Pension Review Magazine
The Chief Executive Officer of the Nigeria Police Pension Fund (NPF) Hamza Bokki has said the NPF pension funds assets have reached N340 billion in three years.
He said the funds make the NPF asset management one of the largest Pension Funds Administrators (PFA) in the country.
Bokki spoke to journalists in Abuja on the sidelines of presentations of N21 million cheques to families of 31 deceased police officers by the Inspector General of Police (IGP) Ibrahim Idris.
He said the NPF Pension Funds Scheme approved the N400 million as Retirement Savings Welfare Scheme in order to support the welfare package for police retirees.
He said, "The NPF Pension Funds within the three years of its establishment has achieved an asset under management of N340 billion funds.
He added that, "This has left NPF funds as one of the top PFAs in terms of assets under management and therefore the police are the proud owners of funds of the fastest PFAs and one of the largest in the country.”
"This retirement welfare scheme dedicates the sum of N400 million every year from our operations to cater for retirees of past years.
"When they retire and while waiting for their benefits where most of them live in the barracks and therefore will be asked to vacate the barracks.
“We pay them money approved from the company so that they can fix themselves up quickly in their transition period and many officers have so far benefited from this, "he said.
“We paid 20 kobo dividends for 2015 and our board is yet to approve the dividend for 2017 but I can assure you that it's going to be more than the 20k that we paid previously.
"It therefore means that the police insurance company will now get an amount more than they got for 2015 and therefore, they will use that amount to further keep up the insurance scheme as directed by their owners, you know all police men are the owners of the Police Welfare Insurance.
Governor Ben Ayade of Cross River State has agreed to pay all pensioners in the state their outstanding pension for 2013.
The Nigeria Labour Congress (NLC) in the state gave him one-week ultimatum which expired last Wednesday to pay the outstanding salaries and pensions due since 2013, among other demands.
Over the weekend, NLC held another crucial enlarged executive committee meeting in Calabar to review the governor`s response to the situation.
Gov. Ayade had ordered that all outstanding pensions in the state should be paid without delay, and that labour and the accountant general should work out modalities for subsequent payment of salaries without delay.
“I regret that due to lack of proper understanding we had an industrial face off. This should not necessarily be. The accountant general of the state will ensure that, at least, 2013 pensions are defrayed, while we work out how to offset other outstanding payments with ease,” he said.
Chairman of NLC in the state, Comrade John Ushie, expressed happiness that workers would not have to down tools as they earlier threatened, pleading that the government should stand by its promises.
The Institute of Retirement Management (IRM) has called on the federal government to improve on the pension reforms in the country so as to catch up with global best practices where retirees enjoy free medical facilities.
Chairman of IRM governing council the Isa Bello Sali said this at annual conference of the institute in Abuja where stakeholders gathered to brainstorm on how to facilitate development in the pension sector.
He added that governments on their part have been trying in introducing policies and programmes that will facilitate growth in the pension sector. He however called for more collaboration with other stakeholders who have meaningful contributions on how the sector can be better improved.
Sali added that the Institute is offering feasible solutions to facilitate better wellbeing for retirees and also welcome collaborations from government in terms of inputs that can help pension regulations and facilitators have adequate planning.
“Ushering a limitless world of possibilities for a better and more rewarding life after retirement is the philosophy of which the institute of retired management rest,”
The fifth edition of the ARM Pension Mangers ‘Run For The Future’ programme designed to keep its customers and potential customers healthy and alive through exercise, to enable them have a smooth work life and enjoyable retirement in the future held weekend recorded a big success.
The eight kilometer race saw participants who were adorned in the PFA’s T-shirts ‘Run for the Future’ slogan walking/running from Ikoyi office of the firm to Lekki. The event witnessed large turnout of over 4,000 participants with excitement and awards to first ten male and female runners.
Bisola Onigbogi, head business development at ARM Pension Mangers speaking with journalist after the run said “the ARM Run for the Future is multi-location, multi period event that is held across the country. It is designed to enjoin our clients and potential clients to look beyond regular contributions and also think about life after contributions.”
He said “We are telling them that there is no need putting this money down together if you cannot have the good health to enjoy the money at retirement. So, we are encouraging the culture of exercise, and healthy leaving so that at retirement, you can still have a lot to go for.”
“This is fifth edition. We have held it in Lagos, the second time this year. We have done in Abuja, we have done in Port Harcourt and we have also had mini run across the universities in Nigeria.”
Senate President Bukola Saraki has said that the $22 billion annual expenditure on imported foods into the country is unacceptable.
Speaking at a public hearing on the National Fertilizer Quality Control Bill, National Livestock Bill and legal framework for the inclusion of cassava policy bill, Saraki said Nigeria’s livestock production is also grossly inadequate.Saraki, who was represented by the deputy minority leader, Emmanuel Bwacha, said the Senate will through legislation address the challenges for the country to attain food security.
“Nigeria’s livestock production is also grossly inadequate. We spend some 22bn dollars on food imports annually, with chicken alone accounting for N600bn of that sum. Cattle, the most valued of our livestock products, meets only 60 per cent of our demand.
“It was recently revealed that a Nigerian cow produces only one (1) litre of milk on average per day. When we compare that to the 50 litres output of a cow in the EU and 15 litres in some other African countries, it is all too clear that we are a long way away from sufficiency in dairy products.
“Moreover, there are a number of aggravating factors at play. Our porous borders are a soft touch for smugglers who bring unregulated livestock into our country,” he also said.
He said the country can only make the leap to a sustainable and viable agriculture sector, one that will set us on the road to achieving Sustainable Development Goal 2, which is Zero Hunger by 2030, by enacting the needed laws.
In his address, the chairman of the Senate Committee on Agriculture and Rural Development, Senator Abdullahi Adamu, said the laws, when enacted, would provide the necessary impetus to strengthen the agricultural sector of the country.