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Tag: Pension

  • Abia repeal of life pensions for ex-govs, deputies: Matters arising (2) – By Ehichioya Ezomon

    Abia repeal of life pensions for ex-govs, deputies: Matters arising (2) – By Ehichioya Ezomon

    While most Nigerians still clink wine glasses in toast to Abia State Governor Alex Otti for belling the monstrous cat of life pensions for former governors and deputy governors, three Abia ex-governors have punctuated Dr Otti’s enviable limelight, by denying drawing pensions, and the accompanying perquisites of office.

    Under the repealed law, former governors and deputies were to be paid lifetime salaries; get houses in Abia and Abuja; receive 100 per cent of annual basic salaries of the incumbent governor and deputy; get two brand-new vehicles worth N20 million every four years; and have three police officers and two operatives of the Department of State Services (DSS), and cooks, stewards, drivers, and gardeners.

    The denial by immediate past Governor Okezie Ikpeazu (2015-2023) came on March 20 – a day before Otti signed into law the bill repealing the pensions. A statement by Dr Ikpeazu’s chief press secretary, Onyebuchi Ememanka, refuted reports “mischievously couched to give the false impression” that Ikpeazu’s among former governors receiving pensions from Abia State.

    Ememanka stated: “Dr Okezie Ikpeazu wishes to make it abundantly clear that since after handing over the reins of power as Governor of Abia State on May 29, 2023, he has neither requested for, nor received from the Abia State Government, any dime under any guise whatsoever, and has no intentions of doing so.

    “Former Governor Ikpeazu has since moved on with his life and is currently engaged in other areas of interest to him and advises the Abia State Government and her various organs to face the business of governance and desist from engaging in needless media sensationalism. The general public should be properly guided, please.”

    Former Senator and ex-Governor Theodore Orji (2007-2015) also debunked claims of benefiting from the pension largesse, saying on March 21 that, “he hasn’t received any pension, he hasn’t asked for it, and he’s not interested in it.” Orji spoke via his former chief liaison officer, Hon. Ifeanyi Umere.

    Umere said: “Nobody should link Senator Orji with the said pension law because nobody has paid him any pension after leaving office as Governor. He transited from Governor to Senate and he made it a point of morality that he will not, and he didn’t ask for any pension or question anybody about it because he is not interested in it. He didn’t receive any pension from Okezie Ikpeazu and he didn’t pay anybody, too.”

    And Sen. and former Governor Orji Uzor Kalu (1999-2007) – whose government established the pension law in 2001 – said he didn’t receive any pensions since 2007. One of Kalu’s aides was quoted: “As a former governor of the state, T. A. Orji did not pay him (Kalu) a dime as pension, and Okezie Ikpeazu continued in the same manner.”

    Recall that Dr Kalu, fielding questions from journalists at the Nnamdi Azikiwe International Airport (NAIA) in Abuja on February 20, 2017, distanced himself from the 108 ex-governors that a national daily claimed were “living off their states through pensions and other entitlements.”

    As reported by Vanguard on February 21, 2017, Kalu said he hadn’t received “any payment, entitlements or privileges of any sort from his successors (Sen. Orji and Dr. Ikpeazu), adding that the Abia State government had “withheld and refused to pay his pensions and entitlements, making him the only ex-governor in the 36 states that does not receive pension.”

    Kalu said on leaving government on May 29, 2007, he left behind “all the government vehicles and every other thing that belonged to the government,” and that, “none of the privileges, like security details or vehicles that accrue to former governors has been extended to him.”

    Asked if he’s broke because of non-payment, and his next line of action, Kalu said: “It is not about being broke or not. The pension law of the state did not exclude me from being paid as expected. In fact, it is illegal, according to the law, to deny one his rights and privileges.”

    Also reacting to the abolished pension benefits, former Deputy Governor Ude Chukwu, under the Ikpeazu regime, said: “Nobody has given me a dime. I am aware of the law. For me, it (the law) is as good as not being there. If all past governors said they have not been paid anything, what is the essence of the existence of the law?”

    Relatedly, former Lagos State Governor and ex-minister of Works and Housing, Babatunde Fashola (SAN), has revealed that his monthly pension is N577,000, after eight years in office (2007-2015). Mr Fashola, appearing on ARISE TV programme, ‘Perspectives,’ on January 20, said:

    “The benefit I get, I think, is a N577,000 monthly pension from Lagos State. So, in spite of all the stories that we got several billions of money (after leaving office), I’ve come out to deny that repeatedly. Well, I don’t know how long it lasts, but all I know is that I get N577,000 per month consistently,” without stating if he’d enjoyed the “full package” pre and post-effort by the Lagos State House of Assembly (LGHA) to halve the pensions in 2021.

