Economy
LASG Pays Over N34bn as Pension Accrued Rights – Gov. Sanwo-Olu
Gov. Babajide Sanwo-Olu of Lagos State, on Saturday said the state Government has paid over N34 billion as pension accrued rights under his administration.Sanwo-Olu said this at the Lagos State Pension Commission (LASPEC) 90th batch mega bond presentation for retirees.The governor, represented by Mrs Ajibola Ponnle, Commissioner For Establishment, Training and Pension, said 8,707 retirees are enjoying their retirement benefits under the Contributory Pension Scheme (CPS) since this administration came to power.
“As at the 89th Bond presentation batch, the state Government had paid a sum of N34,124,218,387.60 into the Retirement Savings Account (RSA) of Retirees in the Mainstream, Local Government, State Universal Basic Board (SUBEB), the Teaching Service Commission (TESCOM) and other Parastatals of the state government, ” he said.Sanwo-Olu said the state government had also paid over N1.5 billion into the Retirement Savings Accounts (RSA) of 421 Retirees with their Pension Fund Administrators (PFAs) in addition to their monthly contribution for the month of November.He said the state government, through LASPEC, would continue to ensure that public service retirees get what was is due to them statutorily.The governor said the retirees would also continue to receive, through other agencies and programmes, additional support and assistance that would add value to their lives in retirement.“I will continue to run an open government of inclusion that will ensure no one is left behind.”No matter your gender, sex, tribe or special needs as long as you reside in Lagos, we will make Lagos work for you.“Lagos State has continued to be the leading light, not only in the administration of pension benefits but generally in good credible governance.“We must all therefore, be determined to contribute to the change that is much expected to bail our country out of its present situation and make life worth living for everyone,” he said.Sanwo-Olu wished the retirees God’s guidance and better life in retirement and charged them to continue to adhere to all COVID-19 prescribed safety guidelines.In his opening address, Mr Babalola Obilana, Director-General, LASPEC, said the commission is constantly reviewing its business processes in line with its role as the regulatory body for pension in the state. Obilana said this was to ensure the financial freedom of public service retirees.“The commission is facilitating the review of the Lagos State Pension Reform Law to eradicate bottlenecks in the processing of retirement documents and hasten access to pension benefits.“This is in line with our commitment to the provision of first-class services to our retirees who have given their best to the development of our dear state,” he said.Obilana said that since the inception of CPS in Nigeria, Lagos state has remained focused and resolute to the ideals of the scheme.He noted that the state government has consistently prioritised pension contributions in the annual state budget and does not owe monthly pension contributions.“Both employee and employers’ contributions are remitted promptly into individual employee’s RSA’s after salaries are received,” he said.The LASPEC boss enjoined the retirees to take very good care of themselves and always remember that ‘health is wealth.’In his remark, Hon. Yinka Ogundimu, Chairman, House Committee on Establishment and Pension, said the House passed the Lagos State Pension Reform bill to the Governor for assent within the week and was hopeful this would be done shortly.Ogundimu said the bill would make processing of accrued rights easier and faster for the retirees and LASPEC.He advised the retirees not to rush into any investment before seeking counsel from qualified professionals and wished them the best in their new phase of life. (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)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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