Tyson Fury’s mission to avenge his only professional defeat ended in crushing disappointment Saturday evening as he lost on a unanimous points decision to unified heavyweight champion Oleksandr Usyk.Another classic encounter between the well-matched rivals ended in Riyadh, Saudi Arabia with Usyk retaining his world championship belts by finishing 116-112 ahead on all three judges’ scorecards.

The National Pension Commission (PenCom) on Thursday said it had issued over 38,000 Pension Clearance Certificates (PCC) so far to organisations, in 2024.

The Director-General of PenCom, Ms Omolola Oloworaran, said this at a workshop organised by PenCom for journalists covering the pension industry in Lagos.

The theme of the workshop was,  “Tech-Driven Transformation: Shaping the Pension Landscape”.

Report says that in 2023, PenCom issued 30,293 PCCs to firms.

PCC is an evidence of compliance with the Pension Act.

it serves as a prerequisite for all suppliers, contractors, or consultants soliciting contract or business from Ministries, Departmentss, and Agencies  (MDAs)  of the  Federal  Government.

PenCom commenced the issuance of PCC to organisations in 2012 in line with the Pension Reform Act,  (PRA), which mandates all organisations with at least three employees to participate in the Contributory Pension Scheme (CPS).

However, the certificate  is valid up to Dec. 31 of the year it was obtained, irrespective of the date it was issued within the year.

Organisations are, thus,  required to apply for new PCC’s each year.

Oloworaran said that the commission also achieved a major milestone with the launch of the e-Application Portal for the PPC in October.

She said that the initiative replaced the previous manual process, enabling companies to seamlessly apply for and receive PCCs online, significantly enhancing ease of doing business and ensuring compliance.

The director-general said that the Pension Industry Shared Service Initiative is in an  advanced stage of implementation.

She said that the initiative would digitise pension contributions and remittances, ensuring seamless processing of contributions and resolving discrepancies caused by incomplete remittance details.

“To further enhance contributors’ experiences, we have introduced a revised programme withdrawal template, simplifying access to voluntary contributions and revising the threshold for en-bloc payments in line with the new minimum wage.

“These measures are designed to make retirement processes more efficient and user-centric.

“But beyond policies and systems, what really excites me is the potential to transform lives,”she said.

According to her, technology has become the backbone of transformation across all sectors, and the pension industry is no exception, hence PenCom has embraced the transformation wholeheartedly.

Oloworaran said that there are over 10.5 million contributors, while pension assets are in excess of N21.9 trillion as at October.

She said that this progress demonstrated the strength of the CPS,  though not without challenges.

“Inflation, for instance, continues to erode the purchasing power of pensioners, and we are actively seeking innovative solutions to address this issue.

“We also continue to face the persistent issue of delays in the payment of accrued rights.

“Recently, N44 billion was approved under the 2024 budget appropriation to settle accrued pension rights for retirees from March to September 2023.

“Moving forward, we are working with the Federal Government to put in place a sustainable solution that ensures that retirees receive their benefits promptly and without undue stress,” she said.

She said that since assuming office, she  and her team had been focused on strengthening compliance, enhancing service delivery, diversifying pension assets to optimising returns.

She said that they had also been improving benefits and expanding coverage to include more Nigerians, especially those in the informal sector.

Oloworaran expressed passion over the micro-pension initiative, in particular, noting that it is the commission’s way of fostering financial inclusion, no matter how small an earning might be.

She said that the commission intended to use technology to scale the micro-pension plan.

“Technology plays a vital role in driving this inclusion from mobile enrollment to real-time account management,” she said.

She said that PenCom planned to rebrand the micro-pension scheme, and also target onboarding not less than 20 million Nigerians in the informal sector.

Oloworaran acknowledged the role of the media as stakeholders in the success of the pension system.

“As we integrate technology across every aspect of the pension industry, we are paving the way for a future where the CPS becomes more accessible, reliable, and sustainable.

“However, this transformation cannot succeed without your unwavering support as media practitioners.

“Your role in amplifying our initiatives and educating stakeholders across Nigeria is essential to achieving this vision,” she  said.

She  described the ability of  the  media  to inform, educate, and hold institutions  accountable as invaluable.

“Together, we can ensure that every Nigerian, including the most vulnerable, has access to a secure and dignified retirement,” she  said.(NAN)

The price of de-stoned local rice has dropped marginally by between six and 10 per cent in Enugu markets, causing many residents to shift patronage to the brand.

Report says that dealers in the commodity attributed the positive development to the harvest season for local rice.

A trader at the popular Ogbete Main Market, Mrs Rose Nwakwo, said that a 50-kg bag now goes for N78,000 as against N84,000 in November.

Another dealer at Garki Market, Enugu, Mr Chidi Orji, said that a five liter paint container goes for N6,500 as against N7,500.

Orji urged the residents to buy as much as they could before the price would shoot up again.

Daily Asset also observed that most rice retailers and hawkers, who sell in cups and bushels, are currently stockpiling the commodity.

Mrs Eunice Madu, a grain seller in Mayor Market, said that she was only stocking bags of the brand for the Yuletide.

“I must confess we are selling out almost all our available bags of de-stoned local rice, popularly known as ‘Abakaliki rice’, ahead of the Yuletide.

“Most people are turning to it due to its price drop and improved processing and de-stoning qualities,” she said.

Meanwhile, a buyer, Mr Edwin Okoh, expressed joy over the price drop, saying that his salary could get him more than a 50-kg of the brand for his family.

“It is a thing of joy that the price has gone down to some extent, at least I can get more than a bag for me and my extended family during this Yuletide,” he said. (NAN)