Business

‘Pension Act Gurantees Happy Retirement’

Published

9 years ago

June 24, 2015

L-R: Director-General, Standards Organisation of Nigeria, Dr Joseph Odumodu, Deputy Managing Director, Standards and Quality Agency of Cameroon, Chantal Andely and Secretatary-General, African Organisation for Standardisation (ARSO), Dr Hermogene Nsenggimana, at the opening of ARSO President’s Forum in Abuja, last Monday.

A pension manager, Mrs Olabisi Salami, has urged workers to embrace the Contributory Pension Scheme (CPS) of 2004 to ensure happy retirement life.
Salami, a Relationship Manager at Pensions Alliance Ltd., (PAL), gave the advice yesterday while speaking with newsmen in Ijebu-Ode.
According to her, the 2004 Pension Reform Act came into being to reduce to the barest minimum the difficulties usually encountered by retirees with the old Defined Benefit Pension Scheme (DBPS).
She said that the most interesting aspect of the new scheme was that it checked fraud and embezzlement that was fraught in the old scheme, where employers had direct access to pension funds.
Salami said that the new CPS was transparent as it allowed workers to monitor the balances on their Retirement Savings Accounts (RSA) with their choice of Pension Fund Administrator (PFA) anytime they desired.
“With the new pension scheme, every pensioner is expected to be paid or allowed to withdraw a lump sum of money from his account on retirement.
“This is done leaving enough in the account to enable the retiree receive an amount that will not be less than 50 per cent of the last monthly salary he received on a regular basis.
“Retirees, under the CPS receive their retirement benefits upon successful completion of the documentation process and are paid based on the balances in their RSA.
“For retirees having below N550,000, they are paid in bulk while those with balances above N550,000 receive a lump sum payment and are placed on programmed withdrawals based on the retirees’ decision,” Salami said.
She said that what the law had achieved was to put guidelines in place to ensure that every Nigerian was assured of a financially secured future.
Salami, however, said that employees in the public service prior to 2004 would have their RSAs consolidated upon retirement.
“This consolidation shall involve transferring all pension payments prior to 2004 and their gratuity into their RSAs.
“Also for every public sector worker, either in service before or after 2004, the National Pension Commission (PenCom) ensures that their RSAs are properly consolidated,” she said.
She said that by working with their employers, each retiree’s RSA was reconciled to ensure all outstanding pension payments yet to be remitted as at retirement was implemented before paying the benefits.
On the part of the employers, Salami said they needed to consistently send the updated nominal roll to PenCom for adequate reconciliation.
“Lets not forget that the retiree’s fund is not lying idle, but is constantly being invested wisely and safely.
“Also determination of what the retiree will enjoy as monthly pension has been calculated on the basis of an expected life span for both males and females which is pegged at 82 and 84 years respectively.
“But superseding all these is the fact that the Pension Act has put in place the minimum guaranteed pension which ensures retirees get their pension payments for as long as they live,” he said.
Salami advised the Federal Government to ensure that Nigerian workers took full advantage of the scheme through enlightenment campaigns, workshops and media sensitisations.
She said that this would help alleviate the suffering and poverty that was synonymous with retirement.

Business

Western Marine Command Intensifies Anti-Smuggling Operations … Intercepts N8.75m Worth PMS

