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Pension Funds: The Untold Story

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The sharp disagreement in Enugu state now over the pension scheme funds has raised fundamental issues as to the exact percentage of a civil servant’s salary that should be deducted to fund the national contributory pension scheme.

In a bill to the state House of Assembly for the implementation of the scheme, the state government wants a 50/50 contribution with the government, a proposal that has kicked up dust among the stakeholders, especially labour unions.

Commenting on the matter during a public debate on the bill, Chudi Onah, representing the Trade Union Congress, said his union would not want the bill to be passed as presently constituted where the workers are to pay 50/50 pensions contributions with the state government, and insisted that government should pay 18% and workers five per cent.

In the past, an average retired civil servant literally wailed over the non-payment of his pension and gratuities. There were confirmed reports that some retired workers even died before their entitlements could be paid.

Apparently worried by public outcry, the Olusegun Obasanjo administration established the National Pension Commission (PENCO), with an Act by the erstwhile National Assembly, in order to give legal teeth to the commission. This was greeted with applause by the general public, especially the retirees.

Indeed, the contributions of Nigerian workers and employers to the contributory pension scheme now stand at over N84 billion, according to Dr Kabir Ahmed, Director-General of the pension commission.

Delivering a lecture entitled “Poverty Reduction, Social Security and Pensions Reform in Nigeria,” Dr Ahmed said the figure was the accumulated contributions as at now, and expressed happiness that with the pension scheme, the country has been able to build a pool of long-term financial resources.

Said he: “Pension funds play a key role in mobilising long-term funds which have contributed significantly in providing the base for capital formation investment that could spur economic growth in Nigeria,” He, however, noted that the resources (funds) so far mobilised were still in search of attractive investment opportunities.

But it is rather unfortunate that some states (such as Enugu) are yet to implement the pension scheme in spite of the awareness campaigns mounted by the federal authorities, thus hanging the fate of their retired staff in the balance.

This is said, to say the least! Worse still, a section of the private sector had also reportedly refused to implement the National Pension Scheme, for some inexplicable reasons, an attitude that is giving concern to the authorities of the commission, in view of the anticipated plights of the retired staff of such firms.

It is, therefore, imperative to ask the federal government to wade into the issue and prevail on such defaulting state governments and firms to implement the pension scheme, in order to lay a good foundation for their retired staff.

Agreed, there had been fears over the ‘safety’ of the funds so far contributed to the scheme. But the provisions of the Pension Act, squarely allay such fears, especially the various levels of risk involved in the management of the contributed funds.

Again, the federal authorities should rise to the occasion and direct some of the contributors (state governments) to remit promptly, their contributions to the contributory pension scheme. That way, the future of the retired staff would be assured.

Suffice it to say that one such way to implement the National Pension Scheme is for the National Assembly to step into the matter. This, it could do, by directing the committee concerned to work with the management of the National Pensions Commission.

That way, the committee would be able to identify the defaulting state governments, as well as a section of the private sector, and thereafter, roll out sanctions against such recalcitrant states and firms.

The future of the Nigerian retired worker must be protected and assured, no matter whose ox is gored. Yes, time has come when a retired worker should smile home rather than cry home. The contributions by employers of labour to the pension scheme, appears to be the only sure way.

All said, but when shall we stop to weep for the nation’s retirees for not getting their entitlements years after retirement from active service. Their plight must end one day!

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May Day: Labour Seeks Inclusiveness In Policy-making 

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The Organised Labour yesterday, called on the Federal Government to ensure inclusiveness in policy making and guide against erosion of rights, such as free speech and association.

The President, Nigeria Labour Congress (NLC), Mr Joe Ajaero made the call at the 2025 Workers’ Day celebration held at the Eagle’s Square, Abuja.

The Tide source reports Ajaero and the President, Trade Union Congress, Mr Festus Osifo delivered a joint statement on behalf of the organised labour at the event.

Ajaero described May Day as, not only a moment to honour workers’ sacrifices, but also a platform to demand justice and accountability from those in public office.

He frowned at the alleged suppression of protests, and the erosion of rights  of workers by some agents

According to him, workers have a duty to resist economic injustice, insecurity, and policies that undermine their dignity.

Speaking on the theme of the day, the NLC President underscored the need for Nigerian workers to reclaim the civic space and resist policies that contribute to worsening economic conditions.

“Our theme this year – “Reclaiming the Civic Space in the midst of Economic Hardship – reflects the urgent need for citizens to protect democracy and push back against repression.

“The civic space, where Nigerians express their concerns and challenge injustices is shrinking.

