Nation
Stakeholders Hail Senate’s Move To Review Pension Reform Act
Some stakeholders have commended the move by the Senate to review the lump sum paid to retirees from their savings from 50 per cent to 75 per cent.
The stakeholders, who spoke in separate interviews with newsmen in Ibadan yesterday Thursday, described the move as a welcome development.
Dr Victor Makanjuola, National President, Medical and Dental Consultants’ Association of Nigeria (MDCAN), said that most retirees felt cheated with the returns from their Pension Funds Administrators (PFAs).
Makanjuola said that this had informed the demand for the upward review of the retirement funds.
He said: “After the initial 50 per cent lump sum, what retirees get each month subsequently is peanut, despite the number of years that retirees had made the savings.
“But, with the upward review, it will be possible for retirees to get 75 per cent and invest it on ventures that will yield lots more than what the PFAs will be giving to them.
“It is a good thing because it will make lots of retirees get better value for their money,” he said.
Makanjuola, however, noted that the move to increase the lump sum to retirees had its pros and cons.
“For instance, there may also be some retirees who will invest wrongly or squander their money and are left with just 25 per cent for the rest of their life.’’
He, however, said the latest would be of great benefit to those who invested their monies wisely because of the meager yield from PFAs.
Also, Mr Wale Akinremi, Chairman, Senior Staff Association of Nigerian Universities (SSANU), University of Ibadan chapter, told newsmen that the move was in the right direction.
Akinremi said that the prevailing economic situation in the country called for the upward review.
“When you look at the current monetary policy in Nigeria, devaluation of currency and all that, they affect the value of what retirees get.
“It is indeed an answer to the yearnings of the workers, as they have been at it for quite a while,’’ he said.
Mrs Abiola Mapaderun, a civil servant in Oyo State, also lauded the initiative, saying that it would bring succour to retirees, considering the economic situation in the country.
It was gatherd that Sen. Aliyu Wamakko, representing Sokoto North senatorial district, had sponsored the bill to amend the Pension Reform Act 2004 to grant retirees access to 75 per cent of their pension savings.
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Haniel Jack Foundation Awards Five Rivers Indigenes Scholarship
The Ibanibo Haniel Jack Foundation has awarded scholarships to five Rivers State indigenes in different tertiary institutions.
The scholarship programme was announced on Easter Sunday by Rev. Dr. Samuel Wachukwu, who is also the presiding pastor of Redeemer Baptist Church, at No. 44/46 Lumumba Street, Mile Two Diobu, in Port Harcourt.
Speaking, the chairman of the occasion, Barrister Karibi George, advised the recipients to justify the scholarship by ensuring that they put in their best and finish at the expected time.
George reminded them that opportunity comes but once and they should take advantage of the opportunity that comes their way judiciously.
“Those of you who are beneficiaries of this scholarship should also remember to help others and the resurrection of our Lord Jesus Christ.
“I advise you to justify the opportunity given to you and make the man who gave you the scholarship, yourself, and your family proud,” Barrister George said.

He explained that the scholarship spans undergraduate and postgraduate levels in various high institutions in Nigeria. He thanks Sir Jack for the gesture.
The scholarship is to promote education in our society, most especially for Rivers indigenes, and equally assist those who cannot immediately afford tuition fees.
It will interest you to know that
The scholarship was borne out of God’s blessings, and this is a way to give back to the society. Besides, two of the beneficiaries are direct employees of the chairman of the foundation, sir.
Ibanibo Haniel Jack, who is also the chief executive officer (CEO) of White House Hotel, in Port Harcourt.
Chief Prezi Diffa, while presenting the awards, commended Sir Ibanibo Haniel Jack, who has deemed it necessary to give back to society.
Chief Diffa equally advised the beneficiaries to take their academics seriously and count themselves lucky.
“The man who has given you this scholarship wants to better your lives, so please put in every effort to ensure you finish the school with flying colors,” Chief Diffa said.
The beneficiaries are Isoboye Haniel Douglas, Naomi Douglas, Charles Batubo, Ajé Sokari, and
Dakoru Owen Amachree.
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