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Pencom Begs Ogun, Rivers, 24 Others to Adopt Contributory Pension Scheme

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PENCOM pencom fraud

By Adedapo Adesanya

The National Pension Commission (PenCom) has urged 26 states of the federation to implement the Contributory Pension Scheme (CPS) for a pension-secure Nigeria.

This is coming as the commission commended Lagos, FCT, Osun, Kaduna, Ekiti, Edo, Ondo, Delta, Benue, Anambra, and Jigawa for their exemplary implementation of the CPS as of December 2024.

According to the statement by the commission, these states have set the benchmark for sustainable pension administration by ensuring that retirees receive their entitlements promptly. They are consistently remitting both employer and employee pension contributions under the CPS, Jigawa State remits contributions under the Contributory Defined Benefits Scheme (CDBS).

The Pension Reform Act (PRA) 2014, in Section 2(1), stipulates that the CPS applies to all public sector employees across the Federal Capital Territory (FCT), states, local governments, and the private sector.

The statement said that state governments have the constitutional right to legislate pension matters within their jurisdictions in the 1999 Constitution of the Federal Republic of Nigeria (as amended).

The agency said state governments were required to domesticate the CPS by enacting appropriate pension laws within their states.

In August 2006, the National Council of States adopted the CPS for all states and local governments to support this adoption, PenCom developed a Model State Pension Law, enabling state governments to modify it according to their unique needs.

According to the statement, PenCom reviews draft state pension laws and guides states throughout the implementation process.

The commission said that many states were yet to implement the CPS.

“For a state to implement the CPS in full, the state is required to enact a law on CPS, establish a Pension Bureau, register its employees with Pension Fund Administrators (PFAs) and commence remittance of pension contributions.

“The state is also required to carry out actuarial valuation, commence funding of accrued pension rights, procure group life insurance for its employees, and open and fund a retirement benefits bond redemption fund account with the Central Bank of Nigeria (CBN) or PFA,” the statement said.

The commission said that some states had enacted laws to adopt the CPS but have not yet made significant strides towards implementation.

The states include Abia, Adamawa, Bauchi, Bayelsa, Ebonyi, Enugu, Gombe, Imo, Kano, Katsina, Kebbi, Kogi, Nasarawa, Niger, Ogun, Oyo, Rivers, Sokoto, Taraba, and Zamfara.

PenCom urges these states to accelerate their efforts toward full implementation of the CPS by timely remittance of both employer and employee pension contributions.

The statement said that by taking decisive action, these states can align with the pacesetters in ensuring a secure and sustainable retirement scheme for their workforce.

According to the statement, PenCom observes that Akwa Ibom, Borno, Kwara, Plateau, Cross River, and Yobe are yet to commence the implementation of the CPS.

“PenCom strongly encourages these states to expedite the enactment of their CPS laws and take immediate steps toward full implementation to ensure a secure and sustainable pension system for their workforce.”

It added that the transition from the Defined Benefits Scheme (DBS) to the CPS at the state and local government levels is both a significant and inevitable step.

The scheme was designed to ensure that all retirees receive their benefits in a timely manner, providing a sustainable and secure retirement for all public sector employees.

The commission said that the CPS offers a long-term solution to the pension liabilities that many states currently face.

PenCom warned that failure to adopt the CPS would worsen pension debts, creating financial burdens for future administrations.

“By failing to address pension arrears, states are inadvertently creating a financial burden for future generations, as these liabilities will continue to grow.

“Adopting the CPS now will help states avoid these escalating costs and provide a more secure financial future for both retirees and taxpayers,” it added.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Petition to Recall Senator Natasha Akpoti-Uduaghan Fails

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Akpoti-Uduaghan homecoming

By Adedapo Adesanya

The Independent National Electoral Commission (INEC) has said the petition to recall the Senator representing Kogi Central, Mrs Natasha Akpoti-Uduaghan, did not meet the requirements.

In a statement on Thursday, the electoral commission said the petition did not meet the requirements of the constitution.

“The petition for the recall of the Senator representing the Kogi Central Senatorial District has not met the requirement of Section 69(a) of the Constitution of the Federal Republic of Nigeria 1999 (as amended),” INEC wrote on its X handle.

INEC cited Section 69(a) of the Constitution, which stipulates that a petition to recall a senator needs the signatures of more than one-half of the registered voters in the lawmaker’s constituency.

“The total number of registered voters in the Kogi Central Senatorial District is 474,554. More than one-half of this figure (i.e. 50%+1) is 237,277+1, which is at least 237,278 voters,” the statement issued by INEC’s National Commissioner and Chairman, Information & Voter Education Committee, Mr Sam Olumekun read in part.

“Across the 902 Polling Units in 57 Registration Areas and five Local Government Areas that make up the Senatorial District, the Commission ascertained 208,132 signatures/thumbprints from the submission made by the petitioners.”

The development comes some days after the electoral body rejected the petition to recall the embattled lawmaker, citing missing addresses and other issues.

