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PFAs Invest N4.2bn Pension Funds in Infrastructure

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  • PFAs Invest N4.2bn Pension Funds in Infrastructure

Pension Fund Administrators have gradually increased the amount of funds invested in infrastructure under the Contributory Pension Scheme to N4.2bn.

Figures obtained from the National Pension Commission on Tuesday showed that this translated to 0.07 per cent of the total funds under the scheme, which rose to N6.49tn as of April this year.

According to PenCom, in May 2015, the operators invested N568m in infrastructure for the first time, and increased it to N1.82bn in September 2016.

Some operators who spoke with our correspondent said that investors had continued to mount pressure on them to part with the funds in their custody.

The operators, who noted that the funds were not lying idle, said they had been invested in different portfolios such as the FGN bonds, treasury bills, domestic ordinary shares, local money market securities, corporate debt securities, real estate properties, state government securities, foreign domestic shares and cash/other assets.

In May, PenCom reviewed the regulation of its investment guidelines and stated that the PFAs must offer the multi-fund structure for the Retirement Savings Account and that there would be a transition period of six months.

It stated, “The multi-fund structure shall comprise Fund I, Fund II, Fund III and Fund IV (retiree fund). Funds I, II, III and IV shall however differ among themselves, according to their overall exposure to variable income instruments.”

The commission said the exposure to variable income instruments was defined as the sum of the PFA’s investments in ordinary shares and participation units of open, close-ended and hybrid funds, real estate investment trust, infrastructure funds, and private equity funds.

Under the Pension Reform Act, the PFAs administer the funds, which are kept in the custody of the Pension Fund Custodians.

The Chairman, Pension Fund Operators Association of Nigeria, Mr. Eguarehide Longe, said the pension fund was making notable impact on the society.

“The investment guidelines are broad and comprehensive enough to include assets that will make notable societal impact,” he said.

Longe explained that the PFAs could be more adventurous in the asset classes they reviewed, developed and invested in, adding that the CPS provided a positive opportunity over the long haul to improve the general wealth of the country.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Meta Fires Employees For Using Office Free Meal Vouchers to Buy Household Items

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The parent company of Facebook, Instagram, and WhatsApp, Meta, has allegedly relieved about 24 staff members at its Los Angeles office of their jobs.

The affected staff were accused of using their $25 (£19) meal credits to buy items such as toothpaste, laundry detergent, acne pad and wine glasses.

It was gathered that the dismissals followed an investigation that revealed the employees had been exploiting the system, including sending food home when they were not physically present at the office.

One of the terminated employees was an unnamed worker earning a $400,000 salary.

Another sacked employee anonymously shared on the messaging platform Blind, explaining how she and her colleagues maximized their dinner credits to buy other necessities when they could get food elsewhere.

The breach was discovered as part of the human resources procedure even though one of the workers admitted to it.

According to reports, employees who occasionally bent the rules received warnings but retained their positions.

Free meals have long been a benefit for employees of major tech firms like Meta, founded by Mark Zuckerberg.

Typically, staff at larger offices, including Meta’s Silicon Valley headquarters, enjoy complimentary meals from on-site canteens.

Employees at smaller locations receive daily food credits, redeemable through delivery services like UberEats and Grubhub, with allowances of $20 for breakfast, $25 for lunch and $25 for dinner.

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Flour Mills of Nigeria to Invest $1 Billion in Expansion and Restructuring Over Four Years

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flour mills posts 184% increase in PAT

Flour Mills of Nigeria Plc, a Nigerian diversified agribusiness company, has announced plans to invest $1 billion over the next four years to expand its facilities and restructure the company.

Chairman John Coumantaros, in an interview on Tuesday, said the new funding is about “doubling down on investment in Nigeria.”

This investment will further support President Tinubu’s reform efforts at a time when companies like Diageo Plc and Unilever Plc are exiting or reducing their exposure to the West African nation.

Since coming to power in May 2023, President Tinubu has introduced a series of reforms from allowing the naira to free float to fuel subsidy removal to make the country more attractive to investors and steer it away from fiscal collapse.

According to Coumantaros, $500 million of the total investment will go into its sugar operations in Niger state to boost production from the current 100,000 tons to over 400,000 tons a year.

An additional $100 million will be allocated to a cassava-processing factory to end imports of starch from the tuber and expand its breakfast cereal offerings.

The 64-year-old company will also undergo reorganization following an offer from Excelsior Shipping Company Ltd. last month to buy out minority shareholders at 70 naira per share.

The company plans to restructure its more than 22 units into five individual companies, Coumantaros said.

“We want to be able to attract technical and financial partners to help us grow our sugar operations and food business. We have a lot of ambitious plans for investment and expansion.”

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Allen Onyema, Employee Indicted in U.S. For Allegedly Obstructing Justice in Bank Fraud, Money Laundering Cases Slammed Against Them

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Allen Onyema Air Peace

Allen Onyema, the Chairman and Chief Executive Officer of Air Peace, a Nigerian airline, has been charged in a superseding indictment with obstruction of justice for submitting false documents to the United States Government in an effort to end an investigation of him in earlier charges of bank fraud and money laundering.

