TheNewsGuru

Tag: PENCOM

  • Pension Fund Assets rise to N23.33trn – PenCom

    Pension Fund Assets rise to N23.33trn – PenCom

    National Pension Commission (PenCom) says the total assets under the Contributory Pension Scheme (CPS) rose to N23.33 trillion as at March 31.

    Mr Saleem Abdulrahman, Director of Surveillance, PenCom, disclosed this on Thursday in Lagos.

    Abdulrahman said that the figure represented an increase of N820 billion when compared with the N22.51 trillion recorded as of Dec. 31, 2024.

    He attributed the growth in pension assets to additional contributions from Retirement Savings Account (RSA) holders and investment income, including gains from the appreciation of equity prices and interest income on fixed-income securities.

    Breaking down the pension assets, he said the Retirement Savings Account Funds I–VI accounted for N17.90 trillion or 76.73 per cent of the total pension assets.

    He said Existing Schemes accounted for N2.77 trillion or 11.87 per cent while Closed Pension Funds accounted for N2.66 trillion or 11.40 per cent.

    “The Pension Fund Assets were mainly invested in Federal Government Securities which accounted for 62.09 per cent of the total Pension Assets as at March 31.

    “This is followed by domestic ordinary shares with 11.02 per cent and money market instruments which accounted for 8.91 per cent.

    “The Industry portfolio reported annualised year to date performance of 19.29 per cent as at 31 March 2025.

    “The commission in collaboration with Financial Sector Deepening Africa (FSD Africa) is organising a workshop on Investment in Alternative Assets, for Chairpersons of the Board Investment Strategy and Risk Management Committees of PFAs.

    “The workshop is part of the strategic initiative of the commisison to promote a diversified and safer pension fund investment portfolio in order to enhance the performance of the pension portfolios,” he said.

  • Retirees assets to hit N22trn before January as PenCom promises prompt payment

    Retirees assets to hit N22trn before January as PenCom promises prompt payment

    The National Pension Commission has said it is working with the Federal Government to institutionalise a sustainable solution, ensuring retirees receive their benefits promptly and without undue stress.

    This was revealed by the Director-General, Omolola Oloworaran at a media conference in Abuja on Thursday.

    “Expanding pension coverage remains a top priority for the Commission. Our revamped Micro Pension Plan leverages technology to incentivise informal sector participation, making it easier for everyday Nigerians to save for retirement. This initiative aligns with our vision of inclusive growth and financial security for all.

    “We are also addressing delays in retirement benefit payments to retirees of Federal Government treasury-funded MDAs.

    “Recently, N44 billion was released under the 2024 budget appropriations to settle accrued pension rights for retirees from March to September 2023. Moving forward, we are working with the Federal Government to institutionalise a sustainable solution, ensuring retirees receive their benefits promptly and without undue stress.”

    Oloworaran also said the commission is projecting to close 2024 with over N22 trillion in pension assets.

    These numbers reflect our unwavering commitment to fund safety, prudent management, and sustainable growth,” Oloworaran said.

  • PenCom lifts restrictions on LPFAs investing in commercial papers

    PenCom lifts restrictions on LPFAs investing in commercial papers

    The National Pension Commission (PenCom) has lifted restrictions on Licensed Pension Fund Administrators (LPFAs) investing in commercial papers where capital market operators act as Issuing and Paying Agents (IPAs).

    This decision was announced through a circular issued by the commission on Tuesday in Abuja.

    According to the circular, the Securities and Exchange Commission (SEC) has developed draft rules and amendments to regulate the issuance of commercial papers by its regulated entities.

    The SEC has addressed PenCom’s concerns about the role of non-bank IPAs in commercial paper transactions by bringing them within regulatory boundaries.

    To facilitate capital raising and ensure continued market stability, PenCom had lifted the restriction on LPFAs investing in commercial papers where capital market operators act as IPAs.

    However, LPFAs must ensure that they undertake appropriate legal and financial due diligence on all Prospectus/Offer Documents of commercial papers prior to investment, as stipulated in Section 2.9 of the Regulation on Investment of Pension Fund Assets.

    This decision follows PenCom’s directive in October for LPFAs to suspend further investment in commercial papers where capital market operators (non-banks) are engaged as IPAs due to the absence of rules governing the issuance.

