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Micro Pension Plan To Reduce Old Age Poverty By 85% -PenCom Boss

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7 years ago

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The National Pension Commission (PenCom) has said that the inauguration of the Micro Pension Plan (MPP) would ensure a significant 85 per cent reduction in old age poverty in Nigeria.
PenCom’s Director-General, Aisha Dahir-Umar, said this at the official inauguration of the plan in Abuja yesterday.
Dahir-Umar added that the launch of the plan was a first time window of opportunity opened to self-employed Nigerians and those working in the informal sector to participate and enjoy benefits in the Contributory Pension Scheme (CPS).
She said that the MPP was a win-win situation as it aligned with the current social empowerment programmes of the Federal Government.
She further said that the plan sought to ensure, in the long term, the sustainability of the benefits of the employment programme for participants, who might seize the opportunity to save for old age.
According to her, the plan is targeting the majority of Nigeria’s working population already operating in the informal sector.
Participants in the pension plan are expected to be informal sector workers such as market women, members of the National Union of Road Transport Workers (NURTW), members of the Textile, Garment and Tailoring Associations, as well as members of the Keke Napep and Okada Riders Associations.
Butchers, mechanics, performing artistes, lawyers, and accountants are among some of the other informal sector workers expected to participate in the pension plan.
She also said that the MPP should significantly expand pension coverage to a greater number of Nigerians and generate additional long term funds for economic development.
Dahir-Umar explained further that access to accumulated contributions by contributors would be flexible, seamless, and facilitated by technology through varied payment platforms.
She added that a prospective MPP contributor would be required to open a Retirement Savings Account (RSA) with a Pensions Fund Administrator (PFA) of his or her choice.
“The contributor may make contributions daily, weekly, monthly, or as convenient to them.
“Every contribution shall be split into two, comprising 40 per cent for contingent withdrawal and 60 per cent for retirement benefits.
“The contributor may, based on need, periodically withdraw the total or part of the balance of the contingent portion of the RSA, including all accrued investment income.
“The contributor may also choose to convert the contingent portion of the contributions to the retirement benefits portion.
“The remaining balance in RSA shall be available to the contributor upon retirement or upon attaining the age of 50 years,’’ Dahir-Umar explained.
She said that the commission had established a separate department dedicated to the supervision of all matters relating to MPP, adding that its objective was to ensure efficiency, effectiveness, transparency, and accountability in service delivery.
According to her, the commission will continue to collaborate with relevant stakeholders to enlighten the target participants and the public on the features and benefits of the micro pension plan.
The PenCom director general further explained that the commission had issued a robust set of guidelines on the MPP, pursuant to the provision of Section 2, Sub-section 3 of the Pension Reform Act 2014.
She said the pension fund operators have, in pursuant to the guidelines, put in place appropriate structure and trained manpower to ensure adequate coverage and provision of excellent customer service to the MPP participants.
The Secretary to the Government of the Federation, Mr Bose Mustapha, said the inauguration of the plan was another milestone in the development of the country’s pension system.
Mustapha said that the Federal Government adopted the contributory pension scheme because of its obvious advantages, its sustainability, and its robust institutional framework, which could eliminate corruption.
He said though the implementation of the micro pension plan would not increase pension assets within a few years, it would increase the quantum of pool of investible funds available to drive economic growth.
Mustapha said that the guidelines issued by PenCom for the MPP established a uniform set of rules for operational modalities of the micro pension plan and defined roles and responsibilities of all stakeholders.

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PENGASSAN Tasks Multinationals On Workers’ Salary Increase 

