Connect with us

Business

Consistent Rise in Unemployment Forced Pension Account Holders to Withdraw N14.79 Billion in 10 Months

Published

on

pension funds

The rising unemployment number due to the COVID-19 pandemic has forced many pension account holders to start withdrawing part of the funds.

According to the report from the National Pension Commission, it was revealed that pension account holders who lost their jobs have continuously approached their Pension Funds Administrators to withdraw parts of their funds from their Retirement Savings Accounts.

The Pension Reform Act 2014, allows a worker who lost his job to access 25 percent of his RSA if the individual fails to get another paid job after four months.

In the first-quarter report, PenCom said, “During the quarter under review, the commission granted approval for the payment of N4.31bn to 8,221 RSA holders who were under the age of 50 years and were disengaged from work but unable to secure another job within four months of disengagement”.

The second-quarter report shows that the commission granted another approval for payment of N2.56bn to 4,668 RSA holders who were under the age of 50 years and were disengaged from work but unable to secure another job within four months of disengagement.

The commission third-quarter report further explained that “During third quarter 2020, the commission granted approval for the payment of N8.1bn to 13,569 RSA holders who were under the age of 50 years and were disengaged from work but unable to secure jobs within four months of disengagement”.

Mr. Peter Aghaowa, the Head of Corporate Communications, PenCom, said that in order to lessen the hardship faced by workers who lost their jobs as a result of the negative impact of the global health pandemic, an account holder who lost his/her job would be granted approval to withdraw a quarter of the savings in their Retirement Savings Accounts if he/she fails to secure a paid job after four months.

Mr. Peter said, “The contributory pension was designed to allow access to 25 percent of retirement savings balance in a situation whereby you lose your job. “So if you lose your job, after four months you can access 25 percent of your RSA contribution”.

Following the launching of the Transfer window for RSA account holders, it was revealed that over 2,100 account holders have submitted applications to change their Pension Fund Administrators. This happened less than two weeks after the transfer window was officially opened on November 16, 2020.

Aghahowa explained that this new development would enhance competition and improve service delivery in the pension industry.

He also said that RSA account holders will now have the right to determine the PFAs that will manage their account and also change to another pension company at most ones in a year

Mr. Polycarp Anyanwu, Head of ICT at PenCom said, “Over 2,100 applications were submitted and received by the commission between 16th and 30th of November, 2020.”

He also noted that most RSA account holders were not satisfied with the current service of their PFAs and hence the need to change to a better one.

Mr. Wale Odutola, the President of Pension Fund Operators Association of Nigeria, who is also the managing director/Chief Executive Officer, ARM Pension PFA, said that pension fund operators had executed the necessary requirement by upgrading their IT systems to enhance seamless pension account transfer.

He further said that the principal aim is to grow the pension industry, ensure that pension funds have a bigger impact on the economy, and give good investment returns to stakeholders.

Continue Reading
Comments

Company News

Arla Food To Set Up Dairy Farm In Nigeria, Train 1,000 Dairy Farmers

Published

on

Arla Foods- Investors King

Arla Foods, makers of Dano Milk, has announced that it will build a state-of-the-art commercial dairy farm in Northern Nigeria where it plans to train and support up to 1,000 local dairy farmers as part of its long-term commitment to developing the Nigerian dairy sector.

The 200-hectare farm, scheduled to open in 2022, will have housing for 400 dairy cows, modern milking parlours and technology, grasslands and living facilities for 25 employees.

The firm said the farm is expected to produce over 10 tonnes of milk per day to supply locally produced dairy products to Nigerian consumers.

Managing Director, Arla Foods, Peder Pedersen said “there was a great need for nutritious food and dairy products to satisfy the growing demand from Nigeria’s fast-growing population.”

“This requires a complementary approach where imported food is crucial to ensuring food security while also supporting the government’s long-term agricultural transformation plan to build a sustainable dairy sector in Nigeria,” Pedersen said.

