PenCom: Lack of Guarantee Hindering Investment of N6trn Pension Fund James Emejo in Abuja The National Pension Commission (PenCom) has said existing conditions are still inappropriate for the investment of pension assets in infrastructure as widely canvassed. The Head of Investment Supervision Department, PenCom, Mr. Ehimeme Ohioma, pointed this out at the just-
concluded seminar for pension, insurance and labour correspondents and business editor, which was organised by the commission. Speaking on "Pension Funds for Economic Development: Investing Pension Funds in Infrastructure", Ohioma noted that there were currently no guarantee for the safety of products that were seeking financing from pension assets, which had accu-
mulated to about N6 trillion under the Contributory Pension Scheme (CPS). He said though pension assets were a potential source of private financing to help fund infrastructure in the country, the funds could only invest indirectly in infrastructure through structured instruments, such as bonds and funds for now. Obioma indicated that the dearth of alternative asset
products in the Nigerian financial markets and current liquidity risks were challenges for pension funds investment in infrastructure. Other major constraints to pension funds commitment to infrastructure, according to him, include policy inconsistencies characterised by historic examples of project development challenges with government as well as the consistently higher yields of-
fered on ‘risk-free’ FGN fixed income instruments which had further crowded out alternative assets. He explained that for pension assets to be invested in infrastructure, there must be availability of commercially viable projects, full repayment guarantee by the federal government especially in the early stages of projects financing. Furthermore, he added
that strong political will and consistency in formulation of policies to retain investors confidence were also critical. He said there must be an open and transparent transactions’ procedures and processes, in terms of biddings process, contractors’ selection, pricing, stressing that government should institute policies to attract global infrastructure Continued on page 8
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Buhari: Nigeria Destined for Greatness Despite Challenges Seeks citizens’ confidence in his govt
Tobi Soniyi in Abuja and Mohammed Aminu in Sokoto President Muhammadu Buhari has said that despite the enormity of the challenges
facing Nigeria, he is optimistic that the country is destined to achieve greatness. Speaking in Sokoto yesterday where he commissioned the N4.8 billion Kalambaina 500 housing
estate, the president urged Nigerians to have faith in his administration's commitment to tackling the myriad of challenges bedeviling the country. Buhari said his government
was committed to providing positive change that would impact on all Nigerians. He also expressed his resolve to fighting corruption and rebuilding the economy. "Looking forward, despite
the enormity of the challenges facing us we are optimistic that by the grace of God our nation is destined to achieve greatness. Today economic recession is affecting our economy. But we are resolved
to overcome challenges, fight corruption and ensure good governance for the benefit of our citizens. Our administration is poised to Continued on page 8
Another Chibok Girl Rescued as Army Loses Lt. Col. in Boko Haram Attack Slain officer received accelerated promotion, decorated for outstanding bravery in anti-insurgency war
Michael Olugbode in Maiduguri and Kasim Sumaina and Oluwatosin Komolafe in Abuja About three weeks after 21 of the over 200 schoolgirls abducted in April 2014 by Boko Haram terrorists from Chibok, Borno State, were rescued, another victim of the abduction was yesterday found by soldiers and handed over to the state government. Acting Director of Army Public Relations, Colonel Sani Usman, said the girl, identified as Maryam Ali Maiyanga, was carrying a 10-month-old son, when she was discovered among escapees from Boko Haram hideouts in Sambisa forest who were being screened by soldiers. Also yesterday, the Nigerian Army said the officer who commanded troops to dislodge Boko Haram extremists from Baga, in Borno State, in one of the fiercest battles since the anti-insurgency war began in 2009, was among those killed in a surprise attack by suspected insurgents on Friday night. Usman said LieuContinued on page 8
SHELTER FOR ALL
L-R: Senate President Bukola Saraki, President Muhammadu Buhari, Sokoto State Governor Aminu Tambuwal and House of Representatives Speaker Yakubu Dogara at the unveiling of the 500 units housing estate built by Sokoto State government at Kalambaina, Sokoto ...yesterday
Catch the Final Day of THISDAY HOME+DESIGN Exhibition at Landmark Event Centre, Victoria Island, Lagos. 10am to 6pm