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PenCom Approves Okwuosa As MD Access PFC

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The National Pension Commission (PenCom) has approved the appointment of Mrs. Idu Okwuosa as the Managing Director of Access Pension Fund Custodian Limited.

PenCom stated this in a publication entitled: ‘Approval for Appointment to Board and Top Management Positions’ adding that her appointment was approved on June 3, 2020.

IDU is a 1991 graduate of Philosophy from University of Port Harcourt, and a holder of Master of Business Administration (MBA) from Suffolk University, Boston, Massachusetts USA (2004).

Her experience spans Funds Management, Compliance and Risk Management, Sales, Client Relationship Management and Customer Services in the Banking/Financial Institutions and Oil and Gas.

As the Head of Public Sector Group (PSG) in Stanbic IBTC Bank, she was focused on the acquisition and retention plans for public sector across all 3 spheres of government (Federal/State/Local), Education, International and Religious organizations.

She was the Chief Compliance Officer of Stanbic IBTC Pensions Limited, as provided by the Pension Reform Act (PRA 2004) and was responsible for ensuring that operations of the company were carried out in compliance with the provisions of the PRA, circulars and guidelines issued by the National Pension Commission and any other rules, laws or guidelines that may impact or govern the operations of the business directly or indirectly.

As the Chief Executive Officer at Oceanic Pension Fund Custodian, she was fully responsible for driving the day to day operations of the business. All Business Operations, Reporting to Client and Regulators, Information Technology and Relationship Management were her key responsibilities. She was the Head of Operations in Diamond Pension Fund Custodian Limited prior to joining Oceanic Pension Fund Custodian.

In the US, she played diverse roles as Portfolio/Risk Administrator, Corporate Actions Specialist, Fund Management and Compliance Manager at State Street Corporation and Brown Brothers Harriman, Boston, MA before relocating to Nigeria in 2006. She provided effectual support to senior officers in preparation and dissemination of management and external reporting on asset securitization programs and loan portfolios managed and owned by the banks.

Idu Okwuosa is a highly motivated person with strong interpersonal, communication and leadership skills. She has a talent for motivating team members, proactively identifying and resolving problems, controlling costs, reducing turnover, maximizing efficiency and profit, and adding value. A social entrepreneur dedicated to saving and giving plastics a second chance, while providing a sustainable solution to environmental pollution through recycling.

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Pension

Lagos Pays N1.49bn To 366 Retirees

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By Sola Alabadan

The Director-General (DG), Lagos State Pension Commission (LASPEC), Babalola Obilana presented bond certificates to the tune of N1. 49 billion to 366 pensioners in Lagos recently.

Obilana reassured that the government is  committed to the speedy resolution of all pension issues in the State and pledged to ensure the prompt payment of pensioners’ entitlements.

LASPEC’s Public Affairs Officer, Mrs. Mariam Adetokunbo Eko, quoted Obilana as saying that LASPEC is fully committed to ensuring that retirees receive their terminal benefits as at when due.

He said that LASPEC was established to take care of the needs of retirees, a role the Commission has been performing diligently and will continue to devote itself to. He went on to say that “we are dedicated to the retirees’ welfare because we know that they have worked so hard for the progress of the State. Now is the time for them to reap the benefit.”

While expressing gratitude to the retirees for always cooperating with the Agency and adhering to laid down rules, the DG explained that this has resulted in a greater percentage reduction in delay of the payment of their entitlements.

“We could have sent these Bond Certificates to everyone at home, but we deemed it proper for everyone to be here so that we can reiterate that LASPEC is open to all for questions. It gives us great joy that there has been a big reduction in reports of retirees being swindled of their entitlements”, he noted.

“This is because the retirees are now better enlightened as a result of our constant advocacy as well as open door policy at LASPEC”, he added.

Obilana urged the retirees to be wary of swindlers and crooks who are out to con them of their hard earned money, saying “LASPEC will not call or send you messages to charge you to get your entitlements. It is not in our mandate to do that.”

Speaking further, the LASPEC boss expressed gratitude to the Lagos State Governor, Babajide Sanwo-Olu, for his swift response to pension matters, just as he emphasised the Governor’s unalloyed commitment to retirees’ welfare.

Obilana said that the government is presently working on a template that will ensure that retirees don’t have to wait longer to get their entitlements.

He disclosed that in order to improve on the current system, the Governor is currently working on a model that will ensure that retirees get their entitlements as soon as they disengage from service.

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Pension

Enugu Assembly Drops Ex-govs, Deputies’ Life Pensions

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Enugu State House of Assembly has dropped the proposed New Pension Bill for former governors and their deputies.
The bill, which scaled first reading during last week Thursday’s plenary soon generated condemnation from the general public.
If the bill is passed by the lawmakers, the state would be spending over N1.1bn annually on ex-governors and their deputies’ pensions while over N1.25bn would be used to purchase vehicles for the five former governors and their deputies.
However, the house during its Tuesday plenary stepped down the bill following a motion by the Leader of the House, Ikechukwu Ezugwu, who is the sponsor of the bill.
In his motion to step down the bill, Ezugwu said the bill though not out of place, needed to be stepped down following the outcry of the masses which they must listen to as their representatives in the House.
He said expressed the need to consult widely before the bill could be reintroduced if need be.
The motion was seconded by Onyinye Ugwu, the Deputy Leader of the House.
In his speech, the Speaker, Edward Ubosi, said there were a lot of provisions in the bill that were not constitutional which he pointed out to include the payment of salaries to spouses of former governors and their deputies.
This was subsequently stepped down for wider consultations.

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PTAD Postpones Resumption Of Pensioners’ Verification  

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The Pension Transitional Arrangement Directorate (PTAD) has postponed the resumption of the walk-in verification exercise for pensioners under the defined benefit scheme (DBS), PTAD spokesperson, Olugbenga Ajayi, said.

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