Connect with us
Advertisment

Business

Stanbic IBTC Pension Managers Ltd pays over N279 billion to retirees 

Published

on

Advertisment

Affirming its status as Nigeria’s largest Pension Fund Administrator (PFA), Stanbic IBTC Pension Managers Limited has paid over N279 billion to retirees since its inception in 2006.

 

Advertisment

Between January and June this year, over 5,000 new retirees also received their benefits from the PFA increasing the number of individual retirement savings account (RSA) holders nationwide with it to over 1,500,000. A total of N16.6 billion was paid to retirees fromJanuary to June this year.

 

These figures were reeled out as the company examined its 2017 half year performance with a view to retooling for higher performance in the years ahead. This was also as the PFAcontinued its national awareness and engagement campaign across the country.The 2017 employers’ forum organized by the company has held in four key cities namely Benin, Port Harcourt, Enugu and Abuja, while similar sessions are scheduled to hold in Kaduna, Ibadan and Lagos before the end of the year.

Advertisement

 

In a chat, Mr. Eric Fajemisin, Chief Executive of Stanbic IBTC Pension Managers Limited, stated that the company has more than N1.7 trillion in assets under management, a feat that reinforces a strong evidence of its proficiency at ensuring safety and return of value on investment to RSA holders through higher standards of service delivery. The performance also demonstrates the potential of the pension industry to pool the requisite funding to support Nigeria’s economic development

 

Fajemisin noted that the Pension Reform Act 2014, which replaced the 2004 Act, addressed a number of lacunas in the original Act such as the application of a portion of pension assets towards the payment of equity for a residential mortgage by the RSA holder as well as the inclusion of the informal sector in the Contributory Pension Scheme. However, there is more room for further development as the industry operators and the regulator and other stakeholders continue to collaborate to ensure continuous advancement.

 

“We believe that every able-bodied Nigerian who earns a living is entitled to a pension at the point in time when that person can no longer work and would not want to be a liability to the nation or to the kith and kin. This is what makes participation in the nascent pension scheme quite imperative,” he said.

 

Fajemisin said it is very important to raise the level of awareness about retirement planning, especially among operators in the informal sector which boasts of an estimated 38 million workers and about 60 percent of Nigeria’s Gross Domestic Product as well as employing over 90 percent of its workforce. He said deepening awareness about the pension scheme requires the collaboration of all stakeholders as there are numerous benefits to ensure peace of mind in retirement.

 

On service delivery, the Stanbic IBTC chief said the provision of satisfactory services to the informal sector through channels they are conversant with will ensure availability and accessibility. Adopting the existing ecosystem they operate and using mobile devices to access important information will add more transparency and trust to the scheme.

 

He said the PFA would continue to respond to the ever-changing preferences and needs of its customers by deploying the appropriate tools, technology and channels. 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 154-year-old Standard Bank Group, will remain instrumental in delivering value-driven services to clients. He said transaction notifications on contributions, quarterly statements and quarterly pension notes are regularly sent to customers through SMS, emails and hardcopy statements to enhance transparency and trust and ensure that contributors have up-to-date information on the status of their pension funds.

 

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 154 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.

 

Advertisment
Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

Why You should Patronize Cassandra’s Restaurant and Lounge

Published

on

Why You should Patronize Cassandra’s Restaurant and Lounge

Good food is the foundation of genuine happiness.” – Auguste Escoffier. as Escoffier said, one of the best places to enjoy a sumptuous meal that gladdens the heart is Cassandra’s Restaurant and Lounge.

Advertisment

CEO

 

Advertisment

 

Known for tasty and healthy food prepared under a thorough hygiene environment, Cassandra’s Restaurant has become the haven of genuine happiness for those desiring good food

The beautiful thing is they are specialist on both local and Continental meals and can be delivered to you destination.

Advertisement

 

That is why Cassandra has become the favorite of dignitaries and celebrities. For your party, house warning, red carpet events, try Cassandra restaurant. A trial will convince you

 

Contact:

@casandras_restaurant

08061152335

 

 

Why You should Patronize Cassandra's Restaurant and Lounge

 

 

Advertisment
Continue Reading

Business

UBA Celebrates Africa Day in Style, Commits to Empowering Youths for Leadership Roles

Published

on

UBA Celebrates Africa Day in Style, Commits to Empowering Youths for Leadership Roles

 

Advertisment

Africa’s Global Bank, the United Bank for Africa (UBA) Plc marked the this year’s Africa day, with fanfare. The event which was celebrated across the banks 20 African subsidiaries, including New York, UK, France and Dubai, culminated into a mini carnival at the corporate head office in Marina, Lagos as it witnessed  a rich culture of African people on display.

The bank said the event was aimed at encouraging Africans home and abroad to be patriotic and embrace their culture.

Advertisment

It was all colour and glitz as a troupe of dancers representing Nigeria, Ghana, Zambia, Côte d’Ivoire, Senegal, Zimbabwe, among other African countries, entertained the audience from the entrance of the building to its doorways through to the Tony Elumelu Amphitheatre Hall. Their overall performances exuded good vibes and earned them ovation from all.

Noting that Africa has unarguably positioned herself as the second largest continent in the world with its rich cultural heritage, the bank said the continent remains the only one in the world that was evidently bequeathed with the most colourful and distinctively diverse culture appreciated across the globe.

