Business

PenCom Approves 6,851 Annuity Retirement Plan In Q4,2017

Published

7 years ago

September 12, 2018

The National Pension Commission (PenCom) says it has approved 6,851 applications for annuity retirement plan in fourth quarter of 2017.
According to the commission, the number brings to 48,539, the total number of retirees receiving their retirement benefits via annuity.
The commission in its 2017 fourth quarter report posted on its website, said the 6,851 retirees received N6.32 billion as lump sum payment while their annuity premium of N35.77 billion was paid to insurance companies
PenCom said the amount was N60.29 billion and N241.62 billion as lump sum payments and annuity premium respectively.
PenCom said the retirees were receiving average monthly annuity of N2.53 billion as at the end of December, 2017.
On retirees on Programmed Withdrawal (PW), it said that total number of retirees currently receiving their pensions under PW increased from 165,740 in the previous quarter to 174,512 in the fourth quarter, 2017.
“This represents 5.29 per cent (8,772) increase from the total retirement recorded via the PW,” it noted
The report said the breakdown of retirees under the PW during the quarter of 2017 showed public sector having 68.91 per cent (6,045) of the retirees and private sector, 31.09 per cent (2,727).
It showed that 8,772 retirees were paid N21.74 billion as lump sum and N0.28 billion as monthly programmed withdrawals.
According to the report, 174,512 retirees have been paid 448.90 billion as lump sum and N5.91 billion as monthly programmed withdrawals from inception of CPS to the quarter under review.
On Withdrawal of 25 per cent of Retirement Saving Account (RSA), the commission said approval was granted for payment of N6.54 billion to 17,828 RSA holders.
According to the report, RSA holders are under 50 years, disengaged from work and unable to secure another job within four months of their disengagement.
It said the cumulative total number of disengaged RSA holders who were paid 25 per cent was 250,293 and paid N82.57 billion from inception to the quarter under review.
According to the report, further analysis shows that the private sector accounts for 95.40 per cent (238,786) while the public sector accounts for 4.60 per cent (11,507).
On approval of death benefits, the commission said that it approved payments of N9.20 billion to the families of 2,028 deceased employees during the four quarter under review.
This figure, PenCom, said moved the cumulative death benefit payments to N138.90 billion, including life insurance of 44,879 of employees who died, both in private and public sectors.

Business

NPA Assures On Staff Welfare

Published

4 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

4 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

4 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