Business

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

Published

7 years ago

March 29, 2019

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.

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

5 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.

Business

Customs Impound N2.35bn Cocaine, 15 Trailers of Rice

Published

5 days ago

May 13, 2026

The Tide

The Nigeria Customs Service (NCS), Federal Operations Unit (FOU) Zone ‘A’, Ikeja, has impound Cocaine Substance valued at ?2.35 billion alongside 15 trailer-loads of foreign rice and a wide range of contraband across the South-West.

This was disclosed to Newsmen during a press briefing in Lagos by Controller of the Unit, Comptroller Gambo Aliyu,

Aliyu revealed that the seizures were made over an eight-week period, underscoring intensified enforcement efforts.

According to him, operatives foiled 473 smuggling attempts within the period, leading to the confiscation of 8,794 bags of 50kg foreign rice, 22 used vehicles, 328 bales of used clothing, and 31,705 litres of Premium Motor Spirit (PMS).

He said other seized items include a Mercedes-Benz vehicle and various food products such as poultry, vegetable oil, spaghetti, and sugar.

Aliyu clarified that the rice displayed at the briefing represented cumulative interceptions made at different locations and times across the zone.

“All the rice you see here are accumulative of seizures carried out at different places, at different times, and through different interdictions,”

Beyond the economic implications, the Comptroller emphasized the social cost of drug trafficking, warning that narcotics continue to destroy families and fuel criminal activities.

“It may surprise you to know that many homes are broken due to drugs.

” Our mandate is to cut off the supply chain, and that is exactly what we are doing,”.

Similarly Customs operatives at the Gbaji outpost intercepted a 71 year-old suspect along the Lagos-Abidjan corridor with 6.35kg of cocaine concealed in a Toyota Highlander.

The drugs, comprising both powdered and crystalline forms, were valued at ?2.35 billion.

Under a special enforcement drive, codenamed “Operation Hawk,” the unit also seized 3,340 parcels of synthetic cannabis, popularly known as “Ghanaian loud,” weighing 1,540kg.

The substances, along with three suspects, have been handed over to the National Drug Law Enforcement Agency (NDLEA) for further investigation and prosecution.

In a related operation, officers intercepted four cylinders of mercury hidden in a vehicle along the same corridor. Aliyu described the substance as hazardous and subject to international regulation.

Overall, the Duty Paid Value (DPV) of the seizures stands at approximately ?5.5 billion, reflecting the scale of enforcement activities.

Additionally, the unit recovered ?97.7 million through Demand Notices issued on under-declared consignments.

Aliyu reaffirmed the Service’s commitment to deploying modern technology—including geospatial intelligence, drone surveillance, and real-time tracking—to strengthen border security and clamp down on smuggling networks.

CHINEDU WOSU

Business

Dangote, Nicolai Tangen To Partner In strategic sectors

Published

5 days ago

May 13, 2026

The Tide

Chief Executive Officer of Norges Bank Investment Management, Nicolai Tangen ( manager of the world’s largest sovereign wealth fund) has expressed interest in partnering with Dangote Group to expand investments across Africa, particularly in strategic sectors such as power, energy, renewable energy, agriculture, fertiliser and cement.

This was made known during a meeting of Chief Executive of Dangote Group, Aliko Dangote with Nicolai Tangen, the manager of Norwegian investment institution (with assets estimated at about $1.9 trillion) .

Also present at the meeting were Svein Tore Holsether, Chief Executive Officer of Yara International, and Terje Pilskog, Chief Executive Officer of Scatec, a global renewable energy company.

The engagement reflects growing international investor confidence in Africa’s industrial and infrastructure potential, as well as the increasing role of indigenous conglomerates such as Dangote Group in driving large-scale economic transformation across the continent.

Industry observers say the proposed collaboration could create significant opportunities for investments in critical sectors linked to energy transition, food security, industrialisation and infrastructure development.

The Norwegian sovereign wealth fund, regarded as one of the world’s leading institutional investors, has in recent years increased its focus on emerging markets, with Africa seen as a major frontier for long-term investment and value creation.

Analysts believe a partnership between Norges Bank Investment Management and Dangote Group could unlock substantial capital flows into infrastructure and industrial projects across Africa, helping to accelerate economic growth and regional integration.

Nkpemenyie Mcdominic, Lagos