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Labour

PenCom Transfers N10.20bn Into RSAs Contributors Scheme of NSITF in Nine Years

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The National Pension Commission (PenCom) has said N10.2 billion has been transferred into the Retirement Savings Account (RSAs) of 142,486 Nigerian Social Insurance Trust Fund (NSITF) Scheme contributors from 2014 to date.

Director-General, PenCom, Mrs Aisha Dahir-Umar, revealed this at an interactive session, organised by PenCom and Nigeria Employers’ Consultative Association (NECA) on CPS for the Organised Private Sector (OPS) in Lagos.

Dahir-Umar, represented by Dr Anyim Nyerere, Commissioner for Technical, PenCom, said this was in compliance with the commission’s responsibility of supervising the transfer, following the enactment of the Pension Reform Act (PRA) 2014.

“In order to ensure that all contributors under the NSITF scheme have their NSITF contributions transferred to their RSAs, the commission had severally featured advertorials requesting NSITF contributors to apply for the transfer of their contributions.

“PenCom wishes to implore all employers to encourage their employees, who have contributed to the NSITF scheme, to liaise with their PFAs and in particular Trustfund Pensions for guidance on how to have their contributions transferred to their RSAs,” she said.

According to her, the number of Retirement Savings Accounts (RSAs) under the Contributory Pension Scheme (CPS) as at the end of third quarter 2023, stood at 10 million.

Dahir-Umar said that the size of the pension Asset Under Management (AUM) amounted to N16.76 trillion in the period under review.

The director-general said that the programme was initiated to enlighten OPS on the current developments and challenges in the implementation of the Pension Reform Act (PRA) 2014.

“Obviously the pension industry is one of the fastest-growing financial sectors in Nigeria.

She said that PenCom had deployed the Enhanced Contributors Registration System (ECRS) and Data Recapture Exercise (DRE).

The director-general stated that this mandatorily requires all RSA holders, who joined the CPS prior to July 1, 2019, to update their information with their respective Pension Fund Administrators (PFAs).

She charged RSA holders who are yet to approach their PFAs for data recapture to do so.

She assured the OPS that the commission would continue to ensure robust social dialogue with NECA in the interest of all stakeholders under the CPS.

According to her, the commission will always support NECA to champion programmes that will ensure the successful implementation of the CPS in Nigeria.

Mr Bala Babangida, Head, Department of Compliance and Enforcement, PenCom, said that compliance in the industry includes opening of RSA with a PFA by employees.

Babangida added that employers must also ensure monthly deduction and remittance of pension contributions and provision of Group Life insurance policy for their employees

Mr Obiora Ibeziako, Head, Department of Benefit and Investment, PenCom, listed the basic objectives of pension investments to include safety, liquidity and fair return.

Ibeziako added that the general principles of the pension scheme involved consultation, prudent, effective surveillance and regulation.

Director-General, NECA, Mr Adewale Oyerinde, said that the deliberation would give room for more improvement and development in the pension sector.

Economy

Council Chairman Commends FG on Coastal Highway Project in Cross River. 

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From Ene Asuquo, Calabar 

The Executive Chairman of Akamkpa Local Government Area, Hon. Felix Akposi has commended the Federal Government for the commencement of the Cross River State axis of the Lagos–Calabar Coastal Highway, describing the project as a monumental infrastructural breakthrough with vast potential for economic transformation across the state.

In a statement released to the press, Hon.

Akposi noted that Akamkpa, being among the host local government areas of the coastal highway, will strategically leverage the project to advance its developmental frontiers.
He envisioned a rapid transformation in the area marked by the emergence of new towns, urban conurbations, and epicenters of agricultural and social tourism.

According to the Chairman, “The intersection of the coastal highway with the Calabar–Ikom Highway will be a commercial hub, hence we are proposing an organized layout within the area. Accordingly, the Works and Infrastructure Unit of the Local Government Council is to synergize with the State Government and the Federal Ministry of Works to plan the layout within the axis.”

He further added, “We know that the demand for land within this axis will be very high in the coming days, hence it’s best to have a neatly planned layout before people will deface the area.”

Hon. Akposi used the opportunity to express deep appreciation to the Governor of Cross River State, His Excellency Sen. (Apostle) Prince Bassey Edet Otu, for what he described as proactive and pragmatic leadership. He described the governor as a strategic leader under whose watch the state has witnessed remarkable developmental strides.

“Just recently, the Vice President of the Federal Republic of Nigeria, Sen. Kashim Shettima, was here for the groundbreaking ceremony of the Special Agro Processing Zone in Adiabo. Today, we have yet another Federal presence in the groundbreaking ceremony for the Cross River State axis of the Lagos–Calabar Coastal Highway,” Akposi stated.

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JUDICIARY

LG Autonomy: Supreme Court Judgment Meets Constitutional Order- Edeoga

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 Former Governorship Candidate of the Labour Party(LP) for the 2023 elections in Enugu State, Hon Chijioke Edeoga has hailed the Thursday ruling of the Supreme Court, which granted financial autonomy to the nation’s 774 LGAs.

