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We’ve recovered N422m from employers who defaulted on pension remittance – National Pension Commission

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We’ve recovered N422m from employers who defaulted on pension remittance - National Pension Commission

“We’ve recovered N422m from employers who defaulted on pension remittance” – National Pension Commission

 

By Olorunfemi Adejuyigbe

 

We’ve recovered N422m from employers who defaulted on pension remittance - National Pension Commission

 

The National Pension Commission (PenCom) in a statement in its first-quarter report for 2022, announced that it has recovered N422.34 million from defaulting employers who failed to remit pension contributions by their employees to respective pension fund administrators (PFAs).

 

Though this is 30.6 percent lower than the commission’s recovery to the tune of N608.55 million in the first quarter of the preceding year, the agency revealed that the amount comprises N124.89 million principal contribution and N295.45 million penalty.

 

 

 

 

 

PenCom said the sum was recovered from 23 defaulting employers during the quarter under review, adding that six defaulting employers have been presented for appropriate legal action.

 

It read;

 

“Following the issuance of demand notices to defaulting employers whose pension liabilities were established by the recovery agents (RAs) appointed by the commission, the sum of N422.34 million representing principal contribution (N124.89 million) and penalty (N295.45 million) was recovered from 23 defaulting employers during the quarter under review.

“Meanwhile, six defaulting employers have been recommended for appropriate legal action for refusing to remit pension contributions of their employees after all administrative actions to make them comply failed.

 

 

 

 

 

 

“The cumulative pension contributions from inception to the end of the first quarter of 2022 amounted to N7.77 trillion, which is an increase from N7.58 trillion as at the end of Q4 2021.”

While the aggregate pension contributions of the public sector increased from N3.92 trillion in the last quarter of 2021 to N4.02 trillion at the end of Q1 2022., the aggregate pension contributions of the private sector increased from N3.66 trillion in Q4 2021 to N3.76 trillion at the end of Q1 2022.

 

 

 

 

 

The total value of pension fund assets as at March 31, 2022 was N13.88 trillion. The amount comprised of N9.81 trillion in RSA’ Active’ Funds (RSA Funds I, II, III and V); N1.10 trillion in RSA Retiree Fund (Fund IV); N1.54 trillion in CPFAs; N1.42 trillion in Approved Existing Schemes. Fund VI Active and Retiree Fund amounted to ?23.16 billion.

lso from January to March 2021, PenCom said it received a total of 11,200 applications from private sector organisations for the issuance of pension clearance certificates (PCCs).

 

 

 

 

 

 

The statement added;

 

“Out of this number, PCCs were issued to 10,541 organizations, while 659 applications were in the approval process as at March 31, 2022.

“The records showed that the 10,541 organizations had remitted a total of N59.39 billion into the retirement savings accounts (RSAs) of their employees, totaling 45,170.”

 

 

 

 

 

 

 

Employees have also been asked to remit workers’ monthly pension contributions to their retirement savings account (RSA) for the exclusive purpose of providing retirement income.

 

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Abounding investment opportunities in the e-commerce value chain

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Abounding investment opportunities in the e-commerce value chain

Abounding investment opportunities in the e-commerce value chain

By Olorunfemi Adejuyigbe

 

Abounding investment opportunities in the e-commerce value chain

 

 

B2B platforms like Alerzo are changing the Nigerian retail market narrative by presenting the attractive investment opportunities therein to the world.

The federal government recently revealed the improving impact of e-commerce on the country’s economy, saying the current e-commerce spending in Nigeria has grown to $13billion per annum and expected to reach $75billion in revenue per annum by 2025.

 

 

 

 

Expressing passion about the growing investment opportunities in the e-commerce value chain, which are capable of contributing significantly to the country’s Gross Domestic Product (GDP), the federal government also said e-commerce grew in Nigeria from 14% in 2019 to 17% in 2020.

Alerzo’s technology-based market penetration helps in reaching people beyond the urban settlements to rural areas and giving them access to extensive catalogue of products, in addition to free delivery. The leading e-commerce platform also facilitates development and financial inclusion through digital payment platforms.

 

 

 

 

 

 

 

 

 

For instance, Alerzo, through AlerzoPay, is contributing to the development of dematerialized payment solutions which are key to the success of e-commerce and an important asset for Nigeria when it comes to development prospects.

By their business models, B2B e-commerce platforms are a chain of activities that open up economic opportunities such as job creation, financial inclusion and technology advancement, as Alerzo’s Chief Executive Officer, Adewale Opaleye, made known that Alerzo directly employs more than 3,000 people in its operational chain.

 

 

 

 

 

 

 

 

 

B2B e-commerce platforms also allow local retailers to improve their businesses and become profitable and thus enable them to hire more staff to support their production and/or distribution activities.

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VAT Row: Court of Appeal Rules In Favor of FIRS

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VAT Row: Court of Appeal Rules In Favor of FIRS

VAT Row: Court of Appeal Rules In Favor of FIRS

By Olorunfemi Adejuyigbe

 

VAT Row: Court of Appeal Rules In Favor of FIRS

 

The Court of Appeal, sitting in Lagos on Friday has upheld the appeal filed by the Federal Inland Revenue Service (FIRS), against the Lagos Hotel Owners Association of Nigeria.

The Court of Appeal set aside the Federal High Court judgment in favor of the Association.

