financial News

LAGOS—THREE former ministers of power, late Dr. Olusegun Agagu, Senator Liyel Imoke and Prof Chinedu Nebo, have cases to answer in Nigeria’s alleged N11 trillion corruption in the power sector. In its latest report obtained by Vanguard, Socio-Economic Rights and Accountability Project, SERAP, stated: “One of the findings of this research is that policy inconsistencies had fuelled corruption and ineptitude in the power sector. Imoke “The current political dispensation beginning in the year 1999 has so far witnessed a huge turnover of power ministers. These ministers have been reshuffled or removed for varied reasons ranging from incapacity to corruption to…

FG clears N54 b pensions arrears

The Federal Government has cleared pension arrears amounting N54 billion for the year 2014, 2015 and 2016. The Minister of Finance, Mrs. Kemi Adeosun who disclosed this in Abuja, Wednesday, said that N41. 5 has been paid National Pension Commission (PENCOM) for onward payment to the retirees, who retired under the Contributory Pension Scheme. She also announced that the sum of N12.5 billion being outstanding for January, February and March 2017 has been settled based on 2016 appropriation. “Despite conflicting demands for available cash, President Muhammadu Buhari has always expressed concern about the plight of workers and pensioners. Consistent with…
The Enugu State Government says it has discovered and weeded out 6,280 ghost workers and pensioners from the nominal rolls of local governments councils and its Pensions Board. Part of the discovery was the findings of a committee that recently disbursed the first tranche of the Paris Club Refund, which was used to offset the outstanding salaries and some pensions of Local Government workers and retirees respectively, totaling 3,462 ghost pensioners. A Committee headed by the Speaker of the State House of Assembly, Edward Ubosi, had discovered 2,818 ghost workers in the nominal roll of Local Government staff. Briefing journalists…
Premium Pension Limited has said that its Asset Under Management (AUM) is over N487 billion as at June 2017. Wilson Ideva, managing director, Premium Pensions said the Company’s Retirement Savings Account (RSA) unit price stands at 3.4562 while retiree unit price stood at 2.5735 as at the end of June 2017. Ideva who was represented by Fatai Olufeso, South West Regional Manager said the company has paid benefits to 70,374 retirees amounting toN128 billion as at July 2017. According to him, the retirees are inclusive of those that retired under normal retirement, those that lost their jobs, those that died…
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