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Total Pension Assets Rise to N7.4tn

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  • Total Pension Assets Rise to N7.4tn

The total pension assets under the Contributory Pension Scheme rose to N7.4tn as of the end of November 2017.

Figures obtained from the National Pension Commission on Thursday revealed that N5.22tn or 82.5 per cent of the fund was invested in Federal Government’s bonds and treasury bills.

According to the data, the Pension Fund Administrators invested about two per cent, totalling N148.2bn of the fund, in state governments’ securities.

PenCom revealed that the remainder of the fund was invested in agency bonds, supra-national bonds, commercial papers, foreign money market securities, and open/close-end funds.

Other investment portfolios where the operators invested the fund are real estate investment trusts, private equity funds, infrastructure funds, cash and other assets.

Statistics from PenCom showed that the fund rose from N4.6tn at the end of the 2014 financial period to N5.3tn in 2015. For the 2016 financial period, the assets rose to N6.16tn.

Last year, the commission reviewed the regulations for the investment of pension funds, stating that the PFAs must offer a multi-fund structure for the Retirement Savings Accounts of contributors and that there would be a transition period of six months, effective from the commencement date of the multi-fund structure, for all the PFAs to restructure their respective portfolios.

“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 according to their overall exposure to variable income instruments,” it stated.

PenCom also said it would raise the pensions of retirees who opt for programmed withdrawal and were being paid by the PFAs this month.

The Acting Director-General, National Pension Commission, Aisha Dahir-Umar, stated this when PenCom submitted a memorandum to the Senate Committee on Establishment and Public Service at the public hearing on a bill for an Act to amend the Pension Reform Act, 2014, to provide for definite percentage a retiree could withdraw from his RSA and for other matters related thereto.

She, however, stated that some retirees would not be entitled to the increase due to the low amounts in their RSAs.

Dahir-Umar said, “Indeed, the commission has just concluded an exercise to increase the monthly pension of all retirees on programmed withdrawal due to the income earned on investing their pension assets.

“The outcome of this exercise showed that 30 per cent of the retirees would not benefit from the increase due to insignificant income earned on the small balances in their respective RSAs.”

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.

Appointments

Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

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Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

JR Firms, an agribusiness firm with headquarters in Nigeria, has announced partnership with Sanit Wing Rwanda through the acquisition of 11 per cent stake in the company.

The CEO of the company, Mr Rotimi Olawale, explained in a statement that the partnership was in furtherance of its goals to ensure food security, create decent jobs and raise the next generation of agrarian leaders in Africa.

The stake was acquired through Green Agribusiness Fund, an initiative of JR Farms designed to invest in youth-led agribusinesses across Africa.

Sanit Wing Rwanda is an agro-processing company that processes avocado oil and cosmetics that are natural, quality, affordable, reliable and viable.

The vision of the company is to become the leading producers of best quality avocado and avocado by-products in Africa by creating value across the avocado value chain.

With focus on bringing together over 20,000 professional Avocado farmers on board and planting of three million avocado trees by 2025 through contract farming, the company currently works with One Acre Fund in supply of avocado to its processing facility.

The products of the company which include avocado oil, skin care (SANTAVO), hair cream and soap are being sold locally and exported to regional market in Kenya.

With the new partnership with JR Farms- the products of the company will enjoy more access to markets focusing on Africa and the European Union by leveraging on partnerships and trade windows available.

Aside funding, the partnership comes with project support in areas of market exposure, capacity building, exposure and other thematic support to grow the business over the next four years.

JR Farms has agribusiness operations in Nigeria, Rwanda, United States and Zambia respectively.

In Nigeria, the company deals in cassava value chain processing cassava to national staple “garri” which is consumed by over 80 million Nigerians on daily basis, while in Rwanda, it works in the coffee value chain with over 4,000 coffee farmers spread across the East Central African country.

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