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PenCom debunks N10trn loan to FG, says Commission not owing pensioners

Published

2 months ago

March 12, 2024

Director-General of the National Pension Commission (PenCom), Mrs Aisha Dahir-Umar

PenCom debunks N10trn loan to FG, says Commission not owing pensioners

The Director-General of the National Pension Commission (PenCom), Mrs Aisha Dahir-Umar, has debunked the widespread reports that the Commission gave a N10 trillion loan to the Federal Government.

The PenCom’s DG, also, clarified the claim that PenCom was owing Federal Government retirees arrears of pensions as well as insinuations that Pension Fund Administrators (PFAs) are not fulfilling their obligations to retirees with regards to access to their retirement savings.

Mrs Dahir-Umar, in a media interaction, explained that apart from the fact that PenCom is not a bank and does not warehouse or manage pension funds, the Federal Government did not take a loan of N10 trillion from the Commission.

According to her, Investments by the PFAs in the securities of the Federal Government of Nigeria (FGN) are not loans as erroneously portrayed, but investments in securities, through bonds and treasury bills, as approved by the relevant government agencies, in this case the Debt Management Office (DMO) and Securities and Exchange Commission (SEC). They are traded on authorized capital markets. That is, the Nigerian Exchange Limited and FMDQ OTC Securities Exchange.

“Moreover, pension fund assets are not managed by PenCom. I have said repeatedly that when we say pension assets have grown to N15 trillion, that does not mean PenCom has N15 trillion locked somewhere in its office or bank accounts. Pension fund assets are managed by the licensed PFAs and held in custody by the licensed Pension Fund Custodians (PFCs). The PFAs are responsible for investing pension fund assets in allowable asset classes, including FGN debt instruments.

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“The objectives are safety and fair returns. All these are in line with the provisions of the enabling law, the Pension Reform Act 2014, and the rules issued by the Commission. It is obvious from the above that what is referred to as a ‘loan to FGN’ is just investment in FGN securities by the PFAs, as is done by other institutional investors such as banks, insurance companies, asset managers, etc.”, she further explained.

Mrs Dahir-Umar added that it is an international best practice to invest in investible instruments issued or backed by the sovereign authority and that the FGN securities meet the objectives of safety and fair returns.

“The FGN has consistently met its repayment obligations, both principal amount and accrued interest, for all investments in bonds and T-bills to all investors including pension funds. The information is always in the open and accessible on our website, www.pencom.gov.ng,” she said.

The PenCom DG further clarified claims about outstanding benefits to Federal Government retirees.

“The delayed payment of retirement benefits to some Federal Government retirees and deceased employees is because of the inadequate and delayed funding for the payment of Accrued Pension Rights for those who were in service before the Contributory Pension Scheme (CPS) was introduced when PenCom was established in 2004.

“Payment of the accrued rights is subject to release of funds by the Federal Government. So, it is beyond the powers of the Commission. However, we have been engaging the Federal Ministry of Finance for more funds to be released to settle these liabilities, but it is not a secret that the government itself has budgetary constraints”, she said.

PenCom debunks N10trn loan to FG, says Commission not owing pensioners

News

Yahaya Bello: Prosecute US school over advance tuition fee payments, Sowore tells EFCC

Published

2 hours ago

April 27, 2024

Trends Admin

Omoyele Sowore

Yahaya Bello: Prosecute US school over advance tuition fee payments, Sowore tells EFCC

Omoyele Sowore, a prominent Nigerian activist, has called for the prosecution of the American International School (AIS) in Abuja for alleged money laundering involving former Kogi state governor Yahaya Bello and his former Chief of Staff, Ali Bello.

In a post on X, Sowore alleged that Bello and his aide laundered close to $1 million under the guise of paying “future school fees” for their children at AIS.

He argued that similar to the American justice system, the AIS should face charges instead of simply refunding the money.

He further urged the Economic and Financial Crimes Commission (EFCC) to ensure that the school discloses all such payments made by Politically Exposed Persons (PEPs). Sowore believes that investigating such payments could reveal widespread financial misconduct and calls for AIS to be converted into a public school if found guilty.

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His words: “The American International School @AISAbuja , where fugitive former Kogi state governor Yahaya Bello @OfficialGYBKogi and his former Chief of Staff, Ali Bello, laundered close to $ 1 million in the name of paying “future school fees” of their wards should be charged and prosecuted for money laundering instead of being allowed to refund the money.

“This is the way the American justice system treats such cases on US soil, the @officialEFCC must also ensure the school discloses all such school fees paid by Politically Exposed Persons (PEPs).

“I am sure there are a lot of discoveries that would be uncovered such that the school could be converted to a public school instead of its criminal connivance with financial criminals fleecing the Nigerian public across board, these must necessary apply to these ultra-expensive private schools in Nigeria.”

Yahaya Bello: Prosecute US school over advance tuition fee payments, Sowore tells EFCC

News

Why we praised Aviation minister Keyamo after Dana Air incident – Northern group

Published

2 hours ago

April 27, 2024

Trends Admin

Minister of Aviation and Aerospace Development, Festus Keyamo

Why we praised Aviation minister Keyamo after Dana Air incident – Northern group

The Coalition of Northern Patriots (CNP) has hailed the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo SAN, for prioritising the safety and well-being of air travellers.

