By Tony Obiechina, Abuja

A total of 483,464 Nigerians have withdrawn N247.47 billion from their Retirement Savings Accounts (RSAs) in the second quarter of 2024 due to job losses. According to data from the National Pension Commission (PenCom), this withdrawal represents 25% of their pension savings and highlights the impact of the rising cost of doing business in Nigeria, leading to widespread unemployment.

The Chief Executive Officer of the Pension Funds Operators Association of Nigeria (PenOp), Ogwuche Aguda made the disclosures during the 2024 annual conference of the Pension Correspondents Association of Nigeria (PenCAN) held in Abuja. Aguda also provided an update on the contributory pension scheme, noting that contributions from both the public and private sectors rose to N5.72 trillion in Q2 2024, while total pension assets reached N20.87 trillion as of the same period.The withdrawal in Q2 2024 significantly exceeds the N182.2 billion withdrawn by 443,720 RSA holders in Q3 2022, reflecting the deteriorating economic conditions, attributed by critics to faulty policies implemented by the current administration.Aguda further revealed that N169.67 billion, representing 0.81 per cent of total assets, was invested in infrastructure as of July 2024. Additionally, N2.16 trillion, or 10.35% of total assets, was invested in the equity market, while N2.25 trillion was channelled into corporate debt in the second quarter of 2024.Aguda commended the Contributory Pension Scheme (CPS) for its transformative impact on pension management in Nigeria, describing it as a shift from a broken system to one that is transparent and reliable.However, the National Union of Pensioners criticised the 2004 Pension Reform Act for failing to address key issues, including the periodic adjustment of pensions for retirees. The union claims this shortcoming has driven the Nigeria Police Force to seek an exit from the CPS.”The new scheme can be better if we address its challenges. There has been no increment for years, which is why the Police and other stakeholders want to leave the scheme,” said Bunmi Olukolade, the union’s publicity secretary, during the PENCAN event. He stated that lack of adequate post-retirement support has led many to engage in corrupt practices to secure financial stability in old age, adding that “If pensioners are well cared for after service, agencies like the ICPC and EFCC would have less work to do”.Meanwhile, PenCom has reassured Nigerians that the federal government’s outstanding pension liabilities under the CPS will soon be cleared. PenCom’s Director-General, Mrs. Omolola Bridget Oloworaran, disclosed that the commission has successfully computed the backlog of pension liabilities. Represented by the head of Corporate Communications, Ibrahim Buwai, Oloworaran at the event, she emphasised that efforts are underway to resolve the issue swiftly. “This matter will soon be behind us,” Buwai assured, reaffirming the government’s commitment to addressing the outstanding arrears.She said RSA holders can now use a portion of their pension savings as equity contributions for residential mortgages. “This initiative has already empowered over 5,000 workers to achieve homeownership, with N47.13 billion disbursed as equity contributions from their RSAs to mortgage lenders”, he added.

The All Progressives Congress (APC) says Sen. Monday Okpebholo remains its governorship candidate in Saturday’s governorship election in Edo.Mr Felix Morka, the party’sNational Publicity Secretary made the party’s position clear in a statement issued in Abuja.Morka said the clarification became necessary following fake news thatOkpebholo had been disqualified by a magistrate court.

“In the final hours to the Edogubernatorial election scheduled to hold Saturday, Sept. 21, 2024, certain political parties have desperately resorted to forgery and disinformation on our candidate.“The blackmail is to the extent of circulating a fake magistrate court ruling purportedly disqualifying Sen.Okpebholo, the APC gubernatorial candidate in the election.“The circulated ruling is fake, a fabrication and an act of pure desperation in the face of their imminent defeat at the polls,” Morka said.He said the magistrate court that purportedly issued the fake ruling had issued a disclaimer, stating categorically that it did not emanate from him.Morka added that the fake ruling meant to sow seeds of doubt about the APC candidate, was a blatant and calculated attempt to subvert the will of the Edo electorate.“We call on our law enforcement agencies to identify, investigate and bring the perpetrators of this falsehood to book,” he said.He, therefore, urged Edo voters to remain vigilant and resolute in the exercise of their democratic rights at the polls.He expressed trust that Edo people would ignore this and other illegal devices by desperate candidates and their parties to subvert the election.“Sen. Monday Okpebholo is and remains, the standard bearer of the APC in Edo gubernatorial election,” Morka stated. (NAN)

The Federal Government has condemned the terrorist attack on the military airport in Bamako, Mali.Amb. Eche Abu-Obe, Spokesperson for the Ministry of Foreign Affairs, disclosed the Nigerian government’s position in a statement on Saturday. Eche said, “The Federal Republic of Nigeria strongly condemns the abominable terrorist attack that took place on Tuesday, Sept.

17, 2024, targeting a military airport, training Centre and other sensitive locations in Bamako, Mali. “This heinous act, which has claimed lives and caused destruction of several military aircraft, is yet another stark reminder of the persistent threat posed by extremist groups in the region.“It must be emphasised that acts of terrorism, regardless of where they occur, represent a threat to peace and security for the entire region.“Nigeria extends its deepest condolences to the government and people of Mali, particularly to the families of those who lost their lives. “Our thoughts and prayers are with the victims of this tragic incident.” (NAN)