    The poser: If Otti’s predecessors in office denied receiving any pensions, why the Labour Party (LP) governor’s bravado to sign into law the pensions repeal bill passed by the Abia State House of Assembly (ABHA)? Was it to score political points by painting black Dr Ikpeazu of the Peoples Democratic Party (PDP), Sen. Orji (PDP), and Sen. Kalu of All Progressives Congress (APC)?

    Perhaps, Otti wanted to fulfil a campaign promise, and guard against any governor resurrecting the dead law in future. Signing the law on March 21, Otti stated: “Even before this new law came into place, a lot of people, who have followed our views in the national discuss (discourse), understand that we were not going to continue the practice of paying pensions and allowances to this set of former government officials.”

    That said, pensions for former governors and deputy governors aren’t “illegal,” as the issue is perceived in the public. What Nigerians detest and question is the morality of and insensitivity in awarding huge severance pay, lifetime pensions, allowances and material benefits to former governors and deputies.

    Some former governors-turned senators or ministers also receive emoluments in a couple of places: pensions from their states, and salaries and allowances from the National Assembly (NASS) or the Executive, against the rules that exempt farming as the only avenue to possibly earn extra pay, while boosting the country’s food production and security.

    In 2023, some members of NASS were enticed by the mouth-watering pension packages for federal and state executives, and proposed same for the President and Deputy President of the Senate, and Speaker and Deputy Speaker of the House of Representatives – an incentive for State Houses of Assembly to follow suit. But the bill was shot down due to public outcry.

    In the oft-quoted Lagos High Court judgment of November 26, 2019, in suit no: FHC/L/CS/1497/2017, filed by Socio-Economic Rights and Accountability Project (SERAP), Justice Oluremi Oguntoyinbo queried the legality or validity of pensions for former governors and deputy governors, but pushed the burden of discovery to the Attorney General of the Federation.

    Justice Oguntoyinbo had differed from the position of then Attorney General Abubakar Malami (SAN) that, “the States’ laws duly passed cannot be challenged,” and said, “I do not agree with this line of argument by the Attorney General that he cannot challenge the States’ pension laws for former governors.”

    “In my humble view, the AG should be interested in the legality or validity of any law in Nigeria and how such laws affect or will affect Nigerians, being the Chief Law Officer of the Federation,” the judge said, and then gave the following commands:

    “AN ORDER of mandamus compelling and directing the Attorney General, AG, to urgently identify former governors and their deputies collecting pensions from their states and to seek full recovery of public funds from those involved.

    “AN ORDER of mandamus compelling and directing the AG to urgently institute appropriate legal actions to challenge the legality of states’ laws permitting former governors, serving as senators and ministers to enjoy governors’ emoluments while drawing normal salaries and allowances in their new political offices.”

    Based on the orders, SERAP asked President Bola Tinubu, in a letter on March 23, “to immediately obey,” to recover pensions collected by former governors, and to challenge the legality of states’ pension laws permitting those involved to collect such “outrageous pensions.”

    Equally instructive is an Appeal Court ruling, in suit no. CA/A/810/2017, against the Kogi State Government seeking pensions and severance packages in the state, which’s referenced by Alex Enumah in an opinion piece, “Pension Laws for Ex-Govs: The Abia Example,” published by THISDAY on March 31, as follows:

    “The court held that the fact that elected public office holders and political appointees were paid huge amounts of money as monthly salaries and other forms of allowances while in office makes it morally wrong for them to demand pensions, gratuities or severance allowances for holding such an office for four to eight years as the case may be.

    “The three-man panel of the appellate court, which had Justice Emmanuel Agim, Justice Abubakar Datti Yahaya and Justice Tinuade Akomolafe-Wilson, submitted that it amounted to gross social injustice, and unjustified in the context of the nation’s present social realities.

    “The lead judgment, which was delivered by Justice Agim (now JSC), said it was wicked and morally wrong for political office holders and political appointees, who helped themselves to public funds while in office, to claim entitlement to pension and severance allowances.

    “He submitted that it was wrong for political appointees and elected public office holders, who do not work as long and as hard as career civil servants to quickly get paid huge severance allowances upon leaving office, in addition to the huge wealth they acquired while holding such offices and without having been subjected to any contributory pension schemes.”

