Economy
PFAs to Submit Micro Pension Media Campaign Plan by January 31
By Adedapo Adesanya
Pension Fund Administrators (PFAs) are expected to submit their 2022 media campaign plan to the National Pension Commission (PenCom) on or before January 31, 2022.
The media campaign plan will detail arrangements set for the creation of awareness on the Micro Pension Plan (MPP).
First launched in 2020, the contributors in the MPP are just over 70,000, a development that moved PenCom to mandate PFAs to develop and forward an annual media campaign plan to drive subscription.
PenCom in a Framework For Enlightenment And Public Awareness For The Micro Pension Plan, sent to all pension fund administrators in the month of August 2021, said this is in line with Section 2.2 of the Circular on Service Delivery by Pension Fund Administrators.
The regulator also stated that it shall be required to develop an annual media campaign Plan for MPP on or before 31 January of each year.
PenCom noted that sequel to the release of the guidelines for the Micro Pension Plan, it identified the need to intensify public enlightenment in a sustained manner, in order to raise the level of awareness and acceptability of the MPP as a critical success factor.
It maintained that the framework spelt out the modalities for the Commission and Pension Fund Administrators to ensure effective and sustained enlightenment and public awareness drive of the MPP.
PenCom submitted that Section 2(3) of the PRA 2014 stipulates that employees of organisations with less than three employees as well as self-employed persons, shall be entitled to participate under the Scheme in accordance with Guidelines issued by the Commission, adding that Section 23 (f) of the PRA 2014 mandates the Commission to “carry out public awareness, enlightenment and education on the establishment, operations and management of the Scheme”.
The pension sector regulators said Sections 5.3.1(c) and 5.4.1(i) of the Guidelines for Micro Pension Plan 2018 stipulate that the Commission shall “create awareness by carrying out public enlightenment and education on the establishment, operations and management of MPP” and PFAs shall “conduct regular public awareness, enlightenment and education on Micro Pension Plan”, respectively.
Section 6.3.1 of the Guidelines for the Operations of Pension Fund Administrators stipulates that a PFA must obtain prior written approval of the Commission before advertising, promoting or providing information on its products and services or about its operations.
The entire material for distribution, advertising, promotion or informing the public must be submitted to the Commission for this purpose, it posited.
PenCom stated that the framework aims to achieve the following: Set minimum standards for enlightenment and public awareness on MPP and ensure adherence to best practices in Public Relations.
Ensure that PFAs set up appropriate structures to effectively carry out enlightenment and public awareness for registered and prospective Micro Pension Contributors (MPC); protect registered and prospective MPC from false and misleading information; form the basis for monitoring and evaluating the enlightenment and public awareness efforts of the Commission and PFAs on the MPP and achieve the Pension Industry’s strategic vision on expanded coverage of the CPS.
It noted that the following rules shall apply to the Commission and PFAs. PFAs shall establish a desk and appoint an officer to oversee all enlightenment and public awareness activities on the MPP in line with Section 7.1.1(i) of the Guidelines for the Micro Pension Plan, issued by the Commission.
All messages on the MPP shall be communicated in clear, explicit and easy to understand terms; the content of MPP messages shall not be false or misleading; PFAs shall, in conducting enlightenment and public awareness campaigns, comply with the Code of Ethics and Best Practices for Licensed Pension Operators issued by the Commission with emphasis on Sections 3.3 and 3.4 of the document.
All advertisements on MPP shall be in line with provisions of Section 6.0 of the Guidelines for Operations of Pension Fund Administrators, issued by the Commission and shall not violate any extant law and/or Guidelines issued by the National Broadcasting Corporation (NBC) or any other licensed body for the regulation of advertisement in Nigeria.
The Commission and PFAs shall use the most appropriate communication channels for the audience and the Commission and PFAs shall conduct impact surveys on their enlightenment and public awareness campaigns.
By Adedapo Adesanya
The National Pension Commission (PenCom) has defended its decision to allow Pension Fund Administrators (PFAs) to invest in the parent companies of their custodians, insisting that adequate safeguards are in place to protect contributors’ funds.
The director-general of the pension regulator, Ms Omolola Oloworaran, speaking on Tuesday during the Meet the Press Briefing at the Presidential Villa, Abuja, said the commission’s decision to relax the investment restriction followed a comprehensive risk assessment that found minimal conflict of interest.
