Business

Pension Operators Allay Fears On Pension Payment

Published

7 years ago

February 28, 2018

The President, Pension Operators (PenOp) in Nigeria, Mr Eguarekhide Longe, has allayed fears by pensioners and retirees over the safety of their contributions and entitlements with Pension Fund Administrators (PFAs).
Longe told newsmen yesterday in Lagos that pensions deducted from public workers’ salaries and credited to their Retired Savings Accounts (RSAs) were safe.
He also assured retirees that their contributions under the Contributory Pension Schemes (CPS) would not be embezzled.
Longe explained that the National Pension Commission (PenCom), Pension Fund Custodians (PFCs) and PFAs had not deviated from their mandate of overseeing pensioners’ welfare and payment of pensions.
He said the operations of PFAs and PFCs were well regulated by PenCom and the Pension Bill of 2004 repealed by that of 2014.
“The 2004 bill repealed by that of 2014, Section 14 subsection 100 (1) says any PFA, PFC or other bodies that diverted pension funds, on conviction, is liable to an amount equal to three times of the amount diverted or not less than 10years’ imprisonment.
“Or both penalties, that is, amount equal to three times of the misappropriated fund and 10 years’ imprisonment,’’ he said.
Longe explained that the Accrued Rights (pension liabilities) was specifically for public sector workers had experienced some hitches, while the CPS which is for private sector works seamlessly.
He said the Accrued Rights was funded by the Federal Government by paying five per cent of monthly payroll into Retirement Benefit Bond Redemption Fund (RBBRF), which is domiciled in the Central Bank of Nigeria (CBN).
According to him, the RBBRF payment has been irregular since December 2014 when the Nigerian economy experienced a downturn.
Longe condemned the agitations by some retirees on the piecemeal payment of pension entitlements.
He said: “Now, if your total pension entitlement is N15 million and your RSA reads N3 million, do you think it would be wise to spread the N3 million as lump sum and pension before the N12 million is paid?
“It distorts the entire pension calculation of the retiree and this is the reason it is not done that way,’’ he said.

Business

NPA Assures On Staff Welfare

Published

5 days ago

June 27, 2025

The Tide

The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure and equipment modernization drive with the development of the welfare of its personnel.

Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the clearing of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.

A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying, “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.

The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.

“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”

Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.

“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.

Speaking on behalf of the joint maritime labour unions, the President of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”

Nkpemenyie Mcdominic, Lagos

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

5 days ago

June 27, 2025

The Tide

National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).

The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.

Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.

Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.

The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.

The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.

The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.

Nkpemenyie Mcdominic, Lagos

Business

NSC, Police Boost Partnership On Port Enforcement

Published

5 days ago

June 27, 2025

The Tide

In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).

The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.

Executive Secretary/Chief Executive Officer of NSC, Dr. Pius Akutah, made this known during a visit to the Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.

The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.

Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.

He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.

“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.

Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.

The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.

“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.

Chinedu Wosu