Contributory Pension: N501bn Paid To Retirees By PFAs

Pension Fund Administrators from 2007 to 2017  have paid out N501.4bn as lump sum to 293,869 retirees under the Contributory Pension Scheme.

Figures gotten from the National Pension Commission shows that the CPS retirees earned an average monthly pension of N7.47bn during the period.

Under the CPS, once a retiree begins to draw pension, having completed the required initial documentation, he will continue to receive monthly pension as and when due without the seemingly unstoping verification that is obtainable in the old Defined Benefits Scheme.

According to the figures, the PFAs paid out lump sums of N14.92bn, N31.79bn and N16.29bn to the retirees in the first, second and third quarters of the 2017 financial periods.

The retirees also earned N196.9m, N422.13m and N302.06m average monthly pensions during the first three quarters of last year.

In December last year, PenCom revealed that the operators were making significant profits from investments, and asked them to raise the stipends of retirees who opted for programmed withdrawal and were being paid by the PFAs.

The Acting Director-General, PenCom, Aisha Dahir-Umar, stated this when the commission submitted a memorandum to the Senate Committee on Establishment and Public Service at a public hearing on a bill for an Act to amend the Pension Reform Act, 2014 to provide for definite percentage a retiree could withdraw from his Retirement Savings Account and for other matters related thereto.

She, however, said that some retirees would not be entitled to the increase due to the low amounts in their RSAs.

Dahir-Umar said, “Indeed, the commission has just concluded an exercise to increase the monthly pension of all retirees on programmed withdrawal due to the income earned on investing their pension assets.

“The outcome of this exercise showed that 30 per cent of the retirees will not benefit from the increase due to insignificant income earned on the small balances in their respective RSAs.”

 

 

 

Pogba’s Form In Question

The answer to this surely depends upon who you ask. Pogba feels he flourishes better in a midfield of three.

This would also require United to operate with a holding Midfielder as Matic and a very energetic and discipline defensive midfielder as Herrera free to roam as a free role player.

However, Manchester United have series of fantastic attacking midfielders and Mourinho is keen to involve individuals such as Anthony Martial, Alexis Sanchez, Marcus Rashford Juan Mata and Jesse Lingard in a three behind Romelu Lukaku.

This therefore means Mourinho wants Pogba to play as one of a two-man central midfield, which demands greater positional discipline and arguably sacrificing some of his forward bursts.

Mourinho has substituted Pogba in the past two Premier League away games shortly past the hour mark with United trailing in the game. Pogba was also dropped for the home victory over Huddersfield, with youngster Scott McTominay coming in.

All three decisions felt like a statement of growing frustration by the manager as Pogba struggles to come to terms with the demands of his role in the team.

The pair are reported to have held private discussions over his position but have diverging opinions.

Both have a fair case. Pogba will argue he is a once-in-a-generation talent that should be fully indulged but Mourinho needs a job doing for the team at times.

Even the greats such as Paul Scholes and Steven Gerrard knew there were certain periods of certain games where restraint was required and it is surprising that Pogba, having grown up in the United academy and then played at tactically-conscious Juventus, has not developed greater in-game intelligence.

Regardless, eighteen months into his second side at the club, it is certainly strange timing for the manager and player to realise there is a problem.

It feels an excuse to say so. Sanchez is another attacking player with a free spirit and there is only room for so many of those within one team.

The question is whether you can have Pogba and Sanchez in high-pressure Premier League games without two central midfielders behind them to offer balance and control to United’s game.

After defeats by Tottenham and Newcastle, Mourinho may now be realising this cannot be answer, although we may expect the system to continue when United host the lesser lights at Old Trafford.

Former Liverpool great Graeme Souness argued last week that Pogba is a player capable of great moments but not yet a great player overall and it felt appropriate. Pogba has more yellow cards (four) than goals (3) this season and has not scored since November. That record must improve.

Pogba will produce an outstanding pass or a super goal but does not yet possess the defining ability to control the tempo of a football match from midfield (as Michael Carrick and Paul Scholes always did) and he does not yet do enough to shape the key fixtures against United’s rivals, particularly away from home.

He is not alone in the United ranks in his big game timidity but upcoming matches against Chelsea and Liverpool at Old Trafford feel crucial for Pogba to lay down a marker.

