Connect with us

Business

FG Has no Accurate Figure of Pensioners — Investigation

Published

on

pension fund
  • FG Has no Accurate Figure of Pensioners

Despite huge funds spent on a series of verification conducted to ascertain the number of its retirees under the Defined Benefits Scheme over the years, the Federal Government still has no accurate data of its pensioners nationwide, investigation has revealed.

The Pension Reform Task Team, which was inaugurated in 2010 to manage the scheme, conducted the verification of the retirees same year but it was said to be inconclusive. The group was dissolved in 2012.

During the verification, the team claimed to have discovered and deleted 73,000 fake retirees from the government’s payroll.

The Pension Transitional Arrangement Directorate, the agency regulating the old pension scheme, also said it had deleted more fake pensioners from the payroll after conducting a series of verification of the retirees since 2013 when it was established.

The Association of Retired Senior Public Officers of Nigeria, however, expressed dissatisfaction with the recent delisting of about 15,128 pensioners, saying some of its members were affected.

ARFESPON, made up of retired management-level officers from salary grade level 14 to permanent secretaries, comptrollers-generals of Customs, Immigration and Prisons and career ambassadors, lamented that due to this, the affected members had not received their pension benefits since November last year.

The Vice-Chairman, Nigerian Union of Pensioners, (Federal Branch) Lagos, Arasi Lawal, also said that the government and PTAD did not know the actual number of civil service pensioners in the country.

According to the latest report by PTAD, the Federal Government releases N6.24bn monthly for the payment of its retirees.

Yet, many retirees have continued to complain of not finding their names on the payroll.

He queried the failure of the agency responsible for the verification of retirees for not completing the exercise in time, which was meant to determine ghost pensioners.

The National President of the NUP, Dr. Abel Afolayan, identified some of the problems of federal retirees to include non-payment of gratuities of pensioners from 1976 to date, short payment and sudden stoppage of monthly pension stipends without reasons.

He also faulted the non-compliance with constitutional stipulation of five yearly pension review in line with sections 173(3) and 210(3) of the 1999 Constitution (as amended) of the Federal Republic of Nigeria.

The Executive Secretary, PTAD Sharon Ikeazor, said the directorate had verified 4,389 civil service pensioners in the North-East states of Adamawa, Taraba, Gombe and Bauchi.

According to her, the verification, which started on November 28, 2016, was concluded on December 6 in Adamawa State.

She said a total of 4,291 pensioners and 98 next of kin of deceased pensioners were verified in the four states during the exercise.

“No one will be left behind as we address all complaints. Complaint resolution is a continuous process until all genuine pensioners’ complaints have been resolved,” she said.

She observed that the annual budgetary allocations for pension were often one of the most vulnerable items in budget implementation.

In many cases, even where budgetary provisions were made, she said, inadequate and untimely release of funds often resulted in delays and accumulation of arrears of pensions

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Company News

MicroStrategy Rally Crushes Short Sellers, Wiping Out $1.92 Billion

Published

on

MicroStrategy- Investors King

Short sellers betting against MicroStrategy found themselves facing significant losses as the company’s rally wiped out $1.92 billion since March.

This development comes amidst a rally that has seen MicroStrategy’s stock outperform bitcoin, causing a considerable hit to those who had taken a bearish stance on the tech firm.

According to data from S3 Partners, short sellers have been on the losing end since March, as MicroStrategy’s stock surged, highlighting the impact of the rally on those betting against the company’s success.

This loss underscores the challenges faced by short sellers in a market where certain stocks experience rapid and unexpected price increases.

The rally in MicroStrategy’s stock is attributed to several factors, including the approval of several spot bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) earlier in the year.

This move by the SEC brought bitcoin, a once-nascent asset class, closer to the mainstream and fueled investor interest in companies like MicroStrategy, known for their significant holdings of the cryptocurrency.

MicroStrategy, which held nearly 190,000 bitcoin on its balance sheet as of the end of 2023, has indicated its intention to continue increasing its exposure to the digital currency.

The company’s decision to sell convertible debt to raise money for additional bitcoin purchases further bolstered investor confidence and contributed to the stock’s rally.

Analysts at BTIG noted that the premium for MicroStrategy’s stock reflects investors’ desire to gain exposure to bitcoin indirectly, especially those who may not have the means to invest directly in the cryptocurrency or ETFs.

The company’s ability to raise capital for bitcoin purchases is seen as a positive sign for shareholders, adding to the optimism surrounding its stock.

However, despite the recent rally and optimism surrounding MicroStrategy, the crypto industry as a whole continues to be heavily shorted.