  • Senate confirms Omolola Oloworaran PenCom D-G

    Senate confirms Omolola Oloworaran PenCom D-G

    The Senate has confirmed the appointment of Ms Omolola Oloworaran as the Director-General (D-G) of the National Pension Commission (PenCom).

    This is contained in a statement issued on Thursday by the Head, PenCom, Corporate Communications, Mr Ibrahim Buwai in Abuja.

    He said that the confirmation follows the consideration and adoption of the report of the Senate Committee on Establishment and Public Service at plenary.

    According to him, Omolola is poised to explore new frontiers in the implementation of the Contributory Pension Scheme (CPS) by sustaining pension assets on the growth trajectory,

    Buwai said that the aim was to ensure increased CPS membership and supporting coverage expansion initiatives.

    He said that the D-G was committed to the expeditious payment of retirement benefits while deepening the pension investment horizon for enhanced returns to contributors and retirees.

    Buwai said that the priority of her leadership at PenCom was to renew impetus on improved collaboration in the pension industry.

    He said that she had more than 20 years’ experience in the financial services industry, adding that she was also a strong advocate of innovation and process reengineering.

    Recall that she was appointed in July in acting capacity pending confirmation by the senate as required by the Pension Reform Act 2014.

  • Tinubu asks Senate to confirm INEC commissioners, PenCom DG

    Tinubu asks Senate to confirm INEC commissioners, PenCom DG

    President Bola Tinubu has written the Senate seeking confirmation of the appointment of commissioners for Independent National Electoral Commission (INEC).

    Tinubu’s request is contained in a letter to the President of the Senate, Godswill Akpabio and read during plenary on Tuesday.

    The letter is titled: “Request for the Confirmation of Appointment of Commissioners for the Independent National Electoral Commission”.

    The letter read: “In compliance with the provision of Section 154(1) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), I am pleased to forward for confirmation by the Senate, the appointment of the following three nominees as commissioners in the Independent National Electoral Commission (INEC).

    The nominees, according to the letter, include: Tukur Yusuf, National Electoral Commissioner, representing North-West; Prof. Sunday Aja, National Electoral Commissioner (South-East) and Mr Saseyi Ibiyemi as Resident Electoral Commissioner (REC) for Ondo.

    “While hoping that the Senate will consider and confirm the nominees in the usual expeditious manner, please accept Distinguished Senate President, the assurances of my highest consideration,” the letter stated.

    Tinubu seeks Senate’s confirmation of Oloworaran as PenCom DG

    Similarly, President Bola Tinubu has written to the Senate requesting confirmation of the appointment of Omolola Oloworaran as Director-General, National Pension Commission (PenCom).

    The request is in a letter to the Senate President, Godswill Akpabio, read on the floor of the Senate during plenary on Tuesday in Abuja.

    “I write in accordance with the provisions of Section 26(1) of the Pension Reform Act, 2014, to forward to the Senate for confirmation, Omolola Oloworaran, as Director-General of PenCom.

    “While I hope that the Senate will consider and confirm the nominee in the usual expeditious manner, please accept, Distinguished Senate President, the assurances of my highest consideration and regards,” the letter read.

  • Why police should not exit CPS – Pension fund operators

    Why police should not exit CPS – Pension fund operators

    The Pension Fund Operators Association of Nigeria (PenOp), has expressed concerns over proposals from the Nigeria Police Force (NPF), to exit the Contributory Pension Scheme (CPS) to Defined Benefits Scheme (DBS).

    Mr Oguche Agudah, the Chief Executive Officer of PenOp, voiced the concern on Tuesday in Abuja during a public hearing on a bill for an act to establish a police pension board. He said that the CPS operates on a pre-funded model with both employees and employers contributing a mandatory percentage of the employee’s salary.

    Agudah said that usually, a minimum of eight per cent from the employee and 10 per cent from the employer, totaling a minimum contribution rate of 18 per cent, is usually gathered. He said that either party had the latitude to contribute a higher percentage, which allows pension funds to accumulate and be invested for future payouts.

    Agudah said that the National Pension Commission (PenCom), as of September, had a total pension assets, under the CPS, that had exceeded ₦20 trillion (approximately $12 billion), He said that PenCom had ensured that the funds were not solely reliant on government budgets, thus reducing vulnerability to fiscal constraints.