In 2019 Arla scaled up its commitment to developing a sustainable dairy sector in Nigeria with a new public-private partnership with the Kaduna State government.

It is the first of its size and offers 1,000 nomadic dairy farmers permanent farmlands. Arla is the commercial partner that will purchase, collect, process and bring the local milk to market.

Continue Reading

Appointments

The Board of Chemical and Allied Products Plc (CAP Plc) Appoints Vitus Ezinwa as a Non-Executive Director

Published

on

Chemical & Allied Products (CAP) Plc - Investors King

The Board of Chemical and Allied Products Plc (CAP Plc) has appointed Dr. Vitus Ezinwa as a Non-Executive Director of the company effective from Thursday June 17, 2021, subject to the approval of the Company’s shareholders at the next Annual General Meeting.

The company announced in a statement signed by Ayomipo Wey, Company Secretary/General Counsel, CAP Plc.

Dr. Ezinwa is a seasoned business manager and human resource professional with experience in leading multinational corporations.

He is currently the Chief Operating Officer (COO) of UAC of Nigeria Plc (“UACN”) and previously, the Group Director of HR at UACN.

Prior to Joining UACN, Dr. Ezinwa worked as Group Human Resources Director for Promasidor Africa; Human Resources Director, CocaCola Nigeria & Equatorial Africa with responsibility for 10 countries and Human Resources Director for British American Tobacco, West & Central Africa covering Ghana, Benin, Niger & Togo.

Dr. Ezinwa was, until recently, the Group Human Resource Director for Tropical General Investments (TGI) Group.

He is a member of the Advisory Board of Afterschool Graduate Development Centre, member of the Institute of Directors and a Fellow of the Chartered Institute of Personnel and Development (CIPD) UK.

He is a co-founder and Director of HR Network Africa and was until 2014, a member of the Lagos Business School’s Advisory Board. He holds a Bachelor’s degree in Sociology/Anthropology from the University of Nigeria, Nsukka, MBA in Management from Lagos Business School, a Master’s in applied business research and a Doctorate in Business Administration, both from Swiss Business School, Zurich, Switzerland.

In addition to holding an executive director role on the Board of UACN, Dr. Ezinwa is a non-executive director of Grand Cereals Limited.

Continue Reading

Business

DLM Capital Group Retains Position as Best Structured Finance & Securitization Team in West Africa

Published

on

Sonnie Ayere - Investors King

DLM Capital Group, a prominent Developmental investment bank, has once again emerged as the best-structured finance and securitization team in West Africa at the just concluded Capital Finance International (CFI) 2021 awards.

The leading developmental investment bank has won the award in the last three years to affirm its position as the leading investment institution and asset manager in the region.

CFI awards seek to identify the contributions of individuals and organizations that contribute significantly to the advancement of economies and truly add value for all stakeholders.

DLM Capital Group creates bespoke business solutions for alternative financing and harnessing funds for growth. The group focuses on four key sectors — consumer credit, agriculture, microfinance, and education with a mandate to reduce poverty and improve living conditions for Africans, while mobilizing resources for the continent’s economic and social development.

In the past three years, our portfolio management team’s performance has remained consistent, and our clients have benefited immensely from exposure to our solutions, including the NMRC securitization deal and the DLM Primero BRT Securitization,” said Head of Corporate Communications and Marketing, DLM Capital Group, Chinwendu Ohakpougwu.

We are positioned to provide services to an expansive client base of retail, high net-worth and institutional customers. DLM Capital Group remains committed to constantly providing financial solutions that will enable our clients make a difference, and we are honored to be recognized once again as a reflection of the quality of support offered to our clients’,’ she added.

DLM has won recognition in West African capital markets, acting as a sole arranger to over 80 percent of structured finance transactions in Nigeria — and all the securitization transactions. It provides deal structuring, advisory execution and capital raising services across the Nigerian capital market.

The Institution recently launched an asset financing scheme and is preparing a venture into digital banking under its subsidiary, Sofri.

Continue Reading




Advertisement
Advertisement
Advertisement

Trending