Connect with us

E-News

Senate Urged To Expedite Action On Confirmation Of PenCom’s Board

Published

on

 

The Senate have been urged to expedite action to confirm the appointment of the Chairman, Director General and four Commissioners for the National Pension Commission (PenCom) forwarded by President Muhammadu Buhari in line with Section 19 (3) of the Pension Reform Act 2014.
Executive Director, Centre For Pension Right Advocacy, Ivor Takor, who made this call in Lagos, lamented that the absence of the Board and Executive Committee for more than five years, was a setback to the work of PenCom.
He said “The Board of PenCom was dissolved in 2015 or thereabout and for almost five years, the Commission has been without a Board. It has become a convention in Nigeria that once a new administration is sworn in at the Federal level, all Governing Boards of Federal Government Agencies are dissolved and reconstituted at the pleasure of the President. In the absence of the Board, PenCom has been managed by a Director-General and currently by an Acting Director-Director General.”
Takor pointed out that the lawmakers should bear in mind that out of a Board membership of 16, ten of them are Institutional representatives of critical stakeholders in the pension industry, whose inputs are critical in the formulation and provision of general policy guidelines for the discharge of the functions of the Commission; monitoring and ensuring the implementation of policies and programmes of the Commission; and carrying out such other functions as necessary or expedient to ensure the efficient performance of functions of the Commission under the Act.
He maintained that the pension industry looks forward to Senate’s expeditious confirmation of the appointments that will bring a new lease of life in PenCom and the industry that is emerging as the fasted growing industry in the country, creating jobs and value chain across industries within the financial sector of the economy.
The appointment of Mrs. Aisha Dahir-Umar as the substantive DG of the commission, he stated was in line with Section 19 (3) of the Pension Reform Act 2014.
The Section provides that “The Chairman, Director-General and the Commissioners shall be appointed by the President subject to the confirmation by the Senate”. Section 19 (2) provides that the Board of the Commission shall consist of (a) a part-time Chairman who shall be a fit and proper person with adequate cognate experience in pension matters; (b) the Director-General of the Commission; (c) four full-time Commissioners of the Commission; (d) a representative each of the following agencies and institutions: Head of the Civil Service of the Federation; Federal Ministry of Finance; Nigeria Labour Congress; Trade Union Congress of Nigeria; Nigeria Union of Pensioners; Nigeria Employers Consultative Association; Central Bank of Nigeria; Security and Exchange Commission; Nigeria Stock Exchange; and National Insurance Commission,”he added.
By the Organogram of PenCom, he said the Commissioners who together with the Director-General are members of the Executive Committee of Pencom, will be heading various departments of the Commission.
He maintained that it is to the credit of the Acting Director-General of PenCom, Aisha Dahiru-Umar and members’ of the Management Team that PenCom has been able to move the pension industry forward through effective regulation and supervision of the industry; ensuring increased level of compliance by private sector employers; under their watch, small and medium enterprises are increasingly embracing the CPS; expanding the coverage of the CPS through the Micro Pension Plan, which as at June 2020, witnessed 51,974 informal sector workers enrolling into the CPS, contributing N42.1 million; under their watch, RSA registration grew to 9, 039,727 as at second quarter of 2020 growing pension assets to 11.08 trillion naira during the same period; and by ensuring that pension operators are managed by fit and proper persons, thereby ensuring that the industry continue to be insulated from fraud and maladministration thereby securing pension funds and assets.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

NERC: Over 1m Electricity Consumers Have Received Prepaid Meters

Published

on

By

Prev1 of 2
Use your ← → (arrow) keys to browse
Prev1 of 2
Use your ← → (arrow) keys to browse

Continue Reading

E-News

Reps Ask FG To Implement Pay-per-view Model For Satellite TV

Published

on

By

The house of representatives has asked the federal government to implement the pay-per-view model for satellite TV subscribers, to encourage “healthy competition” in the broadcast industry.