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4 days ago

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December 8, 2025

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The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked companies in the oil and gas sector to undertake urgent review of salaries of their workers in view of the prevailing harsh economic conditions in the country.
Also, the pensioners of Chevron Nigeria, under the aegis PenCoN, have lauded the President of PENGASSAN, Comrade Festus Osifo and his executive on their unrelenting efforts toward addressing pension abnormalities faced by retired workers in the oil and gas industry.
The association also appealed to the federal government to take necessary measures to check banditry and terrorist activities in parts of the country.
PENGASSAN President, Osifo who addressed journalists shortly after the National Executive Council meeting of the association in Abuja, at the weekend, said that though a lot of success has been recorded in negotiating salary reviews for its members, there are still organisations that have failed to lift their workers from the present harsh economic situation.
He said within this period, PENGASSAN has signed numerous Collective Bargaining Agreements (CBAs) which has brought smiles to the faces of its teeming members.
“This is because we recognise that our job, literally, is how to protect the job of our members, and how to enhance their pay,” he said.
Osifo said that operators in the oil and gas sectors always go for the best qualified professionals to carry out their operations.
“So, the same way they recruit the best, we also challenge them to provide the best condition of service and provide the best remuneration.
“Yes, today, a lot of companies will have achieved successes, but there are still few that we are still discussing at their CBAs, that we are not yet there.
“We still use this opportunity to call on these companies that are still foot dragging, that are still holding back, even with the massive devaluation that has occurred in our country, that still don’t want to fix the remuneration of our members.
“We are calling on them to do the needful, because for us in PENGASSAN we will push without holding back. We will push, using everything in our arsenal, to ensure that the needful is done,” he said.
Osifo spoke of the dispute with the Dangote Refinery group, saying there are still pending issues to be resolved.
“Gentlemen of the press, during the networking session, we also looked at the issues that are plaguing some of our branches, and you know that recently, we had some challenges in Dangote Refinery and PetroChemicals Ltd.
“And within this period, since our last National Industrial Action, we have been engaging them in a lot of conversations, but the issues are not fully resolved. There are still a lot of pending issues.
“Yes, the NEC decided that, yes, let us still consummate that process by pushing those issues, by engaging in dialogue to resolve the issues, and by also engaging all our social partners and stakeholders to get the issues resolved,” he said.
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SEC Unveils Digital Regulatory Hub To Boost Oversight Across Financial Markets

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4 days ago

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December 8, 2025

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The Securities and Exchange Commission (SEC) has launched the Regulatory Hub, a new centralized digital platform designed to streamline collaboration, strengthen oversight, and improve transparency across Nigeria’s financial and capital market ecosystem.
The Commission disclosed this in a statement posted on its website.
According to the commission, the platform connects key regulatory and security institutions including the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC), enabling them to exchange information securely and in real time.
The launch of this regulatory hub comes ahead of the implementation of new tax laws in January 2026, with agencies such as the FIRS spreading its tentacles across sector to monitor compliance.
According to the SEC Director-General, Emomotimi Agama, the launch marks a significant step toward modernizing Nigeria’s regulatory framework through technology.
“The Regulatory Hub is a major step in our commitment to leverage technology for stronger regulatory synergy. By connecting regulators on one platform, we are building resilience, enhancing market integrity, and promoting investor confidence,” he said.
The SEC said the platform would help reduce bottlenecks in regulatory processes and facilitate faster, more informed decision-making across agencies.
Reinforcing the DG’s comments, the Executive Commissioner, Operations, Bola Ajomale, highlighted the operational benefits of the new system.
“The platform will significantly improve the timeliness and quality of regulatory decision-making. It provides a single window for regulators to share data, respond to requests, and collaborate seamlessly in safeguarding our financial and capital markets,” he said.
The commission believes the Regulatory Hub would support its broader mandate to strengthen investor protection, enhance market stability, and harmonize regulatory activities across the financial sector.
It urged stakeholders to initiate interest by emailing the Commission, adding that once registered, participants would be able to access the Hub and take advantage of its features.
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NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products 

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4 days ago

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December 8, 2025

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The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing circulation of banned food products across markets in the country.
The agency, in a Press Release dated 6 December 2025, warned that these items including pasta, noodles, sugar and tomato paste are expressly listed on the Federal Government’s Customs Prohibition List and are illegal to import.
NAFDAC stated that the sale and distribution of such prohibited items violate national trade laws, compromise the integrity of Nigeria’s food control system, and pose significant public health risks, as they have not undergone the agency’s mandatory safety and quality evaluations.

Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.

The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.

The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.

“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.

NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.

By: Lady Godknows Ogbulu
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