Pogba is the poster boy for Adidas, fronting up promotional campaigns and seemingly sporting different haircuts for every big game. Yet this is simply the reality these days for elite footballers.

It can appear baffling, not only to supporters but also some players. Juan Mata said recently to Panenka magazine: ‘I see children now and many things surprise me: they ask me about my boots and why I don’t die my hair. I wonder “Why don’t you talk to me about how to cross the ball, control it, the position of the body when I strike the ball?”

‘Yet they don’t mind because they can show off their boots and shirt and that’s enough. Football is losing its essence, people talk about celebrations instead of goals.’

Yet Pogba is popular in the Old Trafford dressing room. He is at the heart of social groups with Jesse Lingard and Marcus Rashford. He had a crucial role in persuading Romelu Lukaku to join the club last summer, making overtures during the pair’s holiday in Los Angeles and he has appeared loyal and committed to Mourinho. This is the first sign of tension.

Mino Raiola, his agent, will always be open to major transfers and likes to do at least two every year these days.

But Pogba has a long-term deal at Old Trafford, he was the first major signing of the Jose Mourinho era in a club-record deal and it is unthinkable that both parties would give up on one of the main cogs of the project so early.

For now, Pogba is surely staying. But there is work to do if he is fulfil his vast potential.

Pogba has a long-term deal at Old Trafford and was the first major signing of the Mourinho era

 

 

 

 

 

 

PH And Lagos Firms Sealed Over N700m Tax Debts

The Federal Inland Revenue Service on Wednesday sealed the premises of four companies both in Lagos and Portharcourt over a N700m debt.

In Port Harcourt, the FIRS enforcement team closed up the premises of SC Industrial Gas Manufacturers Limited, situated at 61 Aba Road. The company was sealed for its failure to pay up their Value Added Tax of N425,530,587.00 collected on behalf of the government between 2014 and 2017.

In Lagos, the agency sealed the office of ABB Nigeria Limited on Metalbox Road, Ogba. The company is owing a debt of N125.164m, a claim its administrative manager refuted

The leader of the FIRS team, Mrs. Ruth Madeun, however, stated that if the company had no outstanding tax obligation, her team would not have been at the premises.

Also affected are Great Bakis Limited, which reportedly owes N38.458m; Boluke Pharmacy in the Agege area of Lagos, N62.239m; and Resort Savings and Loans Plc, which allegedly has a tax debt of N74.8m.

In a similar vein, a multi-billion naira company, African Textile Management Limited, was among the four firms that were sealed up by the FIRS in Kano for non-payment of tax liabilities totalling N130,567,230.88 during an enforcement exercise carried out on Tuesday.

Others affected firms were Dumma Company Limited, situated at the NNPC Depot, Hotoro Quarters, which allegedly owed N24,415,762.88 in Company Income Tax; Dennis Auto Supply Company Limited, with a tax debt of N62,628,604.68; and A.Y and B Nigeria Limited, a construction firm in Abuja with a branch office in Kano, which allegedly was indebted to the tune of N29,962,982.32.

In Port Harcourt, the FIRS enforcement team sealed the premises of Halden Nigeria Limited, located in Trans-Amadi Layout; Steve Integrated Technical Services Limited, Oil Field Services, Engineering and Equipment Leasing and Stemco Limited at Woji Road, GRA.

Delta Airlines Begs AIB  As Investigation Begins On Incidents.

The Commissioner, Accident Investigation Bureau, Akin Olateru, says investigation into the serious incident involving a Delta Airlines’ aircraft has began.

“We look forward to receiving cooperation from Delta Airlines as we work to determine the cause of this serious incident in the interest of safety,” he said.

Olateru stated this on Thursday when a team of the airline’s officials, including the technical crew of the affected flight and the Lagos airport station manager led by the Manager, Air Safety Investigation, Delta Airlines, Miss Shannon Masters, visited the AIB and apologised for not reporting the incident early.

Masters noted that the delay in reporting the incident to the bureau was an oversight.

“We sincerely apologise for the error and we promise to cooperate with the AIB in the investigation of this occurrence,” she stated.

The AIB had frowned on the US carrier’s failure to notify it of the serious incident involving its aircraft in line with Nigeria’s air safety regulations and international practices.

