Economy
Pension: 187 Agencies Get N3.3bn Increment Arrears
By Mathew Dadiya, Abuja with Agency Reports
The Pension Transitional Arrangement Directorate (PTAD) has paid the sum of N3.366 billion to pensioners of 187 agencies.
According to PTAD, the payment covers six months of the outstanding arrears of the 33% pension increment for pensioners across five sectors: Education, Health, Other Public Sector Research Institute (OPSRI), Power, and Universities.
The directorate said that it has now offset 30 months arrears for pensioners in agencies across 5 sectors under Parastatals Pension Department (PaPD).
Daily Asset recalls that between June 2016 and December 2018, PTAD paid 24 months arrears to pensioners in these agencies.
At the time of its takeover of payment of Parastatals pension in 2015, the Directorate had inherited outstanding 33% pension increment liabilities from the various agencies.
PTAD further has assured that all arrears would be paid in due course.
This payment according to the agency, was in fulfilment of President Muhammadu Buhari’s promise to clear outstanding pension arrears for pensioners under the Defined Benefit Scheme.
Meanwhile, some insurance and pension experts have called on the Federal Government to urgently intervene in the raging issue of poor pension benefits being paid to some retirees of the Nigeria Police.
The experts made the call-in separate interviews with the News Agency of Nigeria (NAN) in Lagos on Sunday against the backdrop of recent demonstrations across the country by some police retirees.
The retirees, who are under the contributory pension scheme being managed by NPF Pensions Limited, alleged that they were shortchanged as they were paid as low as N2 million lump sum on retirement.
Oku Nana, the Chairman of Retired Police Officers Association (Under the Contributory Pension Scheme) in Lagos, said that some retired middle cadre officers in the police were paid as low as N3.5 million lump sum instead of N10 million paid to their mates in other agencies.
He said this was in gross violation of the provisions of the Pension Act of 2004.
The experts told NAN that the problem might be due to low savings in the officers’ Retirement Savings Accounts (RSA).
They alleged that their employer (The Nigeria Police) might not have made the mandatory counterpart contributions to their RSAs as required by law.
Mr Mufutau Oyegunle, an insurance and pension analyst in Lagos, said that the issue of unfounded account that the police retirees faced was not uncommon.
“It is not that the pension monies were not deducted from the retirees, but just that the monies were not remitted.
“So, zero account means zero returns on investment which affects gratuity,” he said.
Oyegunle said this could be one of the numerous challenges which the NPFPL inherited and was trying to correct.
He suggested a 300 per cent increase across board in the pension entitlements (lump sum and monthly pension) of the affected officers to assuage them.
“It is unjust for an officer who served meritoriously for 35 years to be paid N2 million gratuity upon retirement,” he said.
Dr Edgar Sunday, the Head of Service in Adamawa State, called for proper documentation of pension remittances.
“For example, how much was remitted, the year the money was remitted, the years the remittances covered and beneficiaries.
“We should know that fears of retirement is what is pushing some civil servants that are still in service into corruption,” he said.
Sunday advised President Mohammed Buhari to ensure that pension administrators at the national, state and local government levels manage pension funds in a manner that workers would look forward to retirement without apprehension.
“President Buhari must ensure that pension money diverted are recovered and forwarded to those retirees languishing,” he said.
Mr Leye Awoniyi, an insurance expert in Lagos, advised the Federal Government to devise a way of appropriately compensating the affected police retirees, saying that a labourer deserved his or her wage.
“It is not the fault of these retired police officers, but the system that has allowed this to happen. That a man worked for 35 years and he is not being paid his dues is unfair. The Federal Government must intervene and pay these officers appropriately,” he said.
Mr Otunba Arasi, the Acting Chairman of Federal Civil Service Pensioners in Lagos State, said “we don’t know who is fooling who.’’
“When we go to PTAD, they will tell us the Federal Government has not released money, while the Federal Government said they have released the money.
“We appeal to well mean Nigerians that whoever has President Buhari’s number to please give us,” he said.
Mr. Femi Olaosebikan, a serving police officer in Lagos, expressed fears that this situation would not affect him.
“Is it a crime to be a policeman in Nigeria. How can government stop corruption among us when we are not sure of our pension benefits?”
Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy says upgrading the Maritime Academy of Nigeria (MAN), Oron to a university, will unlock opportunities in the maritime economy.
Oyetola made the expression at the 2024 MAN cadets graduation ceremony in Oron, Akwa Ibom on Saturday.
Represented by Mr Babatunde Bombata, the Director, Maritime Safety and Security, the minister said the Federal Government was working assiduously to unlock opportunities within the marine and blue economy.
He said that the ministry was already collaborating with the Ministry of Education and the Nigerian Universities Commission to ensure MAN’s seamless transition to a university.
“It is our hope that this upgrade will unlock new opportunities for advanced learning, cutting edge research and innovation within the marine and blue economy fields,” he said.
Oyetola urged the graduating cadets to be innovative, resourceful and forward looking in their future endeavours.
“The maritime and blue economy sectors are filled with opportunities, so your contributions to the sector will be instrumental in ensuring a brighter future.
“The government is committed to fostering excellence and innovation in these fields, and we eagerly anticipate the positive impact you will make in your careers,” he said.
He further said that the Federal Government was working on developing a national policy on marine and blue economy.
“This policy will serve as a strategic framework to drive economic diversification, attract investments, create jobs and youth empowerment.
In his remarks, Gov. Umo Eno of Akwa Ibom, said the state government would continue to collaborate with the academy to develop the maritime sector.
Represented by the Commissioner for Internal Security and Waterways, Gen. Koko Essien, (Rtd), Eno urged the graduating cadets to utilise their training in developing the maritime sector.
“I am hopeful that you will utilise the training you have acquired here to further your career as seafarers and in the development of our blue economy,” he said.
Eno commended the Acting Rector, Dr Kevin Okonna and his management team for their commitment towards repositioning the academy for greater results.
Earlier, Okonna said that graduates of the institution had contributed immensely to the growth of Nigeria’s maritime and blue economy.
“Today, we have an opportunity to celebrate a new set of well-trained personnel to the maritime and allied industries.
“We pride ourselves as the pioneer maritime training institution, this is because of the institution’s contributions to national development,” he said.
The acting rector urged the graduating cadets to made effective use of the knowledge gained during their training to make meaningful impact on the growth of the maritime sector.
Report says that awards were given to graduating cadets who distinguished themselves in character and learning. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
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