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PenCom Does Not Give Loans to Federal Government, says DG

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Mrs Aisha Dahiru Umar ,DG Pen Com

 

Mrs. Aisha Dahir-Umar, the Director General of National Pension Commission (PenCom), has described as “totally misleading” widespread reports that the Commission gave a N10 trillion loan to the Federal Government.

She also responded to claims that PenCom was owing Federal Government retirees arrears of pensions as well as insinuations that Pension Fund Administrators (PFAs) are not fulfilling their obligations to retirees with regards to access to their retirement savings.

Mrs. Dahir-Umar, in a media interview at the weekend, said apart from the fact that PenCom is not a bank and does not warehouse or manage pension funds, the Federal Government did not take a loan of N10 trillion from the Commission.

“Investments by the PFAs in the securities of the Federal Government of Nigeria (FGN) are not loans as erroneously portrayed, but investments in securities, through bonds and treasury bills, as approved by the relevant government agencies, in this case the Debt Management Office (DMO) and Securities and Exchange Commission (SEC). They are traded on authorized capital markets. That is, the Nigerian Exchange Limited and FMDQ OTC Securities Exchange,” she explained.

“Moreover, pension fund assets are not managed by PenCom. I have said it repeatedly that when we say pension assets have grown to N15 trillion, that does not mean PenCom has N15 trillion locked somewhere in its office or bank accounts. Pension fund assets are managed by the licensed PFAs and held in custody by the licensed Pension Fund Custodians (PFCs). The PFAs are responsible for investing pension fund assets in allowable asset classes, including FGN debts instruments. The objectives are safety and fair returns. All these are in line with the provisions of the enabling law, the Pension Reform Act 2014, and the rules issued by the Commission. It is obvious from the above that what is referred to ‘loan to FGN’ is just investment in FGN securities by the PFAs, as is done by other institutional investors such as banks, insurance companies, asset managers, etc.”

Mrs. Dahir-Umar added that it is an international best practice to invest in investible instruments issued or backed by the sovereign authority and that the FGN securities meet the objectives of safety and fair returns.

“The FGN has consistently met its repayment obligations, both principal amount and accrued interest, for all investments in bonds and T-bills to all investors including pension funds. The information is always in the open and accessible on our website, www.pencom.gov.ng,” she said.

The PenCom DG further clarified claims about outstanding benefits to Federal Government retirees.

“The delayed payment of retirement benefits to some Federal Government retirees and deceased employees is because of the inadequate and delayed funding for the payment of Accrued Pension Rights for those who were in service before the Contributory Pension Scheme (CPS) was introduced when PenCom was established in 2004,” she said.

“Payment of the accrued rights is subject to release of funds by the Federal Government. So, it is beyond the powers of the Commission. However, we have been engaging the Federal Ministry of Finance for more funds to be released to settle these liabilities, but it is not a secret that the government itself has budgetary constraints.”

She said all those enrolled under the CPS have been receiving their benefits through their PFAs and there is no unsolved complaint before the Commission.

 

 

 

 

 

 

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President Tinubu Salutes Nigerian Workers On May Day

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President Bola Ahmad Tinubu

 

President Bola Tinubu heartily congratulates Nigerian workers on the auspicious occasion of Workers’ Day held annually to celebrate the lifeblood of our country.

The President salutes Nigerian workers for their fidelity to the peace, progress, and development of the nation evident in their tireless efforts and patriotic zeal to keep the national engine running.

President Tinubu celebrates Nigerian workers across all spheres – from the clerical officer who ensures the proper documentation and distribution of correspondence; the security officer who remains ever dutiful through all seasons; the teacher who secures the future of our nation by imparting knowledge to the next generation; the doctor who works relentlessly to save precious lives, and to all Nigerian workers who keep the candle aflame.

The President affirms that his administration remains committed to improving the welfare of all workers, noting the various relief programmes, including the wage award and the imminent minimum wage review.

President Tinubu strongly believes that the custodians of the nation’s machinery deserve a fair wage and enhanced welfare and that a labourer is deserving of not just any reward but fair and commensurate wages.