The airline was believed to have notified the United States National Transportation Safety Board of the occurrence immediately, in line with the US laws.

Olateru said as the state of occurrence under the International Civil Aviation Organisation Annex 13, Nigeria should be responsible for investigating any aircraft incident within its airspace, while the state of registry of the aircraft and the airline might serve as observers.

Delta Airlines’ Atlanta-bound Flight 55, which departed Lagos on Tuesday night, returned some minutes later to the Murtala Muhammed International Airport following an issue with one of the Airbus 330-200’s two engines

‘Herdsmen Attacks, Destruction Of Farmlands Worsen Food Insecurity’

The Co-Founder, Heart and Capital Nigeria Limited, Mr. Umar Adelodun, has said that the attacks of farmers by herdsmen and the destruction of farmlands has negatively affected food production in Nigeria.

He factored agriculture as one of the major sector that can improve the economy of the nation.

He added that agriculture could provide job employment and even give so many benefits to unemployed graduate as well as improve the nation’s Gross Domestic Product.

Speaking on Thursday in Ilorin during the inauguration of Heart and Capital Nigeria Limited, Adelodun also said proper investment in agriculture would diversify Nigeria’s economy from oil.

He said the company would offer some services such as professional farm management and farm consultancy.

According to him, this prompted the establishment of Heart and Capital Farm Estate located in the outskirts of Ilorin, Kwara State.

He said with this platform, individuals and corporate organisations could engage in farming themselves in a good environment or do proxy farming with high return on investment.

Adelodun said, “We appeal to the Federal Government to find a way to cure the menace of herdsmen. These people are destroying lives and property.  This will weaken the nation’s food security.

“If agriculture is truly the future, we need to treat it as the future. So the government needs to curb this menace and strengthen food security.”

History-Making Ronaldo: I Was Outstanding Against PSG

 

Cristiano Ronaldo says he “stood out” as Real Madrid overpowered Paris Saint-Germain in the first leg of their last-16 Champions League tie on Wednesday.

The European hampions were startled by Adrien Rabiot’s 33rd-minute strike at the Bernabeu, only for Ronaldo to put the team back in the fight after converting the penalty in the stoke of half time.

That goal meant Ronaldo became the first player to ever score a 100 goals in the Champions League, with the Portugal international then putting his side ahead seven minutes from time.

And Marcelo’s late effort has now given the holders the edge heading to Paris for the return leg on March 6. “It was very important,” said Ronaldo. “When you score goals and the team wins, it is always special.

“ I stood out, I helped the team to win by scoring two goals, but we know that the tie is not finished yet.

“We need to go over there and try to win and score goals to be able to ease any pressure and qualify for the next round.”

Meanwhile, Real Madrid coach Zinedine Zidane felt his team were worthy winners on the night.

“We can be happy with the way we played,” Zidane said. “We kept going to the end. It is a good result and the team deserve to be congratulated.

“It was a good evening, we completely deserved our victory. Everything was good and everyone played an important role.

“We have to be happy with what we did against a very good side who can make things difficult for you. We are very proud of the whole team.”

Meanwhile, PSG coach Unai Emery was not happy with Italian referee Gianluca Rocchi. “It was a pity we didn’t go into the break with the lead but these small actions from the referees did not help us,”he said.

“If you blow for the first penalty (a foul by Lo Celso on Kroos) you have to blow for handball (by Ramos in the box when the ball hit his arm) too.”

He also highlighted a foul on Kimpembe not given before Ronaldo scored Madrid’s second. “We were playing with the aim of scoring a second, we found another refereeing action, a possible foul before the 2-1.

“If the referee was more balanced with both teams we would have been close to a draw or even a victory.”

 

FG Warns NNPC To Clear Petrol Queue Before Sunday

The Federal Government on Thursday said it had instructed the Nigerian National Petroleum Corporation should make sure the queues are off Abuja and neighbouring states before the start of the 2018 Nigeria International Petroleum Summit.

It also stated that the Federal Ministry of Petroleum Resources and some of its agencies were working out measures that would ensure the fuel price doesn’t go off the N145 per litre despite a landing cost of about N171 per litre.

The Minister of State for Petroleum Resources, Ibe Kachikwu, told journalists at a press conference in Abuja that having guests see the queues would be embarrassing. The 2018 NIPS begins on Sunday.

