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Enrol in Micro Pension to Escape Old Age Poverty—PenCom Tells Traders, Others

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PenCom old age poverty

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.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Power Outage in Nigeria as National Grid Collapses

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By Aduragbemi Omiyale

Nigeria is currently experience a cut in power supply after the national grid collapsed for the 11th time in 2024.

This is the first time in over a month as the last time the nation witnessed a nationwide shut down in electricity supply was on November 7, 2024.

Before then, the country was experiencing an incessant collapse of the grid, which prompted the federal government to set up a team to address the issue.

However, just when Nigerians were thinking they will not witnessed another national grid collapse in the year, it issue reared its ugly head again.

On Wednesday afternoon, most of the energy distribution companies suffered power outage, prompting them to inform their customers of the situation.

One of the DisCos, Ikeja Electric Plc, in a message to electricity consumers under its franchise area, said, “Please be informed that we experienced a system outage today, December 11, 2024, at about 13:32 hours affecting supply within our network.

“Restoration of supply is ongoing in collaboration with our critical stakeholders. Kindly bear with us.”

Recall that on Tuesday, in a report, Google listed national grid as one of the top trending searches by Nigerians this year.

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NLNG to Replace Vessels in Move Towards Decarbonisation, Sustainability

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Nigeria LNG Limited NLNG

By Adedapo Adesanya

The Nigerian LNG Limited (NLNG), which produces Nigeria’s Liquified Natural Gas (LNG) and natural gas liquids (NGLs) for export, is planning to replace all its vessels with modern ships within the next decade.

This was disclosed by Mr Nnamdi Anowi, the General Manager of Production, NLNG, during the World Leaders’ Panel session on Tuesday in Berlin, Germany, as part of the 2024 World LNG Summit and Awards.

Speaking at the event themed “Achieving the Balance Between Energy Security and Decarbonisation,” he said the company which was incorporated in 1989 was making plans to boost its vessels to ensure proper transportation of gas for export.

“We are making significant strides in our shipping operations. Over the next 10 years, we aim to transition from our current steam-powered vessels to modern ships.

“Earlier this year, we took a major step by entering into a long-term chapter of our first modern ship Aktoras, and we are already planning to acquire a second ship next year,” he said.

On the critical issue of net zero emissions, Mr Anowi said that NLNG aspires to achieve net zero emissions by 2040.

According to him, this goal is attainable through implementing a combination of solutions that include operational efficiency, natural sinks/offset projects, carbon capture and storage (CCS), net zero expansion, digital solutions and shipping efficiency.

“Our pathway to net zero aligns with Nigeria’s target of reaching net zero by 2060, while many major players in the industry are aiming for 2050.

“We are actively expanding our initiatives in this area, including several low-carbon projects,” he explained.

Regarding Liquefied Petroleum Gas (LPG), Anowi noted that the company had committed 100 per cent of its LPG production (propane and butane) to the Nigerian market.

He pointed out the urgent need for cleaner energy, citing a report that revealed that not less than 100,000 Nigerians died yearly from smoke inhalation caused by cooking with firewood, predominantly affecting women and children.

“This underscores our commitment to sustainability. It’s important to recognise that about 80 per cent of Africans lack access to cleaner energy.

“When discussing sustainability, we can not overlook the necessity of providing energy to these communities,” he added.

He further elaborated on NLNG’s strategy, stating, “Our objective at Nigeria LNG is to maintain safety, enhance capacity, foster growth, and future-proof our business.

“The recent transformation programme includes a rebranding initiative, evidenced by the unveiling of a new logo and the company’s renewed purpose: providing energy for life’s sustainability.

Mr Anowi also noted that NLNG was working diligently to improve its production capacity from 23 million tons to 30 million tons through its Train 7 Project.

“We are actively engaging with stakeholders and the government to ensure our LNG trains are filled by the end of next year,” he said.

On sustainability, Mr Anowi explained that 75 per cent of NLNG’s emissions result from its operations, with the remaining 25 per cent coming from its shipping activities.

He emphasised the importance of measurement, reduction, avoidance and mitigation strategies in their sustainability efforts.

He said that the company was also exploring CCS opportunities through partnerships with the government and other international oil companies.

“We are in the early stages of CCS implementation, assessing potential reservoirs for this purpose,” he said.

In terms of renewable energy, Anowi said that NLNG was investigating solar power projects at its offices in Abuja and Port Harcourt as part of its broader sustainability initiatives.

“We are committed to abatement efforts and are collaborating with experienced private companies to explore carbon credit opportunities.

“We must balance sustainability with affordability and reliability in energy supply.

“The African region must progress at its own pace, prioritising immediate energy needs before addressing long-term sustainability goals,” he explained.

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National Grid, Mr Ibu Among Top Trending Searches by Nigerians in 2024

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By Dipo Olowookere

Many events happened in 2024 in Nigeria but a few shook the nation because of their impact on residents of the country.

According to a report released by Google, the incessant collapse of the national grip, which plunged the nation into darkness, was among trending searches on its platform.

In the report made available to Business Post on Tuesday, the tech giant said this year’s results show a continued interest in the political and economic landscape, with searches related to the US elections, the new national anthem.

“The 2024 Year in Search offers a unique lens into the questions, interests, and conversations that shaped the lives of Nigerians this year.

“From cultural milestones to pressing concerns, these insights reflect how Search continues to be a valuable tool for users to navigate and better understand their world,” the Communications and Public Affairs Manager for Google West Africa, Taiwo Kola-Ogunlade, stated.

Google’s 2024 Year in Search for Nigeria showcased the most popular searches, notable individuals, actors, musicians, topics, questions, and other subjects that captured Nigerians’ attention in the year.

Google’s Year in Search is an annual analysis that reveals the top trending lists and also spotlights what the world searches to see, learn, and do.

The music scene in 2024 was marked by a surge in popularity for artists like Shallipopi and Khaid, who also featured prominently in the overall personalities list. The top trending song was “”I Don’t Care” by Boy Spyce”, followed closely by “Ozeba” and “Commas” by Ayra”. Nigerians also showed a keen interest in understanding the lyrics of various songs, with “Ogechi lyrics”, “Ozeba lyrics”, and “Omemma by Chandler Moore lyrics” leading the searches in the lyrics category.

This year, Nigerians continued to demonstrate a strong interest in entertainment with movies like “A Tribe Called Judah”, “Treasure In The Sky”, and “Damsel” topping the movie charts. The top TV series that captured the interest of Nigerian netizens included “Supacell”, “My Demon”, and “Queen of Tears”. In the culinary world, Nigerians explored diverse recipes with “Pornstar Martini recipe” leading the searches.

Concerns about personal well-being and global events were also reflected in search trends. Questions like “How much is dollar to naira today?”, “How to get perfectly defined curls for African hair?”, and “Who won the US presidential election?” topped the list of queries. Nigerians were curious about the meaning of words like “demure,” “steeze,” and “pet peeves,” turning to Search for answers.

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