VenturesNow

Nigerian govt begins 2025 retirees’ enrollment

Published

7 days ago

October 9, 2024

Nigeria’s National Pension Commission has declared that it has formally begun the process of enrolling potential retirees in 2025, highlighting the significance of early planning.

The commission demanded that ministries, departments, and agencies refrain from any last-minute rush that can interfere with the enrolment process and make it more difficult for retirees to adjust to their new stage of life.

At a workshop held by the National Pension Commission on Monday in Abuja to launch the online enrolment process for pension desk officers of MDAs funded by the Federal government’s Treasury for 2024, Omolola Oloworaran, the acting director-general of the commission, revealed this information.

Currently, 7,348,028 people in Nigeria, or 10.58% of the country’s working population, are registered members of the National Pension Scheme. The commission reported that it paid N1.1tn to 129,435 life annuity applicants in the second quarter of 2024, reflecting advances in pension benefits.

During her speech, the acting director general (DG) said that the purpose of this exercise is to gather precise information so that the federal government may evaluate the Accrued Pension Rights of potential retirees and make the appropriate budgetary adjustments.

The commission, she continued, has advanced significantly by automating the enrolment procedure and launching an online enrolment application that makes retiree enrolment, verification, and registration easy.

Oloworaran said, “At the National Pension Commission, we hold firmly to our statutory responsibility of ensuring a seamless pre-retirement verification and enrolment process for employees of Federal Government Treasury-funded MDAs. Each year, we embark on this exercise to gather accurate data for determining the Accrued Pension Rights of prospective retirees, so that the Federal Government can make the necessary budgetary provisions.

“Today’s session is not just a routine gathering; it is part of PenCom’s commitment to building the capacity of stakeholders, specifically you, the Pension Desk Officers, whose roles are indispensable in this process. Since 2021, we have made significant strides by automating the enrolment process, and introducing an Online Enrolment Application that allows seamless registration, verification, and enrolment of retirees.

“This system, comprising the Retiree, MDA, PFA, and PenCom modules, represents the future of pension administration in Nigeria. As PDOs, you are the linchpin in this process, ensuring that retiree information is properly uploaded and verified. Hence, this workshop aims to equip you with the skills and knowledge needed to effectively use the application and address any challenges that arise during the enrolment process. We are also here to confront the issues of the past head-on.”

VenturesNow

3 years after, Nigeria’s Belemaoil restarts Oil Lease 55

Published

12 hours ago

October 15, 2024

Ifeoluwa Dada

Following a three-year hiatus due to theft-related damage to the plant, Nigerian independent producer, Belemaoil Producing, has reopened operations at its oil block on Oil Mining Lease 55, the company announced on Monday.

In February 2015, Belemaoil purchased OML 55 from Chevron Corp. OML 55 is situated in a marsh to shallow water area, approximately 40 kilometres west of the Bonny oil export facility.

According to a statement by a Belemaoil representative, widespread oil theft from OML 55’s delivery line to the Bonny terminal forced the closure of the facility in 2021.

The block has five oilfields, which provide more than 70 million standard cubic feet of petrol per day and around 14,000 barrels per day, according to the business.

An official stated that the first floating oil storage vessel arrived at OML 55 on October 6th, signalling “a major milestone in the company’s efforts to restart production”.

Nigeria, the largest oil producer in Africa, is attempting to increase its crude production, which has decreased recently as a result of widespread theft and sabotage, which drove oil majors to abandon onshore drilling in favour of deepwater production.

VenturesNow

Kenya permits JPMorgan Chase to open representative office

Published

13 hours ago

October 15, 2024

Ifeoluwa Dada

The central bank of Kenya announced on Monday that JPMorgan Chase (JPM.N) had been permitted to create a new tab and open a representative office in the East African nation.

According to a statement from the Central Bank of Kenya, representative offices of foreign banks in Kenya act as hubs for marketing and communication for their parent banks and affiliates.

The announcement further stated that the JPMorgan Chase representative office will help to diversify Kenya’s banking industry and encourage trade and investment.

In an effort by the largest United States lender to grow on the continent, Jamie Dimon, the CEO of JPMorgan Chase, is scheduled to visit Africa in mid-October, according to a report published by Reuters last month, which cited four people with knowledge of the situation.

Within the next three years, the bank intends to renovate 1,700 existing branches and open 500 new ones. According to J.P. Morgan’s most recent financial report, as of the end of the second quarter of 2024, the bank had 4,884 branches.