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Business & Finance
Thursday, October 18, 2012
National Mirror www.nationalmirroronline.net
PenCom assets hit N2.9 trillion
TOLA AKINMUTIMI OMOBOLA TOLU-KUSIMO AND MESHACK IDEHEN ABUJA
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he National Pension Commission (PENCOM) has said over N2.94 trillion have been accumulated as assets since the commission began operations of the contributory pension scheme in 2004. PenCom further said the commission has collaborated with the Debt Management Office (DMO) to ensure that State Government that are desirous of obtaining Bonds must key into the Scheme in their respective states.
PenCom Director-General, Mr. Mohammad Ahmad revealed this yesterday at the workshop organised for Business Editors and Finance, Insurance, Labour Correspondent in Abuja. Ahmad also said the commission has paid over N151.52 billion as lump sum and about N1.77 billion as monthly pension to about 54, 558 retirees from the public and private sectors under the Contributory Pension Scheme as at September 2012 According to him, PenCom has continued to advance in its modest achievements as 5.28 million Nigerians had regis-
tered on the Scheme as at September this year while assets worth N2.94 trillion have been accumulated. He further disclosed that transfer window of Retirement Savings Account (RSA) is estimated for opening by December this year. “Currently, the RSA Transfer Clearing System application which will be used to coordinate all the processes relating to the transfer of RSAs is being developed and tested to ensure that it meets the capacity and robustness required. “As part of the implementation of opening the transfer window, the Pension Fund Ad-
ministrators and Pension Fund Custodian who are key stakeholders in the industry will participate in various workshops geared towards ensuring their full understanding and participation in the transfer process, before the window opens.” Ahmad added that the commission has continued to collaborate and engage State Governments in the implementation of the contributory pension scheme. Also, he said, the recapitalization exercise which required PFAs to raise their shareholders fund from N150 million to N1 billion has been successfully completed and the commission
has intensified compliance efforts by pursuing legal action against defaulting employers. “Compliance by the informal sector also received a major boost during the year with the appointment of 173 recovery agents”. He explained further that more than 15,000 companies are on the list of the commission for defaulting in its obligations to both the commission and employees. While urging PFAs to step up their services in order to enhance the functionability of the scheme, Ahmad said, employers can be reported to the commission for failure to contribute, assuring that PenCom will ensure that such employers are made to face the law.
Group tasks govts on women farmers’ access to funds, service, JOEL AJAYI ABUJA
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L-R: Head, Business Advisory Unit, Human Capital Management and Development, FirstBank of Nigeria Plc, Mrs. Kofoworola Adebayo (left), Head, FirstAcademy, Mr. Oshiomha Irumhekha, Head, Human Capital Management and Development, FirstBank, Mrs. Ayodele Jaiyesimi and Head, HR Support Unit, FirstBank, Ms. Babara Harper showcasing the Chartered Institute of Personnel Management of Nigeria’s awards for Overall Best Winner for Best HR Practice 2012 and Winner HR Best Practice for Banking and Insurance Sector won by FirstBank …recently
Aircraft duties waiver: AON awaits confirmation letter from FG OLUSEGUN KOIKI
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he umbrella body of indigenous airline operators in the country, Airline Operators of Nigeria (AON) yesterday said that it is still awaiting a letter from the Ministry of Aviation for effective implementation of the proposed zero tariff regime for acquired aircraft and spare parts for the airlines as announced by President Goodluck Jonathan. Speaking exclusively to National Mirror yesterday in Lagos, the Secretary General of AON, Capt. Mohammed Joji said that the letter to that effect was necessary in order for airline operators to present to the Nigeria Customs Services (NCS) whenever they acquired an airplane or import spare parts into the country. He however, explained that
AON during the week had been to the ministry of aviation requesting for the letter to the airlines, stressing that the ministry of finance was still being expected to write Customs and copied the ministry, which would be forwarded to the airlines. He said, “What we are waiting for as an airline operator is the letter to that effect from the ministry to the airlines, which should be forwarded to the customs as a proof whenever you are bringing in an aircraft for operations. We are keenly waiting for the letter from the ministry and once we receive that, we will let the whole world know. “Ironically, people are already congratulating us, but again, we ask ‘where is the letter?’ it is a proposal from the Federal Government to the National Assembly. What if the national assembly says no?
“I was in the aviation ministry during the week and we discussed about it. It is the duty of the ministry of finance to write the ministry of aviation, copy customs and secretary general of the federation while aviation ministry will now write us formally on it.” On the proposed removal of tariff from imported aircraft and spare parts, Joji said this would greatly enhance safety in the sector as airline operators would be able to acquire newer aircraft for their operations. “It will enhance safety because if you remember somebody is paying over N170bn for acquisition of an aircraft and the person still coming here to pay for customs duties. Safety will be greatly improved in the aviation industry and they will be able to purchase newer aircraft.”
ctionaid Nigeria, a Civil Society Organization, has called on individuals, corporate bodies and government at all levels to invest in agro businesses as a preventive measure of curbing food scarcity in Nigeria. The group made the call at the ongoing National 4th National Agricultural Show in Nasarawa state as part of its activities commemorating the World Food Day. Country Director of Actionaid Nigeria, Dr. Abdu Hussaini, represented by Mr. Tunde Aremu, noted that the expenditure framework presented by the National Assembly showed that over 80 per cent of Nigerians are involved in agriculture; thereby making the sector to remain the
biggest contributor to the country’s Gross Domestic Product. Hussaini, who stated that of the operators in the sector who are fully involved in food production, 90 per cent of them are peasant women farmers, pointed out that “the predominant actors in Nigerian agriculture are women; they constitute 80 per cent of the agriculture labour force, yet the women access to service is much lower than men’s pointed out that women are landless, voiceless especially in policy formation processes”. He further said that “we are deeply concerned that majority of Nigerians involved in agriculture-small scale women farmers, acknowledge that Nigeria has huge potential in achieving a poverty free country if its agricultural potentials are adequately harnessed.”
GT Bank’s online channels receive international certification UDO ONYEKA
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uaranty Trust Bank’s has said that its alternative banking channels received a boost recently with the Bank’s receipt of the Payment Card Industry Data Security Standard certification (PCIDSS). PCIDSS certification is a worldwide security standard maintained by the Payment Card Industry Security Standards Council (PCISSC) to detail acceptable technical and operational requirements, which help organizations that process card payments prevent credit card fraud, hacking and various other security vulnerabilities and threats. A certifi-
cate of compliance has since been issued to the Bank validating its compliance as a level 1 Acquirer and Issuer under the Payment Card Industry Data Security Standard, version 2.0. Commenting on the development, Managing Director of Guaranty Trust Bank plc, Mr. Segun Agbaje, assured customers that the Bank’s card products, internet banking platform and other alternative channels are safe and reliable. According to Mr. Agbaje, ‘we will continue to ensure that our channels are safe and reliable. This has influenced the various new service offerings we have pioneered recently and the security upgrades our internet banking platform has undergone.