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PTAD Pays Pensioners N102.8bn in 15 Months

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pension funds - Investors King
  • PTAD Pays Pensioners N102.8bn in 15 Months

Between January 2018 and March 2019, a total of N102.82bn was paid by the Federal Government through the Pension Transitional Arrangement Department to pensioners in the public sector.

The Executive Secretary, PTAD, Sharon Ikeazor, disclosed this in a speech delivered at the agency’s North Central stakeholders forum on Thursday, in Abuja.

She said that the release of the fund to pensioners was a demonstration of the commitment of the Federal Government to make life easier for pensioners.

A breakdown of the figure showed that the highest amount of N59.97bn was utilised to fund Parastatal Pension Department in the 15-month period. Out of this amount, the sum of N45.05bn was utilised in 2018 while the balance of N14.92bn was spent in the first quarter of this year.

For Civil Servants Pension Department, the sum of N26.4bn was released during the period made up of N21.21bn for 2018 and N5.19bn for the first three months of this year.

The agency also utilised the sum of N8.64bn for pension payment to Customs, Immigration and Prisons Service, out of which N6.81bn was for 2018 while the balance of N1.84bn was utilised in the first quarter of this year.

For Police pension, the sum of N7.78bn was released, out of which N6.12bn was utilised in 2018 while the balance of N1.65bn was for the first quarter of 2019.

Ikeazor described the 2018 fiscal period as a very busy year for PTAD, adding that the agency had made significant progress in ensuring regular payments of pension to retirees.

She said, “2018 was a busy year at PTAD and we dare say a successful one too. Pension payments have been regular and up-to-date.

“We concluded the Civil Service Pension Department verification and commenced the verification of the Parastatal Pension Department pensioners, starting with the defunct agencies.

“We made significant progress on the payment of the long outstanding 33 per cent arrears, which we are hopeful will soon be a thing of the past.

“Incidents of pension fraud are on the decline as we continue to create awareness and partner with the Independent Corrupt Practices and Other Related Offences Commission and the Economic and Financial Crimes Commission, to arrest and prosecute fraudsters.”

On the issue of minimum wage, she said that once the bill is assented to by President Muhammadu Buhari, it would also result in an increase in pension payment.

She said, “PTAD is working closely with all relevant agencies of government towards improved turnaround on monthly pension payment.

“The issue of increment will apply automatically once the minimum wage bill is passed into law.”

Ikeazor said that the future plans of the agency would be implemented from three main strategic priorities.

According to her, the areas to be prioritiesed are strengthening of PTAD’s institutional framework using technology; prudent and efficient resources management and sustained optimal pensioner satisfaction.

On the issue of funding, she said, “Funding to address our obligations to all our pensioners is a recurring challenge.

“We will continue to forge ahead as we have done in previous years. We are fortunate to have an administration that identifies with our vision to provide innovative and sustainable pension services to our pensioners.

“It is on this assurance that we have developed our strategic plans for the coming years.”

The Chairman, National Union of Pensioners, Dr Abel Afolayan, called on PTAD to quickly offset the 33 per cent arrears of retirees under the Parastatal Pension Department.

He said that while PTAD had been making efforts to address complaints made by pensioners, such issues were not being addressed speedily.

He commended the Federal Government for putting smiles on the faces of pensioners through prompt release of funds, noting that in his 29 years as a pensioner, he had never had it that good.

The Minister of Finance, Mrs Zainab Ahmed, said that the meeting had provided a platform for resolution of the grey areas being faced in the payment of pensions to retirees.

Represented at the event by the Director, Legal, Mr Gabriel Christopher, the minister said that the Federal Government would continue to take the issue of pension as a priority.

She commended PTAD on the way it had managed the payment of pension to Federal Government retirees under the old scheme, adding that the strategy had assisted in addressing issues of irregular payment of pension, non-receipt of pension after retirement and pension fraud.

Meanwhile, PTAD said it had concluded arrangements for the Parastatals verification exercise of 104,133 pensioners and next of kin of 270 federal funded parastatals, agencies and institutions under the Defined Benefit Scheme.

The exercise, according to a statement, would take place across the six geopolitical zones and Lagos.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Business

Nigeria’s Paper Import Bill Hits $3 Billion Annually, Reveals FAE Limited MD

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Funlayo Okeowo, the Managing Director of FAE Limited, a prominent paper manufacturing firm, has disclosed that Nigeria’s annual expenditure on paper imports stands at $3 billion.