 

 

 

 

 

In 2019, the Association had gotten a judgment from the Federal High Court sitting in Lagos, whereby the court had invalidated the powers of the FIRS to collect VAT from the members of the Association.

The FIRS thereafter appealed the judgment at the Court of Appeal.

 

 

 

 

 

 

 

The Court of Appeal also struck out the Counter claim of the Lagos State Government against FIRS. Yesterday’s judgment has therefore affirmed the authority of FIRS to collect VAT from all taxpayers.

Details later …

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FIRSTBANK LAUNCHES SINGLE-DIGIT LOAN FOR WOMEN-OWNED BUSINESSES, REINFORCES ITS ROLE IN STRENGTHENING GENDER INCLUSION IN NIGERIA

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FIRSTBANK LAUNCHES SINGLE-DIGIT LOAN FOR WOMEN-OWNED BUSINESSES, REINFORCES ITS ROLE IN STRENGTHENING GENDER INCLUSION IN NIGERIA

FIRSTBANK LAUNCHES SINGLE-DIGIT LOAN FOR WOMEN-OWNED BUSINESSES, REINFORCES ITS ROLE IN STRENGTHENING GENDER INCLUSION IN NIGERIA

By Olorunfemi Adejuyigbe

FIRSTBANK LAUNCHES SINGLE-DIGIT LOAN FOR WOMEN-OWNED BUSINESSES, REINFORCES ITS ROLE IN STRENGTHENING GENDER INCLUSION IN NIGERIA

 

 

 

 

The FirstGem fund (FirstGem loan) is a single-digit loan scheme, exclusively designed to put women at an advantage in contributing to the socio-economic development of the country.

The loan scheme covers female-owned or partnered SMEs in various sectors of the economy Launched in 2016, FirstGem has been impactful in driving financial inclusion, influencing women’s empowerment through gender-advancement programmes like savings culture, financial literacy, wealth management and building an investment portfolio.

 

 

 

 

 

In furtherance of its role in promoting female entrepreneurship across the country, Nigeria’s premier banking institution and leading financial inclusion services provider, First Bank of Nigeria Limited, has announced the launch of the FirstGem fund (FirstGem loan); a single-digit loan scheme, exclusively designed to put women at an advantage in contributing to the socio-economic development of the country.

 

The FirstGem loan scheme is designed for female-owned or partnered SMEs in the following sectors Food/Beverage processing & Packaging, Beauty and cosmetics, Confectionaries, Catering & Restaurants, Transportation (Logistics) and Agric/Agro-Allied (retail value chain). With an interest rate of 9% per annum, FirstGem loan is a collateral-free loan that is available to the bank’s existing and prospective female customers. Based on eligibility, customers can access loans from N500,000.00 to N3,000,000.00.

 

 

 

 

 

 

 

To access the loan, Female owned or partnered SMEs can visit the Bank’s website – https://www.firstbanknigeria.com/personal/loans/more-financing-options/firstgem-funds/ – to download and fill out the Retail Loan Application Form. The completely filled form should be submitted to the nearest FirstBank branch with accompanying documents.

 

Speaking on the loan Folake Ani-Mumuney, Group Head, First Bank of Nigeria Limited said, “we are delighted with the role our FirstGem product plays in creating an avenue to enlarge the business activities and endeavours of female entrepreneurs across the country. Our FirstGem value proposition offers real solutions to constraints encountered by female entrepreneurs and working professionals, as it exposes women to opportunities for the advancement of their business. We implore every female business-minded individual to take advantage of the FirstGem loan as it puts them at an advantage to contribute their quota to the national economy.”

 

 

 

 

 

 

 

 

Launched in 2016, FirstGem has been impactful in driving financial inclusion, influencing women’s empowerment through gender-advancement programmes like savings culture, financial literacy, wealth management and building an investment portfolio. FirstGem is designed specifically to meet the needs of the female gender, aged 18 years and above.

 

FirstGem is targeted at a broad spectrum of women, working professionals, entrepreneurs or market women through an array of benefits such as free business advisory services, access to finance, specialized training on business development initiatives (virtual and physicalevents), regular insights on business / investment opportunities. and mouth-watering discounts at partner merchant outlets (spas, salons, grocery stores) offering lifestyle products and services.

 

 

 

 

 

 

 

 

 

 

Recently, FirstBank announced its partnership with CDC Group, the UK Government’s development finance organisation to economically empower women-owned and led businesses as well as local small and medium-sized enterprises (SMEs) in Nigeria. The facility, which is in the sum of US$100 million will have a minimum of 30% allocated in the form of credit lines to women entrepreneurs.

 

 

 

 

 

About FirstBank

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 128 years.

With over 750 business locations and over 150,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 30 million customers. The Bank has an international presence through its subsidiaries, FBNBank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.

 

 

 

 

 

 

 

 

 

 

The Bank has been handy at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such a milestone in the country. FirstBank’s cashless transaction drive extends to having more than 10million people on its USSD Quick Banking service through the nationally renowned *894# Banking code and over 4.5 million people on FirstMobile platform.

Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is always to put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of the first choice in building your future”. Our brand promise is always to deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.

 

 

 

 

 

 

 

Folake Ani-Mumuney

Group Head, Marketing & Corporate Communications

First Bank of Nigeria Limited

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