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IGP opposes bill seeking police exit from contributory pension scheme
IGP opposes bill seeking police exit from contributory pension scheme
Inspector General of Police, Kayode Egbetokun has kicked against the bill seeking to exempt the police from the Contributory Pension Scheme (CPS).
Egbetokun who spoke while addressing police officers in Abuja said exiting the scheme will not favour the police force.
He stated that if the police exit the CPS, they will go back to square one.
He said: “Yes it is true that a bill has been passed by the National Assembly for the police to exit the CPS and that bill is awaiting presidential assent, but has anyone of you seen the details of the content of that bill? You need to go and look at the bill and see where you are exiting to?
“Everybody is shouting ‘let us go, let us go’. You must know where you are going before you start shouting, ‘I want to go”. When I became IG, I set up a committee to look into the pension issue and we discovered that the bill awaiting the assent of the President does not favour us. If we exit the present Contributory Pension Scheme, we are going back to square one, where we were before the introduction of the scheme. Our pension will be in the hands of politicians and they will be the one to address our pension. Our pension will be subject to budgetary allocation every year and when the government does not have money, you will not be paid.
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“You remember those days when retirees would go and line up and wait for months and they would not get anything, that is the place you want us to go back to. So we have to be careful not to go from the frying pan to the fire. I am the Inspector General of police, you must trust me that I care about your welfare and I will fight this pension issue to make sure that police officers who retire get the best of pension in retirement”.
He disclosed that what he is rather working on is a situation where police officers upon retirement receive their final salary as monthly pension.
“Let me disclose to you what I am working on, I am working on a pension scheme where every police officer will retire with his salary. That is the best and that is what I want for the police. Not the exit you are all shouting about. Where are you going, where are you exiting to, you don’t know where you people are going and you are saying let us go. Can you tell me where you are going before you say let us go. So let us be very careful with this emotion we are attaching to exiting the scheme”, he added.
IGP opposes bill seeking police exit from contributory pension scheme
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Huge losses as fire razes Lagos auto parts market
Huge losses as fire razes Lagos auto parts market
A section of popular Idumota Market in the Lagos Island has been razed by fire.
Many auto part shops and goods worth billions of naira were destroyed in the inferno that started on Friday night.
A statement issued on Saturday by the Permanent Secretary of the Lagos State Emergency Management Agency, Olufemi Oke-Osanyintolu, confirmed the incident and the collosal losses.
Oke-Osanyintolu said a preliminary investigation showed that multiple buildings used as shops for sale of car spare parts were razed.
The statement read, “Following distress calls via the 767/112 Toll-Free Emergency Lines at 2220hrs, the Lagos State Emergency Management Agency activated its Emergency Response Teams from Lekki, Cappa and the Command and Control Centre, Alausa, Ikeja.
“On arrival of the LASEMA Response Teams at the incident scene by 2255hrs, it was discovered that multiple buildings used as shops for sales of car spare parts were found engulfed by fire at the aforementioned location.
“The immediate or remote causes of the fire incident were yet to be ascertained as of the time of writing this report. However, properties and goods worth hundreds of millions of naira were destroyed by the inferno.
“The LASEMA Shark Response Team, LASEMA Fire Unit, LASEMA Tiger Response Team, alongside Lagos State Fire and Rescue Service, and the Federal Fire Service worked together to curtail the fire, preventing it from escalating to adjoining buildings.
“The law enforcement agencies present at the incident scene activated crowd measures to ensure all-round safety at the incident scene.”
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Cardoso: Report difficulties in withdrawing cash from ATMs, banks to CBN
Cardoso: Report difficulties in withdrawing cash from ATMs, banks to CBN
The Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso on Friday advised bank customers to report any difficulties withdrawing cash from bank branches or ATMs to the apex bank from December 1.
Cardoso, who spoke during the 2024 annual bankers dinner in Lagos organised by the Chartered Institute of Bankers of Nigeria (CIBN) urged customers to make reports through designated phone numbers and email addresses for their respective states.
Cardoso, who was conferred with the fellowship of the CIBN, said the reporting guidelines would be distributed widely to raise public awareness.