In a statement t by Chief Ajuri Ngalele Special Adviser to the President on Media and Publicity said the President assures Nigerian workers of his dedication to not only improving their welfare but also enhancing their working conditions and providing the necessary tools for them to succeed.

 

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Backward Integration: Dangote Targets 700,000MT of Refined Sugar in Four years

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L-R: Company Secretary/Legal Adviser, Dangote Sugar Refinery Plc, Temitope Hassan; Group Managing Director/CEO, Dangote Sugar Refinery Plc, Ravindra Singhvi ; Executive Director, Dangote Sugar Refinery Plc, Mariya Aliko Dangote; and Chairman, Dangote Sugar Refinery Plc, Aliko Dangote, at the Dangote Sugar Refinery Plc 18th Annual General Meeting, on Tuesday, April 30, 2024 in Lagos.

 

Dangote Sugar Refinery Plc (DSR) has unveiled plans to produce 700,000 metric tonnes of refined sugar from locally grown sugarcane in the next four years, through its Backward Integration Programme (BIP).

Chairman of Dangote Sugar Refinery Plc, Aliko Dangote stated this at the company’s 18th Annual General Meeting (AGM) held yesterday in Lagos, just as the Nigerian Exchange released the company’s first-quarter result for 2024, indicating an increase of 20.1 per cent in its revenue to N122.7 billion.

Dangote, at the AGM, said in alignment with the Federal Government of Nigeria’s policy guidelines, DSR continues to focus on and enhance its Backward Integration Project (BIP) by deploying and reviewing project strategies to ensure efficient delivery.

He noted that the 700,000 metric tonnes would meet 50 per cent of the current market demand for refined sugar. According to him, the 10-year sugar development plan to produce 1.5 million MT of sugar per annum from locally grown sugarcane remains a germane roadmap to the attainment of the Company’s objectives.

Our focus is on achieving the revised targets set for DSR Numan Operations, Dangote Adamawa Sugar Limited, and Nasarawa Sugar Company Limited, while we are hopeful that the Taraba State Government will resolve the community payment issues that have led to the stoppage of activities at the Dangote Taraba Sugar Limited, Lau/Tau project.”

He added that “…During the year under review, despite the challenges we were faced with, the company significantly scaled up investment in the Backward Integration Projects with the ongoing expansion of the DSR Numan factory refining capacity from 3,000TCD to 9,800TCD year-end.

The factory will be increased with an additional 5,200TCD to 15,000 TCD (tonnes of cane crushed per day) eventually to meet the need in view of the massive land development activities also going on at the site. The aim is to achieve 24,200 hectares in total by the year 2029.”

He also emphasised that despite the adverse impact on the business environment by the continuous increase in the inflationary trend, lack of liquidity and FX to fund the company’s equipment import among others for the backward integration projects, concerted efforts are ongoing to secure the needed funds for the development of the Nasarawa Sugar Company Limited project at Tunga in Awe Local Government Area of the state.

This will enable the company to put in place the needed infrastructure for the eventual commencement of full-scale production and ensure that the Dangote Sugar Backward Integration ‘Sugar for Nigeria Project’ is achieved. In the end, over $700 million investment would be committed to the Backward Integration Programme,” he added.

Dangote said that the Dangote Sugar (Ghana) Limited, was established as a subsidiary of the Company during the year under review, in line with the plan to expand its presence in the sugar industry across Africa.

On outlook, he stated that “achievement of the goals of the Sugar Backward Integration Master Plan remains our focus. This will go a long way in delivering the anticipated benefits, especially in FX savings and cushioning its impact on our operations amongst other benefits to the company, all stakeholders, and the nation.”

Group Managing Director/CEO of Dangote Sugar, Ravindra Singhvi said, “Despite these challenges, we are resolute and focused on the delivery of our business targets in the medium to long term.”

He pointed out that “as we continue to navigate through the scarcity and high cost of foreign exchange, escalating costs of raw materials amongst others, our focus is to enhance the effectiveness of our supply chain processes, optimise cost, improve our operational efficiencies and delivery on our Sugar for Nigeria backward integration project.”

He said “the target is to produce a minimum of 1.5MT refined sugar annually from locally produced sugarcane at our integrated sugar production estates, which is expected to alleviate some pressure on costs and our demand for foreign currency.

