General
Enrol in Micro Pension to Escape Old Age Poverty—PenCom Tells Traders, Others
By Adedapo Adesanya
The National Pension Commission (PenCom) has urged artisans, traders, and other self-employed people to enrol in the Micro Pension Plan of the commission to guarantee themselves a functional retirement plan and avoid old age poverty.
This was the crux of the points made by the Head of Corporate Communications of PenCom, Mr Abdulqadir Dahiru, in Enugu on Thursday.
He stressed the importance of the Micro Pension Plan to Nigerians in the informal sector and those working in organizations with less than three employees.
Mr Dahiru noted that about 90 per cent of workers in Nigeria were in the informal sector, adding that this category of workers had no pension protection for old age and with the increase in people living long, there is a risk of old age poverty.
According to him, the Micro Pension Plan provides workers in the sector the opportunity to easily register and contribute in a flexible manner and in a safe and secure environment for their pension at retirement.
“The Micro Pension Plan is a flexible plan, where the artisans, traders and even a woman that sells fried beans cake (akara) can register with and agree on a periodic amount she/he would be contributing according to her/his earnings.
“The contributors, within this flexible Micro Pension Plan for all Nigerians in the informal sector, can even draw out 40 per cent of what they have saved for emergency demand.
He said the remaining 60 per cent would remain and await the retirement plan proper.
“So, it is a means of savings also for those in the informal sector and where they could fall back to and get financial assistance to keep their daily engagements going,” he said.
He noted that PenCom was desirous to ensure Nigerians in the informal sector enrolled and registered in the plan, adding that it had started sensitisation of the plan to communities, marketplaces, public gatherings, associations, and trade fair grounds across the country.
Mr Dahiru also urged Nigerians to embrace PenCom’s acquisition of residential mortgages (residential houses) scheme for Retirement Savings Account (RSA) holders.
He said the Central Bank of Nigeria (CBN) had approved 34 mortgage banks to work with the PenCom and Pension Fund Operators in providing mortgage financing to contributors to the Contributory Pension Scheme (CPS) with their RSA balance.
The PenCom spokesman said that the commission was determined to implement the scheme for the contributors to ensure that RSA holders have houses of their own at retirement.
Mr Dahiru noted that for contributors under the Contributory Pension Scheme (CPS) to be eligible to use their RSA balance for the acquisition of residential mortgages, they must have contributed for five years (60 months) cumulative of employer and employee’s mandatory contributions.
“The same thing applies to the contributors under the Micro Pension Plan; even married couples, who individually met the eligibility criteria, were also eligible,” he said.
Explaining the limit for equity contribution that qualified a contributor, he said that the maximum allowed was at 25 per cent of the RSA balance.
He added that where 25 per cent of the RSA balance was more than the equity contribution, the RSA holder could only access the amount equivalent to the equity contribution required.
“Where 25 per cent was not sufficient for equity contribution, RSA holders may utilise Voluntary Contribution (VC) in line with the Voluntary Contribution guidelines,” he said.
He expressed the hope that the mortgage financing incentive would help to grow the number of contributors into the CPS scheme.
By Modupe Gbadeyanka
Residents of Nigeria experienced a power outage on Saturday, January 11, 2025, after the national grid collapsed.
It was the first that occurred this year and it happened at about 3 pm today, according to information gathered by Business Post.
Last year, the nation recorded about 12 grid collapse that almost embarrassed the government, which later set up a team to look into the causes of the frequent collapse of the grid.
It was later that today’s incident occurred after power generation went down from 2,111.01 megawatts at 2:00 pm to about 390.20 megawatts by 4:55 pm.
This development caused a cut in power supply in most parts of the country, but the situation has been brought under control, with electricity restored in most affected areas.
By Adedapo Adesanya
President Bola Tinubu on Thursday urged the Chinese government to increase the $2 billion currency swap between Nigeria and the Asian nation to enhance trade between the two countries.
He also called for an upward review of the $50 billion aid package for Africa, which China’s President Xi Jinping announced last year.
Recall that China and Nigeria recently renewed their currency swap agreement, valued at 15 billion Yuan (approximately $2 billion), to enhance trade and investment.
According to a statement signed by his media aide, Mr Bayo Onanuga, the President made this appeal and more while receiving the Minister of Foreign Affairs of China, Mr Wang Yi, at the State House Abuja on Thursday.
The President said increasing the level of currency swaps will speed up the infrastructural development in Nigeria and deepen the strategic bilateral relations.
