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 Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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