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Contributory Pension: Police Make a U-turn on Exit

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  • Contributory Pension: Police Make a U-turn on Exit

Paramilitary organisations and some members of the National Assembly where on Thursday shocked when the Nigeria Police Force made a sudden U-turn and withdrew its earlier request to exit the Contributory Pension Scheme on Thursday.

Officers and men of the Nigeria Police Force, Security and Civil Defence Corps, Nigeria Immigration Service, Economic and Financial Crimes Commission, Independent Corrupt Practices and other related Offences Commission, National Drug Law Enforcement Agency, and other related agencies had sought to exit from the CPS.

But at the public hearing on a bill to amend the Pension Reform Act, 2014, at the House of Representatives in Abuja, the Police hierarchy said it was no longer interested in pulling out of the scheme.

The Inspector General of Police, Ibrahim Idris, said that the NPF already had a Pension Fund Administrator, which was taking care of retirees, who were contributors to the CPS.

“We don’t want to go back to the old Defined Benefits Scheme, we want to remain under the CPS because the welfare of the police will be better taken care of under the CPS,” he said.

The IG, who was represented by the Director, Legal, NPF, David Igbodo, however, stressed the need to improve the welfare package of retirees and relatives of deceased police officers.

Members of the paramilitary agencies and retired police officers present murmured loudly to express their disbelief over the statement.

The Chairman, House Committee on Pensions, Hassan Shekarau, assured them that they would also be given the chance to canvass their positions.

A member of the House, Oluwole Oke, who sponsored the exit bill that has already passed second reading, had earlier said the move was to improve the lots of pensioners and ensure their safety due to the risky nature of their profession.

“I am shocked to hear the police saying this, because we had already met with the necessary groups and discussed before making this move. Even if there was a new development that could warrant this change, it should not be this way,” Oke said.

No representative showed up when the EFCC was called to present its position.

However, the representatives of the ICPC, NDLEA, NCS and NIS said they had submitted memoranda to the Senate and restated their stand to exit the CPS.

Some retired police and paramilitary officers said the nature of their work was similar to the military, which was granted permission to exit the CPS in 2011.

The Pension Transitional Arrangement Directorate, the regulatory body of the old pension scheme, which the paramilitary personnel were requesting to return to, dealt the agitators another blow when it said they were not welcome back.

The PTAD said it was still grappling with huge pension liabilities that it inherited, adding that the Federal Government should not be weighed down by additional financial burden.

The PTAD said that if the agitators felt they would earn more under the DBS, there were currently many retirees earning low pensions under the old scheme.

Other groups that kicked against the bill include the Nigeria Labour Congress, Nigeria Employers Consultative Association, Securities and Exchange Commission, National Insurance Commission, National Pension Commission, Nigerian Union of Pensioners and Pension Funds Operators Association of Nigeria, among others.

The President, NLC, Ayuba Wabba, faulted the provision of the proposed bill to raise the lump sum that retirees would be getting from 25 per cent to 75 per cent.

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.

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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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Israeli President Declares Iran’s Actions a ‘Declaration of War’

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Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

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