Economy
PAL Pensions Unveils Campaign to Deepen Market Penetration
By Dipo Olowookere
The management of Pensions Alliance Limited (PAL Pensions) on Tuesday launched a new campaign tagged ‘Retire with a Smile’ to encourage more individuals to save towards retirement.
The campaign, unveiled yesterday at the Oriental Hotel, Lekki, is also part of efforts of the company to deepen its market penetration.
During the event, a new TV Commercial was launched by the firm, which was warmly accepted as it sparked up positive conversations among media correspondents on the giant stride embarked on by PAL Pensions.
The TV Commercial shows an exciting musical that depicts PAL Pensions’ clients smiling from their active working days to old age. It is expected to run on major TV stations and digital platforms across the country.
Addressing the media during the unveiling of the campaign, Managing Director of Pal Pensions, Morohunke Bammeke, reiterated that the mission of the organization is to secure and deliver retirement benefits with ease.
“Our vision is to be the leading Pension Fund Administrator in Nigeria creating value. At Pal Pensions, we are constantly focused on creating value and delivering superior customer service to our clients.
“We are driven by the passion to be the leader in attracting new clients and retaining old ones.
“For us, it is crucial that every time our clients interact with us, they can be assured of the highest quality of service delivery. The Pal Pensions brand exudes empathy, warmth, partnership and integrity.
“We are driven by the passion to make things easier for our clients,” Banmeke said.
Similarly, Head of Brand Management & Corporate Communications at PAL Pensions, Mrs Sunmisola Mark-Okoma, stated that “At the core of this campaign is the need to encourage the younger demography to secure their future by adopting a retirement savings plan. We also emphasize on the importance of the Contributory Pensions Scheme.”
According to a 2017 report by the National Bureau of Statistics, only 10.93 percent of Nigeria’s total working population have retirement savings accounts! This implies that more than 89 percent of Nigeria’s workforce does not have retirement savings accounts. With the campaign launch, we want to underscore the need to choose a credible, customer-focused Pensions Fund Administrator, that would ensure the security and growth of their retirement savings. Our desire is to assure Nigerians that PAL Pensions delivers pensions services and retirement benefits with a smile.”
Furthermore, Mrs Sunmisola also enumerated some packages open to existing and new customers.
“PAL Pensions is a company that offers performance, service and trust to its teeming customers. We are committed to providing seamless internal and external synergy to achieve quality services, safe investments and capital growth.
“Our customers can enjoy the triple benefits of the ‘Retire with a Smile’ campaign. Retire with a Smile, anchored on our capacity to deliver our promise at the maturation of the pension scheme; Service with a Smile, speaks volumes about our excellent customer service models and Deliver with a Smile, is an internal mechanism ensuring that people who register with PAL Pensions can smile at every interaction with the brand.
“Our customers are also guaranteed access to 25% of their funds before attaining age 50, in the event that they are out of job for a minimum of 4 months,” she added.
PAL Pensions, a licensed Pension Fund Administrator incorporated on April 14, 2005, currently has over 400,000 clients’ Retirement Savings Account (RSA) and Assets under Management in excess of N300 billion.
The company is owned by FSDH Merchant Bank and African Alliance Insurance Company Limited and boasts of over 11 years of professional experience in managing and administering retirement benefits of employees in Nigeria.
The company has five regional offices in the major geo-political zones, 35 branches across the country and staff strength of over 250 personnel.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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