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FG Owes Retirees N143bn, says PenCom

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The Director General of the National Pension Commission (PenCom), Ms
  • FG Owes Retirees N143bn, says PenCom

The National Pension Commission on Thursday said that the Federal Government owed a total of N142.6bn in pension liabilities to retired workers from 2014 to 2016.

The Director-General, PenCom, Mrs. Chinelo Anohu-Amazu, disclosed this in a memorandum submitted to the Senate Committee on Establishments and Public Service at the 2017 budget defence session.

A copy of the memorandum was made available to our correspondents.

The DG expressed worry over the inability of the government to adequately fund the Retirement Benefits Bond Redemption Fund Account, adding that the development had left huge liabilities in the payment of pensions to retirees.

For instance, she said in 2014, the commission requested for a provision of N93.06bn based on the 11,010 verified and enrolled Federal Government employees scheduled to retire that year as well as estimates for deceased employees.

However, she noted that only N30.58bn was approved, thus resulting in a shortfall of N62.48bn in the 2014 fiscal period.

Anohu-Amazu informed the committee that the monthly mandates of N2.54bn for four months (September to December 2014), amounting to N10.19bn, were not cash-backed and released into the RBBRF account by the Office of the Accountant-General of the Federation after the Budget Office of the Federation had issued the “approval-to incur-expenditure” for that purpose.

In the 2015 fiscal period, the PenCom DG said the commission had, based on the data obtained on the Federal Government employees retiring that year and the death benefits claims as of September 2015, determined the government’s pension liability of N98.7bn for 13,799 retirees and estimates for deceased employees.

However, she lamented that only N60.25bn was appropriated in the 2015 budget for the purpose, thus resulting in another shortfall of N38.45bn for the retirees and deceased employees.

For the 2016 fiscal year, she said the commission requested for the provision of N91.91bn in the Appropriation Act based on 16,267 verified and enrolled government employees scheduled to retire within the year as well as estimates for deceased employees.

However, she stated that N50.19bn was presented before the National Assembly by the Budget Office, thereby resulting in a shortfall of N41.71bn.

She lamented that out of the approved N50.19bn, only N18.82bn, which was the mandate for four and half months, was released into the RBBRF account.

This, according to her, implies that mandates for seven and half months in the sum of N31.37bn were not cash-backed by the Accountant General of the Federation.

Anohu-Amazu said, “The distinguished Senate Committee on Establishment and Public Service is further requested to consider and ensure the appropriation of adequate funds to facilitate the payment of the sum of N10,194,184,608 to pay all outstanding accrued benefits for deceased and mandatory retirees of the Federal Government for the period September to December 2014.

“The sum of N41,719,090,082, being the shortfall in the 2016 budget appropriation. The sum of N31,372,380,576, being the outstanding mandates for seven and half months in 2016 in order to effect payment of outstanding accrued benefits for deceased and mandatory retirees of the Federal Government.

“The appropriation of the total sum of N113,023,255,000 in the 2017 Appropriation Act in favour of the Retirement Benefits Bond Redemption Fund Account being the accrued benefits due to 16,267 retirees/prospective retirees and estimates for deceased employees for the year 2017.”

The PenCom DG stated that there was a need to ensure adequate appropriation under the Federal Government’s recurrent expenditure this year so as to facilitate the implementation of the 18 per cent rate of pension contributions.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

CBN Freezes Another 194 Accounts of firms, BDCs, Others

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Godwin Emefile

The Central Bank of Nigeria on Thursday said it got orders from the Federal High Court, Abuja division, to freeze 194 bank accounts belonging to firms and Bureaux de Change to enable it to conduct investigations into suspicious activities.

It disclosed this on Thursday in three separate documents on its website.

In one of the documents, the CBN said it got an order to freeze 60 bank accounts of Bluebeam Capital Limited.

The accounts were domiciled in 13 different banks, the CBN as the plaintiff stated.

Bluebeam, as the respondent had eight accounts each in Access Bank and Keystone Bank; seven each in First Bank and Ecobank; five each in UBA and GTBank; four each in Fidelity Bank, FCMB and Sterling Bank; three accounts in Polaris Bank; two each in Wema Bank and Heritage Bank; and one in Providus Bank.

In another document, the CBN said it got an order to freeze 84 accounts in 17 banks.

The third document revealed that the banking regulator had the court order to freeze 50 accounts domiciled in different banks.

The motions exparte which were signed on different dates sought the orders of the court to direct the banks to freeze all other bank accounts of the defendants for a period of 180 days, pending the outcome of investigation and inquiry being conducted by the CBN.

In the document signed by the Presiding Judge, A.R. Mohammed, the court empowered the CBN to direct the banks to freeze all the bank accounts for a period of 45 days only, pending the outcome of the investigation.

