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 Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 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 worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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