- IEI-Anchor Pensions Eyes N100b Assets
IEI-Anchor Pensions Managers Limited, a Pension Fund Administrator (PFA), said it has exceeded N80 billion assets under its management. It said it is planning to grow the assets to N100billion by next year.
Speaking with reporters at the company’s headquarters in Abuja, its Managing Director, Glory Etaduovie, said with the strategies put in place, the company is eyeing to be in the league of top PFAs with assets under management (AUM ) of N100 billion.
On half year 2018, he said the company has been able to sustain growth and has achieved 98 per cent of its target for the first half of the year while annual growth rate achieved stands at 25 per cent.
He stressed that the strategies put in place by the company will enable it to gain 30 per cent from the transfer window platform.
Also speaking on the Multi-Fund Structure for Retirement Savings Account, introduced by National Pension Commission (PenCom), he said the fund seeks to improve upon the existing two-fund structure and comprises four Funds, which provide contributors an opportunity to improve their long-term terminal retirement benefits by properly aligning individual contributor’s funds with their individual risk profile.
He said: “Contributors are expected to take rational decisions based on a thorough understanding of the options available and of individual needs and expectations. The new Multi-Fund Structure seeks to align a contributor’s risk tolerance or appetite with his or her investment return expectations, based on work life cycle. Thus, the RSA Fund has been sub-divided into four Funds, to cater for the different age groups of contributors, including retirees under the CPS.
“The four Funds to be established and applicable age groupings include Fund I for young contributors. This Fund is growth-oriented and is aimed at young contributors who are 49 years and below. This group of contributors has several working years ahead of them and is in a better position to rapidly grow their pension contributions over a long period of time; and can assume a relatively high level of investment risk.
“Fund II is default fund/middle-aged contributors. Fund II is the default Fund and is similar to the current RSA ‘Active Fund. Fund III, Pre-Retiree Fund, is the most conservative Fund for active contributors and is designed for those close to retirement age while Fund IV, retiree is essentially a retiree fund and maintains the asset allocation structure similar to the current RSA Retiree Fund, with the exception of ordinary shares and open/closed-end funds, which had been reduced from 10 per cent to five per cent of total pension fund assets.”
He stated that the benefits of multi fund will go a long way to develop and stabilise the capital market.
“The pension contributions are invested in an optimal manner to achieve enhanced retirement benefits. The new structure would help in deepening asset accumulation in the country, and provide the crucial capital required for investment in critical sectors of the economy.
“This would be achieved by better matching of pension assets and liabilities; as well as diversification of pension fund portfolios, as minimum limits are set for aggregate investments in variable income securities for each fund,” he noted.
BUA, Kainos Exploration to Drag Each Other to Court Over $20 Million Scandal
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.”
Dangote Cement Emerges Best Performing Firm In Africa
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.
MTN Appoints Chika Ekeji as Executive Lead for Strategy and Transformation
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.
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