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Business & Finance
PenCom indicts PFAs over non-remittance of N9.6bn MESHACK IDEHEN
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he National Pension Commission (PenCom) said it has observed the violation of the code of corporate governance for pension fund operators (PFAs) as issued by the commission, and that about N9.6 billion has not been remitted into the workers’ Retirement Savings Accounts (RSA). A statement by the commission on Monday said the compliance report showed some inconsistencies on the part of Pension Fund Administrators, (PFAs) which included un-reconciled and un-credited contributions that amounted to N8.367 billion and N1.29 billion.” PenCom said it discovered about 146 cases of unpaid benefits
that had earlier been approved by the commission and wrongful debit of N39million on some RSAs by a Pension Fund Custodian, adding it, had forwarded compliance letters to the concerned operators on the listed inconsistencies. According to the commission, other issues include non-implementation of commitments made during examinations of operators; violation of the Pension Reform Act, 2004; violation of regulations, guidelines, circulars, and framework; and non-issuance of statements of account and Personal Identification Numbers (PIN) to customers by some operators. The need to ensure the safety of pension assets, fair returns on investment and sustainability of the industry, according to Pen-
Tuesday, August 13, 2013 Com necessitated the need to proactively regulate and supervise the industry in order to achieve the aims and objectives of the PRA 2004. PenCom said during the third quarter of 2012 that it observed some irregularities in the risk management reports submitted by operators, some of which included unprocessed benefit applications and un-credited contributions by a PFC; discrepancies between contribution schedules and the payment instruments forwarded by some employers; delay in the payment of retirees’ benefits and non-compliance with the fund accounting guidelines by some operators. Another challenge the commission said it observed, was in the area of information communication technology (ICT) in core application software, servers and other support equipment, “letters had been sent to the affected operators to address the issues”, the commission explained.
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Nigeria emerges winner of 2013 SAGE World Cup
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igeria has emerged winner of the 2013 edition of Students for Advancement of Global Entrepreneurship (SAGE) World Cup. The weeklong competition, which featured participants from eight countries out of the 11 that were scheduled to partake in it, was concluded Sunday night in Abuja. America, Canada and Ukraine had opted out of the SAGE competition organised in collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and other Federal Government agencies due to security challenges in the country. Nigeria has won the SAGE World cup seven times by consistently defeating countries like the USA, Russia, China, Singapore, Canada South Africa, Great Britain and Ghana among others. SAGE is a global, non-profit
organisation aimed at advancing youth entrepreneurship and community service around the world, emphasising ethical business practices, social responsibility, civic engagement and environmental awareness. The SAGE World Cup is an international entrepreneurship competition where teenage entrepreneurs from around the world showcase their innovative business and community service projects to a panel of judges. Nigeria, represented by the Junior Secondary School Jikwoyi, Abuja took the lead in the Social Enterprises Business (SEB) category while China came second as South Africa came third and Ghana took the fourth position. Also, Nigeria also represented by University of Calabar International Schools came second in the Social Responsibility Business ((SRB) Category.
Chinese firm, senator partner on drug plant in C/River RICHARD NDOMA CALABAR
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L-R: Delta State Commissioner for Oil & Gas, Mr. Mofe Pirah; winner of N1million in the ongoing Glo “Recharge to Stardom” promo, Pa Julius Okomayin and Edo State Commissioner for Information, Mr. Louis Odion during the prize presentation ceremony in Lagos at the weekend.
Foreign airlines criticise FAAN over relocation of offices OLUSEGUN KOIKI
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oreign airlines operating into the country have kicked against the relocation of their offices to the third floor of the Murtala Mohammed International Airport, MMIA, Lagos by the Federal Airports Authority of Nigeria, FAAN. The President of Association of Foreign Airlines Representatives of Nigeria, AFARN, Mr. Kingsley Nwokoma told aviation correspondents over the weekend that the action was wrong and not in the interest of the foreign operators. He explained that stakeholders were not carried along by the authority before ordering them to relocate their offices to the third floor of the airport. He also decried the dilapidating state of the avio bridges at the international airport and challenged FAAN management to
replace them soon, emphasizing that the infrastructure was an embarrassment to the nation despite the ongoing remodelling exercise. He said, “We are not happy, we are not carried along and we feel it is not acceptable and government should know that without the core stakeholder’s in this industry, nothing moves. If today, the airlines decide collectively that we have an issue and we are not coming in, everybody will sit up and questions will start coming up.” “If you look at the avio bridges, they are still the old ones there, we have had in the ‘80s, they are leaking; they are not in good conditions. We expect that those avio bridges should have been changed with a lot of innovations going on around the airport, but the reverse is the case. Commenting on the security challenges in the country at large and the airport in particular, Nwokoma called for the
installation of Closed Circuit Television, CCTV, Cameras in strategic places within the airport environments and equally agitated for proper illumination of airports at night especially at the air side. “Yes, agreed, the minister is doing well, but the safety issues must be tackled first because it is when the safety issue is tackled that we can be talking of remodelling and others.” He noted that the cargo ramp apron can no longer accommodate more than three wide bodied aircraft because the ramp apron was constructed years back and called for expansion of the apron to ensure that aircraft come in and leave on schedule. He also blamed the management of FAAN for the situation at the cargo area of the Lagos airport and called for the automation of cargo activities, just like in other developing and developed aviation industries around the globe.
rrangements have been concluded between Senator Patrick Ani and a Chinese drugs company to build gigantic $1bn (N155bn) alternative drug manufacturing company in Cross River State. The Senator, who Calabar, said the pharmaceutical company was targeted at creating 30, 000 direct and indirect jobs for youths in the state and the South-South region. He hinted that the plant will be located at Akpabuyo Local Government of the State, stressing the drugs will be produced with international best standard. He said the drug has been in roots and herbs form, but will be converted to capsule form to
make it more affordable to low income earners who may relevant health problems. Ani assured that apart from messages of commendation from Nigeria public, the Chinese firm has gone through a laboratory test on the efficacy of the roots and has expressed satisfaction with the African root in curing disease. The former senator said the drugs to be produced include remedies for prostate enlargement, weak libido and immune system boosters as well as products that could reduce the risk of contracting HIV/AIDS. According to him, the plant would achieve a dual purpose of producing enough for local consumption as well as for export to other African countries, Europe, Asia and America after the gestation period.
Bayelsa retiring civil servants cautioned over dupes EMMA GBEMUDU YENAGOA
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ayelsa State Deputy Governor, Rear Admiral John Jonah (Rtd.) has cautioned retiring civil servants in the state civil service to be wary of individuals who would approach them on how to invest their retirement benefits. Jonah reminded that quite a number of retirees had fallen victims to such fraudulent persons who come up with supposedly brilliant ideas on,y for them to lose their entire benefits. The Deputy Governor spoke in Yenagoa while declaring open a three pre-retirement workshop organized by the office of the Head of Service for civil servants who will retire this year from the service.
While advising the civil servants not to be apprehensive about retirement, Jonah noted that retirement was an opportunity to commence a new phase of life and also a moment to identify new challenges in life. He said: “I congratulate the civil servants that are due for retirement after serving the state meritoriously .Some of you may still be called upon by government to serve in various capacities even after retirement.” In his comments, Lead Consultant of Patkairos Consult, Dr. Patrick Okpah, who organised the workshop said the event was academic and would also deal with psychological issues, stressing that a number of retirees had to deal with emotional challenges such as writing of wills and management of estates.