Connect with us

Business

LASG Introduces Efficient Pension Scheme For Workers, Soon

Published

on

The Lagos State Government is to introduce an efficient pension scheme for its workforce, an official said yesterday.
Under the new regime, retirees will be paid their gratuity (lump sum) within three months after retirement.
The Director-General, Lagos State Pension Commission (LASPEC), Mrs Folashade Onanuga, told newsmen that the administration would soon unveil the new regime.
“Governor Akinwunmi Ambode is working towards a three-month gratuity collection regime.
“Our amiable governor is working towards a regime that all pensioners will be able to access their gratuities within three months after retirement,” she said.
Onanuga also said that the governor was committed to the welfare of retirees as he had cleared the backlog of pensions.
She said : “Governor Ambode is fully committed to retirees’ welfare as he is working towards clearing pension backlog the administration inherited under the old pension scheme known as Defined Benefit Scheme (DBS) before the Contributory Pension Scheme (CPS) was   introduced in 2004.
“He has cleared the pension backlog up till 2015.
“About N37 billion has been released by Gov. Ambode for 9, 045 retirees since he assumed office.
The director-general, however, has advised retiring workers in the employ of the state government to study the two options available to them at retirement carefully before taking decisions.
According to her, the two options are Programmed Withdrawal and Annuity.
“The retirement options should be studied carefully before signing any deal with Pension Fund Administrators (PFAs).’’
Onanuga, who described some PFAs as hookwinkers, said they had been deceiving retiring employees into taking wrong decision for their own selfish reasons.
“There are still pension `fraudsters’ parading themselves as PFAs and the Lagos State Government will put concrete measures in place to ensure that its retirees do not fall victims.
“It is important to note that pension fraudsters are still out there, retirees must be vigilant and courageous not to sign negative deals; be wise,’’ Onanuga warned.
According to her, the commission in order to guide prospective retirees in the state public service between July and December also held a seminar on retirement benefits and documentation on June 8.
“The commission ensured that the 1,200 workers slated for retirement between July and December participated.
“The prospective retirees were equipped with retirement features and healthy lifestyles in retirement among others.”
Onanuga emphasised that it was the responsibility of the prospective retirees to study and master the features.
She said, for instance, a retiring employee ought to have signed up a PFA and his or her monthly contributions remitted into his or her Retirement Saving Account (RSA).
“Lagos State Government approved 13 PFAs for its workers, among them are AIICO Pension Managers, ARM Pensions, Leadway Pensure PFA and Nigerian Life and Provident Company (NLPC).’’  (NAN)

Continue Reading

Business

Traders Protest FG’s Move To Restore Festac Town

Published

on

The move by the Federal Government to restore Festac Town in Lagos to its original status has sparked up protest among traders occupying Agboju Amuwo Planks and Building Materials Market.
The traders on Wednesday, protested at the FHA office in Festac Town against the demolition of their market, following the demolition of illegal structures by the Federal Housing Authority (FHA) ahead of the restoration. 
The Tide recalls that there was a petition to the Minister of Works and Housing, Mr Babatunde Fashola, in 2020 about illegal structures that had taken over Festac Town.
Speaking at a stakeholders’ meeting on the restoration of Festac town organised by FHA, last year, its South-West Zonal Manager, Mr Akintola Olagbemiro, said, “This year, we commenced the restoration of Festac town, following the consent judgement from the court against illegal occupants of Festac land.
“Our action is to save the residents from the insecurity that has taken over the entire Festac town as a result of illegal structures everywhere”.
The chairman of allottees of First Gate to Third Gate, Mr Kole Olatunji, in his remarks at the meeting said the land from First Gate to Third Gate was allocated between 1985 and 1999, noting that with the consent judgment, original owners of the land as allocated should take over their plots.
But the chairman of plank market, Muhammed Bello, protested the seven-day notice given to traders to vacate the place without alternative arrangements.  
Bello said: “How do they expect us to remove our wares in seven days?
“What we want is that they should allow us to remain there and we will pay whatever amount they ask us to pay”.
Speaking in the same vein, the chairman of Cane Chair and Furniture Association, Emmanuel Okoye said: “We need freedom. Let them tell us where they want us to stay. That place was swampy. We filled the place with several millions of Naira which we got as loans.
“We also rely on loans to do our business. Whatever the government wants us to pay; we are ready to pay to remain there. We have been there for 27 years. What we lost to the demolition is over N300 million”.

