Business

Lawmaker Wants Transparency In Pension Fund Management

Published

6 years ago

March 9, 2020

Speaker, House of Representatives, Hon. Femi Gbajabiamila yesterday in Abuja called for integrity and transparency in the management of pension funds.
Gbajabiamila made the call during a three-day public hearing/investigation held for stakeholders on the non-remittance of pension contributions by the employers.
The public hearing was also to investigate delays of payment of pension entitlements to retirees by pension fund administrators, non adherence, and compliance to the provisions of the pension reform Act 2014 by relevant government authorities.
The speaker, represented by the Chief Whip of the House, Hon. Mohammad Monguno, said the Contributory Pension Scheme could boost the economy if well managed.
Gbajabiamila said the smooth operation of the scheme was important so that workers would not retiree and find it difficult to access their retirement benefits.
The Chairman, House of Representatives Committee on Pensions, Hon. Kabiru Rurum said the public hearing was aimed at finding solutions to the problems confronting the scheme.
He said the national assembly was concerned with alleged mismanagement of pension funds and ill-treatment of retirees.
The acting Director-General of the National Pension Commission (PenCom), Hajiya Aishat Umar, attributed delay in the payment of pensions to federal government employees to the nonpayment of accrued rights.
“There are three components of the retirement savings account which are contributions, accrued rights and the yield on investment, they are to be consolidated before payment to retirees,’’ Umar said.
She said the number of contributors grew from 8. 14 million to 8.89 million as at December 2019.
Umar added that the total pension fund assets grew from 8. 64 trillion as at December 2018, to 10. 22 trillion as at December 2019, with an average monthly contribution of N131.69 billion in 2019.
She disclosed that more than 308, 298 people had retired under the scheme as at December 2019 and were currently being paid pension.
Umar said there were 957 Federal Government Ministries, Departments and Agencies (MDAs) under the CPS, comprising of 845 treasury funded MDAs and 112 self funded MDAs.
“The Federal Government was yet to implement the new rate of pension contributions in respect of employees of treasury funded MDAs from a minimum of 7.5 per cent to 10 per cent.”
According to Umar, there are 236, 676 private companies under the Scheme.
She said that the commission had developed a framework for recovering unremitted pension contributions with penalty from defaulting employers.
“The framework entails review of pension records of employers to determine unremitted pension contributions as well as incidences of late remittances.
“The commission had between July 2012, to January 2020 recovered the sum of N17. 054 billion,comprising unremitted principal contributions of N8. 644 billion and penalties of N8. 409 billion from 655 employers.”
The acting director-general said that the commission had a framework for the regime of sanctions and penalties for securing compliance with the Pension Reform Act ( PRA) 2014.
“The application of the sanctions regime has proved very useful in ensuring private sector compliance.
“From inception of the CPS to December 2019, the commission has received 3, 595 complaints on non- remittance on pension contributions and 2, 646 were resolved while the remaining 949 complaints are at various stages of resolution,” she said.
Umar said that not all states in the country had implemented the Scheme.
She also said that the commission’s principal objectives were to regulate, supervise, and ensure the effective administration of pension matters and retirement benefits in the country.
The commission is also empowered to establish uniform set rules, regulations, standard for the administration and payment of retirement benefits.

Business

SMEs Dev: Firms Launch N100m Loan Scheme

Published

31 minutes ago

March 30, 2026

The Tide

The Coalition of Microlending and Cooperative Institutions in Nigeria (COMCIN), the umbrella body of non-bank microfinance institutions and cooperative societies in Nigeria, in partnership with NEAT Microcredit, has unveiled a N100 million joint loan facility aimed at supporting small and medium-scale enterprises (SMEs) across the country.

The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.

The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.

Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.

“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.

He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.

According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.

“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.

Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.

He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.

“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.

He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.

“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.

Business

Yenagoa’s Radisson Hotel Ready December — NCDMB, Other

Published

31 minutes ago

March 30, 2026

The Tide

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has expressed confidence that the five-star Radisson Hotel and Conference Centre, Yenagoa, Bayelsa State, would be completed and commissioned this December .

He said this while addressing visiting top executives of Edison Corporation and Megastar Technical and construction company at the conclusion of a one-day project management tour and workshop at the headquarters of the Nigerian Content Tower (NCT), Yenagoa, weekend.

