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PTAD Discovers 15,357 Ghost Pensioners

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Pension Transitional Arrangement Directorate (PTAD) said in Lagos on Thursday that 15,357 ghost pensioners within Federal Government’s parastatal agencies were collecting pensions illegally.

Mr Kabiru Yusuf, Director, Parastatals Pension Department, PTAD made the disclosure when he spoke with the News Agency of Nigeria (NAN) on the side-line of a one-day training for newsmen covering pensions.

PTAD was established by the Federal Government in August 2013 in compliance with the provisions of the repealed Pension Reform Act (PRA) of 2004.

Its establishment was necessitated by the need to reform the old Pensions Offices under the Defined Benefit Scheme which was bedevilled by myriad problems.

Yusuf said while reviewing the number of pensioners on its payroll in the last quarter of 2020, it discovered that there were 120,000 of them prior to the call for verification.

He explained that following verification, the directorate discovered that 20,191 of these pensioners could not be found on the PTAD verification data base but were on the payroll.

“After a lot of due diligence, we decided to remove them from the payroll in the belief that if they were genuine pensioners, they would come out to present themselves.

“We established a robust complaint management system and notified the Pensions Commission, our regulator, the National Assembly and agencies where the pensioners claimed to have worked,’’ he said.

He said only 4,834 of the affected pensioners went through the process of the complaint management to present themselves for verification and they were restored on the payroll.

Yusuf said some other cases caused by errors were corrected and the affected persons were also restored to the payroll .

“Up till now, we have close to 16,000 pensioners unaccounted for and unless anyone comes out with valid identification, they are people who have been collecting pensions illegally,’’ he said.

The director said he could not readily name the amount of money the directorate was able to save from ending the illegality, but that in 2016, during the directorate’s initiative to validate BVN of pensioners, it saved up to N7 billion.

Yusuf noted that the initiative was geared towards bringing integrity and validity to the data base in place.

He said that verification was the only recognised basis for PTAD to ascertain that the pensioners it was responsible for were not only qualified but were alive.

The director said the verification would enable the pensioners to link their details to their bank accounts biometrics and thereafter compute their entitlements and pay them their monthly pensions, different from the inherited pension which had lots of errors in it.

He expressed disappointment that PTAD only got an Excel list of pensioners’ names, amounts, bank names and account numbers when it took off in 2014.

“We started making payment on what was called ‘good faith ‘ at that time until when we were able to do verification,’’ he noted.

He told NAN also that PTAD had opened state offices and several social digital platforms manned by competent officers to bring its services closer to pensioners.

Earlier, Dr Chioma Ejike, Executive Secretary, PTAD, said the directorate had worked assiduously over the years to change the narrative of pension administration in Nigeria. (NAN)

Economy

Value Addition is new Standard in Mining Operations – Alake

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The Minister of Solid Minerals Development, Dr Dele Alake has declared value addition as the new indispensable standard for mining operations in the country.

Alake made the declaration in a statement issued by his Special Assistant on Media, Mr Segun Tomori, on Tuesday in Abuja.

The minister had earlier said that the federal government had resolved to ensure compliance to value addition before permitting investors to operate.

He said that his seven-point agenda for the ministry had placed the mining sector on the global front burner since assuming office, which had generated renewed interest from the international community in Nigeria`s mineral resources.

According to the statement, the minister lauded a mining company, African Natural Resources and Mines Ltd.

(ANRML), during an inspection tour in Kaduna State, for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore.

He described the move as in line with the government`s resolve for value addition, which is especially apt given President Bola Tinubu`s quest to develop the solid minerals, to boost Nigeria`s economic profile and to meet the global upsurge in energy transition.

“The company aligns with our vision of value addition and beneficiation through its processing of iron-ore, and I urge other mining companies to take a cue from them, “ he said.

He reiterated the government`s commitment to abstain from granting mining licenses to companies that lack the necessary plans for value addition.

The minister acknowledged that resilience, courage and laying a solid foundation were critical in contributing to the company success.

He added that such factors also serve as guidelines for President Tinubu`s administration in its efforts for economic transformation.

“ We have set our minds in this administration and invariably in Nigeria to achieve success, that is why Mr President is restructuring the economy.

