PenCom fines defaulting employers N129mn
The National Pension Commission, PenCom, said it fined defaulting employers a total of N129.32million between April and June this year, as penalties for failing to contribute into the scheme.
The fine is part of the N465.02million outstanding pension contributions recovered from defaulting employers in the second quarter of 2018.
According to PenCom’s Head of Corporate Communications, Mr. Peter Aghahowa, the recovered funds consisted of principal contributions of N335.70million and penalty of N129.32 million levelled on the defaulters.
Aghahowa, said the recovery effected in the second quarter of 2018 brought the total recovery by the commission to N14.38billion which comprised principal contribution of N7.48billion and penalty of N6.96 billion.”
He said the commission effected the recovery, using certified 14 agents.
“Following the issuance of demand notices on defaulting employers whose liabilities had been established by agents, some employers remitted their outstanding pension contributions and paid corresponding penalties.”
Aghahowa further said that in the same quarter, 5,634 companies’ submitted applications for the issuance of pension clearance certificates.
“Out of the 5,634 applications, Pension Clearance Certificates were issued to 5,427 organisations. The 207 firms were turned down due to non-compliance of pension contributions at appropriate period and non provision of group life insurance policy for employees.”
PenCom said that N49.31 billion was remitted to the Retirement Saving Accounts of 71,386 employees by the 5,427 organisations the certificates were issued.
Total pension assets stood at N8.35 trillion as at August this year.
World Bank invest N58bn on rural infrastructure in 28 states
The World Bank Group said it has invested a total of N58billion for the development of rural infrastructure in 12,000 communities across 28 states in Nigeria.
The National Coordinator of the Community and Social Development Project, CSDP, of the Federal Project Support Unit, Dr. Abdulkareem Obaje, said the amount was spent between 2009 to date.
Speaking at the opening of a Strategic Communication Workshop for General Managers, IECs and board members of the project in Abuja, Obaje said CSDP is a World Bank project and that it is important to engage stakeholders to understand the intricacies of managing strategic communications.
“It started in 2009 on a $450m credit envelop. As at today Nigeria has gone down 65 percent of this total credit from the bank. The project closes on 30 June 2020. We have 28 active states and other sets of four states of Ogun, Imo, Kaduna, and Sokoto are in various stages of eligibility to join.
“CSDP is making steady progress under the guidance of Hajiya Maryam Uwais and the World Bank. The bank has invested in the development of rural infrastructure under this project to the tune of N58bn since 2009.
“Out of this N17billion has been invested under the CSDP financing stage which started in 2016 and has supported poor rural communities to conceive, build, sustain and help in building rural infrastructure in 12,000 communities in all the participating states in the area of health, education, water, road and other projects,” Obaje said.
Responding, the Special Adviser to the President on Social Investments, Office of the Vice President, Hajiya Maryam Uwais, said the CSDP project is part of the Federal Government’s measures to eradicate poverty in the country.
She urged the wealthy in the society to assist other Nigerians in need to bring rapid development to the country especially at the grassroots.