IPMAN Mulls Pension Scheme for 2.5 million Members

Image

By Adedapo Adesanya

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has reached out to the National Pension Commission (PenCom) to seek an arrangement that will see the association enlist its over 2.5 million members and workers for a pension scheme.

This was disclosed by the association’s National President, Mr Chinedu Okoronkwo, who explained that the initiative was necessitated by the need to provide a retirement plan for its members.

Mr Okoronkwo said top members of the group, including some national officers and consultants as well as Mr Maurice Ibe of the Benham Group, have met with senior PenCom officials to discuss ways to make this a reality.

“We are here to see how we can add value to the economic situation of this country.

“There is this municipal pension plan for every employer and employee and we have decided to key into the programme. We think the programme will help our workers and our members

“One of the problems in this country is that of poverty and by the time we make our members and workers save for the rainy day, when they are out of a job or retire, they will have something to fall back on when they are no longer working.

“That is why we have come here to see how we can collaborate with PenCom on this pension scheme. We are looking at a system where every worker and member would be on the platform.

“We are targeting about 2.5 million of our members and workers. We plan to commence work immediately to ensure the scheme takes off in earnest,” he said.

Share
Related Stories
Image
25-February-2024

SERAP Sues Wike, Governors Over Missing N40trn Allocations

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against Nigeria’s governors and the Minister of the Federal Capital Territory, Abuja, Mr Nyesom Wike, over their failure to account for the alleged missing N40 trillion federal allocations meant for local governments in the states and the FCT. The suit followed the damning revelations by former President Muhammadu Buhari who in December 2022 stated that “if the money from the federation account to the states is about N100 million, N50 million will be sent to the chairman but he will sign that he received N100 million.

Image
26-February-2024

Tinubu to Implement Oronsaye Report on Leaner Government

By Adedapo Adesanya President Bola Tinubu has resolved to implement the Stephen Oronsaye report that called for a leaner government by merging some ministries, departments, and agencies (MDAs) and scrapping some others 12 years after it was suggested. The President’s decision was announced by a presidential spokesperson, Mr Bayo Onanuga, in a post on X. “Twelve years after the Steve Oronsaye panel submitted its report on restructuring and rationalizing federal government parastatals and agencies and a white paper issued two years after, President Tinubu and the Federal Executive Council today decided to implement the report,” Mr Onanuga wrote. “Many agencies

Image
26-February-2024

Excitement as Tinubu Commissions Geometric Power Plant

By Aduragbemi Omiyale The city of Aba in Abia State is beaming with excitement as President Bola Tinubu is expected to commission the Geometric power plant today, Monday, February 26, 2024. The facility is the first integrated power plant in Nigeria. It is situated in the Osisioma Industrial area of Aba. It is expected to provide 24-hour electricity to the city and about nine of the 17 local government areas of the state. The 181-megawatt Geometric power plant cost about $800 million and was done by a former Minister of Power, Mr Barth Nnaji. Electricity from the plant will be

More Stories
Image
15-March-2017

ITWORX Wins 2017 ESRI’s Partner Conference Global Award

By Modupe Gbadeyanka In recognition of its innovative efforts in stretching the boundaries of big data and location-based analytics, front-running IT solutions and services provider ITWORX, has been named the 2017 ESRI Partner of the Year for Big Data & Analytics. ITWORX garnered the prestigious award at this year’s Esri Partner Conference, held recently in California-USA, crowning the Company’s successful implementation of its ‘InSite Suite’ a location-based behavioral analytics solution, in collaboration with Esri, for the Telco sector. “By bringing the power of Big Data to ESRI’s geo-spatial platform, ITWORX ‘InSite Suite’ significantly improves the way Telco Operators draw insights

Image
11-July-2018

GIMAC, TerraPay Seal Real-time Cross Border Money Transfers Deal

By Dipo Olowookere Regional electronic money transfer platform of Central Africa, GIMAC, has partnered with world’s first mobile payments switch, TerraPay. The strategic partnership agreement is expected to strengthen the remittances ecosystem in CEMAC region. The partnership will enable instant cross border money transfer to bank accounts and mobile wallets in the CEMAC zone, comprising of Cameroon, Republic of Congo, Gabon, Equatorial Guinea, Central African Republic and Chad. GIMAC aims to define and establish the regulatory and security framework of the remittance ecosystem, as well as to enhance interoperability between banks, public treasuries, postal and micro finance institutions, and electronic

Image
19-October-2022

IoD Admires Accelerated Dynamism of NGX

By Aduragbemi Omiyale The Institute of Directors (IoD) has shown admiration for the smooth transition of the Nigerian Exchange (NGX) Limited from the Nigerian Stock Exchange (NSE). Last year, the NSE completed its demutualisation and transformed into NGX Group Plc, allowing the public access to its stocks. The company gave birth to three subsidiaries, including NGX Limited and listed its shares on the bourse. This was after it first tested the waters at the unlisted securities market, the NASD over-the-counter (OTC) Securities Exchange. On Tuesday, the leadership of IoD were at the bourse for a closing gong ceremony. During the

Image
09-July-2017

Evans Never Vanished, He’s Still in Our Custody—Police

By Modupe Gbadeyanka Following media reports that the notorious kidnapper, Chukwuduneme Onwuamadike, also known as Evans, arrested last month by security operatives had vanished from custody, the police have released a statement to refute this. In a statement issued on Saturday by the Force Public Relations Officer, CSP Jimoh Moshood, the police said the kidnap suspect was still in their custody. Mr Moshood explained that Mr Evans was still assisting operatives in their investigations, urging members of the public to disregard media reports about the alleged disappearance of the Anambra State-born suspect. “Evans is intact in police custody, investigations into

