Business

PenCom Approves 6,851 Annuity Retirement Plan In Q4,2017

Published

6 years ago

September 12, 2018

The National Pension Commission (PenCom) says it has approved 6,851 applications for annuity retirement plan in fourth quarter of 2017.
According to the commission, the number brings to 48,539, the total number of retirees receiving their retirement benefits via annuity.
The commission in its 2017 fourth quarter report posted on its website, said the 6,851 retirees received N6.32 billion as lump sum payment while their annuity premium of N35.77 billion was paid to insurance companies
PenCom said the amount was N60.29 billion and N241.62 billion as lump sum payments and annuity premium respectively.
PenCom said the retirees were receiving average monthly annuity of N2.53 billion as at the end of December, 2017.
On retirees on Programmed Withdrawal (PW), it said that total number of retirees currently receiving their pensions under PW increased from 165,740 in the previous quarter to 174,512 in the fourth quarter, 2017.
“This represents 5.29 per cent (8,772) increase from the total retirement recorded via the PW,” it noted
The report said the breakdown of retirees under the PW during the quarter of 2017 showed public sector having 68.91 per cent (6,045) of the retirees and private sector, 31.09 per cent (2,727).
It showed that 8,772 retirees were paid N21.74 billion as lump sum and N0.28 billion as monthly programmed withdrawals.
According to the report, 174,512 retirees have been paid 448.90 billion as lump sum and N5.91 billion as monthly programmed withdrawals from inception of CPS to the quarter under review.
On Withdrawal of 25 per cent of Retirement Saving Account (RSA), the commission said approval was granted for payment of N6.54 billion to 17,828 RSA holders.
According to the report, RSA holders are under 50 years, disengaged from work and unable to secure another job within four months of their disengagement.
It said the cumulative total number of disengaged RSA holders who were paid 25 per cent was 250,293 and paid N82.57 billion from inception to the quarter under review.
According to the report, further analysis shows that the private sector accounts for 95.40 per cent (238,786) while the public sector accounts for 4.60 per cent (11,507).
On approval of death benefits, the commission said that it approved payments of N9.20 billion to the families of 2,028 deceased employees during the four quarter under review.
This figure, PenCom, said moved the cumulative death benefit payments to N138.90 billion, including life insurance of 44,879 of employees who died, both in private and public sectors.

Business

NIMASA Commits To Creating Enabling Environment For Maritime Business

Published

5 days ago

March 5, 2025

The Tide

The Nigerian Maritime Administration and Safety Agency (NIMASA) has affirmed that it is taking strategic steps to enhance local participation and encourage investment in the maritime sector under the supervision of the Ministry of Marine and Blue Economy.

The Director General of NIMASA, Dr. Dayo Mobereola, who disclosed this recently while receiving the Executive Members of the Nigerian Merchant Navy Officers and Water Transport Senior Staff Association, reaffirmed the Agency’s commitment to fostering a level playing field and creating an enabling environment for businesses in Nigeria’s maritime sector.

Dr. Mobereola revealed that NIMASA is deepening its collaboration with the Nigerian Content Development and Monitoring Board (NCDMB) to explore policies that will boost indigenous involvement and strengthen Nigeria’s maritime sector.

“The Honourable Minister of Marine and Blue Economy is committed to encouraging indigenous players to invest more in Nigeria’s maritime industry. Issues such as national carriers and trade terms remain top priorities under this administration.

“Our focus is to create an enabling environment where private investors can thrive. In this regard, we have initiated discussions with the NCDMB and NNPC Limited to address these critical matters”, he stated.

He said NIMASA remains committed to fostering strategic partnerships that will enhance local investment, create jobs, and drive sustainable growth in the maritime sector.

In response, Comrade John Aleakhue Okpono, Secretary General of the Merchant Navy Officers and Water Transport Senior Staff Association, emphasized the need for closer collaboration between NIMASA and the Merchant Navy.

He also urged the Agency to review waiver clauses to ensure more opportunities for Nigerian seafarers.

Stories by Nkpemenyie Mcdominic, Lagos

Business

FG Inaugurates Special Committee Against Boat Accident

Published

5 days ago

March 5, 2025

The Tide

Towards enhancing safety on Nigeria’s inland waterways, the Federal Government, through the Minister of Marine and Blue Economy, Adegboyega Oyetola, has inaugurated a Special Committee on the Prevention of Boat Mishaps in Nigeria.