The lower legislative chamber passed the resolution on Wednesday, following the adoption of a report on the increment of tariffs by broadcast digital satellite service providers.

This was after Unyime Idem, chairman of the ad hoc committee, moved a motion that the report be considered.

“That the house do consider the report of the ad hoc committee on non-implementation of pay–as–you–go and sudden increment of tariffs plan by broadcast digital satellite service providers,” he said.

In March 2020, the house set up the ad hoc committee to probe complaints about high tariffs by broadcast digital satellite service providers.

At the investigative hearing in June 2020, the panel specifically tackled the Digital Satellite Television (DSTV), a South Africa-based company owned by MultiChoice, for high tariffs and restricting Nigerian customers to prepaid plans.

But during plenary session on Wednesday, the lower legislative chamber said the “visible absence of competitors in the industry was tacit approval of monopoly of the industry by the present operators”.

In their resolution, the lawmakers called for “expedited action on implementing the content of the National Broadcasting Code and the Nigeria information Policy of 2014 that would trigger healthy competition in the industry”.

“The entertainment industry has a wider spectrum with limitless opportunities for the teeming youths. The visible absence of competitors in the industry was tacit approval of monopoly of the industry by the present operators,” the house said.

“Timely application of these government regulatory intervention measures already articulated will revolutionise the
industry and meet the people’s yearnings on pay-as-you-go, pay-per-view and price reduction.

“Our extant laws that moderate operations in the industry is to be fine-tuned to meet the 21st century regulatory laws of the industry that is dynamic as the entertainment industry.

“The commission that has the power to license and regulate the activities of service providers must, as well, have the power to moderate in the protection of consumers. There is little or nothing a regulator can do if he is handicapped by laws that are not properly tailored to the needs of the society.”

The lawmakers added that “uncontrollable” market forces are responsible for the hike in the tariff.

“The recent increment of VAT by 2.5% by the Financial Amendment Act of 13th January, 2020, the fluctuating
foreign exchange rate in the country that affects the cost of content, broadcast equipment, experienced hire and technical infrastructure increase, increase in bouquets for a wider choice,
inflation on the cost of production and need to maintain workforce not throwing many young men and women who are gainfully employed by pay-tv into the labour market were some
necessary indices for price hike,” they added.

Continue Reading

E-News

FG To Regulate, Monetise Posting Of Police Officers As Escorts, Guards

Published

on

By

The federal executive council (FEC) on Wednesday approved the formation of the Special Police Services to regulate and monetise posting of officers as escorts and guards.

Garba Shehu, senior special assistant to the president on media and publicity, said the new unit will formalise the deployment of police officers as escorts to VIPs and as guards to big corporations.

Speaking after the FEC meeting in Abuja, he said the approval was in the interest of transparency and accountability.

He said: “The minister of police affairs also had an important scheme which was approved at federal executive council meeting.

“It is the deployment of what they call Special Police Services. And this is about a new system that will formalise what has existed with us all the time.

“You know police provide escort and guard for big corporations, banks, and so on. Now, in the interest of transparency and accountability, the government is formalising this relationship. And there will be an introduction of tariffs and billing schemes. This will be using PPP (public private partnership) arrangement.

“The police projected the use of consultant that will help them to manage this. Part of the revenue will go to federal government. Part of it will go to the police. Part of it will go into police allowances. And part will go to consultants as their own fees.

“This is something that has been going on for many years. And it has happened virtually in all countries of the world. In our own case, it has remained largely, people will say, undocumented or non-formalised. Government is concerned about leakages in revenue and incomes which should be blocked.”

Shehu also said contracts worth N754,048,161 were approved for the Economic and Financial Crimes Commission (EFCC) for capital projects.

He said: “These are mainly for the supply of communications at the command and control centre. This is to enable EFCC comply with modern day investigative techniques, improve its operational efficiency, and support the administration of criminal justice system in the country.

“So, these are basically defensive and offensive cyber-security systems.”

Continue Reading