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 Adedapo Adesanya
Operatives of the Nigeria Customs Service (NCS) have intercepted $1,154,900 and SR135,900 undeclared foreign currency at the Mallam Aminu Kano International Airport (MAKIA).
NCS spokesman, Mr Abdullahi Maiwada, disclosed this in a statement on Thursday, revealing that the seizure was made recently during a routine baggage check on an inbound passenger, Mrs Hauwa Ibrahim Abdullahi, who arrived on Saudi Airline Flight No. SV401 from Saudi Arabia.
According to Mr Maiwada, during the physical examination of the passenger’s luggage conducted by NCS Officers, the undeclared currency was discovered concealed within palm-date fruit packs locally referred to as Dabino.
He stated that the interception aligns with the NCS’s commitment to enforcing financial regulations and preventing illicit financial flows across Nigeria’s borders.
“In line with established procedures, the suspect and the seized foreign currency have been handed over to the Economic and Financial Crimes Commission (EFCC) for further investigation and necessary legal action,” the statement read.
“Subsequently, the court convicted the defendant as charged and ordered the forfeiture of the undeclared money to the Federal Government in line with the provisions of the Money Laundering (Prevention and Prohibition) Act of 2022.
“The Service reiterates that all travellers must comply with Nigeria’s financial regulations, particularly the legal requirement to declare any cash or negotiable instruments exceeding the approved threshold when travelling in or out of the country. The Money Laundering (Prevention and Prohibition) Act of 2022 and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995, provide clear guidelines on currency declaration. Non-compliance with these regulations constitutes a violation of Nigerian law and attracts severe penalties. The Service, therefore, urges the public to adhere strictly to these requirements to avoid legal consequences.
“Under the leadership of the Comptroller-General of Customs, Bashir Adewale Adeniyi, the NCS remains resolute in its enforcement efforts to combat smuggling, illicit financial transactions, and other trans-border crimes.
“This latest seizure highlights the Service’s unwavering dedication to protecting the nation’s economic interests and ensuring compliance with financial regulations.
“The NCS will continue to collaborate with relevant government agencies and stakeholders to strengthen border security, enhance compliance with financial laws, and safeguard Nigeria’s economy.
“Travellers and stakeholders in the financial sector are advised to remain vigilant and always adhere to lawful financial practices,” he added.
By Aduragbemi Omiyale
The Economic and Financial Crimes Commission (EFCC) has expressed concerns over the rising rate of Ponzi schemes in Nigeria amid genuine desire by citizens to seeks streams of income to survive the current harsh economic environment.
In a statement on Tuesday, the Head of Media and Publicity of the EFCC, Mr Dele Oyewale, said it has identified about 58 Ponzi scheme operators defrauding Nigerians under the guise of investment opportunities, warning members of the public to be wary of them.
He said these firms have not been registered or authorised by the Securities and Exchange Commission (SEC) or the Central Bank of Nigeria9CBN) to operate in the country’s financial markets, making their operations illegal.
According to him, the commission has taken legal action against many of the entities, leading to the conviction of five, while another five have pleaded guilty and are awaiting further judicial processes, with other cases still pending arraignment.
Mr Oyewale urged victims of fraudulent schemes to come forward with complaints and assured them that efforts were ongoing to recover funds where possible.
“We urge the public to verify any investment opportunity with the CBN and SEC before engaging. The EFCC remains committed to safeguarding the public from predatory operators and ensuring a corruption-free economic environment,” he stated.
“In line with its commitment to sanitising the financial space of the nation and providing the investing public with adequate and reliable information, the EFCC hereby alerts Nigerians to the operations of 58 companies posturing as investing entities but defrauding innocent citizens of their hard-earned money,” he stated.
He said some of the flagged companies include Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, Farmforte Limited & Agro Partnership Tech and Green Eagles Agricbusiness Solution Limited among others.
The firms are Richfield Multiconcepts Limited, Forte Asset Management Limited, (Biss Networks Nigeria Limited, S Mobile Netzone Limited, Pristine Mobile Network), Letsfarm Integrated Services, Bara Finance & Investment Limited, Vicampro Farms Limited, Brooks Network Limited, Gas Station Supply Services Limited, Brass & Books Limited, (Annexation Biz Concept & Maitanbuwal Global Venturescrowdyvest Limited,) and Crowdyvest Limited,
Others are Jadek Agro Connect Limited, Adeeva Capital Limited, Oxford International Group and Oxford Gold Integrated, Skapomah Global Limited, MBA Trading & Capital Investment Limited, TRJ Company Limited, Farm4Me Agriculture Limited, Quintessential Investment Company, Adeprinz Global Enterprises, Rockstar Establishment Limited, SU.Global Investment, Citi Trust Funding PLC, Farm Buddy, Eatrich 369 Farms & Food, Globertrot Farmsponsors Nigeria Limited, Farm Sponsors Limited, Cititrust Credit Limited, Farmfunded Agroservices Limited, Adamakin Investment & Works Limited.
The rest include Cititrust Holding PLC, Green Eagles Agribusiness Solutions Limited, Chinmark Homes & Shelters Limited, Emerald Farms & Consultant Limited, Ovaioza Farm Produce Storage Limited, Farm 360 & Agriculture Company, Requid Technologies Limited, West Agro Agriculture & Food Processing Limited, NISL Ventures Limited & Estate of Laolu Martins, XY Connect Investment Limited, River Branch Unique Investment Limited, Hallmark Capital Limited, CJC Markets Limited, Crowd One Investment, Farmkart Foods Limited, KD Likemind Stakeholders Limited, Holibiz Finance Limited, Ifeanyi Okpe Oil & Gas Services, Servapps Nigeria Limited, Barrick Gold Mining Company and 360 Agric Partners Limited.”
By Modupe Gbadeyanka
The Governor of Anambra State, Mr Charles Soludo, has explained that the recent law, which banned noise pollution in the state, was not put in place to frustrate evangelism.
In a statement issued on Tuesday by the Commissioner for Information, Mr Law Mefor, the Governor emphasised that preachers have nothing to fear if they do not cause noise pollution, especially at markets and other public places in the state.
It was speculated that Mr Soludo came up with the controversial law after his encounter with an itinerant preacher at the popular Onitsha Market recently.
The statement drew the attention of members of the public to the Public Health Law 2006, which prohibits noise pollution and preaching in inappropriate places like markets using loudspeakers.
The Governor advised preachers to conduct their activities in churches or designated areas where people can gather and listen to the word without disrupting others’ activities.
He stressed that noise pollution is punishable under Sections 8(1,4b) and 9(1,2) of the Public Health Laws of Anambra State, 2006.
It was noted that as a matter of precedence, a magistrate court in Nnewi made this law actionable against a church in 2019.
The public was advised to disregard any claims suggesting Governor Soludo has banned evangelism or public preaching in Anambra State, urging them to adhere to the Public Health Law and respect other people’s rights to a conducive environment.
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