“We still demand more in the area of currency swap. The level you have approved as a government for Nigeria is inadequate considering our programme. If you can increase that, it will be well appreciated. Our bond should grow stronger and become unbreakable,” the President was quoted to have said in a statement
President Tinubu noted that the continent’s infrastructural needs would require more commitment, urging a review of the amount to reflect the continent’s reality.
“I am happy you are part of China’s highest decision-making body. We will want you to use your position to influence improved project funding. First, I say yes to the 50 billion dollar support, and thank you for contributing to African growth.
“The infrastructural needs of Africa are greater than that, and we want to move as rapidly as our other counterparts. All share your vision of rapid development. Africa values the relationship with China, and we seek deeper collaboration for infrastructural development,” he stated.
President Tinubu also called on China to support Nigeria’s bid for a permanent United Nations Security Council seat.
“You are a member of the UN Security Council. We want you to use your influence to ensure Nigeria secures the seat,” the President said.
The Nigerian leader thanked President Xi Jinping for his warm reception during his visit to China last year.
He said Africa, particularly Nigeria, was prepared to meet developmental goals and contribute counterpart project funding
“We are ready to move and reach the various developmental goals. Due to our deliberation, we signed many MOUs and planned many action programmes.
“My visit during FOCAC was a good experience. We signed several comprehensive MOUs during the visit. We planned several programmes of action. As a result of that deliberation, I made sure that immediately after I returned, I appointed one of the best brains available to coordinate Nigeria-China relations, Mr Joseph Tegbe. He will work to actualise various MOUs and promote a greater understanding of developmental programmes.
“It is good that you came at such a critical time. My visit to China was a good experience. Once again, accept my sympathy for the earthquake in Tibet. It was a natural disaster that nobody expected. We commend your government for the rapid reaction to protect lives.
On his part, Mr Yi said Chinese investments in the country would focus on employment generation and infrastructural development. He said the Chinese National Development Bank had started funding some development projects.
He said the Chinese Government would support including an African country in the UN Security Council, adding that “it was a historical injustice by the world that should be corrected”.
“We stand with Africa, and we will not support a country that invades another country,” he stated.
The foreign minister said China would welcome Nigeria’s membership in the BRICS and participation in the global development mechanism.
He said China fully supported Mrs Ngozi Okonjo-Iweala, the Director General of the World Trade Organisation (WTO), for a second term in office.
The minister also lauded President Tinubu for his visionary leadership and consistency in projecting Africa’s needs, which require China’s support.
By Adedapo Adesanya
Nigeria has received $52.88 million recovered Galactica assets linked to a former Minister of Petroleum, Mrs Diezani Alison-Madueke, from the United States Government.
The Attorney-General of the Federation and Minister of Justice, Mr Lateef Fagbemi (SAN) disclosed this at the formal signing ceremony of the asset agreement between Nigeria and the US in Abuja on Friday.
Delivering his remarks, Mr Fagbemi explained that $50 million of the recovered assets will be deployed through the World Bank to the development of the rural electrification project and the remaining $2 million will be deployed to the International Institute of Justice to expand the Justice system and also counter corruption.
Mr Fagbemi noted that the asset return marks a milestone in the ongoing collaboration between Nigeria and the US in combating corruption and upholding the rule of law
He said the event is also a significant effort by President Bola Tinubu to address the issue of corruption.
Meanwhile, in his remarks, the United States Ambassador to Nigeria, Mr Richard Mills called for the monitoring and effectively utilizing the recovered assets by the Ministry of Justice to benefit Nigerians.
Mrs Diezani Alison-Madueke has been accused of abusing her power when she was petroleum minister under the administration of former President Goodluck Jonathan in Nigeria, including accepting financial rewards for awarding multi-million-pound contracts.
In 2023, the United Kingdom National Crime Agency (NCA) alleged that Mrs Alison-Madueke benefited from at least £100,000 ($127,000) in cash, chauffeur-driven cars, flights on private jets, luxury holidays for her family, and the use of multiple London properties.
Other charges against her also detail financial rewards, including furniture, renovation work and staff for the properties, payment of private school fees, and gifts from high-end designer shops such as Cartier jewellery and Louis Vuitton goods, the NCA said.
Since she left office, she has been dogged by corruption allegations but denies the charges.
The 63-year-old woman has been on bail since first being arrested in London in October 2015.
The US Department of Justice has recovered assets totalling $53.1 million linked to Mrs Alison-Madueke’s alleged corruption.
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