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PENCOM Pays Pensioners N1.77bn Monthly – DG

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13 years ago

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The Director-General of National Pension Commission (PENCOM), Mr Muhammed Ahmad says that retirees under the Contributory Pension Scheme collect about N1.77 billion monthly as pension.

Ahmad stated this at a workshop with the theme entitled: “Effective Administration of Benefits under the Pension Reform Acts 2004” organised by the Commission for Journalists in Abuja.

He said that the retirees, numbering 54, 558 from both the public and private sectors, had also collected over N151.52 billion as lump sum on retirement.

“There are currently 54,558 retirees from the public and private sectors under the Contributory Pension Scheme that have collected over N151.52 billion as lump sum.

“They are also collecting about N1.77 billion as monthly pension while assets worth N2.94 trillion have been accumulated as at the end of September 2012.”

According to Ahmad, about 5.28 million Nigerians have been registered on the scheme as at September 2012.

The director general said that the recapitalisation of the Pension Fund Administrators (PFAs) from N150 million to N1 billion was successfully accomplished.

He said that the commission had taken legal action against employers that have not complied with the Act.

Ahmad said that the informal sector ‘received a major boost with the commission’s appointment of about 124 Recovery Agents.

“The Commission’s regulatory and supervisory risk-base and consultative, investment regulation and supervisory philosophy is being reviewed to allow for multiple funds.”

The director general said that the commission has set December  2012 for the opening date of the Retirement Savings Account (RSA) transfer Clearing System Application.

According to him, the Commission has issued the regulation for the transfer of RSA and that the document is on its website.

“The RSA Transfer Clearing System Application which will be used to coordinate the processes relating to transfer of RSAs is being developed and tested to ensure that it meets the capacity and robustness required.

“As part of the implementation of opening the transfer window, the PFAs and PFCs will participate in various workshops geared to ensure their full understanding and participation in the transfer process, before the window opens.”

Ahmad said that the Commission was also engaging state governments in the implementation of the Contributory Pension Scheme.

He said that the Commission also obtained the approval of the Debt Management Office (DMO) to ensure that state governments seeking to obtain bonds key into the Contributory Pension Scheme as a condition for obtaining the bond.

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NPA Assures On Staff Welfare 

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2 days ago

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June 27, 2025

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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
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ANLCA Chieftain Emerges FELCBA’s VP

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2 days ago

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June 27, 2025

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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
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NSC, Police Boost Partnership On Port Enforcement 

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2 days ago

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June 27, 2025

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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
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