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Stanbic IBTC highlights role of employers in pension scheme

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Nigeria’s largest pension fund administrator (PFA), Stanbic IBTC Pension Managers Limited, has described as fundamental the role of employers in Nigeria’s nascent Contributory Pension Scheme (CPS), a status that obligates them to highlight the importance and value of pension provision among their employees.

 

This was as employers of labour in Nigeria’s South East geo-political zone commended the PFA for its resolute commitment to enhancing awareness about the CPS and its enormous benefits to Nigerians and the economy.

 

Speaking during an employers’ forum organized by the PFA in Enugu, which held on Wednesday, April 5, 2017, participants, drawn from employer-organizations spanning both the private and public sectors, including governments, parastatals, ministries, companies, and universities, among others, noted that such stakeholder engagements will help to boost enrolment and strengthen the pension industry in Nigeria.

 

In his welcome address, Chief Executive, Stanbic IBTC Pension Managers Limited, Mr. Eric Fajemisin, said the PFA is keen about having the over 73 million employed Nigerians enrolled in the CPS to enable them benefit from its provisions, especially to plan for retirement, which is inevitable.

 

Fajemisin, who was represented by the Executive Director, Operations, Mr Steve Elusope, said the role of employers in the success of the scheme is pivotal as the Pension Reform Act specifically mandates them to help their workers have retirement plans through the opening of retirement savings accounts, funding of those accounts and regular remittance of their pension contributions.

 

“There is a clear need to ensure the rapid growth of the Contributory Pension Scheme by increasing its uptake by Nigerians. Latest figures from the Nigerian Bureau of Statistics showed that the country has 73.4 million working Nigerians. Of this number only about 10% (7.3 million) are captured in the CPS. This forum is designed to bring together employers and pension experts where knowledge and information can be shared on the pension business and how to increase participation in the scheme,” Fajemisin said.

 

The employers’ forum, titled Partnering to Deliver Excellent Pension Administration Services, will be held in eight cities across the country this year. The first edition held in Benin, Edo state on 23 March 2017. The initiative was launched in 2014 as a platform to engage with employers, as a crucial anchor of the nascent pension scheme, to sign up to the CPS. This year’s forum is focusing on derivable benefits of participation in the pension scheme; safeguards put in place to protect pension funds; expected participants in the pension scheme; ways to enhance collaborations to move Nigeria’s pension industry forward; the role of an employer/employee in the Contributory Pension Scheme; the challenges and the opportunities in the pension industry; and how pension assets can be deployed to support sustainable development in the country. Other equally important issues examined are contributors’ access to their RSAs, claims processing, withdrawal from the pension scheme, and returns on investment on pension funds, annuity and regulatory oversight, among others.

 

Head, Computation & Remittance, National Pension Commission, Alhaji Mohammed Usman,who described the session as a positive experience, said the defined contribution accounts as defined in the PRA 2014 has become a very important income source for post-retirement comfort which must be embraced by all. He said the industry regulator has introduced numerous measures to enhance participation in the scheme, including establishment of regional offices to receive inquiries and other pertinent issues.

 

Head, Business Development, Stanbic IBTC Pension Managers Limited, Mrs. Nike Bajomo, said the PFA’s significant breadth of knowledge in the market, backed by the expertise and experience of Stanbic IBTC Group, a member of the over 153-year-old Standard Bank Group, will remain instrumental in delivering value-driven services to clients. Stanbic IBTC Pension Managers Limited, she said, has over 1.5 million retirement savings account holders nationwide, with assets under management in excess of N1.88 trillion. It pays approximately N1.8 billion to over 44,000 retirees monthly and over N261 billion has been paid to retirees since the PFA commenced operations in 2006.

 

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 and earnings. It is rooted in Africa with strategic representation in 20 countries on the African continent.Standard Bank has been in operation for over 153 years and is focused on building first-class, on-the-ground financial services organisations in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, globally.

Stanbic IBTC highlights role of employers in pension scheme

 

Nigeria’s largest pension fund administrator (PFA), Stanbic IBTC Pension Managers Limited, has described as fundamental the role of employers in Nigeria’s nascent Contributory Pension Scheme (CPS), a status that obligates them to highlight the importance and value of pension provision among their employees.

 

This was as employers of labour in Nigeria’s South East geo-political zone commended the PFA for its resolute commitment to enhancing awareness about the CPS and its enormous benefits to Nigerians and the economy.

 

Speaking during an employers’ forum organized by the PFA in Enugu, which held on Wednesday, April 5, 2017, participants, drawn from employer-organizations spanning both the private and public sectors, including governments, parastatals, ministries, companies, and universities, among others, noted that such stakeholder engagements will help to boost enrolment and strengthen the pension industry in Nigeria.

 

In his welcome address, Chief Executive, Stanbic IBTC Pension Managers Limited, Mr. Eric Fajemisin, said the PFA is keen about having the over 73 million employed Nigerians enrolled in the CPS to enable them benefit from its provisions, especially to plan for retirement, which is inevitable.

 

Fajemisin, who was represented by the Executive Director, Operations, Mr Steve Elusope, said the role of employers in the success of the scheme is pivotal as the Pension Reform Act specifically mandates them to help their workers have retirement plans through the opening of retirement savings accounts, funding of those accounts and regular remittance of their pension contributions.

