Connect with us

General

PenCom Begins Review of 2014 Pension Reform Act

Published

on

pension assets

By Adedapo Adesanya

The National Pension Commission (PenCom) has initiated the process of reviewing the Pension Reform Act (PRA) 2014 in order to address identified its challenges and make room for issues raised by stakeholders.

This was disclosed in a statement released on Thursday, August 6 by the Head, Corporate Communications Department, PenCom, Mr Peter Aghahowa, who explained that the review is with a view to repositioning the Contributory Pension Scheme (CPS) and consolidate the gains of the pension reform for the benefit of Nigerians.

The statement noted that accordingly, and consistent with its guiding philosophy of consultation and the imperative of ensuring the conduct of a comprehensive and constructive review exercise, the commission has reached out to seek the input of its social partners, pension industry operators, financial regulators and other relevant stakeholders.

It said, “In 2014, which was 10 years after the implementation of the Contributory Pension Scheme (CPS) in Nigeria, the National Assembly repealed the Pension Reform Act of 2004 and enacted the Pension Reform Act (PRA 2014) in order to address implementation challenges and introduce improvements to the Contributory Pension Scheme.

“However, some challenges were subsequently encountered in the implementation of certain Sections of the 2014 Act.

“Furthermore, within the last three years, there have been a persistent clamour for amendment from individuals and interest groups as well as several legislative attempts on the amendment of some Sections of the PRA 2014,” the statement reads.

The statement noted that the commission is confident that the input received from stakeholders would immensely benefit the exercise and result in workable and acceptable pension legislation.

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.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

General

Rivers Sole Administrator Promises Swift Utilisation of Funds

Published

on

Ibok-Ete Ibas rivers state sole administrator

By Adedapo Adesanya

The Sole Administrator of Rivers State, Mr Ibok-Ete Ibas, has assured that necessary steps would be taken to ensure the prompt utilisation of the withheld local government funds, which have now been released by the federal government.

Recall that President Bola Tinubu on Tuesday declared a state of emergency in Rivers State and suspended Governor Similaniyi Fubara and the Deputy Governor, Mrs Ngozi Odu, as well as all members of the Rivers State House of Assembly, over a political crisis. He then replaced them with Mr Ibas, who will act for the next six months as a sole administrator.

Speaking during a meeting with Heads of Local Government Administrators in Port Harcourt on Friday, Mr Ibas described the gathering as a pivotal moment in the collective effort to restore stability and progress in the state.

The Sole Administrator lamented the economic hardship in the Niger Delta, noting that despite the region’s wealth of natural resources, its people continue to suffer.

“This is unacceptable,” he stated, emphasizing the need for transformation and accountability.

He expressed concerns over the delay in salary payments across local government areas, acknowledging the struggles of affected workers.

“I feel the pain of the workers,” he said, assuring them that the withheld allocations had been released and that his administration would ensure that salaries are paid without delay.

However, he warned that financial accountability would be strictly enforced.

Mr Ibas, a retired vice admiral and former Chief of Naval Staff, directed all local government areas to submit their wage bills, supported by relevant documentation, through the office of the Head of Service.

He said his administration would not tolerate financial recklessness, vowing to scrutinize the handling of public funds and take action against any mismanagement.

Mr Ibas said good governance is not just a slogan, but a commitment to changing the negative narrative within the next six months.

He further stressed the importance of collaboration with traditional rulers and security agencies to enhance security at the grassroots level.

“You must take the lead in ensuring security within your domains,” he urged local government administrators.

Continue Reading

General

FG Calls for Alternative Energy Sources to Drive Nigeria’s Maritime Industry

Published

on

Adegboyega Oyetola

By Adedapo Adesanya

The federal government has called for the adoption of alternative energy sources in the maritime industry to reduce greenhouse gas emissions, warning that Africa could face severe economic impacts if left behind in the global transition.

The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, made this call in Abuja while declaring open the African Strategic Summit on Shipping Decarbonization.

He cautioned that the ongoing shift to low-emission shipping fuels could increase transport costs for Africa, disproportionately affecting developing nations.

“With over 90 per cent of global trade relying on maritime transport, reducing GHG emissions is not just an environmental necessity but an economic imperative,” Mr Oyetola stated.

He stressed the need for Africa to have a strong voice in shaping global policies. “As the IMO advances its regulatory framework on decarbonization, Africa must ensure its interests are safeguarded, as we rely heavily on imports and contribute less than 2 per cent to the global fleet,” he said.

Highlighting the potential benefits of the transition, Mr Oyetola urged African nations to leverage the shift towards cleaner energy to boost industrialization.

“With 38 coastal nations, Africa can use this transition to develop its ports as launch pads for economic growth by engaging the Global North in strategic partnerships,” he added.

The Minister emphasized the need for a just and equitable transition, ensuring that no African nation is left behind.

“While we recognize the urgency of climate action, developing economies face challenges such as limited access to technology, energy poverty, and food insecurity. The principle of common but differentiated responsibilities must guide our approach,” he said.

Also, Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Mr Dayo Mobereola, reinforced the urgency of decarbonization.

“The shipping industry contributes about 3 per cent of global emissions. This summit is a platform for Africa to shape a strategy that ensures sustainable maritime development without being disadvantaged,” he noted.

Continue Reading

General

JUST IN: Ayobo-Ipaja LCDA Chairman Bolatito Shobowale Dies

Published

on

bolatito shobowale Ayobo-Ipaja LCDA

By Dipo Olowookere

The Chairman of Ayobo-Ipaja Local Council Development Area (LCDA), Mrs Bolatito Shobowale, has died, Business Post has confirmed.

She passed away on Friday after a prolonged battle with illness and three days after her deputy, Mr Ladi Oluwaloni, was asked to become the acting chairman of the council due to her long absence from work.

Mrs Shobowale had been away from her office for about six months, preventing the presentation of the 2025 budget to the council lawmakers for approval.

There had been underground grumbling within the LCDA until Governor Babajide Sanwo-Olu stepped in and approved the appointment of Mr Oluwaloni as the acting chairman.

Recent council activities had been carried out without the deceased, including the welcoming of the Governor Advisory Council (GAC) led by Mr Femi Pedro and the presentation of work tools to some residents who completed an empowerment programme sponsored by the state government.

Reacting to the death of Mrs Shobowale, the chairman of Alimosho Local Government Area, Mr Jelili Sulaimon, said she would be missed.

Mr Sulaimon, in a statement signed by his media aide, Mr Babatunde Yusuf, described the deceased, fondly called Mama Show, as a mother to all and a good administrator who is ever willing to see Ayobo-Ipaja LCDA progress positively.

According to him, Mrs Shobowale, elected into office in 2021, committed herself to the growth and development of council until her death.

Continue Reading

Trending