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NEWS 17 Tuesday 28 Aug ust 2012

BUSINESSOI\Y: www.businessclayonline.com

I have no grudge against Daniel, says Obasanjo RAZAQ AYINLA, Abeokum

F

o r mer President Olusegun Obasanjo on Munday In Abe<Jwla the capi-

tal of Ogun Slate. disclosed

that he bears no malice

against Cornier guvernor DC Ogun Stale. Gboo!oga Daniel and otherfortDrrcard carry-

lng members of the People" Democrati c Pllty (PDP) In the state wh·) ~Ither defected to the Pt~ple5 Party of Nigeria (J>PN) or LalJour

Party (LP) belon the 20 11 general elet:tioll$. ObasanjostrJt"d this ill a statement i:iSu,:d in Abeokula through th!Ogun POP Publidty SecJel<uy, Bidemi Oshunbiyi. The formel !=resldent, however, 1If3ed the prese nt Peu"le', Dt'moclatic Party (PO!') and ~tal · : ,!xecutlves to open their doo rs to everybody nl) IT altcr their anle1:edents, Olillng on the entire party nu~ mbers In the lIllIe to b r.u:c up for the

laskofrebuildlng the pany. tie charged the exe.;utives to make transparency and accountabUiry their watch-

wow..

Obasanjo said, -I have no grudge against anybody provided they adhere strictly to the constitudon of the pany...1he raskahead of the People's Democratic Party 10 Ogun State is great and I urge members to brace up~ Meanwhile. the slale chapter of Ihe party has disowned a group called ' PDP Progressives' follow Ing an allegation published In a national dally accusing the party executives of beIng excludrd from the siale PDP Congress conducted on Augusl 4, saying thai s uch group was nOI known to pnrty in the state. Osunblyl said thaI ma Jority of those who claimed to be membe rs of the group were defeclol"S who are yet 10 revalidate their membership of PDP as directed by the national seaetariat.

l ·R: Jim Osayallde Obazee, CEO, Finandai Reporting Council of Nigeria; !tua 19hodaio, managin~ pa~r, .SIAO, a~d Dejl Sule, partner, public sedor, SIAO, during the SlAO courtesy visit to Financial Reporting CounCIl of NlQena (FRS) In lagos. Pic by Olawale Amoo

P ENSION

Pension fraud: PHeN management blamed for not protecting staff AMETOAKPE.Abtlja

dicalions emergJ.ng h ave EhoWJl thai the management of m e Power H<Mint; Corn· panyofN"qJ!'ia (PHCN) wasforyean;aw;:.n orthe-Un· gerirlg pension!::r:sls" In the organisation yd, tI'er refused 10 take measum n!!a!SSllr)' 10 deal dedsi".~,.j Illl thesin13· tion and proted tI IS futwe or ",. .<all PHCN aDd ~ 'allonal Pension ComlDlssfco (PenCom) documents se'~r by BuslnessDay~::I ;hal PHCN maoage m.enl ' ulm1tted In 2008 to being ~: l . loss as 10 how its pensiol1i j( fidl would be addressed while refusing 10 comply wit.'11measures suggested. by JjO':Om 10 resolve the pro~ms and safe. guard tile of stoft ThIs is despite dear 1ta min&, thaI failure to com~tY would be ..dctt:lmeruallo IIIL! interest of theemplayeesoflhe PHCN~ thIs faUing Is emerging as a major e lemenl In the unfoldlo:lI; saga of the 'missIng' PP.'.:N supeJannuation pension fuod w:!ti-:h the Fed· eral Govemmerlt IsWnale9 al dose 10 N300 billi'ltL Electrlclry ' vlI[kers under the aegis of die National Union of FJectrid ty Employ. ees (NUEE) alit'S': thaL.N300

j]

furun.

billion had accumulated In their pension fund from the contribution of 25 perc!I1l of their salary over the years.. However; the ministry of power hassald thatonly abwt N3 billion was found In the fund. adding that from the reports IrVIlilabIe. -it Is either the PHCN staff did not oontribute 25peromt o[lhetrsaJaryorthal some unscrupulous omdais mnde awaywIth 1J\.1!f N300 billion which _ over the yean deduaed from their paf Documents daled April 2008showactuarial valuation ofPHors pension liabilities, inclusive of pension arrears due to current pensioners estimated al N121 billion while value of pension assets was approximated at N5 billion. Ao:ordlng 10 2008 PenCom documents, signed by Muhammed Ahmad, Director General of PenCom, the PHCN was advised to take de6nite measures to resolve

