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CPS: 21 PFAs Generate N6.5tn Assets in 12 Years



the Sovereign Wealth Funds (SWFs)
  • CPS: 21 PFAs Generate N6.5tn Assets in 12 Years

The 21 Pension fund Administrators operating in Nigeria, between 2004 and 2017 generated a total of 7,592,157 contributors who contributed N6.6 trillion assets.

Also between April and June 2017, they generated a total of 97,713 Retirement Savings Accounts (RSA) holders who registered with them.

Out of this, 77,024 came from the private sector employers, 11,542 came from state government while 9,148 came from federal government.

From June 2004 when the Contributory Pension Scheme (CPS) commenced in Nigeria and June, 30th, 2017, the total number of RSA holders registered by the operators stood at 7,592,157 contributors.

A breakdown of this showed that 1,898,386 registered from federal government employees,1,537,436 registered from state government employees while 4,156,335 contributors registered from private sector, making the sector the leading sector in compliance with the Pension Reform Act 2014.

Disclosing this in his paper on pension biometrics, at the recent media retreat organised by the Pension Fund Operators Association of Nigeria ( PenOp) ,the Executive Director Operations, Crusader Sterling Pensions, Conrad Ifode said a breakdown of how each of the 21 pension fund operators have performed in terms of RSA registration showed that from inception of the scheme in 2004 to June 30th 2017, IBTC topped the list of the performance indicator by registering 1, 590,012 contributors followed by Trust Fund Pensions with 706,507 contributors. Sigma Pensions registered 670,405 contributors, ARM Pensions, 669,562 and Premium Pensions 612,743.

Others are Leadway Pensure with 526,803, Pension Alliance with 468,064, Legacy Pension 364,513,Crusader Pensions with 282,664 and NLPC Pensions with 265,148.

Also First Guarantee Pensions registered a total of 243,859 within the period, AIICO Pensions 213,580, OAK Pensions 182,829 contributors, NPF Pensions registered 161,796, Fidelity Pensions157,822,FUG Pensions 117,334 while APT pensions registered 114,598.

IEI-Anchor Pensions registered 108393 while AXA Mansard Pension registered 67,17, Investment One registered 62, 331 while IGI Pensions registered 5,339 contributors.

Also a review of their second quarter 2017 performance showed that IBTC pensions, registered 16,932 contributors, ARM registered 10,432, followed by Leadway Pensure which registered 9,207, Premium Pensions with 6,761, Sigma Pensions with 5,618, Pension Alliance with 5,498, Legacy Pensions with 5,439,Fidelity Pensions with 5,218,NLPC Pensions with 4,918, Trust Fund with 4,750

FIRST Guarantee Pensions with 4,338, Crusader Pension with 3,737 and IEI -Anchor Pensions with 2,985.

Also FUG Pensions with 2,152, AIICO Pensions with and 2,109 APT Pensions with 1,738 contributors registered. AXA Mansard Pensions registered 1,666, NPF Pensions 1,352 while Investment Pensions registered 1,245 contributors.

Ifode reviewing the CPS operations in its 12 years of existence in Nigeria said in overall, the contributory pension scheme is working in accordance with how it was foreseen with an industry AUM of N6.5 Trillion

He said workers contributions are paid by their employers regularly, while exceptions are followed up by Recovery Agents.

” The PFA’s comply with their legal obligations.The contributors have their funds safe. After being in place for 12 years, no frauds have taken place nor has any PFA gone bankrupt”, he observed.

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

Banking Sector

Sterling Bank Approves Audited Financial Statements for 2020



Sterling Bank

Board of Sterling Bank Approves 2020 Audited Financial Statements

The Board of Sterling Bank Plc said it has approved the audited financial statements for the year ended 31, December 2020.

The lender said the approval was done at a meeting held on 23rd February 2021.

Details of the financial statements will be released upon approval of the Central Bank of Nigeria (CBN), Sterling Bank stated in a statement filed with the Nigerian Stock Exchange on Thursday.

It said “We are pleased to inform our shareholders and other stakeholders that the Board of Sterling Bank Plc at its meeting of 23rd February 2021 approved the audited Financial Statements for the year ended 31st December 2020 subject to the approval of the Central Bank of Nigeria (CBN).

“Kindly note that details of the Financial Statements will be communicated to you upon approval of same by the CBN.

“Consequently, the closed period for trading in the shares of the Bank by its insiders which commenced from 8th February, 2021 will continue until 24 hours after the Audited Financial Statements for the year ended 31st December, 2020 are released on the floor of the Nigerian Stock Exchange.”