He called for full regulatory compliance by all stakeholders, including Mobile Money Operators and PoS Agents, to promote digital transaction channels and improve service delivery.
“We also recognize the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians.
“To address this, we are conducting spot checks across Deposit Money Banks (DMBs) and will impose penalties on underperforming institutions.
“Effective December 1, 2024, customers are encouraged to report any difficulties withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states.
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“I repeat, financial institutions found engaging in malpractices or deliberate sabotage will face stringent penalties,” he said.
According to him, the CBN will continue to maintain a robust cash buffer to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end.
The CBN governor said the focus was to ensure seamless cash flow for Nigerians while fostering trust and stability in the financial system.
He explained the Payment System Vision initiative for 2025 to further enhance confidence in the nation’s payment system.
He assured that payment gateways in settling financial transactions will become better in 2025 as delays will be addressed.
Cardoso said that trust was fundamental to fostering digital transactions, and CBN must take every necessary step to preserve that trust in payment systems.
He said delays often disproportionately affect vulnerable segments of the population, adding that CBN would apply penalties on non-compliant institutions to safeguard consumer trust and ensure swift redress mechanisms.
He said in 2025, CBN would prioritize initiatives including implementing open banking framework, advancing contactless payment systems, and expanding its regulatory sandbox.
“Additionally, we will issue revised guidelines for agency banking and continue to strengthen electronic payment channels”.
He also disclosed that Nigeria would exit the grey list on the Financial Action Task Force (FATF) by Q2 of 2025 while reeling out enforcement plans against money laundering, cybercrime, fraud, corruption, among others.
Prof. Pius Deji Olanrewaju, President/Chairman of the Chartered Institute of Bankers of Nigeria (CIBN), said that 2024 had been an eventful year for the banking industry and the economy.
He said various policies and regulations of the apex bank and the federal government had begun to yield fruit.
“For example, the Nigerian economy continues to be more resilient and agile as shown in the steady growth from 2.98 per cent in Q1 to 3.19 per cent in Q2 and now 3.46 per cent in Q3 of 2024.
“Likewise, the Nigerian banking industry has also shown resilience this year despite the macroeconomic pressures such as rising inflation, and exchange rate fluctuations, amongst others.
“The bank recapitalization exercise also attests to the fact that we are well on our way towards not only strengthening the financial sector but also supporting a $1 trillion economy envisaged by 2030,” he said.
Also, Dr Ibrahim Stevens, Governor of the Central Bank in Sierra Leone praised efforts of the CIBN and Nigeria’s apex bank yielding positive fruits in Africa and globally.
He called for collaboration towards building a sound financial eco system.
Cardoso: Report difficulties in withdrawing cash from ATMs, banks to CBN
(NAN)
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Couple arrested in Anambra for threatening residents with abduction, murder
Couple arrested in Anambra for threatening residents with abduction, murder
A couple have been arrested by the police in Anambra State after allegedly threatening to kidnap and kill people if they fail to pay ransom.
The couple, Kingsley Okoye, 36, and 27-year-old Chidinma Okoye, were arrested on Friday in Ozubulu, Ekwusigo Local Government Area of the state.
The police spokesperson in Anambra State, Tochukwu Ikenga, disclosed the development in a statement on Friday.
Ikenga, a superintendent of police, said the couple were arrested in response to reports from Anambra residents that unknown persons were threatening to abduct and kill them.
The police spokesperson said the residents complained that the unknown persons would send them text messages and WhatsApp voice notes, threatening to kill them if they did not pay a ransom.
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He said following the reports, a joint security team comprising the police and Anambra Vigilante Group, arrested the couple after gathering ‘technology-driven’ information.
Ikenga said mobile phones and SIM cards were recovered from the couple during the arrest.
“The couple specialises in sending threatening messages to people and demanding ransom or they shall be abducted or killed,” he explained.
“They confessed to the crime and admitted to destroying some of the SIM cards which they had used to commit the crimes.”
The spokesperson said the Commissioner of Police in the state, Nnaghe Obono, has ordered a transfer of the case to the Anti-Kidnapping and Robbery Squad of the police command for investigations.
Couple arrested in Anambra for threatening residents with abduction, murder
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