The new pension scheme in the country has been described as being of critical importance to workers’ welfare, the growth of firms and development of the national economy.
The Managing Director and Chief Executive Officer, Oak Pensions, Mr. Mike Olayinka, stated this during the company’s Customers’ Forum, held at the Secretariat of Ado-Odo/ Ota Local Government, Ogun State, on Wednesday.
According to him, pension addresses the anxiety of workers, provides a pool of large funds for long-term investments, just as it has become a key instrument in budgetary provision by the government.
He said, “Pension is very critical to the development of the nation in two principal ways and two other ways. It brings about long term fund that can be made available for long term projects. As at the end of the last quarters, March 2010, the pension asset under the new scheme stood at N1.6 trillion and we have about 400million retirement holders nationwide.
He also spoke on the scheme’s impact on the lives of workers.
Pension, according to Olayinka, “Also addresses the anxiety that current workers have. In most cases, they cannot concentrate on their jobs because they are constantly thinking of ‘when I leave the job’ and ‘what will become of me, among others’.
He added, “Now 7.5 per cent of their basic transport and housing is being forcefully paid under the law for them, and the employer adds another 7.5 per cent: that is 15 per cent of their basic transport and housing. If you look at that over a number of years, by the time someone retires after 35 years in service or 55 or 60 years, the pension must have reasonably grossed up, and the person can get on to do whatever he wants to do.”
On its economic importance to the nation, Olayinka said pension had become “a line on the budget that the Federal Government must make provision (aside) for.”
According to him, “As at last year, N600 million was made available for pension. This will continue. Pension has become a steady source of long-term fund for the development of the country and I think very soon, long-term projects like railways, roads, infrastructural facilities will go on pension assets and pension fund under management.”
However, he said there was still scepticism among Nigerians on the benefits, propriety and fidelity of pension fund administrators.”
Accordingly, he said the customers forum was to enable the company know its customers, listen to their concerns and assure them of the company’s fidelity and commitment to their welfare and interest.
NSE Begins Week On Negative Note, Loses N19.49bn
The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.
… Introduces TIES To Boost Business Loan
The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.
CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions
The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.
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