Edeoga, in reaction to the judgment said in a  statement in Abuja that the judgment was in line with the existing constitutional order.

“While it is suspected that the judgment may not meet the approval of advocates of political restructuring in Nigeria, there is no doubt that it accords with the demands of the existing constitutional order.

“The violation of the provisions of the Nigerian Constitution of the Federal Republic of Nigeria by governors of Nigerian states has been going on with flagrant impunity for many years and under different administrations since 1999.

“Local Government Areas, recognized in the Nigerian Constitution as the third tier of government and the one closest to the people, have been deprived of the funds needed for grassroots development, thus existing at the mercy of state governors,” he  remarked.

He regretted that over the years, state governors have made local government funds their cash cows, receiving and dispensing as they deemed fit, and without regard to the development imperatives of the councils, their employees, and their respective peculiar development challenges.

“This abuse has given rise to situations where local councils are forced to queue on a strange breadline, where governors favour some local governments while sidelining others.

“The offices of the Economic and Financial Crimes Commission (EFCC) and other anti-corruption agencies are stacked with files bursting with evidence of abuse of local council funds by state governors, whose prosecution has been hindered by red tape and other inexplicable reasons” he noted.

The former Governorship candidate recalled that during  his campaign for the Governorship of Enugu State, he highlighted the deplorable management of local council funds in Enugu State and vowed that council funds would be sacrosanct if he won the election.

He said as a former local government Chairman, he knew the importance of those funds and the leverage they provide for rural development, employment generation, and economic empowerment. 

 “My belief is that rather than treat council funds as a source of free money as most state governors see them, I would ensure easy and direct access to it by council chairmen as a means of ensuring that local government councils become complementary to the state government’s development efforts,” he stressed. 

He said his intention upon assumption of office was to empower Local councils and noted that the judgment will minimize the tendency of some governors and state officials to favour their local governments of origin while sidelining others.

“I am particularly relieved that the administration of President Bola Tinubu has taken this rare positive step towards restoring the glories of local administration in Nigeria. “Those of us in the Enugu State chapter of the Labour Party see this as a step in the right democratic direction and must single out President Tinubu and the Attorney General of the Federation, Prince Lateef Fagbemi, SAN, for pursuing this judgement with a single-minded determination and patriotic purposefulness. 

“While we commend the current administration for the rare courage and vision deployed in pursuit of this case, we must also advise against allowing the judgement to form another layer of entry in our Case Laws. Nigerians are excited by the judgement and are looking forward to the restoration it would bring to bear on rural development across the country, and would be displeased if deliberate political, judicial, and institutional efforts are not made to ensure that implementation.”

“This judgement, it must be emphasised, is a PUBLIC INTEREST MATTER and has reignited hope of a possible grassroots development renaissance among the progressive-minded people that are interested in the development of Nigeria and the wellbeing of everyone” he stated.

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COVER

Minimum Wage: Labour Rules Out Strike, Awaits Tinubu’s Nod

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By David Torough, Abuja

The Nigeria Labour Congress (NLC) has ruled out strike action earlier scheduled for Tuesday (today) to demand a new national minimum wage.

The NLC President, Joe Ajaero, made this known yesterday during the ongoing International Labour Conference taking place in Geneva, Switzerland.

Ajaero said organised labour cannot embark on strike today because the figures presented by the tripartite committee on minimum wage were with President Bola Tinubu.

He clarified that the submission of N62,000 as proposed by the government and the organized employers’ body with labour proposing N250,000 does not translate to labour accepting N62,000 as the new minimum wage.

“The tripartite committee submitted two figures to the President. Government and employers proposed N62,000 while labour proposed N250,00o. We are waiting for the decision of the President. Our National Executive Council (NEC) will deliberate on the new figure when it is out.

“We cannot declare a strike now because the figures are with the President. We will wait for the President’s decision.

“During the tenure of the immediate past President, the figure that was proposed to him was N27,000 by the tripartite committee but he increased it to N30,000. We are hopeful that this President will do the right thing. The President had noted that the difference between N62,000 and N250,000 is a wide gulf,” he said.

The NLC president also berated state governors under the umbrella body of the Nigerian Governors’ Forum for rejecting the N62,000 minimum wage proposal.

“How can any governor say he cannot pay? They cannot also be calling for the decentralization of the minimum wage.

“Are there wages decentralized? Governors whose states are not contributing a dime to the national purse and who generate pitiable Internally Generated Revenue (IGR) are collecting the same amount as governors whose states are generating billions of dollars into the FAAC.

“They should decentralize their salaries and emoluments first.

“So, where is the governor of Edo state, Godwin Obaseki getting his money from? He is paying N70,000 minimum wage. This is the type of governor that should be emulated and not the lazy ones,” he added.

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