Its Ungering pensioo Issues that Included. presenting a memorandum 10 the FedemI Govmunent through its supervtsory mWstty, outlining all key challenges relating to the pension fund and the inabiliry of the Pli~ to fund the pension defICit and transrerring assets 10 a licensed pension fund cuslod1an In Une with the general notice of uansfer of pension funds IIS5ets pen~g the ~ution of the funding deooL Ahmad said, ~e commJssk>n Is con(X!med about PHCN'I failure to take aetfon on any of the mearura The commission would Uke to reiterate the ~nt need for PHCN to Implement the above measures forthwith to avoid the e minent dangers Its pension scheme may be further o:posed." Meanwhlle, Pius Apuye, PHCN's executive d1rector, 8nanceand administratJoo. III a meetlng~. PenCom and Pi-lCN In 2010. said that PHCN'I delay In compfytng with d-.e pruvislonsofthe Pmslon Reform Ad (PHA) 2004 was as a IftUit of low revenue aa:rulng to the organIsation as a result of the aisIs in NIger Delta which adversely affected the operallons of dle company and aghatJon for salary Inaease by unions

whlle fwther fnIorming that "the company was setting aside N900 million monthly to meet the pension liabilities of employees but thatwas not being done due currentJy to the dwindling revenue of the organIsation." PHCN management was advised 10 either continue with its defIned benefil pension scheme and fund the huge d e ficil which wouJd atways increase anytime salary was Increased or close the lCheme and transfer the aa:rued rights of the staff to RSAs In tine with provisions of PHA 2004. It would appear PHCN's managemenl chose the fonner with its Inaedon and non-compllance to the latter. 10 2005, a seemingly illegal entity caIIcd the Superannuation Fund Umired. submitted documents to the Corporate

AJ'faiIs Commission. InformingofaspedainsolutiongM:o duringanCld:JaOniinaJyrneetIng of the board of direaors of the group which directed -that all acts. deeds and negodalions,ronlmd:S, agreements and transac:tionsenleredlnlo, carried out and being undenaken by and for NEPA superannuation fund prior 10 the tncorporadon of NEPA SuperannuatlooF\JndUm1ted be and is hereby

ratified:

Five family members die after 'amala ' mea l in Ondo

IFAD lofund Nigeria'S agric valuechain programme with Nll.7bn

PETER DADA, Akull!

SIAKAMOMOH

ichael Onoja, 56, his wife, Comfort , 42, their children and grandeblld me t their untimely death aller eating Ihelr lunch of 'amala: The children, who los t their lives are Monday, Patience and Joy Odoh (grandc hild). The incident which occurred In Bolorunduro village In Akure North Local Government Area of On do Slole pal1lllysed social and economic activities In the Village as residents mourn their death. A so urce told BusinessDay that on tbat fatefu.l day, OnoJa on returning from the farm Instructed hJs daughter, Patieoce, 10 prepare food for the fam Ily to eat, so she prepared 'amala: Some hours after the meal, his elght-year- old granddaughter, Joy, who was s pe nding holidilywith the family starled complaining of stomach pain and sbordy after, slumped and died at the nearby governmenr hospita l In the evening. The source further narrated that the little girl was buried the rollowlng day In the village.

he International Fund for Agricultural De· velop m e nt (IFAD) will provide a loan of $75.4 mlUlon (NIL7 hillion) to Nige ria to h e lp Improve food security and Incomes ofs mallholder farmers. with a particular focus on young people and runl women, BusinessDay can reveal. According to a slatemenl oblained from lFAD's headquaners In Rome, the loan agreement for the new Value Chain Develo pment Programme was signed In AbuJa by Nigeria's Coordinating Mini s te r of Ute Economy and Minister of Financ e, Ngozi OkonJo Iweala, and the Pres ident oflFAD, Kanayo F. Nwanze. In Nigeria, more than half of the totai population Uvcs In rural areas, with the agriculture sector account· Ing formorethan 4Opera:nt of the counuy's Gross Dom estic Product and more than 60 percent of total employment. Smallholde r farmers - cuhlvatlng less than five hectares of land produce about 90 percenl of tile lotal national output. While the country has seen growth over the past five years, rural poveny remains prevalent with [\'10thIrds of the rural populatJon li ving at or below the poverty Une.

M

T

BUSINESSDAY, 28 AUGUST, 2012  

IFAD to fund Nigeria's agric value chain programme with N11.7bn

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