The group stated this in a statement signed by its president Kudu Mohammed in reaction to the suspension of the Air Operator Certificate (AOC) of Dana Airlines.

The Nigeria Civil Aviation Authority (NCAA), on Wednesday, announced the airline’s suspension after its aircraft (MD82 with registration marks 5SN-BKI) skidded off the Murtala Muhammed Airport, Lagos runway.

In reaction, Mohammed said Keyamo is restoring dignity and confidence to the sector with innovative reforms in line with global best practices, always promoting national security interest as a patriot.

Mohammed said in the aviation business that there is no margin for error. Hence, all protocols must be strictly adhered to, and that is what Keyamo has done.

“The suspension of the operations of Dana Airlines is a welcome development,” the statement said. “As we all know, this is the second time within two years that Dana Air’s AOC has been suspended over safety violations.

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“In 2022, the airline’s operation was halted after the outcome of a financial and economic health audit carried out on the airline by the regulatory authority came out negative.

“This time around, though, thankfully, we have an Aviation Minister whose priority is the safety and well-being of travellers unafraid to make painful decisions for the good of the nation.

“We have a man who never compromises and strongly holds on to his principles. Mr Keyamo has already introduced some innovative reforms in line with global best practices. He has carried out a thorough cleansing of the polluted sector he inherited.

“We, therefore, pass a vote of confidence on his leadership. Of course, we are aware that he is not the most-loved minister due to his transparent and resolute approach.

“However, we want to let Mr Keyamo know that the masses are with him.”

The group, therefore, urged him to remain a fearless advocate of the masses and never to allow himself to be silenced by detractors.

Why we praised Aviation minister Keyamo after Dana Air incident – Northern group

News

Fuel scarcity bites harder in Abuja, Ondo, Osun, others

Published

3 hours ago

April 27, 2024

Trends Admin

Fuel scarcity bites harder in Abuja, Ondo, Osun, others

There is no succour yet for motorists and other petrol end users despite the Thursday statement by the Nigerian National Petroleum Company Limited (NNPCL) that it had resolved the logistic problems that sparked the supply crisis.

Reports from across the country yesterday showed that many filling stations had no fuel to sell.

Some sold over and above the threshold of N650 per litre while motorists and other buyers besieged the few ones that sold within the range of N600 per litre.

While many petrol stations in Lagos sold fuel at the normal price and queues were not noticeable, it was a different story in the industrial town of Ota, Ogun State where some filling stations hiked their pump price to N799 per litre.

In Abuja, over 80% of the Premium Motor Spirit (PMS) retail outlets shut down their operations yesterday, creating an opportunity for a massive black market around the Federal Capital Territory (FCT).

Although the price remained unchanged at N617 per litre at the Nigerian National Petroleum Company Limited (NNPCL) filling stations while major marketers sold it for between N680 and N690 per litre, some independent marketers vended the product for as high as N750 per litre.

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Black marketers sold one litre for as much as N1,200 to desperate motorists.

Some drivers who ran out of fuel in hot spot were ready to pay N1,300 per litre just to exit the danger zone.

Meanwhile, there was a sign of hope that the situation would improve at weekend as The Nation could see more retail outlets getting opened to customers at 5:45pm.

Many civil servants who had a tough time returning home from work on Thursday did not bother to turn up at their workplace yesterday.

Epileptic fuel supply in Ondo

The epileptic supply of fuel was no better in Ondo State yesterday with many filling stations also shut down.

The price ranged between N600 and N670 in the few filling stations that opened for business.

Chairman of Independent Petroleum Marketers Association of Nigeria (IPMAN) Ore depot, Shina Amoo, said NNPCL was not selling to IPMAN members.

Amoo said IPMAN members had to resort to buying from third parties at high prices.

He said fuel marketers are shutting down operations in the state due to low or non-profit margin.

Long queues in Enugu

The crisis was characterised by long queues at filling stations in Enugu while the price hovered between N600 and N725 per litre.

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It was N660 in some Total, Enyo, Masters Energy, Rainoil and Northwest filling stations and N660 per liter in NNPC filling stations.

Osun residents, motorists groan as petrol stations hoard fuel

Residents and motorists in Osun State accuse petrol dealers in the state of hoarding and profiteering.

The Nation observed long queues at major marketers petrol stations with price ranging between N625 and N640 per litre.

Independent marketers sold theirs for between N700 and N750.

Human rights activist Comrade Waheed Saka asked the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the State government to check the situation.

A motorist, Saheed Salako, claimed that many of the petrol stations had fuel but refused to sell.

Crisis worsens in Plateau as a litre goes for N800

Many car owners in Jos, the Plateau State capital have been forced by the hike in fuel price to park their vehicles at home.

A litre sold for between N760 and N800 at some filling stations yesterday.

The NNPCL had attributed the tightness in the supply of PMS currently being experienced in some areas across the country to logistics issues but said the issues “have been resolved.”

It urged Nigerians to “avoid panic buying as there is sufficient product in the country.”