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Economic hardship: Workers withdraw N3bn from pension savings

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•Withdrawals rise by 240.1%

There are indications that economic hardship is forcing employees to eat deep into their pension savings held in Retirement Savings Account, RSAs.

Findings show that RSA account holders under the Contributory Pension Scheme, CPS, withdrew N3.02 billion from their Additional Voluntary Contribution, ADV, in the first quarter of 2023, Q1’23.

The figure represents a 240.1 per cent rise from N887.9 million recorded in the fourth quarter of 2022, Q4’22.

The National Pension Commission, PenCom, report for first quarter 2023, Q1’23, shows the number of RSA holders that withdrew from their ADV increased quarter-on-quarter, QoQ, to 1117 during the period, about 94.6 per cent higher than the 574 in the preceding quarter, Q4’22.

Additional Voluntary Contributions, ADV, are extra funds that a worker can opt to add to his/her mandatory pension contributions, or simply set aside as retirement savings.

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The Pension Reform Act (PRA) 2014 allows employees to make ADV into their RSA, in addition to their mandatory pension contributions, with the sole aim of enhancing their retirement benefits.

Meanwhile, a breakdown of the performance of the Pension Fund Administrators, PFAs, in RSA registrations in Q1’23 show that Stanbic IBTC continued to maintain the largest market share of 28 per cent with 23,586 new registrations.

This was followed by Access Pensions Limited which had 11 per cent market share with 9,546 new registrations, while ARM Pension Managers Limited was third with 9.2 per cent market share recording 9,546 new registrations.

Leadway Pensions recorded 8.8 per cent market share with 6,430 new registrations, while Premium Pension Limited followed with seven per cent market share of 6,044.

On the bottom of the performance table are NPF Pensions Managers with only 131 new RSAs which represent 0.001 percent of total registrations.

Nigerian University Pension Management Company was next with 179 new RSAs which represent 0.1 per cent of total registrations. Guaranty Trust Pensions Managers Limited followed with 879 new RSAs which represent 1.1 percent of total registrations. (Vanguard)

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BREAKING: NLC General Secretary, Ugboaja, is dead

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General Secretary of the Nigeria Labour Congress, Emmanuel Ugboaja
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The General Secretary of the Nigeria Labour Congress, Emmanuel Ugboaja, has died at the age of 60 after a protracted illness.

Details surrounding his death remained sketchy as of the time of filing this report.

The NLC President, Joe Ajaero, announced Ugboaja’s death to members of the Congress National Executive Council during their ongoing meeting in Enugu, Enugu State, according to Tribune newspapers.

Ajaero reportedly read a letter from the deceased’s family informing delegates of his passing.

Ugboaja, a veteran trade unionist and lawyer, had served as the NLC General Secretary since August 2019, following the ratification of his appointment by the Congress’s National Executive Council at a meeting in Kano. He succeeded the retiring Peter Ozo-Eson.

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As General Secretary, Ugboaja was responsible for coordinating the administrative and strategic operations of the labour centre, including relations with the NLC’s affiliate unions, industrial relations, negotiations with government and employers, policy implementation and nationwide mobilisation.

His tenure coincided with some of the most significant confrontations between organised labour and successive governments over wages, workers’ welfare and economic policies.

One of his early major assignments was the negotiation surrounding the implementation of the N30,000 national minimum wage approved by the Federal Government in 2019. The disagreement over implementation brought the government and organised labour close to industrial action before an agreement was eventually reached.

Ugboaja remained involved in subsequent negotiations and campaigns on workers’ wages and welfare.

In April 2026, he signed an NLC directive urging workers in states that had yet to fully implement the 2024 National Minimum Wage Act to participate in street rallies on May Day, reflecting his role in translating the decisions of the Congress into nationwide mobilisation.

Born on May 15, 1966, Ugboaja studied Law at the University of Calabar, graduating in 1987.

He initially spent about four years in private legal practice before joining the trade union movement in 1993.

According to the NLC’s historical biography, his entry into the labour movement made him the first Nigerian lawyer to work full-time for a trade union.