She explained that under PenCom’s investment regulations, PFAs are only permitted to invest pension assets in carefully selected instruments that meet stringent criteria, including profitability, strong credit ratings and proven track records.
According to her, the commission regularly reviews its investment regulations, conducts routine examinations and spot checks on PFAs to ensure strict compliance with established risk management guidelines.
“PFAs cannot just go into the stock market and buy any kind of stock. There are strict guidelines. Companies must demonstrate profitability, have a proven track record and satisfy other criteria before pension funds can invest,” she said.
Ms Oloworaran noted that each PFA also operates under the oversight of a board, an investment committee and a risk management committee, providing additional layers of governance to safeguard contributors’ funds.
She said PenCom recently issued a circular allowing PFAs to invest in the parent companies of their custodians after determining that the potential conflict of interest was negligible.
The PenCom boss explained that the parent companies involved are largely Tier-1 banks, including First Bank, United Bank for Africa (UBA) and Zenith Bank, which she described as A-rated institutions with strong financial foundations.
She said the policy was intended to widen investment opportunities for pension funds without compromising safety.
Using Stanbic IBTC as an example, Ms Oloworaran explained that if its custodian is Zenith Bank, the previous restriction prevented the pension administrator from investing in Zenith Bank shares despite the bank’s strong performance.
“We reviewed the risks and any potential conflict of interest and found the risks to be very low. That is why we opened that investment window,” she said.
By Aduragbemi Omiyale
Analysts at Meristem Research have predicted that the inflation rate for June 2026 in Nigeria should marginally rise to 15.95 per cent on a year-on-year basis from the 15.93 per cent reported in May 2026.
The National Bureau of Statistics (NBS) is expected to release inflation numbers for last month later today, Wednesday, July 15, 2026.
In its report sighted by Business Post, Meristem Research said it expects inflationary pressures to re-emerge across key economies in the near term, as the re-escalation of the US-Iran conflict has reignited upward pressure on global oil prices.
It disclosed that this marks a sharp reversal from most of June, when the ceasefire between the two countries helped drive oil prices lower, raising expectations of some relief on the inflation front.
With conflicts now flaring up again, oil prices are likely to increase again, and the anticipated easing in energy-driven inflation may not materialise as broadly as earlier envisaged.
“Nonetheless, some relief is likely from the food segment, where robust supply conditions across major producing regions and softening demand should continue to ease food price pressures,” it stated.
The team also explained that it projected a 15.95 per cent inflation rate because of the lingering effects of persistent food price pressures.
“However, we expect core inflation to moderate as the sharp reversal in energy prices begins to filter through to transportation, distribution, and other energy-related costs, easing underlying price pressures.
“On a month-on-month basis, the combined effect of lower petrol prices, a relatively stable Naira, and the gradual pass-through of reduced energy costs across the supply chain should exert further downward pressure on inflation.
“Based on our assessment, food inflation is expected to remain the key swing factor, as seasonal pre-harvest supply constraints are likely to offset some of the gains from lower logistics costs,” it said.
By Adedapo Adesanya
The duo of Central Securities Clearing System (CSCS) Plc and Afriland Properties Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.61 per cent on Tuesday, July 14.
CSCS Plc saw its stock value drop N9.08 to close at N82.40 per share compared with the preceding session’s N91.48 per share, and Afriland Properties Plc slid by 17 Kobo to sell at N15.00 per unit versus N15.70 per unit.
The losses recorded by the two securities pulled back the market capitalisation by N41.64 billion to N2.546 trillion from N2.587 trillion, and cracked the NASD Security Index (NSI) by 69.36 points to 4,242.31 points from 4,311.67 points.
It was observed that the exchange witnessed two price advancers during the session, led by FrieslandCampina Wamco Nigeria Plc, which gained N1.37 to end at N151.37 per share compared with the previous day’s N150.00 per share, and Food Concepts Plc chalked up 5 Kobo to settle at N2.50 per unit versus N2.45 per unit.
The volume of securities traded by market participants surged by 50.7 per cent to 13.7 million units from the previous 9.1 million units, while the value of securities went down by 79.7 per cent to N65.2 million from N320.4 million, and the number of deals crashed by 3.6 per cent to 27 deals from the previous session’s 28 deals.
At the close of transactions, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc, which exchanged 2.3 billion units valued at N6.5 billion, and CSCS Plc with 73.9 million units transacted for N5.2 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