The petitioners later submitted the missing items, and on March 26, the body confirmed that it has received the contact addresses, telephone numbers and e-mail addresses of representatives of those who submitted the petition for the recall of the suspended senator.

INEC added that the next step was to scrutinise the list of signatories submitted by the petitioners to ascertain that the petition is signed by more than one half (over 50 per cent) of the registered voters in the constituency.

With this, INEC has concluded that the petition has yet to meet all requirements for the recall of Senator Akpoti-Uduaghan as enshrined in amended 1999 constitution.

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Entries Open for 2025 GoGettaz Agripreneur Prize

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GoGettaz Agripreneur Prize

By Modupe Gbadeyanka

Entrepreneurs in the agricultural sector have been encouraged to enter for the 2025 GoGettaz Agripreneur Prize for a chance to win $160,000 set aside by the organisers.

Applications for the contest opened today, Thursday, April 3, and will close on Tuesday, June 10, a statement made available to Business Post said.

The competition, in its seventh edition, is for promising young co-founders and founders across Africa who have launched businesses across the continent’s agrifood value chain “from seed to fork”.

Judges will be looking for innovative, scalable, and impact-driven agripreneurs not more than 35 years who have built tech-savvy, sustainable businesses tackling food security, job creation, and equitable economic growth.

Participants must be a citizen of an African Union member country, and must serve as a founder or co-founder of a legally registered venture operating in Africa, which must be registered by June 10, 2025.

In September 2025, GoGettaz finalists will pitch their businesses live on stage in Dakar, Senegal during the annual Africa Food Systems Forum (AFSF) taking place from August 31, to September 5, 2025.

Two grand prizes of $50,000 each will be awarded to the most outstanding male and female-led agribusinesses. An additional US$60,000 in Impact Awards will recognize businesses excelling in key areas such as technology, innovation, nutrition, food security, improving rural livelihoods, climate resilience, gender equity, natural resource conservation, and job creation.

“I am continually amazed by the ingenuity and determination of the young entrepreneurs we meet through the GoGettaz Agripreneur Prize Competition each year.

“Their ability to leverage technology and innovative business models showcases the immense potential of the agrifood sector and the pivotal role of entrepreneurship in sustainable development.

“As we launch the 2025 campaign, we are inspired by the opportunity to empower and support young entrepreneurs who are enhancing job creation, uplifting communities, and nourishing Africa’s growing population,” the chief executive of Yara International and co-founder of GoGettaz, Svein Tore Holsether, stated.

Also, the another co-founder of GoGettaz and chairman of Econet Group, Mr Strive Masiyiwa, said, “Africa’s youth are brimming with creative energy and ideas to solve myriad problems with innovative solutions.

“They aren’t waiting around for the perfect conditions; they are seizing the moment and embracing technology to revolutionize the agrifood industry across the continent,” he noted. “They are launching remarkable ventures, but to ensure they can grow and scale, our youth need the right support, access to capital, skills, and enabling environments to grow their young businesses into multimillion-dollar pan-African and global agribusinesses.

“Our amazing young entrepreneurs deserve both recognition and support, which is why GoGettaz exists.”

The GoGettaz Agripreneur Prize Competition is an integral part of the Africa Food Systems Forum (AFSF), the world’s premier forum for African agriculture and food systems, bringing together stakeholders to take practical action and share lessons that will empower Africa’s young leaders for food systems transformation.

With the 2025 AFSF theme Africa’s Youth: Leading Collaboration, Innovation and Implementation of Agri-Food Systems Transformation, the GoGettaz Agripreneur Prize competition is set to empower youth entrepreneurs from across West, Northern, Southern, Central, and Eastern Africa who looking to showcase, grow, and scale, their agrifood businesses.

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Firm Warns Against Hampton Harbour Property Transactions

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Public Notice Hampton Harbour

By Aduragbemi Omiyale

Members of the public have been warned against buying, selling, leasing or letting of Hampton Harbour landed property, emphasising that doing so could be very risky.

This caveat is from Structured HQ Legal (SHQ) via a statement to Business Post on Thursday afternoon through one of its representatives.

The company stressed that the property is currently under legal scrutiny, cautioning that any individual or entity engaging in transactions related to Hampton Harbour does so at their own risk, emphasising further that unauthorized dealings could lead to significant financial loss and expose parties involved to legal consequences.

“The public is strongly advised to exercise caution and ensure due diligence before engaging in any transactions concerning Hampton Harbour.

“Prospective buyers, investors, or stakeholders must seek formal confirmation and approval from Structured HQ Legal or Baggeren International Company Limited to avoid financial and legal risks,” a part of the notice stated.

The legal organisation warned that any person(s) who proceeds with any dealings in relation to the Hampton Harbour property risks both financial loss and potential legal actions noting that such transactions may result in criminal and civil liabilities for trespass or fraud.

The landed property measuring at 19.5 hectares is located at Elegushi Royal Family Land in Ikate, Eti Osa, Local Government Area of Lagos State with reference number 376/376/2777GC. The property is said to belong to the Baggeren International Company.

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