He began his trade union career with the National Union of Chemical, Footwear, Rubber, Leather and Non-Metallic Products Employees, an affiliate of the NLC, where he rose to become General Secretary between 2000 and 2005.

Ugboaja later served as Coordinator, Advocacy and Mobilisation, at the Alliance for Credible Elections between 2006 and 2009, before joining the NLC Secretariat in 2009.

His death comes at a significant period for Nigeria’s labour movement, which has remained engaged with the Federal Government and state governments over the implementation of the new minimum wage, workers’ welfare and the wider economic impact of ongoing reforms.

The NLC is expected to make further statements on Ugboaja’s death and funeral arrangements.

 

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Nigeria has lost a fearless media professional – Yilwatda mourns Dotun Oladipo

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Dotun Oladipo
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The National Chairman of the All Progressives Congress (APC), Professor Nentawe Goshwe Yilwatda, has expressed profound sadness over the sudden death of Mr. Dotun Oladipo, a respected journalist and prominent figure in Nigeria’s media industry.

Professor Yilwatda described the passing of Dotun Oladipo as a huge loss to the Nigerian media community and the nation at large, noting that his death has created a painful void at a time when the country needs experienced, courageous and responsible voices in journalism.

The APC National Chairman said in a statement issued by his Special Adviser, Media and Information Strategy, Abimbola Tooki, that Oladipo’s contribution to the development of Nigerian journalism, particularly his commitment to professional excellence, credible reporting and the advancement of the media industry, would remain indelible.

“Dotun Oladipo was not merely a journalist; he was a committed professional who understood the enormous responsibility of the media to society. His sudden departure is deeply painful and has understandably thrown the Nigerian media industry into mourning.

“He brought professionalism, courage and intellectual depth to his work and remained committed to the ideals of journalism as an instrument for informing citizens, holding institutions accountable and strengthening democracy.

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“His death is a significant loss not only to his family, colleagues and friends, but also to Nigeria’s democratic project and the broader media community.”

Professor Yilwatda commiserated with Oladipo’s family, colleagues, friends and the entire Nigerian media fraternity, urging them to take solace in the enduring legacy he left behind.

He prayed God to grant the deceased eternal rest and give his family and loved ones the strength and fortitude to bear the irreparable loss.

“On behalf of my family, the leadership and members of the All Progressives Congress, I extend my deepest condolences to the family of Dotun Oladipo and the entire Nigerian media. May God grant him eternal rest and comfort all those he left behind,” the APC National Chairman said.

 

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Enugu Govt Refutes Report of Sale of Assets at ESBS, Water Corporation, Stadium, Lagos Liaison Office

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Mortuary tax not meant to generate revenue – Enugu Govt
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…Says only unserviceable assets at affected locations are to be disposed of

The Enugu State Government has dismissed as false and misleading a report in circulation on social media claiming that it is selling assets belonging to the Enugu State Broadcasting Service (ESBS), Enugu State Water Corporation, Nnamdi Azikiwe Stadium and the State Liaison Office in Lagos.

The government, in a statement issued by the Commissioner for Finance and Economic Development, Dr. Nathaniel Urama, on Wednesday, said the publication did not emanate from either the Enugu State Government or the Ministry of Finance and Economic Development.

Urama clarified that the government’s intended notice, which had not been published as of Wednesday, August 27, concerns the disposal of some unserviceable assets located at the affected government facilities, and not the facilities or institutions themselves.

He emphasised that the government intends to dispose of certain assets that have become unserviceable and are no longer of use to the state, in line with extant laws and due process.

He added that interested bidders would be required to obtain details of the assets from the Ministry of Finance and submit their bids in accordance with due process.

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“The information is erroneous and it is neither from Enugu State Government nor the State Ministry of Finance. We, therefore, advise the general public to please ignore the message circulating in the media,” he said.

The Commissioner urged the public and media organisations to verify information through official government channels before sharing or publishing it, warning against the spread of fake news and deliberate misrepresentation of government activities.

He reiterated that any official notice on the disposal of the unserviceable assets would be duly published through the appropriate channels.

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