“If we fail to reclaim this space, the foundation of our democracy risks collapse,” he said

Ajaero, therefore,  urged workers to unite and resist division, fear, and despair.

He also urged them to mobilise and organise for change, declaring that the right to  demand better conditions is non-negotiable.

“Without workers, there is no society; without labour, there is no development. We must take our place in the fight for economic justice and democratic governance.”

Speaking in the same veins, Osifo said workers are the backbone of the nation—the educators, healthcare providers, builders, farmers, and innovators who sustain its economy -.

He stressed the need for the labour to reclaim the civic space even in the midst of economic hardship.

 

 

 

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2025 UTME: JAMB Disowns Site Requesting Payment From Candidates

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The Joint Admissions and Matriculation Board (JAMB) has disassociated itself from a fraudulent site requesting payments from candidates who missed the ongoing 2025 Unified Tertiary Matriculation Examination (UTME).

The board said that the site, “Copyrightwriter Personal J Rescheduling Flw” and account number 8520641017 at Sterling Bank, associated with it, are scam.

The disclaimer is contained in a statement made available to newsmen in Abuja on Thursday by the Board’s Public Communication Advisor, Dr Fabian Benjamin.

Benjamin said the account is being exploited to defraud unsuspecting candidates who missed their UTME.

“We issue this urgent notice to inform the public about this nefarious scheme targeting candidates who were unable to participate in the UTME.

“Some unscrupulous individuals are deceitfully soliciting payments of N15,700 under the false pretence of offering rescheduling services for the examination.

“Let us be unequivocal: this, it is a blatant scam, and we are confident that the public will not fall prey to such cheap and regressive tactics.

” The individuals behind this scam have no affiliation with JAMB or any legitimate government agency.

“The account details provided in these communications are entirely fictitious and bear no connection to any official processes; they exist solely for the purpose of perpetrating fraud,” he said.

Benjamin called on Sterling bank to take immediate and decisive action against this criminal activity.

According to him, JAMB has reported the matter to the relevant security agencies and actively pursuing those responsible for this deceitful act.

He further said that “JAMB does not reschedule examinations for candidates who miss their scheduled tests due to reasons unrelated to the Board’s actions”.

He, however, said that the Board is conducting a thorough investigation for candidates whose biometrics failed during verification and were thus unable to sit for the examination.

He said those without discrepancies would be invited to retake the examination at no cost , stressing that “no cost is required”

“It is imperative to understand that JAMB does not charge any fees for examinations after a candidate has completed their registration.

“We strongly urge all candidates to remain vigilant and not to succumb to these fraudulent schemes.

“Protect yourselves and report any suspicious activity immediately,” he explained.

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NDDC Seeks UN’s Support To Accelerate Niger Delta Development

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The Niger Delta Development Commission (NDDC) has expressed its willingness to partner with the United Nations (UN) to accelerate the development of the Niger Delta region.

Dr Samual Ogbuku, Managing Director of the NDDC, made the appeal in a statement issued by the commission’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama, in Port Harcourt on yesterday.

According to the statement, Ogbuku sought the UN’s support during his visit to the UN Resident and Humanitarian Coordinator (UNRHC), Mr Mohammed Fall, at the UN regional office in Abuja.

He called on the global body to provide the NDDC with technical assistance and expert services to support the region’s development.

“We are eager to collaborate with the UN, recognising that the state governments in the region and the NDDC alone cannot achieve the level of regional development required,” he said.

Ogbuku identified key areas where support would be needed, including the provision of portable and affordable drinking water powered by high-tech solar energy sources.

He also highlighted the importance of reforesting the mangrove swamps, which have been severely damaged by decades of environmental degradation caused by oil exploration in the Niger Delta.

“Although the NDDC has made progress in providing solar-powered streetlights across the region, we still require UN support in delivering solar energy solutions for residential buildings.

“We also wish to explore the possibility of installing solar mini-grids in homes across communities, which would boost local commerce and trade,” he added.

The NDDC managing director further appealed for increased UN involvement in areas such as healthcare, education, youth training, gender development, and food security.

Ogunku stated that such interventions would significantly enhance the standard of living in the region.

In response, Fall affirmed the UN’s readiness to collaborate with the NDDC to fast track development in the Niger Delta.

He assured that the UN would support initiatives in food security, job creation, education, and renewable energy, among other areas.

“We aim to approach development in the Niger Delta holistically, rather than focusing solely on environmental pollution.

“This is merely an entry point; however, the UN’s development vision aligns with the Sustainable Development Goals (SDGs), which are designed to positively impact various aspects of people’s lives,” Fall stated.

He assured the NDDC of continued and fruitful engagements to drive the region’s development.

 

 

 

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