Connect with us

Business

Lagos Pays N1.07bn to Contributory Pension Retirees

Published

on

retirees
  • Lagos Pays N1.07bn to Contributory Pension Retirees

The Lagos State Government said it paid N1.075bn into the Retirement Savings Accounts of 301 retirees under the Contributory Pension Scheme in November this year.

According to a statement from the Lagos State Pension Commission, the pensioners who are from the Lagos State public service include retirees of the local government and the state’s Universal Basic Education Board.

The Lagos State Governor, Akinwumi Ambode, stated these during the 45th retirement benefits bond certificates’ presentation.

The governor, who was represented by the Commissioner for Establishments, Training and Pensions, Dr. Akintola Oke, said he remained committed to the well-being of the retirees.

He said that the state government was in the process of providing pensioner’s ID cards that would enable the retirees to enjoy some benefits, which hitherto they would have paid for.

Akintola said that through LASPEC, Lagos had been able to disburse more than N32bn in form of accrued pension rights to 7,976 retirees (from August 2015 to November 2017), adding that it was an achievement other states would wish to attain.

According to him, pensioners under the Pay-As-You-Go scheme receive their monthly pensions the same time active workers get their salaries.

The Director- General, LASPEC, Mrs. Folashade Onanuga, admonished the retirees on the importance of healthy living in retirement.

She also advised that on their own, they should make decisions on either to receive their pension entitlement through the life annuity or programmed withdrawal option.

She advised them to critically study the materials on the two options and make decisions that they were comfortable with.

In appreciation, one of the retirees, Mr. Adebayo Olayinka, hailed the Lagos State Government and officials of the commission for their diligence.

Another retiree, Mrs. Olufunke Atitebi, observed that the monthly pension payment had made Lagos State to stand out and urged the government to give priority to recruiting children of retirees in the state civil service.

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.

Business

BUA, Kainos Exploration to Drag Each Other to Court Over $20 Million Scandal

Published

on

BUA Cement Logo

BUA Group on Monday threatened to drag Mr James Onyejekwe, the Managing Director of Kainos Exploration to court over a publication that claimed the Group was involved in a $20 million scandal.

BUA stated in a statement issued on Monday.

It stated that the publication engineered by Mr Onyejekwe was a “clear intent to impugn the integrity and reputation of BUA Group and its Chairman, Mr Abdul Samad Rabiu.”

BUA takes its reputation seriously and we will continue to do everything to protect it from anyone and any entity who obstructs our mandate to conduct business in a proper, legal and socially-responsible manner.

“BUA will, therefore, utilise its legal and human resources to resist every campaign of defamation and distraction,” the statement further said.

The leading cement manufacturing company said its independent investigation showed Mr. Onyejekwe was behind the false story that went viral online.

We have, therefore, instructed our legal team to immediately commence criminal defamation proceedings against the person of Mr James Onyejekwe who is the said originator of the malicious letter fraudulently attributed to Cavendish Petroleum against our person, with damages,” the statement seen by Investors King noted.

BUA explained that “We deem these actions necessary, in order to protect the name and reputation of BUA Group.”

“We see no reason why Mr James Onyejekwe of Kainos Exploration and Processing would single out BUA in a supposed business dispute which had no link to the BUA Group in its entirety.

“Therefore, BUA finds it absurd that Mr Onyejekwe or anyone else will decide to drag BUA into their issues and/or put out such a malicious and defamatory statement, fraudulently using the name of Cavendish/Mr Mai Deribe without recourse to the truth, facts, decorum or decency,” it added.

BUA Group described the story bordering on allegations of corruption as “false, malicious and spurious.”

Continue Reading

Brands

Dangote Cement Emerges Best Performing Firm In Africa

Published

on

Prime Real Estate Development At Eko Atlantic City

The Kogi State Chamber of Commerce, Industry, Mines and Agriculture (KOCCIMA) has named the Dangote Cement Plc, Obajana Plant, as the best performing company in Africa.

The award was presented to the company in Lokoja at the weekend by the Deputy Governor of Kogi State, Chief Edward Onoja, who represented the State Governor, Alhaji Yahyah Adoza Bello, at the Annual General Meeting(AGM) of KOCCIMA.

Speaking at the occasion, the President of KOCCIMA, Mr. Victor Ibrahim, said the Dangote Cement emerged through a thorough screening process that involved 20 companies.

He said: “Our screening committee considered many criteria before Dangote Cement Plc was selected”.

According to him, the Chamber put into consideration Dangote Cement’s contributions to the state’s economy through Internally Generated Revenue(IGR), as well as its good relationship with KOCCIMA.

Mr. Ibrahim said another criterion that placed the Dangote Cement in good stead is that the company has been environmentally friendly.

“We’ve visited DCP Obajana Plant and we found it complying with global best practices when it comes to the environment. Your parking lot does not constitute any environmental danger. We also considered returns to investors, the welfare of staff, the 43km Obajana-Kabba concrete road, your good relationship with the host community and your positive image”.

He announced that the Chamber of Commerce was planning to host its Trade Fair by year-end and looking forward to collaborating with the Dangote Cement Plc.

The Deputy Governor Mr. Edward Onoja expressed the appreciation of the Kogi State Government, saying the contributions of KOCCIMA and the private sector were crucial to the development of the state.

Speaking to newsmen on the sideline of the event, representative of the Dangote Cement Plc Mr. Ademola Adeyemi said the company was elated and that the award will further spur it to continue its support to the state’s economy, KOCCIMA and Corporate Social Responsibility schemes.

Continue Reading

Appointments

MTN Appoints Chika Ekeji as Executive Lead for Strategy and Transformation

Published

on

MTN Appoints Chika Ekeji, A Nigerian-American as Executive Lead for Strategy and Transformation

MTN Group has announced the appointment of Chika Ekeji, a Nigerian-American national as an executive to lead the strategy and transformation unit of the mobile network operator.

Chika has a Master of Engineering in Computer Science from Cornell University and an MBA from MIT.

He will be leaving from McKinsey & Company, where he led the West Africa Digital Practice and served telco, financial services, and public sector clients across Africa.

His appointment with Africa’s leading mobile operator will be effective on, 15th of March. In his new role, he will be based in SA.

“We are very pleased that Chika is joining us as we work to accelerate our strategic repositioning,” says MTN Group chief operating officer Jens Schulte-Bockum.

To support the execution of the repositioned strategy, Ekeji joins a group of other recent appointees, including the new group chief financial officer, Tsholofelo Molefe.

In recent weeks, MTN also made changes to the group’s regional structure and the executive committee.

Continue Reading

Trending