According to a statement on by the spokesman, National Inland Waterways Authority (NIWA), Suleiman Makama, the event, which was held at the Ministry’s Conference Room in Abuja, confirmed crucial steps taken to address the recurring challenges of boat accidents across the country.

In his address, the Honourable Minister emphasized the urgent need to stem the tide of tragic boat mishaps, which have resulted in significant loss of lives and properties.

He described the country’s waterways as vital to commerce, transportation, and livelihoods, stressing that their safety and efficiency are paramount to the development of Nigeria’s blue economy.

He noted that the establishment of this committee aligns with the 2024 International World Maritime Day theme, “Navigating the Future: Safety First”.

“The task before us is daunting, but with unwavering commitment, we can eliminate boat mishaps and ensure that our waterways remain safe, navigable, and prosperous for generations to come”, Oyetola stated.

The committee comprises key stakeholders, including state government representatives, the Association of Boat Operators in Nigeria, marine safety experts, and academics.

It will be chaired by the Managing Director of the National Inland Waterways Authority (NIWA), Mr. Bola Oyebamiji, while Mr. Adams Offie, Deputy Director of Inland Waterways at the Ministry, will serve as Secretary.

The committee is tasked with conducting an in-depth review of commercial boat operations in Nigeria, identifying the root causes of boat mishaps, and proposing sustainable solutions.

In his acceptance speech on behalf of the committee, Oyebamiji assured the Minister on the dedication of members to deliver on the assignment.

He emphasized that safety on Nigeria’s inland waterways is non-negotiable, adding that NIWA, under the leadership of the Honourable Minister, has been refocused to uphold its mandate without compromise.

Acknowledging the Honourable Minister of Marine and Blue Economy for his proactive leadership, Oyebamiji noted that the establishment of the committee represents a critical step in addressing the persistent safety challenges in inland water transport.

“This is another solution-driven initiative aimed at eliminating boat mishaps on our waterways. I assure you that the confidence reposed in this committee will not be misplaced.

“At NIWA, this is an opportunity for us to intensify our efforts in reducing marine accidents to the barest minimum. On behalf of my fellow committee members, we pledge to work diligently and with utmost focus on the assigned terms of reference.

“Safety on our inland waterways is non-negotiable. NIWA has been refocused to ensure the highest safety standards, and this committee will work diligently to address the causes of boat mishaps and find lasting solutions,” Oyebamiji said.

The committee has been tasked with evaluating the root causes of boat accidents and recommending lasting solutions to enhance safety and operational standards.

Business

LASG Arrests Illegal Dredgers … Issues Stop Work Order

Published

5 days ago

March 5, 2025

The Tide

The Lagos State Government, through the Ministry of Waterfront Infrastructure Development, has launched a massive clampdown on illegal dredgers operating in the State, ordering them to stop work immediately.

This exercise, which was carried out by the officials of the Ministry of Waterfront Infrastructure Development, is aimed at curbing environmental degradation and promoting sustainable development across the waterfront schemes located across the coastal regions of the metropolis.

According to a statement, the enforcement operation, led by the Commissioner for Waterfront Infrastructure Development, Hon. Ekundayo Alebiosu, alongside members of his team, raided several illegal dredging sites which were subsequently shut down by the officials of the Ministry.

Some suspected dredging operators were arrested and a stop-work order was served on erring dredgers for non-compliance with laid-down regulations of the State Government.

Alebiosu warned the operators that failure to comply with extant laws guiding dredging activities could have dire effects and will result in severe penalties, including total closure of the sites.

Reacting to the claim that Dredgers are the major cause of environmental degradation in the state, including erosion and flooding, the Commissioner emphasised the need for dredging activities to be conducted lawfully to preserve roads, public infrastructure, and wetlands.

He explained that the State Government has vowed to streamline the activities of dredgers in the state to meet acceptable international standards.

“The Lagos State Government’s clampdown on illegal dredgers is a significant step towards protecting the environment and promoting sustainable development in the state.

“We will continue to carry out surveillance and raids across the coastal areas to ensure that the activities of a few don’t impact the lives of law-abiding citizens negatively”, Alebiosu stated.