- Federal Retirees Protest Unpaid Pensions Months After Verification
Some federal retirees have staged a protest on non-payment of their pensions and other entitlements eight months after their verification by the Pension Transitional Arrangement Directorate.
During the protest which took place in Lagos, the Defined Benefits Scheme retirees tagged the protest ‘From retirement to grave’ and called on the Federal Government to alleviate their sufferings caused by non-payment of their entitlements.
The Chairman, Federal Concerned Pensioners, Mr. David Adodo, said the retirees decided to protest because eight months after verification, there had been no corresponding response or detailed information on why their money was not paid.
He said, “A lot of pensioners are not on payroll for the past seven years and more and yet the agency is not sensitive to their plight. They are not even telling us what is happening; they are just keeping quiet.
“We are talking about hunger here; the Pension Transitional Arrangement Directorate does not understand the meaning of hunger. Our 33 pension per cent increase is still outstanding; pay us our pensions in full. People are indebted and suffering.”
According to him, the monthly stipends for those pensioners on the payroll are sometimes not paid in time.
Last year, the Executive Secretary, PTAD, Mrs. Sharon Ikeazor, had said that federal retirees who had not been earning pensions would be placed on payroll few months after verification.
During the verification of federal civil service pensioners under the Defined Benefit Scheme, in Lagos on Monday, she said that the Federal Government was working out modalities to settle the arrears of its retirees’ pensions.
Ikeazor said, “Between four and five months after verification, those not on payroll will be returned and start earning pensions. All those on payroll are being verified and if they have any other complaint, it will be rectified in this verification.”
According to her, the Federal Government pays a monthly pension of N7.5bn to retirees in the old pension scheme, and these funds are always released regularly.
Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes
Nigerian industrialist, Aliko Dangote, is Africa’s richest person for the tenth year in a row.
In the Forbes Africa latest billionaires list, Dangote’s total net worth stood at $12.1 billion, a $2 billion increment when compared to last year. Thanks to the 30 percent increase in the price of Dangote Cement share.
Nassef Sawiris of Egypt followed Dangote with $8.5 billion net worth with the majority of his investments coming from construction and other investments.
In third place was Nicky Oppenheimer of South Africa with an $8 billion total net worth.
Portland Paints, Chemical and Allied Products Plc Agreed to Merge
Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.
In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).
Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.
“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.
“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”
Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17
Tony Elumelu owned Heir Holdings Limited and its related company Transnational Corporation of Nigeria Plc on Friday announced it has completed the purchase of 45 percent stake in Oil Mining Lease (OML 17) through TNOG Oil and Gas Limited.
The acquisition includes all assets of Shell Petroleum Development Company of Nigeria Limited (30 Percent), Total E&P Nigeria Ltd (10 percent) and ENI (five percent) — in the lease.
It was further stated that TNOG Oil and Gas Limited will also have the sole right to operate OML 17.
The field presently has a production capacity of 27,000 barrels per day. Also, there are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.
A consortium of global and regional banks and investors provided a financing component of $1.1 billion for the largest oil and gas financing in Africa in over a decade.
In a statement released on Friday, Shell said the completion was after all the necessary approvals have were received from authorities.
“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.
Speaking after the completion of the deal, Elumelu said “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.
“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.
“I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”
Tony Elumelu is the Chairman of Heirs Holdings Limited, Transcorp and United Bank for Africa Plc.
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