 

“There is a clear need to ensure the rapid growth of the Contributory Pension Scheme by increasing its uptake by Nigerians. Latest figures from the Nigerian Bureau of Statistics showed that the country has 73.4 million working Nigerians. Of this number only about 10% (7.3 million) are captured in the CPS. This forum is designed to bring together employers and pension experts where knowledge and information can be shared on the pension business and how to increase participation in the scheme,” Fajemisin said.

 

The employers’ forum, titled Partnering to Deliver Excellent Pension Administration Services, will be held in eight cities across the country this year. The first edition held in Benin, Edo state on 23 March 2017. The initiative was launched in 2014 as a platform to engage with employers, as a crucial anchor of the nascent pension scheme, to sign up to the CPS. This year’s forum is focusing on derivable benefits of participation in the pension scheme; safeguards put in place to protect pension funds; expected participants in the pension scheme; ways to enhance collaborations to move Nigeria’s pension industry forward; the role of an employer/employee in the Contributory Pension Scheme; the challenges and the opportunities in the pension industry; and how pension assets can be deployed to support sustainable development in the country. Other equally important issues examined are contributors’ access to their RSAs, claims processing, withdrawal from the pension scheme, and returns on investment on pension funds, annuity and regulatory oversight, among others.

 

Head, Computation & Remittance, National Pension Commission, Alhaji Mohammed Usman,who described the session as a positive experience, said the defined contribution accounts as defined in the PRA 2014 has become a very important income source for post-retirement comfort which must be embraced by all. He said the industry regulator has introduced numerous measures to enhance participation in the scheme, including establishment of regional offices to receive inquiries and other pertinent issues.

 

Head, Business Development, Stanbic IBTC Pension Managers Limited, Mrs. Nike Bajomo, said the PFA’s significant breadth of knowledge in the market, backed by the expertise and experience of Stanbic IBTC Group, a member of the over 153-year-old Standard Bank Group, will remain instrumental in delivering value-driven services to clients. Stanbic IBTC Pension Managers Limited, she said, has over 1.5 million retirement savings account holders nationwide, with assets under management in excess of N1.88 trillion. It pays approximately N1.8 billion to over 44,000 retirees monthly and over N261 billion has been paid to retirees since the PFA commenced operations in 2006.

 

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 and earnings. It is rooted in Africa with strategic representation in 20 countries on the African continent.Standard Bank has been in operation for over 153 years and is focused on building first-class, on-the-ground financial services organisations in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, globally.

 

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UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

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UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

The newly renovated departure section of the Murtala Muhammed International Airport, Lagos, refurbished by United Bank for Africa (UBA) Plc, was officially commissioned on Friday, December 20th, 2024.

The laudable project, which marks a transformative moment in Nigeria’s aviation sector, underscores UBA’s unwavering commitment to national development and highlights the immense value of strategic public-private partnerships (PPPs).

The ceremony was graced by distinguished stakeholders, including the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, SAN; the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs. Olubunmi Kuku; other Directors, and Heads of Agencies operating at the Airport.

Speaking at the event, UBA’s Group Managing Director/CEO, Oliver Alawuba,lauded the collaboration that brought the project to fruition as he emphasised the need for public and private institutions to come together to build and revamp the nation’s assets.

“This renovation is a testament of UBA’s belief in the transformative power of investing in national assets. By modernising our airports, we not only enhance infrastructure but also position Nigeria as a global hub for tourism, trade, and investment,” he stated.

Alawuba took time to highlight the broader economic impact of such initiatives, urging increased private-sector participation in national development. “Public-private partnerships like this demonstrate what can be achieved when we unite for a shared vision of progress and investing in infrastructure catalyses economic growth, improves travel experiences, and creates opportunities across various sectors of the economy,” he added.

Alawuba reflected on the power of unity and collaboration, quoting Helen Keller: “Alone we can do so little; together we can do so much.” The commissioning of the renovated departure section serves as a reminder of what strategic partnerships can achieve in driving national development and elevating Nigeria’s global standing.”

While commissioning the project, Keyamo commended UBA for executing the project, a feat he termed a landmark achievement in Nigeria’s aviation sector. “This renovated departure section exemplifies the bank’s commitment to elevating aviation infrastructure, improving passenger experiences, and fostering international partnerships. It is a proud moment for the ministry and all stakeholders involved, and I thank the management of UBA for pioneering this initiative,” he remarked.

The minister highlighted other key achievements of his ministry, including compliance with the Cape Town Convention, the launch of a consumer protection portal, and advancements in major infrastructure projects such as the second runway at Abuja Airport and solar energy integration in airport operations.

The Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, commended UBA and other stakeholders for their contributions, adding, “This project reflects FAAN’s dedication to delivering world-class aviation infrastructure. The enhanced departure section not only elevates passenger experiences but also strengthens Nigeria’s competitive position in global aviation,” she said.

She called for more private-sector participation, emphasising that “partnerships like these are essential to transforming the aviation sector into a beacon of excellence.”

The newly renovated departure section boasts cutting-edge facilities designed to enhance efficiency and passenger comfort. This upgrade reaffirms the Murtala Muhammed International Airport’s status as a critical gateway to Nigeria and a major hub for international travel in Africa.

United Bank for Africa is Africa’s Global Bank. Operating across twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.

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Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

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Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

 

 

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

 

 

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

 

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

 

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

 

 

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

 

 

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

 

 

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

 

 

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

 

 

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

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Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

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Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

 

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.

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