• Monday, July 22, 2024
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Five things to know to start your Monday


Contributory pension assets hit N15.45trn gaining N1.68trn in one year — PenCom

Pension assets under the Contributory Pension Scheme rose to N15.45 trillion as of February 2023 from N13.76 trillion at the end of February 2022, gaining N1.68 trillion in the process, the Pension Commission stated.

In an audited report on the pension funds industry’s performance for the period ended February 28, 2023, PenCom stated that the data provided included information on the approved existing schemes, closed pension fund administrators, and retirement savings funds (including unremitted contributions at the Central Bank of Nigeria and legacy funds).

The pension regulatory agency also stated that the number of retirement savings accounts rose above nine million in the period under review.

Read also: National Pension Commission emphasizes need for SMEs to register for micro pension plan

Marketers seek CBN support to install 30,000 petrol stations ahead of subsidy removal

Oil marketers, under the auspices of the Independent Petroleum Marketers Association of Nigeria, have pleaded with the Federal Government to help actualize its plan to build about 30,000 gas stations, which would cushion the negative effects of the planned removal of fuel subsidy.

With experts projecting the price of fuel to hit above N600 per liter once the subsidy is removed in June, oil marketers are asking the Federal Government to assist with this plan, as they believe that it would be a great palliative to cushion the impact of the halt in subsidy.

In a letter signed by the National President, Chinedu Okonkwo, and sent to the Federal Ministry of Finance, the organization asked the government to make the Central Bank of Nigeria release the N250 billion intervention fund for the National Gas Expansion Programme as loans to vehicle owners to acquire gas pumps.

They said that they had the capacity to install gas dispensers at 30,000 filling stations nationwide to cushion the impact of fuel subsidy removal.

PDP senator says party deservedly lost 2023 general elections

Senator Obinna Ogba (PDP–Ebonyi Central) said on Sunday that the party deservedly lost the 2023 general elections because of the mismanagement of affairs by its National Working Committee (NWC).

Ogba told a news conference at his Nkalagu hometown in Ishielu Local Government Area that the NWC shot itself in the foot by giving the governorship ticket to the “wrong candidate.”

The senator, who lost the party’s governorship ticket after a protracted legal tussle decided by the Supreme Court, cautioned that the NWC should not suspend any members.

“The fact remains that it is the NWC members who deserve to be suspended, starting with the national chairman.

“The national chairman lost his polling booth, ward. Local government area and state, and the same thing applied to all the conspirators who offered tickets to whoever understood their language,’’ he charged. (NAN)

ADF approves $8m to improve banking system in West Africa

A statement released by the Board of Directors of the African Development Fund (ADF) stated that it has approved eight million dollars to boost the banking system on the continent.

The bank said that the fund was to enable the establishment of a digitally interoperable, unique bank identification system.

It said the fund was also meant to establish a harmonised customer identification framework for the Gambia, Guinea, Liberia, and Sierra Leone.

“Implementation of the project will commence in July 2023, led by the West African Monetary Institute (WAMI).

“It will work with the central banks of the participating countries and in close collaboration with banking and non-banking financial service providers.

“The project is expected to enhance financial sector efficiency within the participating countries, leading to increased access to finance and further regional integration efforts.

“Approval of funding from the bank’s concessional lending window was made on March 29,” it said.

Work to be done, PM Sunak says 25 years after Northern Ireland peace deal

A quarter of century since the signing of a peace deal that largely ended violence in Northern Ireland, British Prime Minister Rishi Sunak said efforts had to be intensified to restore the power-sharing government central to the accord.

Signed in Belfast on April 10, 1998, the Good Friday agreement is considered one of the most significant peace deals of the late 20th Century, seeking to end three decades of sectarian strife that killed more than 3,600 people.

But peace has come under strain following Britain’s exit from the European Union and other political crises have overshadowed this week’s commemorations.

U.S. President Joe Biden will fly into Northern Ireland on Tuesday to attend events marking the 25th anniversary of the deal, a reflection of the role the United States played in brokering the agreement.

This is an agreement born of partnership between the British and Irish governments and, as we will see from President Biden’s visit this week, it continues to enjoy huge international support from our closest allies,” Sunak said in statement on Monday. (Reuters)