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Banking Sector

CIBN, NIBSS Introduce e-Payment Certification Programmes




CIBN, NIBSS Introduce e-Payment Certification Programmes

The Chartered Institute of Bankers of Nigeria (CIBN) in collaboration with Nigerian Interbank Settlement Systems Plc (NIBSS) have introduced professional certification programmes on electronic payments for financial service providers and institutions.

Both organisations disclosed that the programme was designed to enhance the electronic payment skills and knowledge of financial practitioners in order to equip them with efficient tools and information required to upscale innovation and services.

Speaking to journalists at a media briefing in Lagos, yesterday, the Chief Executive Officer, Chartered Institute of Bankers of Nigeria, Mr. Seye Awojobi, said the initiative is an international programme, well grounded in the local realities of the Nigerian e-payment industry and captures the current dynamics, as well as aspects of digital financial services practices.

“This programme would set the standards for e-payment expertise in Nigeria; foster a category of high performing professionals in the industry and build a resilient, safe and secured payment technology driven platform.

“The curriculum for the programme adequately covers recent methods required, which are in line with global practices.

“The introduction of the scheme cannot be more timely than now considering the COVID-19 pandemic, which created serious disruptions in our professional and personal lives,” he added.

On his part, Chief Executive Officer, Nigerian Inter-Bank Settlement Systems Plc, Premier Oiwoh explained that the introduction of the programme would determine the capacity and work experience criteria required to recognise beginners, intermediate and advanced.

“It would create a growth roadmap for fledging e-payment workers, including the unemployed who has the desire to make a career in the electronic sector.

“Also, it would enable us continue to tackle the issue of insecurity within the financial technology payment and banking space,” he added.

The institutions also noted that in order to maintain a certification credential, the practitioners must earn some recertification credits over a three year span and valid for three years after it has been issued.

The CIBN last week has reintroduced its mentoring scheme. The initiatives aims at up-scaling the leadership capacity and productivity of workers within the financial and banking sector.

Speaking during the virtual forum, Director General, Securities and Exchange Commission, Lamido Yuguda, had explained that mentoring schemes are essential for the sustenance and development of the sector as it is built upon values such as trust and professionalism.

“These values can be taught. But are reinforced when practiced by the senior co-workers and emulated by junior colleagues. Such initiatives enable workers to avoid being distracted by the material, prestigious and monetary incentives the space presents.

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Stanbic IBTC Offers Low-Interest Agric Loans



Stanbic IBTC Bank

Stanbic IBTC Offers Low-Interest Agric Loans

Stanbic IBTC Bank Plc has reaffirmed its commitment to the growth of Nigeria’s agriculture sector by supporting farmers and other players in the agricultural value chain.

As the demands on agribusinesses change seasonally, the financial institution provides financing solutions for agricultural enterprises to suit their requirements.

A statement explained that the needs range from availability of resources, to farming equipment, as well as enhancement of seasonal cashflow, amongst others.

Stanbic IBTC Bank offers various low-interest credit facilities across the agricultural sector that will help clients to cushion the impacts of the Covid-19 pandemic.

Speaking on this, Head, Agribusiness, Stanbic IBTC Bank, Wole Oshin, said the agribusiness financial solution was geared towards ensuring that players in the agriculture space are not hindered by lack of finance.

He said: “The bank’s suite of agribusiness solutions minimises risks, ensures maximum control and optimises profits associated with international trade by making transactions smoother, simpler and safer for all parties involved.

“Some benefits of the Stanbic IBTC Agribusiness Finance include: availability of gap-funding for unforeseen financial needs, maintenance of cash flow and flexibility of repayment terms based on the type of funding. This facility is also versatile and can be utilised for funding resources, vehicles and farming equipment.”

Oshin noted that agricultural enterprises could access overdraft to finance their short-term cash flow and working capital needs.

“With quick and flexible processes, funds are available when needed and interest is paid only on funds utilised, not on the full amount on which the limit is set,” he added.

He further reiterated that the asset finance solution could aid in the financing of all farming vehicle and implement needs, with a wide range of packages to suit business’ cash flow and tax requirements.

“Vehicles and assets such as tractors, harvesters, irrigation equipment and so on, to enhance production,” he said.

Other available facilities are Business Revolving Credit Loan, Agricultural Production Loan and Medium-Term Finance.

These are suitable for grain farmers, individual farmers, groups and entities in the agricultural sector. Our loans are designed to accommodate the purchase of various agricultural inputs (like seeds, fertilizers etc), livestock, agriculture-related products and asset acquisition.

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