News

Relatives Of Deceased Pension Contributors Get N82bn –PenCom

Published

8 months ago

February 10, 2025

The National Pension Commission has disclosed that about N82.22billion was paid in death benefits to 10,451 relatives (next of kin) of deceased pension contributors in 2024.
This is according to the latest Pension Industry Information Dashboard.
The figure represents a 40.3 per cent increase from the N58.6billion paid in 2023, affirming the growing financial impact of the pension scheme in providing support for families of deceased contributors.
An analysis of the data shows that death benefits have consistently increased over the years.
In 2020, a total of N31.09bn was paid to 6,731 next of kin, while N42.83billion was disbursed in 2021 to 8,327 beneficiaries.
The figure rose to N59.6billion in 2022, covering 10,631 cases, before reaching N58.6billion in 2023 for 9,836 next of kin.
The latest increase in 2024 follows a rising trend in benefit payments, which suggests higher compliance with the Contributory Pension Scheme and growing awareness among contributors about ensuring their next of kin receive entitlements upon their demise.
In addition to death benefits, total pension payouts across various categories remained substantial in 2024.
The monthly programmed withdrawal scheme, which allows retirees to access funds at regular intervals saw a cumulative N114.5billion disbursed as of Q3 2024.
The retiree life annuity system, which ensures a steady income for pensioners, recorded N689.4billion in premium payments.
Meanwhile, lump-sum payments, which grant retirees a portion of their savings upon retirement, stood at N83.73billion, covering 19,481 retirees in 2024.
The number of retirees opting for lump sums has reduced compared to previous years, indicating a preference for structured withdrawals in line with long-term financial planning.
The pension industry continues to grow, with cumulative pension contributions reaching
Public sector contributions accounted for N5.71trillon (52.1 per cent), while private sector contributions stood at N5.25trillion (47.9 per cent).
The industry also recorded a steady increase in Retirement Savings Account registrations, with 10.54million registered accounts as of Q3 2024.
The year saw 118,339 new RSA registrations, reflecting the growing adoption of the scheme and sustained efforts at pension inclusion.
The Micro Pension Plan, which was introduced in 2019 to cater to workers in the informal sector, also saw increased participation.
By Q3 2024, the total number of micro pension registrations stood at 164,031, with savings reaching N967.19million, an increase of N878.07million from 2020.
The figures highlight the growing recognition of pension security among informal sector workers, despite economic challenges.
The report also shows that payments under accrued rights, which cover pension entitlements for Federal Government employees who were part of the old pension scheme before the CPS was introduced in 2004, remained steady.
A total of N61.71billion was disbursed to 14,873 beneficiaries in 2024, ensuring continued financial support for retirees transitioning to the contributory scheme.
Meanwhile, the RSA transfer system, which allows contributors to switch pension fund administrators once a year, has recorded increased activity.
As at Q3 2024, a total of N1.26trillon had been transferred since inception, with 67,146 RSA transfers recorded in 2024.
The figures suggest greater awareness and competition among pension administrators, as contributors seek better returns and service delivery.
Despite steady growth in pension assets and contributions, economic conditions and inflationary pressures continue to influence the pension industry.

News

Group Doles out N13m To Market Women In Isiama

Published

3 days ago

September 22, 2025

Uchechukwu Okwum

The peaceful Town of Isiama in Andoni Local Government Area of Rivers State was at the weekend agog with activities following the donation of over N13million to market women by Engr. Justus Ngerebara in partnership with Fast Track Development Initiatives, a non-governmental organization, as part of its first phase empowerment programme.

According to Justus Ngerebara, who is also the Executive Director of the organization, the women, numbering 108, will receive various sums based on their business proposal.

He stated that the organization will carry out an annual review of the performances of the beneficiaries, with a view to rewarding those who put the money into good use.

According to him, the initiative was a collaborative effort between himself and his wife, Dr. Unyime Ngerebara, in partnership with Fast Track Development Initiative (FDI), an organization committed to youth capacity building and community development.

He said the family believe deeply in the transformative power of women’s empowerment as a catalyst for economic growth, especially in rural communities.

“As the saying goes, when you empower a woman, you empower a community. This truth resonate strongly with us, knowing that empowered women uplift households and inspire generational change”, he stated.

Ngerebara described the programme as the beginning of more things to come and urged the beneficiaries to view the gesture “as a reflection of our deep love for the community and our commitment to easing the burdens of economic hardship.

“We encourage you to invest wisely, channel these resources into your business not frivolities.

“We will continue to follow up with each participant to monitor progress and Offer guidance.

“It is our goal to see thriving business, creative solutions to households hunger and a ripple effect of prosperity through Isiama.

“We also call on the men to stand beside their spouses, offering support and encouragement to ensure these resources are maximized for growth”, he said.

In an interview, Ngerebara said the second phase of the empowerment programme will start very soon, stressing that since inception the organization has done so much for the community.

He listed some of the programmes carried out by the group in the community to include the installation of solar powered lights, and solar powered water.

While declaring the event open, a former coymmissioner for Works in Rivers State, Engr. Sampson Ngerebara, described the event as the first of its kind in the community.

Engr. Ngerebara said the programme will go a long way to improve the conditions of not only the beneficiaries, but also the entire Isiama Community.

He also charged them against wasting the resources on frivolities, adding that their success will attract more of such empowerment programme to Isiama community

Giving a brief talk on women empowerment, a lecturer at the Ignatius Ajuru University of Education, Dr. Awajimogobo Felix MacLean, warned the beneficiaries to justify the effort of the donor by avoiding wastages.

Dr. MacLean also urged them to be consistent in their line of business as well as avoid unnecessary competition.

She also stressed the need for them to network among themselves, while working out ways of helping the community to develop.