Continue Reading

Business

Fuel Tanker Explosion Kills Five, Injures Two In Ogun

Published

on

No fewer than five persons were on Wednesday burnt to death, while two others sustained first degree of injury in a fuel tanker explosion at Ajilete, along Owode-Idiroko road, in Yewa South local government area of Ogun State.
Eyewitness accounts revealed that a truck bearing 33,000 litres of petroleum product was descending the steep portion of the road when its tank suddenly detached from truck’s body and tumbled to the ground with a bang.
The explosion, the witnesses said, killed five persons on the spot, while two other persons were injured.
The Tide learnt that the seven victims were all residents of the area where the accident occurred.
Confirming the incident, the Federal Road Safety Corps (FRSC) Commander, Idiroko Unit, Akinwunmi Olaluwoye, said five deaths were recorded in the accident which occurred at about 8.15 am on Wednesday. 
According to him, the remains of the dead had been claimed by their families.
He disclosed that a bus and a motorcycle were also caught in a web of the explosion and razed.
He said, “no vehicle rammed into the tanker. The tank dropped off from the back of the tanker and exploded. The number of persons involved are seven; five dead, two injured.
“The driver had taken away the head of the truck as at the time we got there. But we have allowed the police to take charge and handle that aspect”.

Continue Reading

Business

Travellers To Access $4,000  As CBN Boosts Forex Supplies

Published

on

Nigerians travelling abroad can now access a maximum amount of $4,000 foreign exchange from banks following the Central Bank of Nigeria’s (CBN) announcement to increase forex supplies.
The CBN had said in a recent statement that it had concluded plans to increase the amount of foreign exchange allocated to banks to meet legitimate needs.
This followed the warning by the CBN Governor, Mr Godwin Emefiele, to Deposit Money Banks to desist from denying customers the opportunity to purchase foreign exchange.
The purposes to access forex included Personal Travel Allowance, Basic Travel Allowance, tuition fees, and medical payments as well as Small and Medium Enterprises transactions or for the repatriation of Foreign Direct Investment proceeds, the CBN had stated.
Sources from some of the banks said those travelling on business trips could also access a maximum amount of $5,000 for each trip.
At a virtual Bankers’ Committee meeting last week, the bankers discussed how the CBN intended to assist with forex to ensure availability for the upcoming summer period and the return of students to school in September.
The CBN also said the BDCs would continue to have their weekly allocations.
The committee observed that the rates were going up.
It stated, “The CBN has said that all the banks must make availability at all times and anyone who wants to buy BTA, PTA, medical fees, student school fees and all the eligible invisible purchases to ensure that Nigerians are not forced to go and queue in the parallel market.
“So what the Central Bank is doing is to encourage all banks to make sure that there is available forex at all times, and that his information should be communicated on all our platforms.
“We are asking our customers to come to the branches and for BTA, for example, present the required documents, which are basically your international passport, your visa, your valid ticket and fill up the form in the bank.
“And what we have been instructed to do is ensure that we don’t turn anybody back and that we should request from the Central Bank once we exhaust the forex that we have.
“The idea is to have a hitch-free summer period and the resumption for children to go back to school. The idea is to ensure there is less pressure on the forex and then the rates will come down”.
Speaking during the virtual meeting, the Group Managing Director, Access Bank, Herbert Wigwe, said, “I think again as part of the Central Bank’s role in terms of price stability and the need to support small and medium enterprises, there was highlight of the need for banks to go and support SMEs who import small raw materials for them to set up their businesses”.
The Managing Director, Ecobank, Patrick Akinwuntan, said, “All banks are available to ensure forex need is met.”
Managing Director, Sterling Bank, Abubakar Suleiman, said the CBN had provided sufficient foreign exchange to meet the needs of all legitimate Nigerian travellers and therefore, the idea of going to any other market should not arise at all.

Continue Reading

Trending