Okeowo made this revelation during a recent press conference held in Lagos to commemorate the company’s 50th anniversary.

Addressing reporters, Okeowo explained the crucial role of manufacturing in driving economic growth and underscored the challenges faced by the sector, particularly concerning operational costs.

She highlighted that a significant portion of manufacturers’ profits, up to 80%, is being consumed by diesel expenses, making it increasingly difficult for businesses to remain profitable.

Expressing concern over the financial strain faced by manufacturers, Okeowo called upon the government to take decisive action to alleviate the burdens faced by the industry.

She emphasized the need for policies and interventions aimed at reducing operational costs and fostering a conducive environment for manufacturing growth.

In addition to addressing the pressing issues surrounding manufacturing, Okeowo also unveiled plans for the establishment of ‘World Envelopes Day,’ an initiative aimed at raising awareness about the significance of envelopes in various aspects of human communication and expression.

The initiative, set to be celebrated annually on April 16th, reflects FAE Limited’s commitment to promoting the cultural and practical importance of envelopes in society.

As part of the company’s anniversary celebrations, FAE Limited will host a special roundtable event featuring key stakeholders from diverse sectors to discuss the past, present, and future of the paper manufacturing industry in Nigeria.

This event is expected to provide valuable insights and recommendations for driving

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Business

Economist Intelligence Unit Warns Indigenous Oil Companies of Investment Gap

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Oil

The Economist Intelligence Unit (EIU) has issued a cautionary note to indigenous oil companies eyeing the acquisition of assets from divesting international oil companies, warning them of potential investment challenges.

In its latest Country Report on Nigeria, the EIU underscored that local companies may not match the financial prowess of multinational firms, historically significant players in Nigeria’s oil industry.

Citing concerns over Nigeria’s business environment, characterized by corruption, insecurity, and infrastructure deficits, the EIU projected a possible net withdrawal of foreign direct investment (FDI) in 2024, following a similar trend observed in the previous year.

The report pointed to multinational corporations scaling back or exiting Nigeria altogether, exacerbating the economic landscape’s challenges.

Foreign oil companies, including Shell, ExxonMobil, Equinor, and TotalEnergies, have announced plans to divest their onshore oil assets, signaling a shift toward offshore operations.

This trend aligns with the broader industry shift and poses significant implications for indigenous players.

While government officials like the Minister of State for Petroleum, Heineken Lokpobiri, view these divestments as opportunities for local capacity development, concerns remain over indigenous firms’ ability to fill the investment void left by departing multinationals.

The EIU emphasized the positive potential for local participation in the sector’s indigenization, but cautioned that indigenous companies might struggle to match outgoing multinationals’ investment capabilities.

This warning underscores the imperative for strategic planning and support mechanisms to ensure indigenous firms can navigate the evolving landscape and contribute meaningfully to Nigeria’s oil industry sustainability.

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Heirs Technology Appoints Obong Idiong as Chief Executive Officer (CEO)

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Obong-Idiong

Heirs Technology, the latest subsidiary of investment powerhouse Heirs Holdings, has announced the appointment of Obong Idiong as its Chief Executive Officer (CEO).

This move marks a significant step in the company’s mission to spearhead Africa’s digital transformation through innovative and locally tailored solutions.

Idiong, who previously served as the Managing Director/CEO at Africa Prudential Plc, brings a wealth of experience and a visionary approach to his new role.

During his tenure at Africa Prudential Plc, he led the digital transformation of its registrar services, positioning the company as a technology-driven organization.

His track record of success and expertise in the technology sector make him well-suited to lead Heirs Technology into a new era of growth and innovation.

In his statement following the appointment, Idiong expressed pride in bringing Heirs Holdings’ core values and business approach to the tech sector.

He highlighted the company’s commitment to excellence, execution, and enterprise, aiming to bridge the gap in the technology ecosystem by delivering local relevance to a global market and offering cutting-edge solutions to enhance competitiveness.

Also, Dr. Fumbi Chima has been appointed as the Chair of Heirs Technology. With her extensive experience in technology leadership roles across global organizations, including Adidas, Fox Network Group, and Walmart, Chima brings a wealth of knowledge and insights to her new role.

She expressed enthusiasm for the opportunity to unlock Africa’s potential through Heirs Technology, confident that the company will make a meaningful impact on the continent’s digital landscape.

Heirs Technology’s strategic appointments underscore its commitment to driving Africa’s digital agenda forward and positioning the continent as a leader in technology innovation and entrepreneurship.

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