The National Pension Commission (PenCom) has mandated Pension Fund Administrators (PFAs) with the fund below N5 million to stop paying fee charges.
PenCom Head, Surveillance Department, Ehimeme Ohioma made this known in a circular to PFAs. He stated that the agency took the step because of the challenges encountered in implementing the micro pension plan by pension fund operators.
According to him, no fee shall be charged until the funds under their management reached N5 million.
He said the PFAs should not charge fees once the daily value of the accounting unit of the fund fell below N1, noting that this was to ensure the principal contributions were not eroded.
He said: “The commission shall not participate in micro pension fund fee regime until funds under management of a PFA attains the threshold of N4 billion. The review of the fee structure of the micro pension fund is in the light of challenges encountered in implementing the micro pension plan by licensed pension fund operators.
“The commission has undertaken extensive consultations on the appropriate fee structure for the micro pension fund, which was expected to incentivize licensed operators to market the micro pension plan and grow micro pension assets, to achieve the objectives of the micro pension plan as outlined by the guideline.
“The circular takes immediate effect and supersedes its earlier circular issued on December 19, 2019, on the fee structure for the micro pension fund,” he added.
Meanwhile, the commission is today sensitizing pension desk officers of the treasury-funded ministries, departments and agencies on its new enrolment application.
The commission has also automated its retirement verification due to the COVID-19 pandemic.
The Head Corporate Communication, PenCom, Mr. Peter Aghahowa, said the workshop, which holds in Lagos, would be held also across the six geo-political zones of the country.
He said: “The COVID-19 pandemic has made it difficult for us to carry out retirement verification that we conduct six months before the retirement of Federal Government employees in the MDAs. The commission has adopted an automated process instead of the physical exercise in the conduct of the annual verification/enrolment exercise due to the COVID-19 pandemic. This is why we are sensitizing pension desk officers on how to use the application.
“We believe that the automated process would ensure seamless conduct of the annual verification enrolment exercise. This new process has two options for the prospective retirees, namely self-assisted or the Pension Fund Administrator (PFA) assisted option. The self-assisted option entails a prospective retiree scanning original copies of all relevant documents required for the exercise and uploading these documents to the enrolment web portal located on the commission’s website, www.pencom.gov.ng. After carrying out this process, the retiree is required to visit his her PFA for the verification and validation of the submitted documents
“If a prospective retiree chooses the PFA-assisted option, he/she is required to initiate and conclude the Verification Enrolment process by visiting his/her PFA to verify and validate relevant original documents to enable the PFA to upload these documents to the commission’s enrolment portal on behalf of the prospective retiree.”
Uber to Halt Services in Parts of Belgium
Uber will stop its ride-hailing service in most parts of Belgium tomorrow after a court ruling on Wednesday which extends an order given in 2015, banning its p2p (Peer to Peer) UberPop service to also cover professional drivers who provide its ride-hailing service.
Uber told TechCrunch that it is currently closely examining the details of the ruling, in order to arrive at a decision on whether or not to appeal the decision with the country’s Supreme Court.
This also follows a temporary decision to discontinue Uber’s service in Brussels, a decision which was referred to as “exceptional and unprecedented” by the tech giant. The company said that it was merely taking a step to complain about the lack of reform rules which forbid drivers from using smartphones.
After the ruling by the Brussels appeal court, private hire vehicle drivers have been obstructing a major tunnel in the capital of Belgium.
In a statement made concerning Friday’s impending shutdown, the chief of Uber in the country, Laurent Slitsagain criticized the government for not providing a reform which it has been soliciting for, stating that the decision was made depending on regulations which are now outdated as they were written before smartphones.
The company stated that the government has promised a reform but has failed to deliver said reforms for the last seven years.
According to Bloomberg, the shutdown will not be applicable to a small number of drivers who are licensed in the Flemish region of Belgium, and are therefore still permitted to use the application. Uber confirmed that the Appeal Court ruling only applies to drivers with Brussels licenses.
In another statement, Slits stated that the tech giant is hugely concerned about the 2,000 possessors of LVC licenses (rental car with driver licenses) who according to the country chief will lose their ability to generate earnings.
Honeywell Flour Mills Refutes Ecobank Winding Up Proceeding Claims, Assures Investors of Total Transparency
Following media reports that Honeywell Flour Mills Plc (HFMP) is a subject of an ongoing winding up proceedings instituted by Ecobank Nigeria Limited in a suit no: FHC/L/CP/1571/2015, Honeywell Flour Mill Plc has now refuted the publication, insisting there is no winding-up petition against the embattled company.