Guest of Honour at the occasion, Professor Uriah Oboada Alafonye, said Engr Justus Ngerebara, the initiator of the programme, has set a standard for present and future generations of leaders both in the community and the rest of Andoni to follow.

Prof Alafonye who is of the department of Arts Education, Ignatius Ajuru University of Education, also appealed to the beneficiaries to seize the opportunity provided by the programme to reduce poverty in the community.

Speaking, one of the beneficiaries, Mrs. Hebron Mercy Fyneface, a crayfish seller and an interior designer, said it was the first time she was receiving such gesture from any organization or government.

She thanked Engr Justus Ngerebara for remembering the women of Isiama and urged others to emulate him.

By: John Bibor

News

Fubara’s Return Excites NCSU … As Hope Rises For Civil Servants

Published

3 days ago

September 22, 2025

Uchechukwu Okwum

The umbrella body of civil servants in Rivers State, the Nigeria Civil Service Union(NCSU) has expressed delight over the lifting of emergency rule in the State and the return to office of Governor Siminalayi Fubara, his deputy, Prof Ngozi Nma Odu and members of the State House of Assembly, saying, the development portends good omen for workers, the people and the State.

The Rivers State Chairman of NCSU, Comrade Chukwuka Richman Osumah, who gave the indication in an interview in Port Harcourt, said the return of the Governor to office portends good omen and better days for civil servants in particular, stressing that the union heartily welcomes the Governor back to office, to resume his good works in the State, after six months of the emergency rule, as well as his deputy and members of the House of Assembly.

He noted that civil servants in the State are not only elated over the development but are also full of hope that the Governor would start from where he stopped in attending to their welfare needs.

He contended that the political crisis that recently engulfed the State and the six-month emergency rule had for over one year pulled the State backwards, but expressed delight that a permanent solution has been found to stem further political upheavals in the State, and thanked President Bola Ahmed Tinubu for making this possible; the Minister of the Federal Capital Territory and leader of the State, Chief Nyesom Wike; Governor Fubara; Speaker of the State House of Assembly, Rt Hon Martin Amaewhule; members of the House; and other stakeholders for agreeing to amicably resolve all contending issues.

The labour leader said this is the right time for all political gladiators in the State to bury the hatchet, work together and embrace peace and genuine reconciliation in the overall interest of the State.

He described as too hasty the resolution of the House, mandating the Governor to present a supplementary budget to it, and pleaded with members of the House to be calm, to tread with caution, and harmoniously work with the Governor.

He said the return of democratic governance in the State would fast-track progress and development in the State, and enjoined the people of the State, particularly civil servants to continue to give their support and cooperation to the Fubara administration.

Osumah expressed optimism that Governor Fubara would give prompt attention to challenges facing civil servants in the State, being a former civil servant himself, stressing that the workers truly have hope, now that the Governor has returned to office, and knowing the kind of Governor he is.

According to him, he is going to look into the controversial and contentious contributory pension scheme; rehabilitation of the State Secretariat Complex; recruitment into the state civil service; extension of service and retirement years for civil servants; provision of vehicles to industrial unions; as well as provision of befitting staff quarters for civil servants; among others.

News

NDDC Organizes ADR Capacity Building for Staff

Published

3 days ago

September 22, 2025

Uchechukwu Okwum

The Niger Delta Development Commission (NDDC) has organized a one-day sensitization program for its personnel on Alternative Dispute Resolution (ADR) approaches to promote workplace compliance on transparency and due process.

The workshop, themed “Promoting Transparency and Due Process in the Workplace using ADR Approaches in Building a Culture of Accountability and Integrity,” aimed to equip staff with the skills to resolve disputes effectively.

Declaring the event open on thursday in port Harcourt,The NDDC Managing Director/Chief Executive Officer, Dr. Samuel Ogbuku, emphasized the importance of using ADR mechanisms to resolve conflicts in the workplace.

Dr. Ogbuku represented by his chief of staff,Rev Omeya Oworibo,noted that ADR approaches can encourage a culture of honesty, fairness, transparency, trust, and reduce conflicts among staff, ultimately promoting efficiency and productivity.

He averred that those disputes and quarrels if not proper resolved can derail the vision and objectives of the commission to the people, noting that the commission must as a team and unity as service provider in order to render a profitable service delivery to the people.

“ADR approach will encourage culture of honesty,fairness, transparency ,trust and reduce back bitting and the workforce, noting that such tendency would in turns promote efficiency and increase results in workplace.

when integrity and honesty becomes the operandi of an organisation and employees begins to trust that their matters will be handled with fairness it will breed team work and increase in productivity.”he stated

He commended the department of DCR for organising the workshop and urged the participants to make good use of the opportunity and imbibe the culture of tolerance, integrity and teamwork in workplace.

Also speaking,the NDDC acting director of DCR ,Mr Godwin Ayewumi Ogedegbe noted that the theme of the captures the core of what the commission seeks to achieve a workplace where every action is expected to be guided by openness, fairness, and a steadfastness commitment to due process, where conflicts are not merely resolved, but prevented through structured,principled processes , and where accountability and integrity are not aspirational ideals but every day practice.

In his keynote presentation on the theme “workplace Ethics and alternative Dispute Resolution Correlation,

Prof. Sylvester Odion Akhaine of the Department of Political Science, University of Lagos, delivered a keynote presentation on “Workplace Ethics and Alternative Dispute Resolution Correlation.” He stressed the importance of due process, transparency, integrity, and accountability in the workplace, noting that these values are essential for productivity and organizational goals.

The workshop aimed to promote a culture of accountability and integrity in the NDDC workplace. By equipping staff with ADR skills and promoting transparency and due process, the commission can build a more efficient and productive work environment.

By: Akujobi Amadi