It added that the order may be extended upon good reasons shown.

Any person aggrieved by this order could apply to the court to have the order set aside, discharged or have the order reviewed upon good reasons without waiting for the 45 days to lapse, the document stated.

The CBN on Wednesday disclosed it got an order to freeze 11 bank accounts to enable it conduct investigations into suspicious activities.

It had listed the names of the defendants/respondents as Albert Austin Ugochukwu with two bank accounts; Belfour Energy & Allied Services; Belfour Oil and Gas Limited with three bank accounts; Circle Flow Integrated Services; Kacynaus Reality Nigeria Limited with three bank accounts; and Tasmara Integrated Services.

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Banking Sector

Insider Dealing: Henry Oroh, An Executive Director of Zenith Bank, Acquires N46.982 Million Worth of Zenith Bank Shares

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Henry Oroh -Investorsking.com

Henry Oro, an executive director of Zenith Bank Plc, has dumped N46.982 million on shares of Zenith Bank, according to the latest filing with the Nigerian Stock Exchange.

The executive director purchased Zenith Bank’s shares of 724,527 on April 1st, 2021 at N22.05 each or N15.976 million.

On April 6th, Oroh added 612,573 shares at N22 a unit and another 400,000 units at N21.90 per share.

On the same day, he purchased another 400,000 units at N21.90 a share. Bringing aggregate purchase on April 6th to 1,412,573 at an average price of N21.95 a unit or N31.006 million.

Henry Oroh has spent a total of N46.982 million on Zenith shares in April.

Henry Oroh was appointed as Zenith Bank’s executive director on September 1st, 2019 and holds a Bachelor’s Degree in Accounting from the University of Benin, Edo State and an MBA from the Lagos State University as well as an LLB Degree from the University of London.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an honorary member of the Chartered Institute of Bankers (CIBN), Nigeria.

He has over two decades of banking experience. He began his banking career in 1992 at Citibank where he served for seven (7) years in Operations, Treasury and Marketing.

He joined Zenith Bank in February 1999 and has worked in various Groups and Departments within the Zenith Group Office. His expertise spans Operations, Information Technology, Treasury, Marketing, including the Manufacturing, Food and Beverages, Pharmaceuticals, Oil and Gas, Public Sector, Consumer, as well as Corporate Banking and Business Development.

In April 2012, he was seconded to Zenith Bank Ghana Limited as an Executive Director and became the Managing Director/ Chief Executive in February 2016, where he successfully spearheaded the phenomenal growth of the Zenith Brand both within the Ghana market and the West African sub-region.

Henry has attended several Leadership Programmes and Executive Management Courses at the Harvard Business School, Columbia Business School, New York, University of Chicago, University of Pennsylvania, HEC Paris, JP Morgan Chase, UK and the Lagos Business School.

He comes to the Board of Zenith Bank Plc with strong competencies in Credit & Marketing, Operations, Information Technology, Treasury and impressive Leadership skills.

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Banking Sector

Access Bank Lagos City Marathon Adopts Virtual Audience For 10km Runners

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In a bid to ensure the health and safety of all runners and essential service workers amid the global COVID-19 pandemic, the title sponsors of the Access Bank Lagos City Marathon, Access Bank PLC, has announced that the Lagos City Marathon will be held virtually for interested 10km runners this year.

The marathon, scheduled for April 10, 2021 can only accommodate 300 runners in line with the guidelines provided by the World Health Organisation (WHO), World Athletics and the Lagos State Ministry of Health.

Speaking on the development, Access Bank’s Executive Director of Retail Banking, Victor Etuokwu said, “Our primary consideration is the health and safety of participants, attendees and staff that will be a part of the Lagos City Marathon. This is why we decided to have an exclusive virtual event – that allows participants from all over the world to run the race wherever they are.

‘’While we regret that we can’t host the live 10km race and fanfare that have become synonymous with the Access Bank Lagos City Marathon, we continue to stand with the other sponsors to preserve public health as we look forward to hosting a successful marathon. We implore all well-meaning Lagosians to please adhere to the movement guidelines put in place by the Lagos State Government to ensure that the marathon fulfills its purpose of positively placing Lagos and indeed the whole of Africa on the global map,” he concluded.

Though audience participation may have changed, the organisers have also announced that the race route will largely remain the same. Runners will begin the race from the National Stadium, Surulere, opposite Teslim Balogun Stadium and finish at the Eko Atlantic City, Victoria Island.

Now in its sixth edition, the Silver – Labelled Access Bank Lagos City Marathon has featured over 200,000 registered athletes from over 12 participating countries collectively covering a distance of 42,000 kilometers.

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