From her aesthetic art works, ethnic costumes, expressive dances, mind-blowing plethora of languages, amazing dishes, tourists attractions, and wildlife among others, Africa is seen as a world power that is yet to explore.

Advertisement

It is, therefore, to proudly and powerfully project her cultural heritage that UBA hosted the event in Lagos an to commemorate this year’s Africa Day. It said that part of its aim was for dignitaries to map out lasting solutions to persisting challenges in the continent.

Themed, “Educate an African Fit for the 21st Century: Building Resilient Education Systems for Increased Access to Inclusive, Lifelong, Quality, and Relevant Learning in Africa,” for us at UBA, it only reinforces our belief and passion for education as exemplified in our foundations National Essay Competition where winners who emerge are given scholarships through school.

According to the Group Managing Director, United Bank for Africa, Oliver Alawuba, “We are in 20 African countries and four countries outside Africa. Our focus has always been on not only driving investments into Africa but also to empower Africa’s youth by honing the critical thinking prowess of our youth as well as groom them for leadership roles across the continent.

Alawuba said UBA aspires to develop and grow in the world, adding that unity is critical and very important in Africa hence the emphasis on how to change the narrative. “Unity is critical and very important for the future of Africa, we need to remain united to achieve our aspirations and the youth are critical to that growth”, he said.

Consequently, as one of Africa’s leading financial services institutions, with a pan-African footprint spanning 20 African countries and globally in the US, UK, the United Arab Emirates and France, UBA says it’s fully committed to unifying Africa and empowering youths for the future. It also continues to lead the narrative focused on the development, growth, and unity of Africa

Advertisment
Continue Reading

Business

Oworonshoki-Apapa Expressway: Tinubu commends Dangote, describes project 10th Wonder of the World …We consider this project CSR – Dangote

Published

on

Oworonshoki-Apapa Expressway: Tinubu commends Dangote, describes project 10th Wonder of the World

…We consider this project CSR – Dangote

President Bola Ahmed Tinubu has described the newly commissioned Oworonshoki-Apapa Expressway as the Tenth Wonder of the World.

Advertisment

This is just as he commended the President of Dangote Industries Limited, Alhaji Aliko Dangote, for his selflessness in actualising the project.

President Tinubu, represented by Senate President Godswill Akpabio, enthused that the 37-kilometer road, which commenced in 2018 by the former administration and completed in 2024, is a win for all Nigerians.

Advertisment

He explained that the importance of Lagos State to Nigeria makes it very vital and as such must work for the benefit of all.

According to him: “Lagos is home to all, I thank Aliko Dangote for coming up with this initiative and in partnership with HiTech have delivered the Tenth Wonder of The World.

“Lagos is not the only state experiencing growth and development under the renewed hope agenda. I also congratulate the Minister of Works David Umahi for his passionate commitment to structural development across Nigeria,” he said.

Advertisement

Speaking on the “extremely poor” condition of the road before December 2018, Dangote stressed that the road “severely hampered the evacuation of goods and restricted access to the markets, paralyzing the shipping and manufacturing industries and disrupting supply chains across the entire economic landscape.

“Before the completion of this road, it used to take two weeks before we get to the port, and in about 18 months, we lost over N60bn in demurrage…The successful completion of this project is an example of the positive impact that can be achieved when the public sector collaborates with the private sector.” Dangote said

“Utilising the visionary framework of Executive Order 007 in Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, the Dangote Group has been able to mobilise capital for the complete refurbishment of the entire 37 kilometers length of Apapa-Isolo-Oworonshoki road and its expansion to 10 lanes.”

Dangote added that the Group was privileged to partner with the Federal Government in the transformative efforts, reaffirming its commitment to national development and prosperity.

He also stated that the scheme must be revisited to make it more viable for the private sector participants. “In this case, we have so far recovered only 40 percent of our investments and the balance is not due until 2027, we consider this project merely as Corporate Social Responsibility.

“We believe that a more commercial interest rate recovery should be allowed given the high cost of capital in the Nigerian fiscal environment,” he said.

In his remarks, Engr Umahi also commended the Dangote Group for delivering a well-executed project, adding that the quality of the Dangote Cement is a testament to the value seen on the road.

“I was once trapped for 8 hours on my way to the airport and so, I understand how terrible the road was. We are celebrating this project today because it was well done and a display of new technology. It is fully completed with solar-powered streetlights.

“In the same vein, the Third Mainland Bridge wasn’t just another rehabilitation work, a road that has been standing for about 40 years… to ensure that our bridges last longer, I’m happy to announce that Mr. President has approved the ban on the excavation of sands 10 kilometers from bridges across Nigeria.”

The Governor of Lagos State, Babajide Sanwo-Olu, represented by his deputy, Obafemi Hamzat revealed that about 20 companies had relocated from the Apapa axis of the state owing to the condition of the road, “…the state of the road is unimaginable. We are grateful to Aliko Dangote, HiTech for the excellent job they did. It used to take over seven hours to drive from one end of the road to the other, it now takes around an hour,” he said.

 

Oworonshoki-Apapa Expressway: Tinubu commends Dangote, describes project 10th Wonder of the World
…We consider this project CSR - Dangote

Advertisment
Continue Reading

Cover Of The Week

Trending