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Pension Funds: Sacked Employees Withdraw N113.2bn

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  • Pension Funds: Sacked Employees Withdraw N113.2bn

The rising number of retrenched employees in the Nigerian labour market continues to impact the size of pension assets as companies strive to cut costs and stay afloat amid growing market uncertainties.

As of June 2019, a total number of 324,141 sacked employees have withdrawn at least N113.2 billion from the N9.3 trillion pension assets, the National Pension Commission (PenCom) stated.

According to PenCom, “approval was granted for the payment of N5.28 billion to 10,673 RSA holders who were under the age of 50 years and were disengaged from work and unable to secure another job within four months of disengagement in the second quarter of the year.

“The cumulative total number of RSA holders who were paid benefits for temporary loss of job was 324,141 and were paid a total of N113.21 billion being 25 per cent of the balances of their RSAs as prescribed by the Pension Reform Act 2014.

“A further analysis showed that the private sector accounted for 95.33 per cent of those who benefitted from these payments while the public sector accounted for 4.67 per cent.”

A breakdown of PenCom document also indicated that the private sector accounted for 308,993 of the total sacked workers and collectively they withdrew N107.9 billion from their pension contributions.

The remaining 15,148 workers were from the public sector with the federal government sacking 8,361 staff members while the states set free another 6,787 staff. Together, the sacked public workers withdrew N5.3 billion during the period.

Also, the report showed about 10,673 workers — 10,006 private and 666 public staff — who were sacked in the second quarter of the year (April – June) withdrew N5.2 billion from their pension accounts.

Poor new job creation amid tough business environment continues to weigh on the labour market despite Nigeria’s unemployment rate currently at a record high of 23.1 per cent or 20.9 million of the working population.

The Central Bank of Nigeria recently mandated banks to maintain 60 per cent loan-to-deposit ratio in an effort to stimulate growth across sectors and boost job creation.

Experts, however, call for caution, especially with the current headwinds and the central bank not liquid enough to bail out lenders following AMCON failure to recover over N5 trillion previously injected into the economy.

Meanwhile, crude oil rose above the Federal Government benchmark for 2019 on Monday. Presently trading at $62 a barrel after plunging below $60 per barrel stipulated in the 2019 budget.

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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Ellah Lakes Partner Ondo State Government to Develop Oil Palm, Cassava in the State

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The management of Ellah Lakes Plc said it has partnered with Ondo State Government to develop and manage 5000 hectares of land for the purpose of cultivating oil palm and cassava in Ondo State, Nigeria.

The company stated in a statement signed by Kenechi Ezezika, Company Secretary, Ellah Lakes Plc.

Speaking on the development, the Chief Executive Officer, Chuka Mordi said: “This is a significant landmark for the Company in the development of our landbank, & we are very excited to be working with ODSG.

I am delighted that we are fulfilling our strategic objective of progressively expanding our land bank & diversifying our portfolio and production base. I am also glad to say that the intercropping programme in Edo State is progressing steadily & we have achieved our first milestone of 100Hectares of Cassava with the participation of personnel of the Agricultural Development Program (ADP), in Edo State”.

The Special Adviser on Development & Investment to the Ondo State Governor/ Chief Executive Officer of Ondo State Development and Investment Promotion Agency (ONDIPA), Mr. Akinboye Oyewumi, who also spoke on the development said: “We are pleased with this collaboration with Ellah Lakes Plc., and we look forward to a mutually beneficial, valuable and fruitful venture.”

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Unilever Nigeria Appoints Mr Jaime Aguilera as a Non-Executive Director

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Unilever Nigeria Plc announced it has appointed Mr. Jaime Aguilera as a Non-Executive Director of the company effective from January 2021.

The company stated in a statement filed with the Nigerian Stock Exchange.

Mr Jaime Aguilera worked with Coca-cola, Nestle and Procter & Gamble before joining Unilever as Executive Vice President Unilever Eastern Europe in September 2016.

Therefore, his experience spans from Europe, Americas and Asia.

His key expertise areas are “in Sales & Marketing and he has lead teams in Spain, Brazil, South Eastern Europe, Middle East, Mexico and Global teams.

“In 2009, he joined Unilever Spain as EVP & Chairman and then moved to his current role as Unilever Executive Vice President Africa, leading the Unilever business in Africa. Jaime is of Spanish origin and is an alumnus of the Universidad Pontificia de Comillas- ICADE. Jaime majored in Economic Sciences, Management & Business Administration.”

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MTN Nigeria, Gameloft Partner to Increase Access to Variety of Exciting Games

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MTN Nigeria announced it has partnered with Gameloft, a leader in the development and publishing of games, to increase access to a variety of fun and exciting games online.

The telecommunications giant in collaboration with its new partner, Gameloft announced the launch of MTN Gameworld, a new gaming platform for its subscribers.

According to MTN, the new platform will allow the Nigerian growing gaming community access to a lot of unique games online through an extensive premium catalogue from Gameloft and other renowned publishers.

Commenting on the partnership, Srinivas Rao, the Chief Digital Officer, MTN Nigeria, said, “We are constantly seeking to deliver innovative products that support the aspirations of our customers, whilst delivering superior user experience. This partnership allows us to provide our customers with access to a variety of exhilarating games from Gameloft and other leading publishers at an affordable rate.”

MTN Gameworld will allow subscribed customers access to a variety of games, which they can play at subsidised data rates through the MTN Gameworld app. Android, iOS and Windows phone users can subscribe via SMS, app, web, USSD menu (*447#), 131 USSD menu and any other MTN customer channel.

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