Business
PenCom Approves 6,851 Annuity Retirement Plan In Q4,2017
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
USTR Criticises Nigeria’s Import Ban On Agriculture, Others
The United States Trade Representative (USTR) has criticised Nigeria’s import ban on 25 categories of goods, claiming that the restrictions limit market access for American exporters.
This is the effect of President Donald Trump’s tariffs introduction on goods entering the United States, with Nigeria facing a 14 per cent duty.
The USTR highlighted the impact of Nigeria’s import ban on various sectors, particularly agriculture, pharmaceuticals, beverages, and consumer goods.
The restrictions affect items such as beef, pork, poultry, fruit juices, medicaments, and alcoholic beverages, which the United States sees as significant barriers to trade.
The agency argues that these limitations reduce export opportunities for United States businesses and lead to lost revenue.
“Nigeria’s import ban on 25 different product categories impacts United States exporters, particularly in agriculture, pharmaceuticals, beverages, and consumer goods.
“Restrictions on items like beef, pork, poultry, fruit juices, medicaments, and spirits limit United States market access and reduce export opportunities.
“These policies create significant trade barriers that lead to lost revenue for United States businesses looking to expand in the Nigerian market”, the agency said .
In 2016, Nigeria implemented the ban on these 25 items as part of efforts to control imports and stimulate local production.
Some of the banned items include poultry, pork, refined vegetable oil, sugar, cocoa products, spaghetti, beer, and certain medicines.
On March 26, 2025, the Federal Government also announced plans to halt solar panel imports to encourage local manufacturing as part of its push for clean energy.
Business
Expert Seeks Cooperative-Driven Investments In Agriculture
A leading agribusiness strategist and digital agriculture expert, Ayo Oluwa Okediji, has sought cooperative-driven investments in sustaining growth of poultry industry in Nigeria.
He said the poultry industry was at a defining moment and requires urgent structural reforms to secure its future and ensure long-term sustainability.
Speaking on the theme, “Strengthening Poultry Farming Through Cooperative Synergy and Strategic Investments”, at the recently concluded Oyo Mega Poultry Workshop 2025 in Ibadan, Okediji called on poultry farmers, cooperative leaders, financial institutions and policy makers to rethink the existing structure of the poultry sector.
He stressed the need to transition from fragmented, individually-driven operations to well-structured, cooperative-led enterprises capable of attracting sustainable financing and securing long-term viability.
He said, “Our poultry sector cannot thrive on individual effort alone. We need to organise ourselves into cooperative clusters, build strong governance systems and position ourselves to attract the level of investment needed to sustain this industry beyond this generation.”
Drawing on lessons from successful global cooperative models such as Rabobank in the Netherlands and Landus Cooperative in the United States, Okediji introduced the FarmClusters Poultry Model, a locally adapted solution developed by Agribusiness Dynamics Technology Limited (AgDyna), a subsidiary of AgroInfoTech Africa.
According to him, the model is currently being piloted in Oyo State in partnership with PANOY Agribusiness Limited and local poultry cooperatives.
Business
NACCIMA Proposes Hybrid Oil Palm Seedlings For Farmers
The Rivers State Representative of the Nigeria Chambers of Commerce, Mines, Industries and Agriculture (NACCIMA), Mr. Erasmus Chukwundah, has urged palm oil farmers to consider hybrid seedlings for planting, if they must break even in palm oil business.
Chukwundah said this recently at the Free Oil Palm Business Climate Smart Best Management Practice/Assistance Training organized by Partnership Initiative In Niger Delta (PIND) for Palm Oil Farmers in Elele, Ikwerre Local Government Area.
The Rivers representative said until palm oil farmers begin to consider such hybrid oil palm seedlings, they may not meet up with the daily increasing demand of palm oil in the market.
According to him, the seedlings produce up to 30 bunches at once that ripen same time.
He said PIND decided to partner with Oil Palm Growers Association of Nigeria (OPGAN) to ensure that the message was received by the targeted audience.
According to him, palm oil remained a popular choice of industry operators as it could be converted to many other products such as vegetable cooking oil.
He also noted that products such as motor tyers, marine ropes and others are now gotten from the palm tree.
Chukwundah, who is the immediate past Director-General of Port Harcourt Chamber of Commerce, Mines, Industries, and Agriculture (PHCCIMA), further warned against use of unrecommended fertilisers in growing oil palms.
He noted that such practices could limit its export value or chances as the foreign marketers have a way of detecting such .
He reiterated the need for organic fertilizers, including poultry droppings, to enable them have a natural palm oil.
“People must reduce physical contact with palm oil production. That is why we are campaigning for hydrolic oil mills. The foreign markets are no longer interested in crude method of palm oil production”, he said.
Meanwhile, one of the farmers, Sonny Didia, who appreciated Chukwundah’s commitment towards the concern of farmers, appealed for an urgent need for loan opportunity with low interest rate in order to enable them beat the target.
King Onunwor