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PenCom’s Fund Increase By 2.23% In May

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8 months ago

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The National Pension Commission (PenCom) has disclosed that the value of pension funds in Nigeria increased by 2.23 per cent month-on-month to cross the N20tn mark to N20.23tn in May 2024.

 

PenCom in its unaudited report on the pension funds industry portfolio for the period ended May 31, 2024, disclosed that the Pension Funds Administrators’ (PFAs’) investment in FG securities remained high and increased within the period under review as it cornered 63.22 per cent of the entire funds.

 

According to the report, Investment in government securities stood at N12.79tn from N12.40tn in April.

 

Also, PFAs dropped about 10.83 per cent of the funds in corporate debt securities, with corporate bonds getting the largest share.

 

It disclosed that experts have attributed the PFAs’ interest in government securities and money market instruments to the hawkish stance of the Central Bank of Nigeria, which has seen it raise benchmark interest rates in a bid to reduce market liquidity.

 

The attractive rates on offer have seen investors, including pension funds, allocate more capital towards fixed-income securities for higher returns for their funds and contributors.

 

Also in the high-interest environment of the money market, pension fund investment dipped marginally to N1.93tn from N1.95tn in the previous month.

 

In April, mutual funds dipped by 19.93 per cent month-on-month to N85.19bn from N106.39bn in March.

 

In May, however, investment in mutual funds recorded an upswing to N95.28bn, and at the end of the month, the pension funds recorded an increase of N440.40bn monthly. This is the second-highest monthly increase this year, next to N1.18tn in January.

 

In the first five months of the year, the pension funds have appreciated by N1.87tn and on a year-on-year basis, pension funds had increased by N4.12tn.

 

Between May 2023 and May this year, the membership of the Retired Savings Account has also increased by 356,795 or 3.57 per cent to 10,351,624.

 

Meanwhile, the National Insurance Commission has ordered African Alliance Insurance Plc to resolve and ensure the settlement of outstanding claims from its customers.

 

This followed what the commission described as increased complaints by annuitants and insurance claimants against African Alliance Insurance Plc in respect of the company’s delay and/or inability to fulfil its obligations.

 

NAICOM said it has summoned the board of African Alliance Insurance to its headquarters in Abuja recently and ordered the company to settle outstanding payments due to annuitants and claimants.

 

They were also asked to submit a turnaround plan for addressing the challenges currently faced by the company, which necessitated putting the company under the commission’s regulatory order.

 

Corlins Walter

 

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NIMASA Commits To Creating Enabling Environment For Maritime Business 

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7 days ago

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March 5, 2025

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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
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FG Inaugurates Special Committee Against Boat Accident 

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7 days ago

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March 5, 2025

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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.
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LASG Arrests Illegal Dredgers  … Issues Stop Work Order

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7 days ago

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March 5, 2025

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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.
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