Image
02-September-2021

Access Bank to Pay HY Dividend as Earnings Hit N450.6bn

By Dipo Olowookere Access Bank Plc is paying its shareholders an interim dividend of 30 kobo for the first half of 2021 ended June 30, a notice from the lender has confirmed. However, the HY dividend is subject to appropriate withholding tax and would be paid on Wednesday, September 29 to shareholders whose names appear on the register of members as at the close of business on Thursday, September 16 and to those who have completed their e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts. A look into the performance of the banking

Image
12-December-2018

Caution in Credit Extension

By FBNQuest Capital Research The NBS recently released a report for Q3 2018 in its Selected Banking Sector Data series, drawn from the CBN. This report shows that loans extended by deposit money banks (DMBs) totalled N15.6trn in Q3 2018, compared with N15.3trn the previous quarter. There is still a scarcity of affordable credit. DMBs continue to maintain a cautious approach towards lending to the private sector, to avoid growing non-performing loans. According to the NBS, non-performing loans as at Q3 2018 stood at N2.2trn. The oil and gas sector remained the largest recipient of loans from DMBs, accounting for

Image
19-January-2022

Nigeria Lost 2.418 million Barrels of Crude in December 2021—OPEC

By Adedapo Adesanya Nigeria lost as much as 2.418 million barrels of crude in the last month of 2021, the latest data released by the Organisation of Petroleum Exporting Countries (OPEC) showed on Tuesday. The report noted that there was a daily underperformance figure of 78,000 barrels per day in December. The month of December, according to the OPEC report, also saw Nigeria slump lower than other previous production performances, compared to, for instance, October, in which 1.228 barrels were pumped per day and November during which 1.275 million barrels were produced per day. The data, according to OPEC, which

Image
06-November-2023

Unity Bank Grows Customer Deposits, Pledges Innovative Digital Banking Services

By Dipo Olowookere The managing director of Unity Bank Plc, Mrs Tomi Somefun, has promised customers of the financial institution innovative digital banking services. She made this pledge while reacting to the financial statements of the company for the period ended September 30, 2023, where the lender grew its customer deposits by about 5 per cent on a year-to-date basis to N344.4 billion from N327.4 billion in December 2022. Mrs Somefun attributed this to the competitive products Unity Bank offers customers, as the company drives initiatives to ramp up transactions as part of its strategy for the short and medium

Ad
Ad
Recent Stories
Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the

Image
04-March-2024

Omokungbe Wants Implementation of Initiatives on Women’s Entrepreneurship

By Aduragbemi Omiyale A former Rector of Yaba College of Technology (YabaTech), Lagos, Mr Obafemi Omokungbe, has called for the implementation of programmes and initiatives designed to promote women’s entrepreneurship in Africa. Speaking at the just-concluded 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) in Lagos, Mr Omokungbe, a fellow of the Nigerian Society of Engineers (NSE), also appealed to African countries to renew their commitment to women’s empowerment, saying it is a crucial step towards nation-building. According to him, the journey toward women’s empowerment in Africa involves a comprehensive approach that spans various sectors, including education,

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

Image
04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

Image
04-March-2024

Access Bank to Give 700,000 MSMEs Access to N50bn Via YouThrive

By Modupe Gbadeyanka An initiative known as YouThrive designed to give entrepreneurs in the micro, small and medium enterprises (MSMEs) access to a N50 billion credit facility has been introduced by Access Bank Plc. The lender disclosed at a media briefing in Lagos that about 700,000 MSMEs would benefit from this programme, which is open to business owners between the ages of 21 and 40 years. YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. According to the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, who addressed journalists

Image
04-March-2024

Peter Obi Laments Nigeria’s Dependence on War-Torn Ukraine for Food

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 polls, Mr Peter Obi, has lamented Nigeria’s dependence on Ukraine, a country ravaged by war, for food aid. Mr Obi, in a statement on Monday, expressed dissatisfaction at the current economic realities and recounted times when the Nigerian economy was faring better than that of Ukraine in 2015. “Ukraine cultivates over 60 per cent of its arable land, whereas Nigeria has over 60 per cent uncultivated arable land. “Despite the conflict, Ukraine feeds itself, and exports agricultural products worth over $25 billion which is about the same

Image
04-March-2024

AfDb Injects $134m Into Rice, Maize, Cassava, Soybean Production in Nigeria

By Adedapo Adesanya The African Development Bank (AfDB) is supporting Nigeria in the cultivation of rice, maize, cassava and soybean to boost food production with the provision of $134 million to achieve this. The president of the multilateral lender, Mr Akinwunmi Adesina, said on Saturday after visiting the Centre for Dryland Agriculture (CDA) at Bayero University, Kano, that the bank would support Nigeria to cultivate 300,000 hectares each of rice and maize, 150,000 hectares of cassava and 50,000 hectares of soybeans during the 2024 planting season. The CDA is a World Bank-supported centre established to serve as a regional training

Image
04-March-2024

Salesforce Unveils Conversational AI Assistant Einstein Copilot

By Modupe Gbadeyanka A new customisable, conversational, and generative AI assistant for CRM, Einstein Copilot, has been launched by Salesforce. The system was unveiled at the Mobile World Congress in Barcelona, Spain, and it will use adequate company data to generate useful responses. The Einstein Copilot enables Salesforce customers to generate responses using their private and trusted data, while maintaining strict data governance and without requiring expensive AI model training. As a result, Einstein Copilot can answer questions, summarise content, create new content, interpret complex conversations, and dynamically automate tasks on behalf of a user, all from a single, consistent