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New PENCOM initiatives dominate Stanbic IBTC Pension Managers’ forum

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Describing measures taken by the National Pension Commission (PENCOM) to sustain growth of the Nigerian pension industry as apt, Stanbic IBTC Pension Managers Limited has said the micro pension scheme, multi-fund investment structure and Pension account transfer window, to mention but a few, are among initiatives capable of putting the sector in stronger footing going forward.

 

The company, Nigeria’s biggest pension fund administrator (PFA), spoke against the backdrop of the recent announcement by the industry regulator that the multi-fund structure would become operational from July 1, 2018.

 

Speaking during a media interactive session in Lagos on Monday, May 28, 2018, Chief Executive, Stanbic IBTC Pension Managers Limited, Mr. Eric Fajemisinsaid such reforms and innovations are necessary to maintain the strength and depth of Nigeria’s Contributory Pension Scheme (CPS). The session was one in the series of strategic approaches by the PFA to engage industry stakeholders on ways to strengthen the Nigerian pension industry and boost wider participation by Nigerians.

 

Fajemisin noted that the Retirement Savings Account (RSA) Multi-Fund Investment structure, which replaces the “one-size-fits-all” arrangement that puts all active contributors into one RSA Fund, would resolve the challenge of asset-liability risk management faced by the operators. By aligning the age and risk profile of RSA holders to match the four funds, contributors would have a better chance to earn improved returns on their investments in proportion to their risk appetites.

 

The different categories of the multi-funds structure are Fund 1, Fund 2, Fund 3 and Fund 4. Fund I is targeted at people of 49 years and below who in the quest for higher returns are willing to take more risks. Fund 2 is aimed at people who are aged 49 years and below and still working but are satisfied with moderate returns and levels of risks. Fund 3 targets people 50 years and above but still working and have very low risk appetite. In Fund 4 are retirees who have the lowest risk profile of all categories.

 

Among its other benefits include improved standard of living for the elderly, safety of funds and access to other incentives, such as mortgage facilities and health insurance. In addition are flexible contribution remittances, the opportunity to make withdrawal prior to retirement and the enhancement of financial inclusion in the country.

 

Speaking on the micro-pension scheme,Fajemisin said it would help in deepening asset accumulation in the country, and provide the crucial capital required for investment in critical sectors of the economy. As an initiative designed to cover an estimated 70 percent of Nigeria’s working population in the informal sector, the scheme offers enormous benefits to the society and ensure improved standard of living for the elderly, guarantee the safety of funds and may provide access to other incentives, such as mortgage facilities and health insurance., regardless of challenges associated with its seamless implementation.

 

On the proposed pension transfer window, which allows a RSA holder to switch PFA once a year, the Stanbic IBTC Pension helmsman said it would deepen the democratic space in the pension industry as well as encourage healthy competition, resulting in further transparency and accountability, which would in turn enhance efficiency, innovation and service delivery.

 

Fajemisin also reviewed the 2014 Pension Reform Act and the impact on the CPS. On the enabling law, he said the introduction of more stringent penalties for erring operators and directors, especially as it relates to mismanagement of funds, has engendered greater corporate governance, making it almost impossible to misapply pension funds by anyone. By increasing the contributions of the employer and employee to 10 and 8 percent respectively, Fajemisin said the Act has ensured the availability of more benefits to contributors at retirement. In addition, the Act makes the non-remittance of employees’ contribution by the employer an offence which the regulator can prosecute in court.

 

Amongst its provisions, which expanded its coverage, private sector organizations with just three employees or more are required to register under the scheme; while the law also compels an employer to open a Temporary Retirement Savings Account (TRSA) on behalf of an employee that fails to open a Retirement Savings Account within three months of being employed.

 

The PFA’s Head of Business Development, Mrs. Nike Bajomo, said the company is already reaching out to its over 1.6 million RSA holders nationwide to create awareness about commencement of the multi-fund structure with effect from July 1, 2018. She said the PFA will continue to engage various stakeholders on developments in the industry to ensure the provisions of the CPS are fully harnessed to the benefit of all. Such platforms as the employers’ forum, preretirement seminars, among other initiatives Stanbic IBTC Pensions organises yearly, are fashioned to ensure regular engagement and to drive awareness.

 

Backed by the experience and expertise of Stanbic IBTC Group, a member of the over 155-year-old Standard Bank Group, Bajomo said the PFA will not relent in providing excellent services to its RSA holders and Nigerians. Stanbic IBTC Pension Managers Limited, she said, has over 1.6 million RSA holders nationwide, with assets under management in excess of N2 trillion. It pays approximately N1.3 billion to over 37,000 retirees monthly and over N279 billion has been paid to retirees since the PFA commenced operations in 2006, Bajomo added.

 

Stanbic IBTC Pension Managers Limited is a subsidiary of Stanbic IBTC Holdings, a member of Standard Bank Group, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for over 155 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.

 

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Self-Anointed Financial Guru, Geh Geh, Celebrates the Launch of His Luxury Hotel

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Self-Anointed Financial Guru, Geh Geh, Celebrates the Launch of His Luxury Hotel

Self-Anointed Financial Guru, Geh Geh, Celebrates the Launch of His Luxury Hotel

 

Popular financial influencer and self-proclaimed guru, Geh Geh, has officially opened the doors to his new hotel, marking another milestone in his ever-evolving career. The hotel, a modern and tastefully furnished establishment, was unveiled on December 22nd amidst a wave of excitement from his followers and supporters.

Taking to his X page a few days prior to the launch, Geh Geh teased his fans with the announcement, hinting at the grand opening. True to his word, the influencer shared clips from the event, including a moment where his pastor prayed over the establishment during its official dedication.