Published

2 days ago

May 17, 2024

The Tide

For officers and men of the Western Marine Command of the Nigeria Customs Service (NCS), the battle is not over until smuggling is over.
In the wake of Wednesday May, 8, 2024, the ever vigilant officers, acting on a tip-off, intercepted 177 sacks and 61 kegs of 25 litres containing petroleum products, valued at about N8.750,000million.
The items were intercepted along Isalu Creek, Badagry Waterway en-route Benin Republic.
While briefing newsmen, the Command’s Customs Area Controller, Comptroller Paul Bamisaiye, said: “This seizure is most economically significant to the Command at this period of scarcity of Petroleum Products, especially Premium Motor Spirit (PMS) in our cities, and shows the anticipatory posture in our response to economic saboteurs.
“At about 2:330hrs on Wednesday 8th May 2024, while on joint patrol by teams in the Command, credible intelligence was received of the movement of 2 boats laden with what was suspected to be petroleum products concealed in sacks. Upon receipt of the information, the team moved into Isalu creeks, Badagry waterway.
“On sighting the approach of the Officers, the smugglers took to their heels through the shore of the Creek. The loaded boats were then towed to the station at Badagry where preliminary examination was conducted and transferred to Western Marine Command Headquarters, Ibafon, Apapa, Lagos.
“Careful examination at the Command Headquarters revealed that the arrest was found to contain One Hundred and Seventy Seven (177) Sacks and Sixty One (61) Kegs of 25 Litres Premium Motor Spirit (PMS) containing Twelve Thousand Five Hundred (12,500) Liters with a total Duty Paid Value standing at Eight Million Seven Hundred and Fifty Thousand Naira (N8,750,000) only”.
Bamisaiye noted that the action of the smugglers is a contravention of Section 245 & 254 of the Nigeria Customs Service Act 2023 which the service, through Western Marine Command, is responsible for enforcing.
“The Command, under the leadership of Compt. PK Bamisaiye, is poised more than ever to rid the waterways of all acts of smuggling and economy sabotage for the benefit of the growth of economy of Nigeria”, he said
Bamisaiye said so far, no suspect was arrested in the Command’s anti-smuggling operations.

Nkpemenyie Mcdominic, Lagos

Business

Illegal PMS Trading Booms In Lagos

Published

2 days ago

May 17, 2024

The Tide

Petroleum products being sought by motorists have disappeared from virtually all filling stations within Lagos and its environs, but are now booming in business in retail outlets.
Investigations by our correspondent revealed that while the product could not be got at some of the petrol service stations, activities are in top gear in the local retail outlets where the price has gone beyond the reach of users.
It was also gathered that in some filling stations supplied with the products, preference are often given to retail outlet operators by petrol attendants against the consuming public.
A source, directly involved in the business, said some petrol dealers are cashing on the irregular supply to divert the products to retail outlets where they could easily make their gains.
It was also gathered that some sales representatives in the service of major oil marketing firms indulged in the diversion exercise because of their personal interest.
At the retail outlets a liter goes for N950,00 against the normal N760,to N800 at some stations.

Nkpemenyie Mcdominic, Lagos

Business

Customs Board Appoints Five DCGs, Eight ACGs

Published

2 days ago

May 17, 2024

The Tide

The Nigeria Customs Service Board (NCSB) has confirmed the appointment of five Deputy Comptroller-Generals (DCGs) and eight Assistant Comptrollers-General (ACGs) of Customs during its 59th regular meeting.
The meeting, chaired by the Honorable Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, was held at the Nigeria Customs Service Headquarters in Abuja last Tuesday.
National Public Relations Officer of the Service, Chief Superintendent of Customs, Abdullahi Maiwada, who disclosed this in a statement yesterday, gave details of the confirmed appointments as: O.O. Peters (DCG /Commander, Training and Doctrine Command (rtd); B.M. Jibo (DCG Enforcement Inspection & Investigation); and B.U. Nwanfor (DCG Excise, Free Trade Zone & Industrial Incentives).
Others are: S.A. Bomia (DCG, Commander Training and Doctrine Command); and C.K. Niagwan (DCG, Tariff & Trade).
The Assistant Comptrollers General (ACGs) are: B. Imam (ACG Board); A.A.S. Oloyede (ACG, Trade & Tariff); S.K. Dangaldima (ACG/Zonal Coordinator, Zone ‘B’); A. Abdul Azeez (ACG/Zonal Coordinator, Zone ‘D’); S.A. Yusuf (ACG, Human Resource Development); N.P. Umoh (ACG, Training and Doctrine Command); C.O. Obih (ACG/Zonal Coordinator, Zone ‘C’); and S. Chiroma (ACG, Strategic Research and Policy).
The new appointments, according to the statement, were made to fill the vacancies created by some senior officers who recently retired from the Service, noting that the principles of federal character, seniority and merit guided the appointments approved by the board.
“These appointments are a testament to the officers’ exemplary services and dedication to the Nigeria Customs Service. The NCSB remains committed to providing strategic leadership to ensure effective and efficient service delivery for optimum performance”, he said.
While thanking the retired members of the management for their meritorious services, the Comptroller General of Customs, Bashir Adewale Adeniyi, congratulated the newly confirmed officers and charged them to redouble their efforts to ensure the service attains greater heights in its mandates of revenue generation, suppression of smuggling, and trade facilitation amongst others.

Nkpemenyie Mcdominic, Lagos