The United States government also charged alongside Onyema, his employee, Ejiroghene Eghagha, the airline’s Chief of Administration and Finance, for participating in the obstruction scheme, as well as in the earlier bank fraud counts.

In a statement issued by the U.S Government, the country’s Attorney Ryan K. Buchanan said the founder of the airline, accused of using his airline company as a cover to commit fraud on the United States’ banking system, has, along with Eghagha, who is a co-defendant in the fraud cases, allegedly committed additional crimes of fraud in a failed attempt to derail the government’s investigation of his conduct.

Robert J. Murphy, Special Agent in Charge of the Drug Enforcement Administration (DEA), Atlanta Division also revealed that through the diligence of US federal investigative partners, the alleged obstruction scheme of Onyema and Eghagha was revealed, making it possible for the defendants to be held accountable for their aggravated conduct of attempting to impede a federal investigation.

For Assistant Special Agent in Charge Lisa Fontanette, Internal Revenue Service – Criminal Investigation Atlanta Field Office, “These cases represent the continued commitment of the Drug Enforcement Administration to identify and hold accountable those who engaged in fraud and money laundering.”

“Allegedly, Onyema and his accomplices fraudulently used the U.S. banking system in an effort to hide the source of their ill-gotten money.

“Today’s superseding indictment is indicative of the dedication IRS-CI special agents and our law enforcement partners have, as part of the Organized Crime Drug Enforcement Task Forces, to neutralize threats to the United States from criminal organizations.”

“The charges announced today demonstrate the criticality of diligence and truth in criminal justice proceedings,” said Steven N. Schrank, Acting Special Agent in Charge, Homeland Security Investigations Atlanta that covers Georgia and Alabama. “HSI and our partners are committed to pursuing those who seek to exploit our nation’s financial system and any efforts to cover up illegal activity,” she added.

The statement obtained by Investors King explained how Onyema allegedly committed the bank fraud and laundered money running into millions of dollars. The statement reads “Onyema, a Nigerian citizen and businessman, is the CEO and Chairman of Air Peace, a Nigerian airline founded in 2013. Between 2010 and 2018, Onyema travelled frequently to Atlanta, where he opened several personal and business bank accounts. More than $44.9 million was allegedly transferred into his Atlanta-based accounts from foreign sources.

Beginning in approximately May 2016, Onyema, together with Eghagha, allegedly used a series of export letters of credit to cause banks to transfer more than $20 million into Atlanta-based bank accounts controlled by Onyema.

The letters of credit were purportedly to fund the purchase of five separate Boeing 737 passenger planes by Air Peace and were supported by documents such as purchase agreements, bills of sale, and appraisals.

The documents purported to show that Air Peace was purchasing the aircraft from Springfield Aviation Company LLC, a business registered in Georgia.

However, the supporting documents were allegedly fake – Springfield Aviation Company LLC was owned by Onyema and managed on his behalf by a person with no connection to the aviation business, and Springfield Aviation never owned the aircraft.

The company that allegedly drafted the appraisals did not exist. Eghagha allegedly participated in this scheme as well, directing the Springfield Aviation manager to sign and send false documents to banks and even using the manager’s identity to further the fraud.

After Onyema received the money in the United States, he allegedly laundered over $16 million of the proceeds of the fraud by transferring it to other accounts.

In May 2019, upon discovering that he was under investigation in the Northern District of Georgia for bank fraud, Onyema and Eghagha allegedly directed the Springfield Aviation manager to sign a key business contract, but also specifically told her to not date the document.

In October 2019, Onyema allegedly caused his attorneys to present that same contract, now falsely dated as being signed on May 5, 2016 (prior to the bank fraud that began in 2016), to the government in an effort to stop the investigation and unfreeze his bank accounts.

Allen Ifechukwu Athan Onyema, 61, of Lagos, Nigeria, and Ejiroghene Eghagha, 42, of Lagos, Nigeria, were indicted on November 19, 2019, on one count of conspiracy to commit bank fraud, three counts of bank fraud, one count of conspiracy to commit credit application fraud, and three counts of credit application fraud.

Additionally, Onyema was charged with 27 counts of money laundering, and Eghagha was charged with one count of aggravated identity theft. On October 8, 2024, they were both charged in a superseding indictment alleging an additional count of obstruction of justice and one count of conspiracy to obstruct justice. The case is criminal action number 1:19-CR-464.”

However, the statement noted that an Organized Crime Drug Enforcement Task Forces (OCDETF) including the Drug Enforcement Administration, Internal Revenue Service Criminal Investigation, U.S. Immigration and Customs Enforcement’s Homeland Security Investigations, Federal Aviation Administration, Department of Commerce, and Department of Treasury are investigating the case.

It informed members of the public that the indictments of Onyema and his co-accused person only contain charges, adding that the duo Nigerians are presumed innocent of the charges and it will be the government’s burden to prove their guilt beyond a reasonable doubt at trial.

The statement further disclosed that Assistant U.S. Attorneys Garrett L. Bradford and Christopher J. Huber are prosecuting the case.

“This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF,” it concluded.

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