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Residential Mortgage Contributions Hit N7bn in Six Months – Agudah

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By Tony Obiechina, Abuja

The Chief Executive Officer (CEO) of the Pension Fund Operators Association of Nigeria (PenOp), Mr. Oguche Agudah on Thursday disclosed that a total of N7,887,611,972, 93 equity contributions for a residential mortgage were approved between March -September 2023.

Mr.

Agudah who disclosed this at a virtual Media Parley organised for the Pension Correspondents Association of Nigeria (PENCAN), Abuja Chapter said, the amount may double in the coming year as many people are jostling to have their own homes.

Recall that the National Pension Commission (PENCOM) last year issued guidelines on how to access a retirement savings account (RSA) balance towards payment of equity contribution for a residential mortgage.

That was as a result of the window created by the Pension Reform Act 2014 (PRA 2014) which made provision for RSA holders to use part of their retirement savings as equity contributions for residential mortgages.

Based on the guidelines, a maximum of 25 percent of the total RSA could be used as equity contribution for residential mortgage purposes.

The PenOp CEO also disclosed that a lump sum of N1.63 trillion was paid to 443,000 Retirees as a life annuity in the last 15 years.

He noted that the amount increased from N1.51 billion paid to 331 applicants in the Third Quarter of 2011 to N665.13 billion paid to 111,708 applicants in the Second Quarter of 2023.

Speaking further on the gains, pains, and way forward for the industry as it prepares to mark 20 years in 2024, Agudah said, the industry has grown from 2,543,178 clients in 2007 to 10, 023,314 in July 2023.

Agudah said the 2004 Pension Act has sanitized the pension industry in Nigeria, adding tha a recovery of outstanding pensions of N24.8 billion was made by PenCom in the Third Quarter of 2023.

On Death Benefit, he said, a total of N356.32 billion was paid to 91,214 beneficiaries in the Second Quarter of 2023.

He also disclosed that a total of N208.86 billion was paid to 475, 000 Nigerians who lost their jobs from the 25 percent RSA balance.

The PenOp boss said, the investments made by the Pension Fund Administrators (PFAs) in the equity market have grown from N344.69 billion (15.36%) in the Third Quarter of 2011 to N1.54 trillion (8.88%) in the Third Quarter of 2023.

According to him, the PFAs’ investments in Corporate Debt have grown from N69.32 billion (3.09%) in the Third Quarter of 2011 to N1.86 trillion (10.70%) in the Third Quarter of 2023.

On plans for 2024, he said, apart from the celebration of 20 years of the PRA, there would be a greater focus on Micro Pension, adding that the 1 million target of the Micro Pension Plan (MPP) was not achieved because of Covid-19.

He listed other targets for next year to include revision of investment guidelines, more applicants and approvals for RSA mortgage, possible kickoff on Offshore investment and infrastructure consortium.

Also in her remarks, the PENCAN President, Mrs. Nana Musa thanked the PenOp for the parley.

She said, the micro pension scheme is underreported therefore, there is a need to create more awareness about the scheme in the coming year by consistently reporting it.

Agriculture

Sallah: Ram Traders Lament Rising Preference to Cows

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 Some ram traders in Lagos State have lamented the preference for cows to rams by Muslim faithful this 2025 Eid Kabir celebration.


The traders disclosed this in interview on Thursday in Lagos.

The traders said that most people prefer to buy cows than rams because of the size and the fact that five families could buy and share for the celebration.


“A ram trader, Mr Ibrahim Hassan, at the Lawanson area of the state, said patronage has been decent, but with an interesting twist.


“The patronage this year is not bad, but I have noticed that people are buying more cows than rams. I believe the reason behind this shift is that cows are more economical and offer better value for money.


“When families or even groups of friends come together, they can share a cow and still fulfil the sacrifice. That way, instead of each person buying a ram for over N500,000, they split the cost.


“The cheapest cow you can get right now is around N800,000, while the cheapest ram starts at about N550,000. Prices also vary depending on the size and weight of the animal.


“I have contacted my sources for more cows, but the market price has gone up since last week. It’s a volatile market, and prices can change quickly,” Hassan said.
Also, Mr Shakiru Gbadamosi, another ram seller at Lawanson, said he noticed that “people are weighing their options this Sallah, and they have been buying  more of cows”


“I was surprised to see some buyers turning to cows, and this trend has been on for weeks. Although many still prefer rams for Sallah because it’s about tradition and religious significance.


“The ram is the symbolic animal for the sacrifice, and that’s not something easily replaced.
“Prices have gone up this year, a decent ram now costs between N550,000 and N700,000 depending on the size and breed. But despite that, the demand remains steady.


“Some people have been buying younger rams because they are less expensive but still acceptable.


“The younger rams are sold for between N130,000 and N250,000,” Gbadamosi said.
A buyer, Mr Folajimi Aderibigbe, who confirmed the trend, said buying a cow seems like a better option.


“We are a family of eight, and instead of buying two small rams, we joined with my brother-in-law and bought a cow. It cost us N950,000, but we split it. Everyone still gets to perform their sacrifice and save money.


“Traditionally, rams are the preferred animal for Eid Kabir (Sallah). However, economic realities have changed things, and we must find a way to adapt,” he said.

In a related development, vegetable oil traders said they have observed increased patronage due to the Sallah celebration.


