Connect with us

News

Relatives Of Deceased Pension Contributors Get N82bn –PenCom

Published

on

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.

Continue Reading

News

NIGERIA AT 65: FUBARA HARPS ON UNITY, PEACE

Published

on

The Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.

Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.

Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.

According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”

He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.

 

The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.

 

Prayers were offered for Rivers State and Nigeria.

 

Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.

Continue Reading

News

Shettima departs New York for Germany after UNGA engagement

Published

on

Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.

In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.

The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.

“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.

“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”

Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”

“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.

“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”

The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.

The Tide source recalls that the VP departed Abuja, yesterday.

He led other Nigerian officials at the Assembly.

Continue Reading

News

FG holds special thanksgiving service ahead of 65th Independence Day

Published

on

As part of Nigeria’s 65th Independence anniversary celebration, the Federal Government held a special thanksgiving service on Sunday at the National Ecumenical Centre in Abuja to offer prayers and give thanks for the nation.

The event drew top government officials and security chiefs, including Senate President Godswill Akpabio and Secretary to the Government of the Federation, George Akume, as well as their spouses.

Other notable guests included Finance Minister and Coordinating Minister of the Economy Wale Edun, former Plateau State Governor, Senator Simon Lalong, and the Chief of Defence Staff, General Christopher Musa, who led the service chiefs in attendance.

Service chiefs present included the Chief of Naval Staff, Vice-Admiral Emmanuel Ogala, Inspector-General of Police Kayode Egbetokun, Comptroller-General of the Nigerian Immigration Service, Mrs Kemi Nandap and Controller-General of the Nigerian Correctional Service, Sylvester Nwakuche, among others.00

The service came days after the government unveiled the official theme and some of the activities slated for the 2025 Independence celebrations.

This year’s anniversary is tagged “Nigeria @ 65: All Hands on Deck for a Greater Nation,” as announced by the Director of Information and Public Relations at the Office of the Secretary to the Government of the Federation, Segun Imohiosen, in a statement on Wednesday.

“As part of activities to mark the 65th Independence Anniversary, the Juma’at Prayer and the Inter-Denominational Church Service will be held on Friday, 26th September at 1 pm and Sunday, 28th September at 10 am respectively, as well as the World Press Conference on Monday, 29th September at 10 am,” he said.

The Tide source had earlier reported that President Bola Tinubu, alongside former Heads of State, Yakubu Gowon, Olusegun Obasanjo and Goodluck Jonathan, is expected as a special guest at a national discourse convened by the Island Club, Lagos, to mark Nigeria’s 65th Independence Anniversary.

 

 

Continue Reading

Trending