Achievement of a sustainable business remains one of our key strategies and concerted efforts were made towards sustaining the achievements we have recorded in the past,” Singhvi added.

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Ganduje’s Suspension: Court Fixes May 27 For Hearing

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Kano State Governor ,Dr Abdullahi Umar Ganduje
Dr Abdullahi Umar Ganduje,APC National Chairman

 

A Kano High Court sitting at Audu Bako secretariat has fixed May 27, 2024, for the commencement of hearing of three applications in the case of the suspension of the National Chairman of the All Progressive Congress (APC), Abdullahi Umar Ganduje.

The Court presided over by Justice Usman Malam Na’abba after listening to counsels from both parties involved set the date for the hearing.

The applications are preliminary objection, joinder application and challenge of jurisdiction of the court to entertain and hear the matter.

Breaking:Court Vacates Order Suspending Ganduje As APC National Chairman

The applicants, Haladu Gwanjo and Laminu Sani Barguma through their counsel, Ibrahim Abdullahi Sa’ad filed a motion exparte with 13 paragraph affidavit dated April 16 sworn by the second.

The applicants are seeking for the Court to determine an order of interim injunction on Ganduje’s suspension.

The court had on 17th April granted an order directing parties to maintain status quo as at the 15th day of April, 2024, in relation to the suspension of the fourth respondent from the first respondent by the Ganduje Ward executive committee restraining the respondents whether by themselves, servants, agents, privies from taking any step contrary to the decision of the executive committee of Ganduje Ward which suspends the fourth respondent from the first respondent political party pending the hearing and determination of the motion on notice.

A Kano High Court sitting at Audu Bako secretariat has fixed May 27, 2024, for the commencement of hearing of three applications in the case of the suspension of the National Chairman of the All Progressive Congress (APC), Abdullahi Umar Ganduje.

The Court presided over by Justice Usman Malam Na’abba after listening to counsels from both parties involved set the date for the hearing.

The applications are preliminary objection, joinder application and challenge of jurisdiction of the court to entertain and hear the matter.
The applicants, Haladu Gwanjo and Laminu Sani Barguma through their counsel, Ibrahim Abdullahi Sa’ad filed a motion exparte with 13 paragraph affidavit dated April 16 sworn by the second applicant.

The applicants are seeking for the Court to determine an order of interim injunction on Ganduje’s suspension.

The court had on 17th April granted an order directing parties to maintain status quo as at the 15th day of April, 2024, in relation to the suspension of the fourth respondent from the first respondent by the Ganduje Ward executive committee restraining the respondents whether by themselves, servants, agents, privies from taking any step contrary to the decision of the executive committee of Ganduje Ward which suspends the fourth respondent from the first respondent political party pending the hearing and determination of the motion on notice.

At the resumed hearing on Tuesday, counsel to the applicant, Ibrahim Sa’ad, said they were served with the counter affidavit by the respondent this morning in court.
He asked for another date to enable them respond to the application.

Counsel to the first, second and third respondents did not object to the request made by the counsel to the applicant for a new date to be given.

“We have filed and served all parties our motion dated April 24 challenging the juriaoof this Court to entertain this matter.”

Counsel to the fourth respondent, Lydia Oyewo, did not also object the new date but told the court that her client was not served with the court processes.

“We have not been served with the processes of the Court. The plaintiff is in contempt of the court because they have failed with the order of the Court directing him to serve all the defendants in the matter.”

“Particularly, we are appearing out of respect to the court. Our client has not been served so we could not file any processes before the Court.

However we have been unable to compile and transmit record. In essence, the court of appeal is not yet seized with the jurisdiction for the matter and then for this court to determine and continue with the matter pending when we did the needful.

“This is an intra party matter and the court has held severally to even to the apex court that the court does not have jurisdiction to hear and determine intra party matters that has to do with leadership, membership and discipline of members.”

On their part, parties seeking to be joined led by Barrister S. U Jibril informed the Court of their position in joining the matter.

After listening to both counsels, Justice Usman Malam Na’abba fixed 27 May to enable both parties to serve their processes and for hearing of the three applications.

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