Mrs Linda Nwachukwu, a cooking oil trader at the Lawanson Market, said the demand for cooking oil had increased because of preparations ahead of Sallah.


“The celebration usually increases the demand for groundnut oil. Consumers have been stocking up oil since last week, especially now that there are few days to Sallah.


“Cooking oil prices have risen, but it is cheaper than last December, a 25-litre container cost N110,000, a price that persisted until April 2025.


“A recent price adjustment, just three weeks ago, sets the current rates for groundnut oil at N78,000 for 25 litres, N35,000 for 10 litres, and ₦18,500 for five litres.”


“This is unusual, groundnut oil prices normally surge in December and then decrease by January or February, but it stayed high for a long time,” she said.


Another trader, Mrs Imoleayo Fakunle, said she buys in larger jerrycans and sell in measured portions to customers who cannot afford bigger sizes.


“Not everyone can buy 25 litres or even afford the branded ones, so as a vendor, what I do, is to buy in larger containers and sell in small portions.


“Groundnut oil is expensive, but it is essential. A lot of customers have been buying the measured portions, and they are always happy that they can save money.


“Despite rising prices, customers prioritise the essential ingredient for their celebrations,” she said.


Mrs Taraoluwa Alausa, a consumer at the Idi-Araba Market, said she had learned to prioritize when buying cooking oil since the increase in the price of groundnut oil.

“I purchase measured portions of oil specifically for frying and use a good branded oil for general cooking.


“Lately, I have become more conscious about the type of oil I use. I want something natural and less processed. It’s a bit pricier, but I think it’s good for healthy living.


“However, for this celebration, there is going to be an exception because I will be frying with the measured portions I bought. This way, I can save more and even fry more,” Alausa said. (NAN)

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Economy

Eid-el-Kabir: Ram Sellers Decry Low Patronage as Prices Soar in Ile-Ife

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 The Chairman, Ram Sellers’ Association, Odo-Ogbe Market, Ile-Ife, Osun, Alhaji Akeem Salahudeen, has complained of low patronage, attributing it to high cost of rams and the economy situation in the country.

Salahudeen stated this in an interview on Wednesday in Ile-Ife.

He said that the big sized ram which was sold between N550,000 and N620,000 last year are now being sold at the rate of N800,000 to N1.

2 million.

He added that the medium sized ram which was sold between N300,000 and N350,000 last year is now going for between N450,000 and N550,000.

According to him, small sized ram sold for N200,000 and N230,000 last year now attracts N300,000 and N450,000 this year.

He attributed the increase in the prices of rams in this year’s Sallah to the insecurity in the North, which he claimed had disrupted the supply chain.

“They said the worsening insecurity in the North has forced some sellers to import rams from neighbouring countries like Niger, Mali and Chad, which they said contributed to the high prices,” he emphasised.

At Sabo Cattle Market in Ile-Ife, Alhaji Saheed Yaro, said that the price of rams has surged as the small sized ram which was sold at N150,000 and N180,000 last year, is now being sold between N250,000 and N350,000.

Yaro added that the price of medium sized ram which was between N185,000 and N260,000 last year now goes for between N350,000 to N450,000.

Accordingly, the big sized ram sold between N480,000 and N500,000 last year is now between N550,000 and N780,000.

At Boosa Cattle Market located at Modakeke, Mr Musa Salami stated that prices of rams have witnessed sharp increase with a medium sized ram which was for N170,000 to N200,000 last year is now at N250,000 to N300,000.

Salami stated further that the big sized ram that was sold at N350,000 and N400,000 is now being sold at N600,000 to N750,000.

He added that he brought 150 rams a week ago, but has been able to sell only 15, explaining that many customers turned back on hearing prices without buying.

He noted that customers who usually bought rams from him over the years are now complaining about costs.

NAN reports that ram sellers expressed concern over low patronage in many markets, saying that customers were lamenting the high cost of the animals.

A civil servant, Mr Bayo Olabisi, said that most workers in the state cannot afford to buy rams for this year’s Eid-el-Kabir due to the high prices and the economic hardship.
Olabisi added that the present economic hardship has been taken a toll on the workers, especially with the high transportation and other costs following the removal of fuel subsidy by the government.

“In fact, I visited three places where they sell rams, but I couldn’t buy any because I can’t afford to buy.

“When I priced a medium sized ram, the seller told me N250,000, the same size of ram I bought for N150,000 last year.

“I would rather use part of my salary to buy half bag of rice and two chickens for my family.

“For Allah has said that if you can’t afford ram, you should not borrow or buy on credit because there’s no reward on that,“ he said. (NAN)

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Oil & Gas

NNPC Ltd. Disclaims Fake Financial Scheme

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The Nigerian National Petroleum Company Limited (NNPC Ltd.) has disowned a fake AI-generated video circulating on social media featuring a cloned voice of the Group CEO, Mr Bayo Ojulari, promoting a fictitious poverty alleviation scheme.

The Chief Corporate Communications Officer, NNPC Ltd.

, Olufemi Soneye in a statement on Thursday clarified that the company had no such investment initiative.

Soneye urged the public to disregard the video, originally shared by an account named Mensageiro de Cristo on Facebook.

“NNPC Ltd. has warned the perpetrators to cease their fraudulent actions or face legal consequences,” he said. (NAN)

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