    So, controversies trail pensions for former governors and deputies not for being “illegal” but because they’re overbloated, and a huge drain on the lean resources of many states, which owe months and even years of backlogs to retirees, some of who spent over 35 years in service and retired into penury, as their pensions are withheld by governors, who are “qualified” for hefty pensions and adds-on for life, and even pay themselves upfront part of the packages before they leave office.

    It’s reassuring though that former Governors Ikpeazu, Orji and Kalu have denied receiving pensions, and challenged Otti’s sweeping statement that, “we were not going to continue the practice of paying pensions and allowances to this set of former government officials.” But can hundreds of other former governors – accused of drawing huge pensions and entitlements from their states – emulate the Abia trio by disavowing the allegations against them? The ball, as they say, is in their court!

    Mr Ezomon, Journalist and Media Consultant, writes from Lagos, Nigeria

  • 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.

  • FG reiterates commitment to clear outstanding pension arrears

    FG reiterates commitment to clear outstanding pension arrears

    The Federal Government has restated its commitment to releasing funds to clear outstanding pension arrears.

    Dr Chioma Ejikeme, the Executive Secretary, Pension Transitional Arrangement Directorate (PTAD) gave the commitment when she received members of executive of the Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPAN) in Abuja, on Tuesday.

    Ejikeme also assured the association that the federal government would thereafter continue to meet its monthly financial obligation to pensioners.

    “ The renewed hope agenda of President Bola Tinubu will continue to improve the welfare of pensioners.

    “ PTAD is collaborating with the Ministry of Humanitarian Affairs and Poverty Alleviation with regard to the conditional cash transfer and palliative and will issue a statement when more information is received.

    “ On the issue of harmonisation and pension review, be rest assured that PTAD and other relevant agencies are representing this to the new government, and I am optimistic of a favourable outcome.

    “ Also, the Parastatals Pension Department (PaPD) back-end computation complaints will be investiagted and resolved in due course while the directorate will explore other options to dispatch letters to pensioners which were returned undelivered,” she said.

    The executive secretary commended representatives of FEPPAN, but urged them to work in synergy with the Nigerian Union of Pensioners (NUP) in the overall interest of pensioners.

    Earlier, Alhaji Babaji Magaji, the acting President General of FEPPAN, commended President Bola Tinubu for reappointing the executive secretary, describing the reappointment as a well-deserved.

    He requested a comprehensive breakdown of the PaPD back-end computation, saying they were yet to receive the letter to that effect.

    Magaji said that there visit was to know the status on palliatives to pensioners, harmonisation of pensions and recognition of FEPPAN as a registered pension union.

    “ We commend the executive secretary and her team on the regular and prompt payment of monthly pension, the successful completion of the verification.

    “We also commend the ‘ Am alive confirmation exercise’ which has made it easy for all verified pensioners to confirm their alive-status from the comfort of their homes,” he said.

  • 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.

  • Electricity workers shut down distribution company over pension remittance

    Electricity workers shut down distribution company over pension remittance

    Electricity workers on Monday shut down the Kano Electricity Distribution Company (KEDCO), over alleged failure to remit their pension deductions in the last 72 months.

    The workers, under the aegis of the National Union of Electricity Employees (NUEE), vowed to keep the company shut until the remittances were confirmed paid.

    Malam Ado Ririwai, the North-West Chairman of the union, told NAN that the workers would not allow such an unwholesome attitude to continue.

    Riruwai accused KEDCO of victimizing union leaders who were trying to speak on behalf of the workers.

    “This act is imperialist; it is the rights of workers to fight for what is theirs,” he said.

    The union leader also accused the company of refusing to provide basic medical care to the workers “in spite of the hazards associated with their jobs”.

    Efforts to get the reaction of the management proved abortive as all workers, including management staff, were forced out of the premises of the firm’s headquarters.

  • Okowa didn’t sign law on governors’ new pension benefits – Aniagwu

    Okowa didn’t sign law on governors’ new pension benefits – Aniagwu

    The Delta State Commissioner for Information, Mr Charles Aniagwu says Gov. Ifeanyi Okowa of Delta did not sign any law to give governors new retirement benefits.

    Aniagwu, who was reacting to allegation from certain quarters, made the clarification at a news conference on Tuesday in Asaba.

    He said that the detractors and opposition political candidates also alleged that the Okowa led government sold the state Liaison Office in Lagos.

    He cautioned the detractors to stop pouring aspersion on the governor through their porous claims, adding that the incumbent would remain focused in delivering the promises made to the people until the last day in office.