    Agudah said that the transitioning to the DBS would not solve the police’s concerns.

    “It will, rather, create deeper financial and operational challenges for the country,” he said.

    He said that the CPS had proven to be a transparent, sustainable and resilient system for managing pensions, benefiting both retirees and the broader economy. Agudah said that reverting to the DBS model, which relies on government budgetary allocations, would lead to fiscal unsustainability and delayed payments for pensioners.

    “Moving the police out of the CPS will require a staggering N3.5 trillion annually to fund pensions for approximately 400,000 personnel, in a budget already burdened by deficits. This is simply unsustainable.

    “It will also divert resources from other critical needs, including minimum wage adjustments and public services,” he said.

    Agudah said that pension funds under the CPS are currently invested in bonds, infrastructure and other critical sectors that contribute to the country economic growth.

    He said that unwinding the investments to accommodate a DBS for the police would erode the value of assets and destabilise the financial system.

    Agudah said that the CPS currently holds over N21 trillion in assets, and remains a critical component of the country’s economic infrastructure.

    He said that maintaining the police within the CPS would ensure long-term sustainability, equity and economic stability. Agudah said that setting a dangerous precedent was not good.

    “If the police exit the CPS, other public sector groups may demand similar transitions, fragmenting the pension system and undermining reform efforts.

    “And our key aim and our key goal is to ensure that all pensioners are paid on time, all pensioners have a living pension, and everybody gets their pension on time.

    “What we heard at the hearing is actually a joy to us because what we are seeing is that even the sponsor of the bill is on the path that it is not really the CPS that is the problem of the police. It is the welfare. So, what we have said is, if your salary is small, your pensions will be small,” he said.

    PenCom urges police to remain with CPS

    Meanwhile, Ms Omolola Oloworaran, Acting Director-General of National Pension Commission (PenCom), has urged the Nigeria Police Force (NPF), to remain with the Contributory Pension Scheme (CPS).

    Oloworaran said this during a public hearing on a bill for an Act to establish Police Pension Board, in Abuja on Tuesday.

    Oloworaran, represented by the Commissioner of Administration, Dr Farouk Aminu, also reiterated PenCom’s commitment to Police welfare. She said that pension must be affordable, sustainable and adequate.

    “PenCom has consistently proposed practical solutions, including increasing pension contribution rates, offering additional retirement benefits, and implementing periodic pension reviews under the existing CPS framework.

    “These measures are designed to enhance the financial well-being of retired police personnel without compromising fiscal discipline or administrative efficiency. Notably, the establishment of an Augmentation Fund and the enhancement of the Retiree Resettlement Scheme demonstrate PenCom’s commitment to addressing the unique needs of the police.

    “The welfare of Nigeria Police personnel is paramount, the proposed bill is a step in the wrong direction. The CPS offers a balanced approach to achieving pension adequacy, affordability, and sustainability,” Oloworaran said.

    She said that implementing PenCom’s recommendations was a more viable path to meeting the needs of police personnel while safeguarding the broader national interest. Oloworaran said that the senate should prioritise those solutions and uphold the principles of Nigeria’s pension reform.

    The Chairman, Senate Committee on Establishment and Public Service, Sen. Cyril Fasuyi, said that the bill was to establish a board to oversee Police pension. Fasuyi said that the committee intended to create an enabling environment for retired police officers.

    Fasuyi said that the public hearing provides more information and an opportunity to various stakeholders.

    Sen. Sen. Binos Yaroe, who sponsored the bill, said that retired Commissioners of Police take N70,000 while Assistant Superintendents of Police collect about N40, 000 to N50, 000 as pension. He said that Military, Department of State Service (DSS), Defence Intelligence Agency (DIA) and National Intelligence Agency (NIA) had pulled out of CPS.

    He, however, said that the NPF, which is the lead security agency in section 214 of the cconstitution, is left under CPS regulated by PenCom. This, according to him, places retired police officers on wrong post-service employment in spite of their crucial role. He said that the matter was not just about the police exiting, but improving their salaries.

    “Even if they exit, with a poor salary, their pension will still be poor. Towards the end of the ninth assembly, the bill was passed but not signed because we started the process late. That’s why we started the process again early March 19 and July 4.”

