News
UBA Pensions Pays N3.5Bn to 25,000 Retirees
Bayo Yusuf, Managing Director, UBA Pensions Custodian, has said the company currently pays the sum of N3.5bn on a monthly basis as retirement benefits to 25,000 retirees.
Yusuf disclosed this in Abuja while speaking during a chat with journalists at the sidelines of the World Pension Summit for Africa.
He said the amount was paid by his company on behalf of the 10 Pension Fund Administrators whose fund are currently being managed by it.
He said, “We are pension fund custodians and we have specific roles in the act. Number one is collection on behalf of PFAs.
“We are custodians to ten of the 27 PFAs and of this 10; we are on a monthly basis collecting the range of about N17bn to N18bn in terms of collection.
“We also settle transactions on behalf of PFAs and when we settle transactions, we collect the instruments representing that investment.
“We also collect the income accruing to all this investment and we also pay benefits to retirees and every month, for those that are on programmed withdrawals.
“We make payment on behalf of our PFA and that is in excess of 25,000 retirees that we pay on a monthly basis and we pay in excess of N3.5bn.”
Yusuf commended the efforts of the Federal Government to grow the pension fund assets to N16trn within the next 20 years, but added the target would be achieved before the set date when the informal sector is brought into the Contributory Pension Scheme.
He said, “In the informal sector, we have about 17.6 million employers having about 43 million employees.
“The pension industry has been growing at a rate of about 30 per cent without contributions from the informal sector. So imagine the type of growth we would record if this sector is brought into the industry.”
He also said the new pension reform act which was signed into law last week by President Goodluck Jonathan would not only to consolidate the gains of the reforms, it also help identify the challenges militating its contribution to national development.
The new act, he added, would also provide the enabling legal environment to facilitate the creation of quality instruments through which pension assets could be best invested for infrastructure and real estate development.
He said that UBA pensions had commenced the digitalisation of pension payments noting that the move would help streamline payment procedures as well as ensure prompt collection of pension benefits.
He said, “The number of Retirement Savings Account is growing, right now we are just six million RSAs and we are talking of bringing the informal sector into it.
“So we are working with the banks in such a way that for the informal sector, with your phones, you can remit our pension contribution. You don’t need to go to the bank.
“What this means is that technology is going to be a major game changer in pension administration in the few months and years to come.”
Ogba Ogbaga, an Abuja-based lawyer, has said that he has been instructed to institute legal proceedings against MTN Nigeria, Airtel Nigeria, Globacom, 9mobile and MultiChoice Nigeria, operators of DStv, over what he described as unfair consumer practices relating to expiring data bundles and television subscriptions.
In a statement posted on Facebook, Ogbaga said his law firm, GIMBG Legals, received instructions from its client, KAA, also known as KaaTruths, to challenge the companies’ subscription policies in court.
According to him, the proposed suit will question whether telecom operators and DStv’s subscription models comply with provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and other applicable laws.
Ogbaga alleged that telecom providers operate internet data services that are unfair to consumers, claiming subscribers sometimes do not receive the services they paid for but still lose their subscriptions once the validity period expires.
He also criticised DStv’s subscription model, arguing that consumers lose paid viewing time due to factors such as power outages, adverse weather conditions and service interruptions, while subscriptions continue to count down regardless.
“Our clients have complained that MTN data services are unduly one-sided,” Ogbaga said, adding that the legal action would also extend to other telecommunications providers and DStv.
He said the court action would seek judicial determination on whether the companies’ subscription practices comply with consumer protection laws.
The lawyer also invited interested legal practitioners to collaborate on the case, saying his firm would provide updates as the matter progresses.
In a separate Facebook post on Wednesday, Ogbaga said previous policy discussions, town hall meetings and debates at the National Assembly had failed to address the concerns raised by consumers.
He argued that telecom operators regularly carry out maintenance and network upgrades that temporarily disrupt services without extending customers’ subscription periods, while DStv subscribers also lose viewing time because of electricity outages and weather-related disruptions.
The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the industry’s new minimum capital requirements, marking the formal beginning of a new regulatory era aimed at strengthening the financial capacity, governance and global competitiveness of Nigeria’s insurance sector.
At a ceremony held at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, presented the new licence certificates to compliant operators, describing the exercise as a major milestone in the industry’s recapitalisation programme.
According to the Commission, a total of 43 insurance companies declared compliant with the new capital requirements are expected to receive the new licence certificates in phases.
Omosehin congratulated the successful companies, saying the issuance of the new licences signals the beginning of a stronger regulatory framework anchored on improved capitalisation, sound corporate governance, innovation and sustainable growth.
He urged operators to leverage their enhanced capital base to develop innovative insurance products, improve operational efficiency and deepen insurance penetration across the country.
The Commissioner said the Commission expects the recapitalised companies to deliver stronger financial performance while maintaining high standards of professionalism and customer service.
He also announced that NAICOM’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their respective business portfolios.
According to him, the new framework will further strengthen the industry’s resilience by ensuring that insurers maintain capital commensurate with the risks they underwrite, thereby enhancing policyholder protection and boosting market confidence.
Omosehin reaffirmed the Commission’s commitment to removing regulatory impediments where necessary while maintaining effective oversight to safeguard policyholders and strengthen confidence in the insurance market.
The issuance of the new licence certificates marks the commencement of a phased transition to higher capital standards aimed at improving the financial capacity, solvency and claims-paying ability of insurance companies operating in Nigeria.
Management of Nigeria CommunicationsWeek Media has withdrawn its publication titled “Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-Dealing at Pan African Towers,” which was published on its platform.
The decision to retract the story follows an editorial review to ensure that the platform maintains the highest standards of accuracy, fairness and responsible journalism in reporting matters that are the subject of ongoing judicial proceedings.
Nigeria CommunicationsWeek acknowledges that the issues raised in the publication remain before the courts and have not been finally determined.
Accordingly, the organisation has decided to remove the article from its platforms pending the conclusion of the legal processes or the availability of additional verified information.
The publication regrets any inconvenience or misunderstanding the report may have caused to readers or any individuals or organisations mentioned in the story.
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