Business
Trustfund Pensions Has 543,850 Contributors – Ag Head
The Acting Head, Business Development and Marketing, Trustfund Pensions Plc, Mr Maurice Ogar, has disclosed that the company has 543,850 contributors, 37, 000 beneficiaries and 10,000 retirees.
Ogar made the disclosure in Lagos while speaking at a one-day sensitisation programme held for textile workers.
It would be recalled that the programme was held under the aegis of the National Union of Textile, Garment and Tailoring Workers of Nigeria (NUGTWN) in collaboration with Trustfund, a pension fund administrator.
He explained that the programme was meant to enlighten workers in the textile and garment industry on the procedure and requirement of benefiting from the contributory pension scheme after retirement.
On the delays in getting benefit, Ogar explained that multiple registrations were part of a major challenges hindering effective administration of the scheme.
He said that there was also the challenge of poor compliance as some employers were not willing to allow their employees to join the scheme.
“Some organisations that allow their workers to register in the scheme fail to remit their contributions or do not allow them to contribute,“ Ogar said.
He said that some of the employees did not have evidence of contributions and lacked understanding of their statement of account.
Ogar advised workers to ensure that they were consistent with their remittance so that they would be able to get their entitlements when due.
Welcoming participants, Mrs Helen Da-Souza, Acting Managing Director of the company, said that 80 per cent of textile workers had registered with the company, saying that they had right to know their operations.
“You and your families deserve peace of mind and financial security on retirement.
“Labour has to ensure that the contributions of its members are safe and secured as those of us present as workers of today are pensioners of tomorrow,“ she said.
Mr Isa Aremu, NUGTWN’s General Secretary, suggested that employers should pay 12.5 per cent while workers should pay 2.5 per cent, contrary to the 7.5 per cent paid by each party.
Aremu said that the union decided to collaborate with Trustfund to know the status of its members whether their employers contributed, deducted or remitted.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.