Short interest in nine of the most-watched companies in the crypto space remains high, standing at 16.73% of the total number of outstanding shares, more than three times the average in the United States.

Moreover, concerns persist regarding the SEC’s stance on cryptocurrencies, with some experts suggesting that the approval of spot bitcoin ETFs may not necessarily indicate a broader acceptance of other similar products, such as spot ethereum ETFs.

Continue Reading

Company News

Geregu Power Plc Announces N14.46bn Profit in Q1 2024

Published

on

Geregu Power Plc

Geregu Power Plc has announced a profit of N14.46 billion for the first quarter (Q1) of 2024.

This represents a 307% increase when compared to the same period last year.

The power-generating company, known for its pivotal role in Nigeria’s energy sector, disclosed its outstanding financial results in its interim financial statement filed with the Nigerian Exchange Limited on Tuesday.

This disclosure comes shortly after the firm’s Deputy Chief Executive, Julius Omodayo-Owotuga, hinted at the promising financial outlook during the company’s recent annual general meeting held in Lagos.

According to the interim report, Geregu Power Plc’s revenue surged to N50.42 billion in the first quarter of 2024, representing an increase of 254.37% year-on-year appreciation.

The company’s net finance income transitioned from a negative position to N133.61 million. This positive momentum was supported by a moderation in finance costs, which decreased from N3.141 billion to N2.29 billion as of March 2024.

Speaking to stakeholders at the recent annual general meeting, Femi Otedola, Chairman of Geregu Power, expressed satisfaction with the company’s exceptional financial performance in 2023.

Otedola highlighted the board’s decision to propose a dividend distribution of N8 per share for the 2023 financial year as a testament to their commitment to rewarding shareholders and confidence in the company’s future prospects.

The robust financial results for the first quarter of 2024 further solidify Geregu Power’s position as a leading player in Nigeria’s energy landscape.

The company’s commitment to operational excellence, strategic investments, and adherence to international standards, such as obtaining ISO 9001 and 14001 certifications from the Standard Organisation of Nigeria, underscores its dedication to driving sustainable growth and value creation.

Continue Reading

Company News

Guaranty Trust Holding Company Plc Records N609.3bn Profit Before Tax in 2023

Published

on

GTCO Commemorates Listing on Nigerian Exchange - Investors King

Guaranty Trust Holding Company Plc (GTCO) has announced a strong profit before tax (PBT) of N609.3 billion for the 2023 financial year.

This represents an increase of 184.5 percent when compared to the previous year.

The audited consolidated and separate financial statements filed with the Nigerian Exchange Group and London Stock Exchange on Monday revealed market capitalization exceeded N1 trillion on the NGX to further solidify GTCO’s position as one of the top financial holding companies in Nigeria.

During the period under review, the group’s post-tax profit rose by 218.99 percent to N539.65 billion from N169.17 billion in 2022.

Key indicators such as loans and advances increased by 31.5 percent to N2.48 trillion, while deposits grew by 63.7 percent to N7.55 trillion.

The group’s total assets and shareholders’ funds closed at N9.7 trillion and N1.5 trillion, respectively.

Despite the challenging economic environment, GTCO maintained a strong capital adequacy ratio of 21.9 percent.

Also, the group sustained asset quality, with IFRS 9 Stage 3 loans improving to 4.2 percent in December 2023 from 5.2 percent in the same period of the prior year.

However, the cost of risk experienced an uptick, rising to 4.5 percent from 0.6 percent in December 2022, largely due to worsening macroeconomic factors.

Despite these challenges, GTCO’s pre-tax return on equity stood at 50.6 percent, while pre-tax return on assets was 7.6 percent. The cost-to-income ratio remained favorable at 29.1 percent.

Commenting on the financial results, Mr. Segun Agbaje, the Group Chief Executive Officer of GTCO, expressed satisfaction with the company’s performance amidst a challenging operating environment.

He attributed the strong performance to the successful implementation of the group’s business model across banking and non-banking business verticals.

“Also important to our success is our relentless obsession with innovation and offering great customer experiences as demonstrated by the successful redesign and upgrade of our mobile banking application, GTWorld,” he stated.

“In a landscape characterised by evolving regulatory reforms, global uncertainties, and heightened competition, we have continued to leverage our inherent strengths and capabilities to unlock significant value, creating more opportunities for the businesses and individuals we serve.

In line with its commitment to shareholders, GTCO announced a final dividend of N2.70k, bringing the total dividend for 2023 to N3.20k.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending