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Only 12 States Are Funding Workers’ Pension Accounts – PenCom

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  • Only 12 States Are Funding Workers’ Pension Accounts – PenCom

Only 12 states among those that have enacted the Contributory Pension Scheme laws have been funding the pension accounts of their workers as of the end of June 2018.

This was disclosed in the report on ‘Implementation update by the State Governments’ by the National Pension Commission which was obtained by our correspondent on Tuesday.

In the report, PenCom stated, “Twelve out of the 36 states had commenced remittance of contributions into the RSAs of their employees. Similarly, eight states have commenced the funding of their Retirement Benefit Bond Redemption Fund Accounts.”

PenCom noted that the state governments continued to make progress in the level of implementation of the CPS.

As of the first quarter of 2018, it said, the number of states that had enacted laws on the CPS stood at 27, while eight states were at the bill stage.

One state had, however, yet to commence the process of enacting a law to reform its pension system, it noted.

The commission stated that the states that had commenced remittance of pensions in the workers Retirement Savings Accounts and were funding their accrue rights were Lagos, Ogun, Kaduna, Niger, Delta, Osun and Rivers states.

It disclosed that the states that had commenced the funding of the RSAs but not funding the accrued rights were Zamfara, Kebbi, Ondo and Anambra.

PenCom stated that Imo State had yet to commence remittance of its workers’ pension contributions but that the Imo State University was currently implementing the CPS under the auspices of the Pension Reform Act 2014.

Imo State, it added, had yet to start funding its accrued rights.

It stated that Kano State had yet to transfer its pension assets or commence the funding of accrued rights.

According to the commission, the states that have yet to commence the remittance into workers’ RSAs and accrued rights funding are Sokoto, Ekiti, Kogi, Bayelsa, Nasarawa, Oyo, Katsina, Akwa Ibom, Edo, Benue, Kwara, Plateau and Cross River.

Other states in this category are Enugu, Abia, Ebonyi, Taraba, Bauchi, Borno, Gombe, Yobe and Adamawa.

Experts warned that non-compliance with the CPS might hinder the ability of the workers to earn their pensions when they retired from work.

The commission said it developed a road map covering a period between 12 and 18 months for the engagement of labour unions, state employees, state governments and other stakeholders to positively influence states’ compliance.

As part of the plan and in order to ensure smooth implementation, the commission stated that it conducted training for workers in some of the states.

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.

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Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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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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