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Friday, July 10, 2020

Nigeria Court Revokes Pension Laws Benefiting Ex-Public Officers, Saves 21 States Billions of Naira

Affected ex-governors includes Fashola, Akpabio, Amaechi , Aregbesola, Sylva and others For 21 states with pension laws stipulating post-office benefits running into billions of naira for their former governors and deputies, it was a sigh of relief wednesday as the Federal High Court, sitting in...

Senate passes N30,000 minimum wage bill

Workers won yesterday a major victory in their battle for N30,000 minimum wage. The Senate passed the National Minimum Wage Bill, which the President is expected to sign into law. The approval of N30, 000 contrary to the N27, 000 recommended by the Federal...

Fed Govt, states yet to comply with 18% pension increase

Five years after the Pension Reform Act (PRA) 2014 mandated employers in the public and private sector to increase pension contribution rate to 18 per cent, the federal and state governments are yet to comply with the law, Pension Fund Operators Association of Nigeria...

Nigeria begins verification of 104,133 pensioners

The Pension Transitional Arrangement Directorate (PTAD) yesterday in Lagos started a nationwide verification exercise for all pensioners of treasury funded parastatals, agencies and institutions under the Defined Benefit Scheme (DBS). Its Executive Secretary, Mrs Sharon Ikeazor who started the exercise said a total of 104,133...

Nigeria’s pension assets rise by 15% to N8.6trn

By Elizabeth Adegbesan & Cynthia Alo THE Pension Fund Assets rose by 15 percent to N8.6 trillion as at end December 2018 from N7.5 trillion recorded in the corresponding period of 2017. Analysis of the recent Pension Asset and Membership Data from the National Bureau...

implementation of new pension scheme suffers setback in States and Labour Unions

…Labour, state executives resist implementation The Contributory Pension scheme, CPS, has run into brick wall in 11 states following resistance from labour unions and state executives to the implementation of the scheme in the states. The Head, States Operations Department, PenCom, Mr. Babatunde Phillips, disclosed at...

Pencom begins multi-fund structure for pension assets July 1

The National Pension Commission on Thursday said the implementation of the multi-fund investment structure for all active contributors under the Contributory Pension Scheme would commence on July 1 this year. The Head, Investment Supervision Department, PenCom, Mr. Ohioma Ehimeme, said this at a workshop with...

417,000 investors push Nigeria’s investment funds to N993bn in 2019

TOTAL net asset of collective investment schemes and funds in Nigeria has risen by N348 billion to N993 billion, an increase of about 54 per cent in a year. Official reports coordinated by Nigeria’s apex capital market authority, Securities and Exchange Commission (SEC), indicated increasing...
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