Business
PenCom: We’ve recovered N422m from defaulting employers
The National Pension Commission (PenCom) says it has recovered N422.34 million from employers who failed to remit pension contributions by their employees to respective pension fund administrators (PFAs).
This is contained in the 2022 first quarter report released by the commission on Tuesday.
The figure is 30.6 percent lower than the commission’s recovery to the tune of N608.55 million in the first quarter of the preceding year.
PenCom said the amount comprises N124.89 million principal contribution and N295.45 million penalty.
It added that the sum was recovered from 23 defaulting employers during the quarter under review.
Meanwhile, it said six defaulting employers have been presented for appropriate legal action.
“Following the issuance of demand notices to defaulting employers whose pension liabilities were established by the recovery agents (RAs) appointed by the commission, the sum of N422.34 million representing principal contribution (N124.89 million) and penalty (N295.45 million) was recovered from 23 defaulting employers during the quarter under review,” the statement reads.
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“Meanwhile, six defaulting employers have been recommended for appropriate legal action for refusing to remit pension contributions of their employees after all administrative actions to make them comply failed.”
The commission said the total pension contributions remitted to individual retirement savings accounts (RSAs) in the first quarter of 2022 stood at N191.44 billion, out of which the private sector contributed N101.11 billion or 52.82 percent, while the public sector accounted for N90.33 billion or 47.18 percent.
“The cumulative pension contributions from inception to the end of the first quarter of 2022 amounted to N7.77 trillion, which is an increase from N7.58 trillion as at the end of Q4 2021,” it added.
PenCom noted that the aggregate pension contributions of the public sector increased from N3.92 trillion in the last quarter of 2021 to N4.02 trillion at the end of Q1 2022.
Similarly, the aggregate pension contributions of the private sector increased from N3.66 trillion in Q4 2021 to N3.76 trillion at the end of Q1 2022.
From January to March 2021, PenCom said it received a total of 11,200 applications from private sector organisations for the issuance of pension clearance certificates (PCCs).
“Out of this number, PCCs were issued to 10,541 organizations, while 659 applications were in the approval process as at March 31, 2022,” PenCom added.
“The records showed that the 10,541 organizations had remitted a total of N59.39 billion into the retirement savings accounts (RSAs) of their employees, totaling 45,170.”
Business
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
Oil marketers have raised concerns about a potential fuel scarcity following the shutdown of the Nigerian National Petroleum Company Limited (NNPCL) petrol purchasing portal.
The shutdown has prevented dealers from placing new orders for fuel, leading to supply disruptions.
According to marketers, over 90 million litres of petrol, worth approximately N79 billion, are pending delivery from NNPCL.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed that while marketers can still load fuel, they cannot access the portal to check prices or make new purchases.
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Ukadike stated that there are currently over 2,000 pending tickets for 45,000-litre petrol trucks, which amounts to a significant volume of fuel awaiting supply. He warned that the continued closure of the portal could result in another wave of fuel shortages across the country.
Other marketers, speaking anonymously, echoed concerns that the portal’s shutdown is already causing fuel shortages.
One marketer mentioned, “Everyone is affected because we all go to the NNPC portal to place our orders, and when the portal is inaccessible, supply is disrupted.”
As of now, there has been no official response from NNPCL spokesperson Olufemi Soneye regarding the situation. However, some marketers believe the portal was shut down temporarily to resolve backlogs of pending orders.
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
Business
Naira appreciates to N1,685 in parallel market
Naira appreciates to N1,685 in parallel market
The Naira yesterday appreciated to N1,685 per dollar in the parallel market from N1,700 per dollar on Monday.
Similarly, the Naira appreciated to N1,659.26 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,659.26 per dollar from N1,669.15 per dollar on Wednesday, indicating N9.89 appreciation for the naira.
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The volume of dollars traded (turnover) in the official market increased sharply by 155.2 percent to $450.39 million from $176.45 million traded on Wednesday.
Consequently, the margin between the parallel market and NAFEM rate narrowed to N25.74 per dollar from N30.85 per dollar on Wednesday.
Naira appreciates to N1,685 in parallel market
Business
Naira records marginal appreciation, exchanges for N1,700/$
Naira records marginal appreciation, exchanges for N1,700/$
The Naira yesterday appreciated to N1,700 per dollar in the parallel market from N1,705 per dollar on Monday.
Similarly, the Naira depreciated to N1,669.15 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,669.15 per dollar from N1,541.94 per dollar on Monday, indicating N127.2 appreciation for the Naira.
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The volume of dollars traded (turnover) in the official market declined by 2.97 percent to $176.45 million from $181.86 million traded on Monday. Consequently, the margin between the parallel market and NAFEM rate narrowed to N30.85 per dollar from N163.06 per dollar on Monday.
Naira records marginal appreciation, exchanges for N1,700/$
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