    The Inspector-General of Police, Kayode Egbetokun, said that the NPF wanted the police pension board established for improved welfare for retired police officers. Egbetokun was represented by the Deputy Inspector General (DIG) of police, Bala Chiroma.

    The National Chairman of Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS), Mr Sylva Nwaiwu, said that CPS should be amended. Nwaiwu said that CPS was good for the nation, adding that pension increments should always be encouraged.

    Alhaji Sani Mustapha, the Executive Director of the Contributory Pension and Happy Retirement Advocacy (COPEHRA), said that CPS had proven to be resilient, transparent and sustainable,

    He added that it was also effectively addressing the shortcomings of the previous pension system. He said that keeping the NPF within the CPS aligns with best practices in pension management, ensuring their financial security while also supporting Nigeria’s broader economic development.

    Mustapha said that the transition to a Defined Benefit Scheme (DBS) would introduce significant risks, including fiscal unsustainability, delayed payments and potential economic setbacks. He said that it was imperative to uphold the principles of equity, transparency and sustainability by maintaining the NPF’s inclusion in the CPS.

    “My recommendation is to maintain the current system to safeguard the future of our police personnel and promote a robust economic environment in Nigeria. Any challenge that the Police may have in the administration of their pensions under the CPS should be discussed and resolved by PenCom and other relevant Government agencies,” Mustapha said.

    The director said that there were many benefits in retaining police in the CPS. He listed the benefits to include regulation and oversight, security and timeliness, economic independence, transparency and accountability, and alignment with global trends.

    “The risks of establishing a separate pension board for DBS includes fiscal burden, lack of autonomy, economic instability and precedent setting,” Mustapha said.

  • FG set to clear all outstanding pension liabilities

    FG set to clear all outstanding pension liabilities

    The National Pension Commission (PenCom) on Tuesday in Lagos State assured that all outstanding pension liabilities would be paid soon.

    Ms Omolola Oloworaran, Acting Director-General, PenCom, gave the assurance at a workshop on the Online Enrolment Application for Pension Desk Officers (PDOs) of Treasury-funded Ministries, Departments and Agencies (MDA) of the Federal Government.

    Oloworaran noted that concerted efforts by critical stakeholders had reached advanced stage, to clear all the Federal Government’s outstanding pension liabilities under the Contributory Pension Scheme (CPS).

    She said that the efforts put in place would also provide lasting solutions that would address the problems of inadequate funding and delay in fund releases for the payment of accrued rights.

    The acting director-general reiterated the commitment of PenCom to continuous service improvement in the pension industry, so that contributors and retirees received the best possible experience regarding pension matters.

    “Although the current delay in release of funds by the Federal Government for the payment of retirees’ accrued rights negates the cardinal objective of the CPS of payment of retirement benefits as and when due. I would like to assure you that this situation will soon be resolved,” she said.

    Oloworaran also assured that the commission would continue to collaborate and work closely with the PDOs towards a successful 2024 Online Enrolment Exercise, scheduled to commence on Oct. 7 and subsequent periods.

    She stated that the workshop kick-started the final preparations towards commencement of the 2024 online enrolment exercise for 2025 prospective retirees of Treasury-funded MDAs.

    “Recall that, in line with its statutory mandate, PenCom conducts annual pre-retirement verification and enrolment exercise for employees of Federal Government Treasury-funded MDAs. That is employees who are scheduled to retire within the next fiscal year.

    “The objective of the exercise is to obtain accurate information of prospective retirees that will enable PenCom determine their Accrued Pension Rights for budgetary provision by the Federal Government,” she said.

    According to her, since year 2021, the commission has automated the retirees’ enrolment process with the deployment of the Online Enrolment Application.

    Oloworaran noted that the online enrolment application had the capabilities to register, verify, and enrol prospective retirees of Treasury-funded MDAs.

    She explained that the Application had four modules namely: Retiree Module, MDA Module, PFA Module and PenCom Module.

    “As indicated, the Application was designed with the MDA Module that enables the PDOs to upload information of retirees/prospective retirees.

    “Therefore, in recognition of the significant role of the PDOs in the retirees’ enrolment process, the commission deems it necessary to organise annual workshops for the PDOs.

    “Indeed, workshops like this are integral to the commission’s mandate and commitment to enhancing the knowledge and building the capacity of stakeholders in the pension industry,” she said.

