In the second quarter of 2024, 483,464 Nigerians withdrew N247.47 billion from their Retirement Savings Accounts (RSAs) due to job losses, according to the National Pension Commission (PenCom). This withdrawal represents 25% of their pension savings and underscores the growing impact of rising business costs in Nigeria, which have contributed to widespread unemployment.

The amount withdrawn in Q2 2024 significantly surpassed the N182.2 billion taken out by 443,720 RSA holders in Q3 2022, reflecting worsening economic conditions that critics attribute to poor policies by the current administration.

This information was shared by Ogwuche Aguda, CEO of the Pension Funds Operators Association of Nigeria (PenOp), during the 2024 annual conference of the Pension Correspondents Association of Nigeria (PenCAN) in Abuja. Aguda noted that contributions to the contributory pension scheme from both public and private sectors reached N5.72 trillion in Q2 2024, with total pension assets amounting to N20.87 trillion.

As of July 2024, Aguda reported that N169.67 billion (0.81% of total assets) had been invested in infrastructure. Additionally, N2.16 trillion (10.35% of total assets) was invested in the equity market, while N2.25 trillion was allocated to corporate debt during the same quarter.

Aguda praised the Contributory Pension Scheme (CPS) for transforming pension management in Nigeria, describing it as a move from a failing system to a more transparent and reliable one.

However, the National Union of Pensioners criticized the 2004 Pension Reform Act for not addressing critical issues, such as the need for periodic pension adjustments for retirees. The union claims this has led the Nigeria Police Force to consider exiting the CPS.

“The new scheme could improve if we tackle its challenges. There have been no increases for years, prompting the Police and others to want to leave the scheme,” stated Bunmi Olukolade, the union’s publicity secretary. He emphasized that inadequate post-retirement support has driven many to engage in corrupt practices for financial security in old age. “If pensioners were adequately cared for after service, agencies like the ICPC and EFCC would have less to address,” he remarked.

Meanwhile, PenCom reassured Nigerians that the federal government’s outstanding pension liabilities under the CPS will be resolved soon. Director-General Mrs. Omolola Bridget Oloworaran, represented by Corporate Communications head Ibrahim Buwai, confirmed that the backlog of pension liabilities has been calculated and efforts are underway to address it promptly. “This issue will soon be behind us,” Buwai affirmed, reiterating the government’s commitment to clearing the arrears.

Additionally, she mentioned that RSA holders can now use part of their pension savings for equity contributions toward residential mortgages. “This initiative has already helped over 5,000 workers achieve homeownership, with N47.13 billion disbursed as equity contributions from their RSAs to mortgage lenders.”

The Nigerian Communications Commission (NCC) on Wednesday, revealed that over 153 million Subscriber Identification Modules (SIMs) have been successfully linked to a National Identity Number (NIN), reflecting a compliance rate of 96 per cent, a substantial increase from 69.7 per cent in January 2024.

This is even as the NCC has directed all Mobile Network Operators (MNOs) to complete the mandatory verification and linkage of SIMs to NINs by September 14, 2024.

Effective September 15, 2024, the Commission expects that no SIM operating in Nigeria will be without a valid NIN.

The Commission’s director, public affairs, Reuben Muoka, in a statement, said NCC is approaching the final phase of the SIM-NIN linkage process, even as it seeks the continued cooperation of all Nigerians to achieve 100 per cent compliance.

“The complete linkage of all SIM cards to NINs is essential for enhancing the trust and security of our digital economy. By verifying all mobile users, this policy strengthens confidence in digital transactions, reduces the risk of fraud and cybercrime, and supports greater participation in e-commerce, digital banking, and mobile money services. This, in turn, promotes financial inclusion and drives economic growth,” it averred.

Through collaboration with the Office of the National Security Adviser (ONSA) and the National Identity Management Commission (NIMC), the NCC said it has uncovered alarming cases where individuals possessed an unusually high number of SIM cards—some exceeding 100,000.

The Commission reiterated its commitment to working with security agencies and other stakeholders to crack down on the sale of pre-registered SIMs, thereby safeguarding national security and ensuring the integrity of mobile numbers in Nigeria.

It therefore urged all Nigerians who have not yet completed their NIN-SIM linkage, or who have faced issues due to verification mismatches, to visit their service providers promptly to update their details before the deadline; alternatively, the approved self-service portals are available for this purpose.

The NCC also reminds the public that the sale and purchase of pre-registered SIMs are criminal offences punishable by imprisonment and fines. “We encourage citizens to report any such activities to the Commission via our toll-free line (622) or through our social media platforms,” it added.

CREDIT: LEADERSHIP

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has declared a N3.3 trillion profit for the 2023 financial year.

Chief Financial Officer of NNPC Ltd, Umar Ajiya who addressed newsmen on Monday on the development, said this was the highest profit declared by the company since inception.

Meanwhile, NNPC Ltd. has declared N2.101 trillion as a dividend for the 2023 financial year.

The News Agency of Nigeria (NAN) reports that the profit declared by the national oil company for 2023 is over N1 trillion higher than the N2.548 trillion profit it recorded in the 2022 financial year.

Details shortly……

CREDIT: DAILY POST