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Return 5% Lump Sum to Retirees, PenCom Orders PFAs



  • Return 5% Lump Sum to Retirees, PenCom Orders PFAs

The National Pension Commission has directed the Pension Fund Administrators to pay additional five per cent lump sum to retirees that were initially paid 20 per cent of total balance in their Retirement Savings Accounts on retirement.

Those whose lump sum payment was as low as 16 per cent would get extra nine per cent of their RSAs, it was discovered.

Pension operators who spoke to our correspondent on the issue said the commission gave the directive after it had directed all PFAs to revert to the old template of 25 per cent minimum lump sum payment.

This, it was learnt, followed the public outcry against PenCom’s reduction of the lump sum payment to retirees under the Contributory Pension Scheme from 25 per cent to 20 per cent.

The commission was said to have suspended the template, which specified a maximum of 20 per cent lump sum payment following the criticisms that greeted the slash.

Last week, the acting Director-General, PenCom, Aisha Dahir-Umar, stated, “As you are aware, the commission introduced a new template for Programmed Withdrawal, which took effect from 15th May 15, 2018. There have, however, been concerns expressed by some stakeholders.

“The commission in its usual responsive and consultative manner has decided to review the template. Consequently, the commission has directed that Pension Fund Administrators to revert to the old template till further notice.”

PenCom in May released the template to the PFAs for the calculation of retirement benefits to the CPS retirees, which led to the reduction in the lump sum payment to the retirees to 20 per cent of the balance in their RSAs, and as low as 16 per cent for some pensioners.

The retirees expressed their displeasure at their inability to access between 25 per cent and 50 per cent of the lump sum of the balance in their RSAs, which the law hitherto allowed.

When our correspondent visited offices of some of the PFAs on Monday, retirees, who were initially granted 20 per cent approval, were seen asking the PFAs to return the five per cent of their RSA balance.

However, by Wednesday, some retirees whose applications were still being processed called our correspondent to say they had received calls from their PFAs to come and withdraw their initial application, and submit another that would enable them to get the extra lump sum payment.

A source at PenCom told our correspondent that the commission was still deliberating on how to handle the extra lump sum payments of retirees whose money had been paid into their bank accounts, and those whose premiums had been transferred to the insurance companies.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


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



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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.”

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Dangote Cement Emerges Best Performing Firm In Africa



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.

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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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