    According to the acting director-general, the objective of the workshop is to train the PDOs with the requisite knowledge on the relevant modules of the enrolment application.

    Oloworaran noted that, specifically, the workshop would focus on addressing the gaps observed in the previous exercises and enlighten PDOs on the modalities for the upcoming enrolment exercise for 2025 prospective retirees.

    She added that PenCom held the physical workshop to provide PDOs with the necessary hands-on training that would enable them tackle the operational and technical challenges encountered during the enrolment process.

    The PenCom boss said: “I, therefore, urge you all to actively participate and ask questions as well as seek further clarifications, where necessary, so as to ensure proper understanding.

    “Let me also state that the commission is not oblivious of the challenges being experienced occasionally with the Enrolment Application due to downtimes.

    “It is important to note that these downtimes mostly occur during the last minute rush by retirees and relevant stakeholders to meet the enrolment deadline.

    “The commission is committed to providing support to PDOs during those few periods of downtimes.

    “I am particularly pleased to inform you that the commission has already engaged a Consultant to design and develop a new Enrolment Application.

    “An application that will not only address these issues, but also provide users with a more friendly and seamless experience during the enrolment process.”

  • Pension fund hits N19.53 trillion

    Pension fund hits N19.53 trillion

    The pension fund assets has appreciated by N1.17 trillion to N19.53 trillion as at Jan. 31, as against N18.36 trillion recorded in Dec. 31, 2023.

    This is contained in the National Pension Commission’s (PenCom’s) unaudited report on the Pension Funds Industry Portfolio for the period ended Jan. 31.

    PenCom said that N12.14 trillion of the fund was invested in the Federal Government’s securities.

    On the breakdown, the commission said that N11.59 trillion was invested in bond, while treasury bills gulped N221.81 billion.

    Others, it added, were agency bonds at N14.86 billion, N124.89 billion worth of Sukuk bonds and green bonds at N181.57 billion.

    The pension regulator stated that N270 billion was invested in state government securities and N1.71 trillion in money market instruments.

    PenCom further said that the fund assets in United States Dollars value was N14.39 billion at an exchange rate of N1,356 per a dollar.

    According to the commission, Retirement Savings Account (RSA) subscribers as at the period under review stood at 10.22 million.

  • 63m Nigerian workers yet to enroll with PenCom

    63m Nigerian workers yet to enroll with PenCom

    Some members of the Organized Private Sector (OPS) have revealed that only 10 million out of the 73 million Nigerian workers have enrolled in the Contributory Pension Scheme (CPS).

    They made the disclosure at the interactive session on the Contributory Pension Scheme for the OPS organized by the National Pension Commission in collaboration with the Nigeria Employers Consultative Association (NECA) on Friday in Enugu.

    The Enugu State Chairman of the Chartered Institute of Personnel, Dr Onyeka Okoh expressed dismay that 63 million workers in the country had yet to enroll in the CPS describing it as unfortunate.

    According to Okoh, whereas the federal workers and the multinational companies in Nigeria are complying with the Pension Scheme Act of 2014, many others especially the informal sector were yet to comply.

    Okoh attributed the low enrollment to corruption and lack of strong will on the part of regulatory bodies adding that if Nigeria must get it right, corruption must be “killed”.

    He noted that the multinationals were able to comply because of the way they were structured to function well while their counterparts in Nigeria hardly complied with the PenCom scheme.

    Also contributing, the South East Chairman of the National Employers Consultative Association (NECA), Mr Ugo Chime, while appraising the importance of PenCom, said that retirement before the scheme was a nightmare for workers.

    “Before, life after retirement could be described as uncertain and unpredictable. However, with the Pension Reform Act 2014, the narrative has changed significantly.

    “Primarily, because no matter the efforts put into a system or process, there will always be a room for improvement. Thus, following the enactment of the Act and successive PenCom leadership, we have had series of improvements and innovation in the pension scheme administration,” Chime said.

    In his remarks, the Enugu State Commissioner for Labour and Productivity, Mr Chika Ugwuoke, said the state government under the leadership of Mr Peter Mbah, would do its best to encourage workers to participate in the CPS.

    The commissioner said that the governor had placed workers and pensioners welfare a priority and would do everything possible to improve their welfare.