    Aniagwu said, “they claimed the liaison office in Lagos has been sold, to who, for how much? You can’t sell the property of the state; no amount, no buyer.

    “We only engaged a developer to tap into the opportunities therein to build a 10 storey building as approved by Lagos Government, to make more money for the state and to house the liaison office on completion of the project, which is currently on rent.

    “Also, we did not sign any law to give governors new pension benefits. Those who say that we are going and that we have passed a new law to give governors a new benefit package, they know they are making lies.

    “We challenge them to tell us the date that the new law was passed, where it was passed and who signed the law?

    Aniagwu said elections had been concluded and had been won and lost, while advising the losers to pursue their cases in court and stop chasing shadows by maligning the governor who did not contest elections with them.

    Aniagwu thanked the people of Delta for their support to sustain the developmental trajectory of the Gov. Okowa led adminstration and for voting en masse for Chief Sheriff Oborevwori to deepen the development.

    “There was an election which was won and lost and we have extended an olive branch to our brothers who contested in that election because we recognised that it was their democratic right to contest.

    “On the account of our promises, we shall continue to deliver more projects to the people, and we are confident that we are handing over a viable state to competent governor -elect, Chief Oborevwori.

    “As governor-elect, Oborevwori will deepen the development in the state,” he said.

  • Pension Liabilities: Kaduna govt releases N920m for pensioners

    Pension Liabilities: Kaduna govt releases N920m for pensioners

    The Kaduna State Government (KDSG) has released N920 million for the settlement of outstanding pension liabilities which include death benefits and gratuity.

    A statement issued from Sir Kashim Ibrahim House stated that the payment schedule which was dated March 9, 2023, comprises state and local government pensioners in the old Defined Benefits Scheme.

    The statement further disclosed that state pensioners would get N400 million while local government beneficiaries will receive N520 million.

    Governor Nasir El-Rufai had in November 2022 approved N900 million for the payment of Accrued Rights for retirees and families of deceased beneficiaries under the new Contributory Pension Scheme.

    TheNewsGuru.com (TNG) reports that the Executive Secretary of Kaduna State Pension Bureau, Prof Salamatu Isah, had said that the amount covered batch 54 for the state and local governments retirees and families of the deceased.

    Pension Liabilities: Kaduna govt releases N920m for pensioners

    Isah further explained that payment of retirees under the contributory pension scheme is being done by the Pension Funds Administrators, adding that government would only pay past savings.

    According to her, such savings which are known as Accrued Rights is the retirees’ entitlements prior to the commencement of the Contributory Pension Scheme in 2017, and they are paid to PFAs instead of individual beneficiaries.

    Giving a breakdown of the payment, the Executive Secretary had said that N600,000,000 has been allocated to the state retirees and deceased families, while N300,000,000 was allocated to local government retirees and families of the deceased.

    The November 2022 release came two weeks after El Rufai had earlier approved N1, 160,000,000.00 for the payment of gratuity for batch 17 Local Government pensioners and batch 19 of State Government retirees and families of deceased under the old Defined Benefits Scheme.

  • Woman placed on monthly allowance for donating pension to Buhari

    Woman placed on monthly allowance for donating pension to Buhari

    Mrs Rose Julius, a pensioner, has been placed on a monthly allowance by C&F Porter Novelli for displaying patriotism by donating her monthly pension to support the current administration of Muhammadu Buhari.

    TheNewsGuru.com (TNG) reports Managing Director/Chief Executive Officer of C&F Porter Novelli, Mr Tony Ajero made the disclosure, saying it is part of the corporate social responsibility (CSR) initiatives of the firm.

    Mr Ajero said the CSR included a personal and professional branding workshop for journalists and the give-back initiative to Mrs Julius.

    “C&F Porter Novelli, a company very passionate about purpose, also saw the need to put Mrs Rose Julius on a monthly allowance as a way of encouraging patriotism and rewarding actions such as that taken by her in 2016 to support the Buhari administration’s  anti-corruption war.

    “Julius, who retired as a cleaner from the Lagos University Teaching Hospital in 2016, reportedly donated her entire monthly pension of N10,000 to support the administration’s war against corruption and pledged to contribute N1,000 every month toward the rehabilitation of  Internally Displaced Persons (IDPs) as her way of encouraging the Federal Government to restore the lost glory of Nigeria and curb corruption.

    “The company has taken the decision to remit the sum of N10,000 every month to Mrs Julius for as long as she lives,” Ajero said.