The Board in a statement from the Directorate of Corporate Communications said all other stakeholder assured of the delivery of world-class services in the hotel upon it’s completion.

Ogbe described the hospitality facility as a top priority project of the Board whose progress he would be following up every day and week.

“This project is critical to the Board, critical to Yenagoa, Bayelsa State and Nigeria. With this hotel becoming functional at the end of the year, I believe there will be tourism in Bayelsa State, and that’s one of my dreams.

“When I took up this job as Executive Secretary in December 2024 I said I must make this hotel work”, the NCDMB boss said.

He commended the team from Edison Corporation and the project contractor, Megastar Technical and Construction Company, for the quality and pace of work, adding “much is required from the Management to meet up the schedule delivery

“Most of the critical aspects of the project have been resolved in terms of mark-up room, scope of work in terms of financing and contracting strategies”

The Board’s Scribe said he was sure all hands would be on deck to ensure that work proceeds unhampered.

In his remarks, the Chief Executive Officer of Edison Corporation, Mr. Vivian Reddy, said the team from Edison Hotel Group was very excited to come into a contractual arrangement with NCDMB, assuring the project will put the city on the world map.

“What is so important with the group Radisson International is that, if anyone around the world looks for Radisson Yenagoa, they will see this place pop up, and it’s going to help to uplift the area in terms of visitors and tourism.

“Our role is to make sure we deliver a world-class quality hotel from start to finish. We will open the hotel, we’ll furnish it. We’re working with the main contractor to make sure the facility meets world-class standards”, he said.

Speaking on the sealing of the contractual deal with the NCDMB, he noted it took great efforts, saying “getting Radisson in the agreement was not easy, and it took several months and cumulative one and a half years of discussions and documentation”.

The Edison boss, who is reputed to be the first South African businessman to lead a high-level business delegation from that country to Nigeria during the tenure of President Thabo Mbeki in 1999, was full of commendation for the NCDMB boss, describing him as “a great and visionary leader”.

“The vision and dream of the Executive Secretary of the NCDMB are going to become a reality. We’re going to help him and make it a reality and it’s going to be the best hotel in this region”, the boss noted.

Mr Reddy also commended the project contractors and professional teams involved, stating that his team has every confidence in their technical competence.

By: Ariwera Ibibo-Howells, Yenagoa

Business

RIRS Sets Tomorrow As Deadline For Individual Tax Returns Filing

Published

31 minutes ago

March 30, 2026

The Tide

The Rivers State Internal Revenue Service (RIRS) has set tomorrow as the deadline for the filing of all Annual Individual Income Tax Returns for all taxable residents of the state.

This was contained in a public notice by the Service to the taxable residents of the state in compliance with statutory provisions.

The notice was signed by the Executive Chairman of the agency, Sir Israel O. Egbunefu, and made available to the public in Port Harcourt recently.

Egbunefu stated that the directive was in line with the provisions of the Nigeria Tax Administration Act 2025, which mandates individuals to declare their income for the preceding year of assessment.

According to the notice, the obligation covers all categories of income earners, including employees in both the public and private sectors, self-employed individuals, business owners, and professionals operating within the state.

The agency reiterated that the timely filing of tax returns remains critical to promoting transparency, accountability and efficient tax administration in Rivers State.

It further noted that compliance with tax obligations plays a vital role in enabling the government to meet its developmental goals and provide essential public services.

RIRS urged all eligible taxpayers to ensure that their 2025 tax returns are properly completed and submitted through its approved channels before the stipulated deadline .

The Service warned that failure to comply with the directive may attract penalties and other sanctions as prescribed by relevant tax laws.

It also stated its commitment to enforcing compliance while maintaining a taxpayer-friendly approach in its operations.

Taxpayers requiring assistance were advised to visit any RIRS office or access its official platforms for guidance on the filing process.

The agency assured residents of continuous support, including professional advisory services, to facilitate a seamless and stress-free compliance experience.

The notice forms part of ongoing efforts by the Rivers State Government to strengthen revenue generation and enhance voluntary tax compliance across the state.

Residents are therefore encouraged to take advantage of the available support systems and meet the deadline to avoid unnecessary penalties.

By: King Onunwor