“When this company (ANRML) started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went in to erect a foundation, just to carry a giant edifice.

“That is what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity, “he said.

The minister had stated that no license would be granted to companies wishing to enter the mineral sector without presenting a plan for value addition, such as processing and refining which has multiplier effect on the economy. (NAN)

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BUSINESS

NASS Seeks Collaboration with WTO on Improving Digital, Marine Economies

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By Eze Okechukwu, Abuja

The Nigerian delegation at the on-going 148th Assembly of the Inter-Parliamentary Union (IPU) in Geneva, Switzerland has sought the collaboration of the World Trade Organisation (WTO) in the area of Digital and Marine economies.

Addressing the WTO media shortly after a courtesy visit to the Director General of the WTO, Dr Ngozi Okonjo Iweala in her office in Geneva on Monday, the leader of the Nigeria delegation, Senator Godswill Akpabio said the delegation were at the WTO to look for areas of collaboration with the organisation in the various sectors of the economy for the overall benefit of Nigerians.

According to him, “We used our attendance at the IPU to pay courtesy visit to one of Nigeria’s very costly export to the world, Dr Ngozi Okonjo Iweala; the Director General of the WTO.

We came to thank her for the job she is doing for the world and thank her staff for supporting and standing by her to succeed. We, in Nigeria are very proud of her.”

“We had discussions on the various developmental programmes of the WTO and we noticed that there were spaces where Nigerians can become major players. We discussed issues affecting trade back home in Nigeria and ways in which the National Assembly can assist in removing barriers, through legislation for the benefit of our people.

 “We also talked about issue of regulations concerning Digital economic contents, illegal finishing along the coastal states of Cross River, Rivers, Akwa Ibom and Bayelsa states. How Nigerian women could benefit from the recent program funded by the organization was also discussed. The establishment of a Digital trade portal, where-in, all trade information could be accessed by our people top our discussion with the WTO. “

Akpabio noted, “The deliberations were fruitful and we are confident that with our support in all of these, Nigerians would be the better for it.”

In his brief remarks, the Deputy Speaker of the House of Representatives, Benjamin Kalu said, ” our best export to the world took her time to bring us up to speed on the various innovations and initiatives of the WTO and what Africa and Nigeria stand to benefit from. We are going back more refreshed because we have seen a space here for Africa to thrive in business and in trade.”

Speaking in the same vein, the WTO chief described the visit of the Senate president and the Deputy Speaker, to her office as “a huge honour. We were able to talk on those things we are doing at the WTO that would help make a material difference for Nigerians.

“We spoke of recent program that we launched in some development program from the standards and trade facilities to help in improving sanitary and vital sanitary standards for some of the crops in Nigeria, so that it helps in diversifying the economy to even fisheries and illegal mining of the waters of Nigeria.”

According to her, “A lot of things on the table have already been discussed. I am honoured by this visit and I am home-sick.”

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Economy

Life Insurance Records 95% Net Claims in Q4 2023-NAICOM

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The National Insurance Commission (NAICOM) says Life insurance business recorded about 95 per cent net claims of the total claims in the fourth quarter of 2023.

A report by NAICOM in Abuja on Tuesday hinted that the record was due to the direct reflection of the ongoing regulatory measures by the Commission regarding claims settlements.

NAICOM said the insurance market average stood at about 71.

4 per cent of the N536.
5 billion gross claims reported at the close of the fourth quarter.

The Commission said the market also recorded retention of about 87.7 per cent for the life business, 54 per cent for non-life while the aggregate market average retention stood at 66.

7 per cent for the period.

It showed that the insurance industry sustained its progressive trend of positive market performance at the close of 2023 fourth quarter.

According to NAICOM, the insurance market recorded a milestone growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.

”Major growth drivers in the non-life segment of the market were oil and gas and fire Insurances contributing 27.3 per cent and 24.1 per cent respectively.

”In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continues to decline.

”The premium posted 1.6 per cent as outstanding of all the premiums generated in the market during the period.

”Statistics also shows that the market recorded total assets of about N2.67trillion and capitalisation of N851billion in 2023,” NAICOM said. (NAN)

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