Economy
Employers Vital in Pension Scheme—Stanbic IBTC
By Dipo Olowookere
Nigeria’s largest pension fund administrator (PFA), Stanbic IBTC Pension Managers Limited, has described as fundamental the role of employers in the country’s nascent Contributory Pension Scheme (CPS), a status that obligates them to highlight the importance and value of pension provision among their employees.
Speaking during an employers’ forum organized by the PFA in Enugu, which held on Wednesday, April 5, 2017, participants, drawn from employer-organizations spanning both the private and public sectors, including governments, parastatals, ministries, companies, and universities, among others, noted that such stakeholder engagements will help to boost enrolment and strengthen the pension industry in Nigeria.
This was as employers of labour in Nigeria’s South East geo-political zone commended the PFA for its resolute commitment to enhancing awareness about the CPS and its enormous benefits to Nigerians and the economy.
In his welcome address, Chief Executive, Stanbic IBTC Pension Managers Limited, Mr Eric Fajemisin, said the PFA is keen about having the over 73 million employed Nigerians enrolled in the CPS to enable them benefit from its provisions, especially to plan for retirement, which is inevitable.
Mr Fajemisin, who was represented by the Executive Director, Operations, Mr Steve Elusope, said the role of employers in the success of the scheme is pivotal as the Pension Reform Act specifically mandates them to help their workers have retirement plans through the opening of retirement savings accounts, funding of those accounts and regular remittance of their pension contributions.
“There is a clear need to ensure the rapid growth of the Contributory Pension Scheme by increasing its uptake by Nigerians. Latest figures from the Nigerian Bureau of Statistics showed that the country has 73.4 million working Nigerians.
“Of this number only about 10% (7.3 million) are captured in the CPS. This forum is designed to bring together employers and pension experts where knowledge and information can be shared on the pension business and how to increase participation in the scheme,” Mr Fajemisin said.
The employers’ forum, titled Partnering to Deliver Excellent Pension Administration Services, will be held in eight cities across the country this year. The first edition held in Benin, Edo state on 23 March 2017.
The initiative was launched in 2014 as a platform to engage with employers, as a crucial anchor of the nascent pension scheme, to sign up to the CPS.
This year’s forum is focusing on derivable benefits of participation in the pension scheme; safeguards put in place to protect pension funds; expected participants in the pension scheme; ways to enhance collaborations to move Nigeria’s pension industry forward; the role of an employer/employee in the Contributory Pension Scheme; the challenges and the opportunities in the pension industry; and how pension assets can be deployed to support sustainable development in the country.
Other equally important issues examined are contributors’ access to their RSAs, claims processing, withdrawal from the pension scheme, and returns on investment on pension funds, annuity and regulatory oversight, among others.
Head, Computation & Remittance, National Pension Commission, Alhaji Mohammed Usman, who described the session as a positive experience, said the defined contribution accounts as defined in the PRA 2014 has become a very important income source for post-retirement comfort which must be embraced by all. He said the industry regulator has introduced numerous measures to enhance participation in the scheme, including establishment of regional offices to receive inquiries and other pertinent issues.
Also, Head, Business Development, Stanbic IBTC Pension Managers Limited, Mrs Nike Bajomo, said the PFA’s significant breadth of knowledge in the market, backed by the expertise and experience of Stanbic IBTC Group, a member of the over 153-year-old Standard Bank Group, will remain instrumental in delivering value-driven services to clients. Stanbic IBTC Pension Managers Limited, she said, has over 1.5 million retirement savings account holders nationwide, with assets under management in excess of N1.88 trillion. It pays approximately N1.8 billion to over 44,000 retirees monthly and over N261 billion has been paid to retirees since the PFA commenced operations in 2006.
Stanbic IBTC Pension Managers Limited is a subsidiary of Stanbic IBTC Holdings, a member of Standard Bank Group, a full service financial services group with a clear focus on three main business pillars-Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African financial institution by assets and earnings. It is rooted in Africa with strategic representation in 20 countries on the African continent.
Standard Bank has been in operation for over 153 years and is focused on building first-class, on-the-ground financial services organisations in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, globally.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc kept the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.04 per cent on Friday, July 16.
The securities depository company added N2.50 to its share price to settle at N95.14 per unit from the preceding session’s N92.64 per unit.
However, FrieslandCampina Wamco Nigeria Plc slid during the session by N5.85 to N141.81 per share from N147.66 per share.
But when the bourse closed for the day, the market capitalisation increased by N1.08 billion to N2.593 trillion from N2.592 trillion, while the NASD Security Index (NSI) appreciated by 1.80 points to 4,320.67 points from 4,318.87 points.
During the session, the value of securities slid by 38.9 per cent to N63.5 million from N104.1 million, the volume of securities went down by 34.5 per cent to 1.2 million units from 4.8 million units, and the number of deals declined by 15.4 per cent to 33 deals from 39 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 75.4 million units traded for N5.3 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