The company disclosed in a statement signed by Yewande Giwa, Company Secretary and obtained by Investors King.
It said “It is pertinent to set the record straight that there is no Winding-up Petition currently pending or live against HFMP in any Court in Nigeria. There is also no pending Court Order restraining trading in the shares of HFMP or inhibiting HFMP or its owners from dealing in its assets. HFMP assures its investors, regulators and stakeholders that in all of its engagements with FMN, it received independent legal advice and asserts that the transaction is not in breach of any subsisting Order of Court. The issue as to whether HFMP is indebted to Ecobank is still before the Courts and the final decision remains the exclusive preserve of the Courts. It is also important to state that the Court of Appeal judgement being referred to in the reports did not declare HFMP to be indebted to Ecobank.”
This was in response to a publication titled “Ecobank Warns against Acquisition of Honeywell Flour Mills, Alleges Company Facing Winding Up Proceedings” that claimed Ecobank Nigeria Limited had issued a 7-day ultimatum to Flour Mills to desist from completing the acquisition of 71.69 percent stake in Honeywell Flour Mills Plc on the ground that the company was hugely indebted to Ecobank.
However, Honeywell claimed “The assertions lack merit, were written in bad faith and are a deliberate attempt to undermine a transaction that will result in substantial benefit to the Nigerian economy and entrench the collaboration of two publicly quoted companies. As a responsible corporate citizen, we have entered the transaction with FMN having taken all legal issues into consideration.
“All stakeholders are hereby assured that management of Honeywell Flour Mills Plc will continue to act in the best interests of all concerned and work diligently to preserve value for all its shareholders.
“We expect that from the proposed combination, stakeholders will benefit from the more than 85-year combined track record of FMN and HFMP and their shared goal of making affordable and nutritious food available to Nigeria’s population. The country and its food security agenda will benefit from both companies’ focus on developing Nigeria’s industrial capability, its agricultural value chain and specifically backward integration of the food industry.”
This whole drama started immediately Honeywell Flour Mills and Flour Mills of Nigeria, in a joint statement, announced FMN has agreed to acquire a 71.69 percent stake valued at N80 billion in Honeywell Flour Mills Plc. A deal that will automatically make Honeywell Flour Mills Plc Flour Mills of Nigeria’s asset.
Flour Mills of Nigeria Acquires First Bank of Nigeria Limited’s 5.06 Percent Stake in Honeywell Flour Mills
Flour Mills of Nigeria Plc, Nigeria’s leading flour mill company, has acquired First Bank of Nigeria Limited’s 5.06 percent stake in Honeywell Flour Mills Plc.
The company disclosed in a statement signed by Umolu, Joseph A.O., Company Secretary/Director, Legal Services.
The acquisition was in addition to the 71.6 percent stake of Honeywell Flour Mills Plc (HFMP) FMN acquired on the same day. Therefore, Flour Mills of Nigeria Plc will now hold 76.75 percent equity interest in HFMP.
According to the company, the move will help build a resilient flour mills company that will ensure job continuity, deepen productivity and support national growth.
Commenting on the transaction, Omoboyede Olusanya, Group Managing Director of FMN, said “The proposed transaction is part of our global growth strategy, which is aligned with our vision to not only be an industry leader, but also a national champion for Nigeria in the Food and Agro-allied industries.”
“Given FMN’s parallel negotiations for both stakes culminating in the agreements being signed on the same date, the basis for arriving at key commercial terms including final equity price per share, will be the same. The price payable to FirstBank will be the same with Honeywell Group Limited.”F
Cryptocurrency2 weeks ago
Cryptocurrency Ban: Banks Close Accounts Link to Cryptocurrency Traders in Nigeria
Cryptocurrency2 weeks ago
Shiba Inu Update: Bricks Buster and AMC To Support SHIB Army
Banking Sector4 weeks ago
Stanbic IBTC Continues to Struggle, Profit Drops 40 Percent
Fintech4 weeks ago
Flutterwave Partners Standard Bank to Drive Digital Transformation In Africa
Banking Sector3 weeks ago
First Bank Unveils Fully Automated Branch
Cryptocurrency3 weeks ago
Shiba Inu Sheds 14.55 Percent in 24 Hours as Whale Moves $2.3 Billion Worth of Shiba
eNaira4 weeks ago
eNaira App Returns to Google Play Store
Company News4 weeks ago
Dangote Cement Still the King, Generates Over N1 Trillion Revenue in Three Quarters