The event was attended by friends, family, and well-wishers, who gathered to celebrate his achievement. Online reactions, however, have been a mix of admiration, skepticism, and humor as netizens took to social media to share their thoughts on Geh Geh’s latest accomplishment.

Social Media Reactions

The news of Geh Geh’s hotel opening has sparked lively conversations across social platforms. Some users congratulated him on his success, while others questioned the legitimacy of his wealth and mocked the idea of a pastor blessing a hotel.

  • @BIG🌍 AP❣️: “Finally, Geh Geh don get the congratulations 🎉 way him dey find since lol 🤣🤣 Congratulations 🎉 Opueh Presido.”
  • @ucheuch2 MMM: “Geh Geh no get hotel.”
  • @Quency baby 🫂🥹: “Dem open hotel, pastor dey pray 🤦‍♀️.”
  • @Elbulletin: “So this guy gets money?”
  • @Boy alone💜🧎‍♂️🧎‍♂️☹️: “Omo, wait oh, na Geh Geh really get am? Omo, if na him, I go start worship Geh Geh online oh 😞.”
  • @Babatunde Phillip: “Imagine a pastor attending the opening ceremony of a hotel where Geh Geh said girls go cryyyy.”
  • @user97174499693224: “So pastor dey pray for hotel opening 😂😂😂.”
  • @ABIODUN__🌴💙🚬: “I dey cryyyyyyy now, if to say I know, I for worship Geh Geh online 😭😂.”

While the reactions may vary, one thing is clear: Geh Geh knows how to command attention. As he steps into the hospitality business, all eyes will be on him to see if the financial guru can translate his influence into success in this new venture.

 

@unclenasco_

Congratulations to Geh Geh , he has finally opens his hotel 🏨 

♬ original sound – Nasco

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Oleksandr Usyk Defeats Tyson Fury Again, Solidifies Legacy Among Boxing Greats

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Oleksandr Usyk Defeats Tyson Fury Again, Solidifies Legacy Among Boxing Greats

Oleksandr Usyk Defeats Tyson Fury Again, Solidifies Legacy Among Boxing Greats

Ukrainian boxing sensation Oleksandr Usyk retained his heavyweight championship titles and cemented his place in boxing history with a unanimous decision victory over Britain’s Tyson Fury in their rematch on Saturday night.

The judges scored the bout 116-112 in Usyk’s favor across the board, marking his second consecutive win over Fury. This victory extended Usyk’s flawless professional record to 23-0, with 14 knockouts, adding another chapter to a career already highlighted by Olympic gold and an undisputed cruiserweight championship.

A Masterclass Performance

Usyk, 37, showcased his signature precision and relentless pace, repeatedly catching Fury with clean left hooks and dominating the latter stages of the fight. Fury, at 6ft 9in (206cm) and weighing a career-high 281 pounds, attempted to impose his physicality but was unable to break Usyk’s composure.

The fight, held in Saudi Arabia, saw Usyk wearing traditional Cossack attire during his entrance, while Fury entered the arena dressed in a festive Santa-inspired robe to Mariah Carey’s “All I Want For Christmas Is You.”

The early rounds were competitive, with Fury landing powerful jabs and body shots. However, Usyk’s endurance and tactical brilliance began to shine in the middle rounds. The Ukrainian landed sharp combinations and dictated the tempo, including a stunning uppercut in the final round that left little doubt about the outcome.

“I thought I’ve won both fights,” Fury said post-match, sporting a bruised right eye. “But I’ll always believe until the day I die that I won that fight.”

A Legacy Sealed

Usyk’s victory solidified his standing as one of the greatest heavyweights in history. Already the first undisputed heavyweight of the four-belt era, Usyk joins the ranks of legends like Muhammad Ali, Joe Louis, and Mike Tyson.

The bout, reported to have a prize purse of $190 million, also underscored Saudi Arabia’s growing influence in global sports. Usyk, who served briefly as a soldier during Russia’s invasion of Ukraine, celebrated his victory by hoisting a symbolic sabre belonging to Ukrainian nationalist hero Ivan Mazepa.

Fury’s Uncertain Future

The defeat leaves Fury’s future in doubt. Once unbeaten across 35 fights, Fury now stands at 34-2-1. His attempt to reclaim glory after a brief retirement in 2022 has been marred by back-to-back losses to Usyk.

Usyk, on the other hand, continues to add to his already remarkable resume, leaving fans and critics alike in awe of his technical skill, resilience, and determination. As the heavyweight division looks ahead, Usyk’s reign appears unshakable, and his place among boxing’s all-time greats is firmly secured.

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Testimony Jaga Redefines Gospel Music with Fuji Rhapsody

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Testimony Jaga Redefines Gospel Music with Fuji Rhapsody

Renowned gospel artist Testimony Jaga has set a new standard in the genre with the release of his highly anticipated album, Fuji Rhapsody. This innovative project masterfully blends the electrifying rhythms of Fuji music with uplifting gospel messages, offering a unique and transformative musical experience.
With a runtime of approximately one hour, Fuji Rhapsody takes listeners on a continuous, spiritually enriching journey, brimming with energy and inspiration. The album is available for streaming on popular platforms, including Spotify, iTunes, Audiomack, Boomplay, and more.
Whether you’re a fan of vibrant Fuji beats or seeking soul-stirring gospel tunes, Fuji Rhapsody is an album that promises to inspire and uplift. Press play and let its powerful melodies rejuvenate your spirit today!
Stream Fuji Rhapsody Here:

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