    In a message to the interactive session, the Director General of PenCom, Mrs Aisha Dahir-Umar, applauded NECA for offering its platform for continuous social dialogue with members of the OPS on the implementation of the contributory pension scheme in the country.

    Dahir-Umar represented by the Head, Compliant and Enforcement of the commission, Mr Bala Babangida, said the dialogue had generated an invaluable impact on the implementation of the scheme over the years.

    The event was attended by the state Chairmen of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), Comrades Ben Asogwa and Fabian Nwaigbo as well as representatives of the civil society.

  • Pension asset hits N16.7 trillion – PenCom

    Pension asset hits N16.7 trillion – PenCom

    The National Pension Commission (PenCOM) says its Pension Asset Under Management so far stands at an impressive N16.76 trillion.

    The Director General of the commission, Mrs Aisha Dahir-Umar, said this on Tuesday at a one-day sensitisation programme to educate the Organised Private Sector (OPS) on the Contributory Pension Scheme (CPS).

    The event was organised in collaboration with the Nigerian Employers Consultative Association (NECA) in Port Harcourt.

    Dahir-Umar said that the figure was an indication that the scheme had operated satisfactorily and effectively since its inception.

    She said that the sensitisation programme was to provide a platform for the stakeholders to deliberate on the current developments and challenges encountered in the implementation of the Pension Reform Act (PRA 2014) for OPS.

    The PenCOM boss, represented by the Head, Compliance and Enforcement Department of  PenCom, Mr Bala Babangida, said that over 10 million employees had so far registered in the scheme since the implementation of the Act.

    According to her, at the end of the third quarter of 2023, the number of Retirment Savings Accounts (RSA) under the CPS stood at 10 million and the Pension Asset Under Management amounted to N16.76 trillion.

    “The 10 million plus is the registration count from the beginning of 2004, when the Act became effective.

    “We have in our registration database no fewer than 10 million registered RSA holders.

    She said that the N16.76 trillion was the pension assets that were being managed for the benefit of all retirement savings account holders.

    According to him, when they retire, they will get their benefits as and when due,” she said.

    She further said that the commission specifically deployed the Enhanced Contributors Registration System (ECRS) for the pension industry.

    She said that the commission, following the deployment of the ECRS, introduced the Data Recapture Exercise (DRE).

    She said that the DRE “mandatorily requires all RSA holders, who joined the CPS, prior to July 1, 2019, to update their information with their respective Pension Fund Administrators (PFAs).

    She said that the commission was saddled with the responsibility of supervising the transfer of the Nigerian Social Insurance Trust Fund (NSITF) contributions of employees into their respective RSA under the CPS.

    She said that contributions worth N10.20 billion had been transferred to the RSAs of 142,486 NSITF scheme contributors to date.

    Dahir-Umar commended NECA for offering its platform for continuous social dialogue with the members of the OPS on the implementation of the CPS.

    She gave assurance that the commission would always support NECA to champion programmes that would help to ensure the successful implementation of the CPS in Nigeria.

    She advised employers of labour to encourage their employees, who have contributed to the NSITF scheme, to liaise with their PFAs, particularly Trustfund Pensions, for guidance on how to have their contributions transferred to their RSAs.

    In a speech, the Director-General of NECA, Mr Adewale-Smatt Oyerinde, said that the agency, as an umbrella body of all employers of labour in the country,  had at least 4,000 employers.

    Oyerinde was represented at the event by Mr Godfrey Agorom, the Chairman of NECA, Port Harcourt Geographical Group, comprising Rivers and Bayelsa States, who is also the OPS Chairman.

    He said that the private sector remained committed to the success of the pension scheme as long as it’s concerns were not only noted but addressed expeditiously.

    He said that the interactive session was organised to sensitise both the employees and employers on the overview of the CPS; compliance with the provisions of the PRA; investment of pension assets and current developments in the pension industry.

    He said that many employers did not know how to go about the retirement savings of their workers.

    “The current percentage is that the employee pays eight per cent of his monthly salary and the employer pays 10 per cent of the employees monthly salary.

    “In a month, the employee has 18 per cent of your salary set aside paid to your pension administrators, which they invest for money flow, at retirement, you have fund accumulated for you to withdraw,” Onyerinde said.