    Ajero added that the company had initiated an Academy for Business Communication West Africa, a platform for free training of Nigerian undergraduates on communication and public relations.

    He said that the training would be delivered online in partnership with academics and professionals from its sister companies in the integrated marketing communication group.

    According to him, the best students will be mentored in their chosen career paths and encouraged to impact others.

    Ajero said that the company, in commemoration of its 25th anniversary, introduced CSR initiatives to celebrate its various stakeholders and media partners.

    Speaking at an online training for media professionals in commemoration of the company’s 25th anniversary celebration, Ajero advised media professionals to ensure personal branding through reputation capital development.

    He stressed that such branding would make media professionals remain relevant while urging media professionals to continuously hone their reporting skills and seek innovative ways to carve a niche for themselves.

    He said that it had become imperative for media professionals to look for ways to  distinguish themselves.

    Ajero defined branding as making an organisation/product/service unique to enable it to stand out and be more successful than its  competitors.

    He urged media professionals to create unique brands for themselves.

    He, therefore, advised media professionals to imbibe the six marketing Ps: production, promotion, pricing, packaging, placement and positioning to strengthen their personal and professional brands.

    Meanwhile, the Supervising Director of C&F Porter Noveli, Mr Kelechi Nwosu, said that businesses with positive reputation were likely to overcome crisis easier and faster than those with negative reputation.

    Nwosu said that positive reputation would enable companies to control their prices better and achieve industry recognition and leadership.

    Speaking on the topic: ”Beyond Transactions: Delight Stakeholders Build Reputation,” he said that setting objectives,  budget planning,  recruiting and training staff, developing facilities and managing resources would be needed by an organisation to achieve good reputation.

    The Chairman of C&F Porter Novelli, Mr Nn’emeka Maduegbuna, said that the company had strengthened its strategic communications offerings to ambitious clients in both the public and private sectors.

    “With global partnerships and in-depth local insights garnered over two and half decades in the Nigerian market, our partnership with Porter Novelli (PN) has strengthened our strategic communications offerings to ambitious clients in both the public and private sectors.

    “This, no doubt, contributed to C&F becoming PN’s hub for West/Central Africa and strategic partners across the globe,” Maduegbuna said.

    Originally called Corporate & Financial Communications Ltd., C&F started in 1997 as a specialist consultancy focused on corporate and financial communications.

    The company grew into a driving force in public relations and the corporate world.

    In 2007, it took a major step toward solidifying its global reach by joining the Porter Novelli network as an affiliate partner in West Africa; hence, its rebranding to C&F Porter Novelli.

  • FG releases N13.89 billion pension for 2022 retirees

    FG releases N13.89 billion pension for 2022 retirees

    The National Pension Commission (PenCom), on Thursday, said the Federal Government had released N13.89 billion for payment of Accrued Pension Rights (APRs) of 2022 retirees of Ministries, Departments and Agencies (MDA’s).

    The commission said this in a statement on its official Twitter handle on Thursday.

    APRs represent an employee’s benefits saved up while in service up to June 2004, when the CPS came into effect.

    PenCom added that the beneficiaries were retirees under the Contributory Pension Scheme (CPS).

    The commission appreciated the efforts of President Muhammadu Buhari for his untiring support and commitment to the implementation of the CPS that continued to ensure the welfare of retirees.

    It added that it was processing remittances into the various Retirement Savings Accounts (RSA’s) of the affected retirees and their Pension Fund Administrators (PFAs) and that the commission would notify them in due course.

  • Okowa approves release of N5bn for payment of pension arrears

    Okowa approves release of N5bn for payment of pension arrears

    Gov. Ifeanyi Okowa of Delta on Monday approved the release of five billion Naira for the payment of pension arrears in the state.

    The State Commissioner for Information, Mr. Charles Aniagwu, disclosed this in a statement in Asaba.

    Aniagwu at a press briefing on Friday hinted that the state government commits over N1.1 billion monthly to settle pension matters in the state.

    The Commissioner also said that the state government was planning to release N10 billion to defray pension arrears, particularly for the Local Government Councils workers in the state.

    On the approval of the release of the N5 billion,  the commissioner said that the sum of N2.5 billion would be deployed to payment of the state retirees’ pension arrears.

    He said the remaining N2.5 billion was released as a grant to the Local Government Pensions Bureau for the payment of Local Government and primary school retirees.

    Aniagwu said that the gesture was part of the government’s efforts to ameliorate the plight of the affected senior citizens in the state.