-off of state commissions must align fully with the law setting them up.

Oseni said that the NERC remains committed to partnering with State Electricity Regulatory Commissions (SERC) to guarantee their institutional stability, operational effectiveness and long-term success.

He insisted that regulatory coordination between federal and state institutions is critical in the evolving electricity market framework, noting that collaboration would help to build strong institutions capable of delivering sustainable outcomes for the sector.

Also speaking, the Acting Chairman, OYSERC and leader of the delegation, Prof. Dahud Kehinde Shangodoyin, said that the visit was aimed at formally introducing the commission’s acting leadership to the NERC and laying the groundwork for a productive working relationship.

Shangodoyin said , the acting members were appointed to provide direction and lay a solid foundation for the commission during its transitional period, pending the appointment of substantive members.

“We are here to formally introduce the acting leadership of OYSERC and to establish a working relationship with NERC as we commence our regulatory responsibilities,” he said.

He acknowledged NERC’s readiness to provide technical and regulatory support, particularly in the area of capacity development, describing the backing as essential for strengthening the commission’s operations at this formative stage.

“We appreciate NERC’s willingness to support us technically and regulatorily, especially in building our capacity during this transition,” he added.

Oil & Energy

NLC Faults FG’s 3trn Dept Payment To GenCos

Published

2 days ago

February 23, 2026

The Tide

The Nigeria Labour Congress and the Association of Power Generation Companies have engaged in a showdown over federal government legacy debt.

NLC president Joe Ajaero has faulted the federal government’s move to give GenCos N3 trillion from the Federation account as repayment for a power sector legacy debt, which amounts to N6.5 trillion.

In a statement on Thursday, Ajaero said the Federal Government proposed the N3 trillion payment and the N6 trillion debt as a heist and grand deception to shortchange the Nigerian people.

“Nigerians cannot and should not continue to pay for darkness,” Ajaero stated.

Meanwhile, the Chief Executive Officer of the Association of Power Generation Companies, APGC, Dr. Joy Ogaji, said Ajaero may be ignorant of the true state of things, insisting that the federal government is indebted to GenCos to the tune of N6.5 trillion.

She feared the longstanding conflict could result in the eventual collapse of the country’s power.

According to her, the federal government’s N501 billion issuance of power sector bonds is inadequate to address its accumulated debt.

Oil & Energy

PENGASSAN Rejects Presidential EO On Oil, Gas Revenue Remittance ……… Seeks PIA Review

Published

2 days ago

February 23, 2026

The Tide

The Natural Gas Senior Staff Association of Nigeria(PENGASSAN) Festus Osifo, has faulted the public explanation surrounding the Federal Government’s recent oil revenue Executive Order(EO).

President of the association, Festus Osifo, argued that claims about a 30 per cent deduction from petroleum sharing contract revenue are misleading.

Recall that President Bola Ahmed Tinubu, last Wednesday, February 18, signed the executive order directing that royalty oil, tax oil, profit oil, profit gas, and other revenues due to the Federation under production sharing, profit sharing, and risk service contracts be paid directly into the Federation Account.

The order also scrapped the 30 per cent Frontier Exploration Fund under the PIA and stopped the 30 per cent management fee on profit oil and profit gas retained by the Nigerian National Petroleum Company Limited.

In his reaction, Osifo, while addressing journalists, in Lagos, Thursday, said the figure being referenced does not represent gross revenue accruing to the Nigerian National Petroleum Company Limited.

He explained that revenues from production sharing contracts are subject to several deductions before arriving at what is classified as profit oil or profit gas.

Osifo also urged President Bola Tinubu to withdraw his recently signed Presidential Executive Order to Safeguard Federation Oil and Gas Revenues and Provide Regulatory Clarity, 2026.

He warned that the directive undermines the Petroleum Industry Act and could create uncertainty in the oil and gas industry, insisting that any amendment to the existing legal framework must pass through the National Assembly.

Osifo argued that an executive order cannot override a law enacted by the National Assembly, describing the move as setting a troubling precedent.

“Yes, that is what should be done from the beginning. You can review the laws of a land. There is no law that is perfect,” he said.

He added that the President should constitute a team to review the PIA, identify its strengths and weaknesses, and forward proposed amendments to lawmakers.

“When you get revenue from PSC, you have to make some deductibles. You deduct royalties. You deduct tax. You also deduct the cost of cost recovery. Once you have done that, you will now have what we call profit oil or profit gas. Then that is where you now deduct the 30 per cent,” he stated..

According to him, when the deductions are properly accounted for, the 30 per cent being referenced translates to about two per cent of total revenue from the production sharing contracts.

“In effect, that deduction is about two per cent of the revenue of the PLCs,” he added, maintaining that the explanation presented in the public domain did not accurately reflect the structure of the deductions.

Osifo warned that removing the affected portion of the revenue could have operational implications for NNPC Ltd, noting that the funds are used to meet salary obligations and other internal expenses.

“That two per cent is what NNPC uses to pay salaries and meet some of its obligations.The one you are also removing from the midstream and downstream, it is part of what they use in meeting their internal obligations. So as you are removing this, how are they going to pay salaries?” he queried.

Beyond the immediate impact on the company’s workforce, he cautioned that regulatory uncertainty could affect investor confidence in the sector.

“If the international community and investors lose confidence in Nigeria, it has a way of affecting investment. That should be the direction. You don’t put a cow before the horse,” he added.

According to him, stakeholders, including labour unions and industry operators, should be given the opportunity to make inputs at the National Assembly as part of the amendment process saying “That is how laws are refined,”