He said, “As for the fuel queues that you see out there, we are working round the clock; the NNPC is also working round the clock on this. If you remember when it first started in December (2017), it was a lot more massive, but Lagos is largely fuel queue free and a lot of the state capitals are.

“Abuja is still struggling because of some logistics issues. We’ve instructed the NNPC to do whatever it takes to ensure that I do not bring visitors here next week and they will experience fuel queues. They (NNPC) will have to do whatever it takes to get this eliminated in Abuja and that is the directive I’ll be sending to the NNPC.

“Let them (NNPC) work night and day and put a lot more effort in trying to do this. But I can tell you that behind the scenes, a lot of meetings are taking place. This is because the fuel queue issue is both a logistics and a policy issue.”

The minister stated that the government would need to address the fundamental policy issues to enable the queues go away, “especially in an area where the pricing puts pressure between the landing price and the sale price.”

Kachikwu said, “So, we need to work out ways to see what we need to do to continue to sell at N145 per litre. The President is obviously very committed to keeping the price of fuel at the cost where it is. We don’t intend to increase the price again and so we need to work backwards, and this requires a lot of efficiency re-engineering.

“So, give a bit of time, be patient, but I do take your point. I will hate it for my colleagues to come here and see fuel queues happening and so my directive for the NNPC will be whatever it takes, get those queues out of Abuja over the period.”

On the falling cost of crude in the international market as a result of the rising sale of shale oil, Kachikwu noted that the government was not ruffled by the development.

He said, “In terms of the price of petroleum products, I don’t think we need to be panicky about it. We are not ruffled by it and I know it has come down to around $60 per barrel now. Shale is going to be active. Whenever we are in excess of $65, shale becomes very active.

“But I’ve always said that two things need to happen. First, OPEC needs to just focus on itself and focus on what it needs to do and forget what is happening in shale. The second thing is that every OPEC producer must work hard to be a least cost producer. Because the truth is that if shale can be produced at $65, then there is absolutely no reason why we should be struggling.”

He added, “So, the fundamentals of our earnings, how efficient we are and our cost of production are the things we have to do internally.

“There should be fundamental rejigging of production models to ensure that you get the very best. One nice thing about low prices is that they force everybody to abandon high cost of production.”

On refineries, Kachikwu said before the end of March this year, the government would sign the requisite contracts that would lead to the re-kitting of the facilities.

This, however, will happen if the President gives the required approval, according to the minister.

German Football League Sets New Revenue Record

Revenues in Germany’s top two divisions have increased for a 13th straight season and for the first time topped four billion euros, the German Football League reported on Thursday.

The annual figures for the DFL, which comprises Bundesliga and Bundesliga 2, show a 4.2 percent increase in revenue for the 36 clubs to 4.1 billion euros ($5.1 billion) in 2016/17.

Of that, 3.37 billion euros was earned by clubs in the top division, with Bayern Munich totalling for almost a fifth of that figure with revenue of 640.5 million euros. More than fourteen club made 100 million euros each.

As in the season before, 16 of the 18 clubs in the top division posted profits after tax, although the 150 million euros of total profit was down from the 2015/16 season (206 million euros).

The DFL also reported that its clubs employ 20,000 people and provide work for 54,000 overall.

UPDATE: Ramaphosa Elected As The New South African President

South African lawmakers on Thursday have elected Cyril Ramaphosa as the country’s new president after scandal-tainted Jacob Zuma resigned under pressure from his own ANC ruling party.

Ramaphosa being the only candidate nominated in the parliament in Cape Town was elected without a vote. Chief justice Mogoeng Mogoeng told assembled lawmakers.

Alaafin Calls For School Sports Development

The Alaafin of Oyo, Oba Lamidi Adeyemi, has called on all governing bodies at all levels to invest in school sports.

According to the monarch, the success of the nation in global competitions depends on how well the up and coming, grassroots secondary school sport is properly modelled and developed.

The Alaafin stated this at the 41st inter-house sports competition of the Federal Government Girls’ College, Oyo.

While praising the increase in  the allocation  for education by the Federal Government in this year’s budget,  he  observed that sports had grown  into a global industry.

He added that for Nigeria to benefit from the growing sports industry beyond football, it was vital for the nation to invest in its grassroots sports.

The monarch said, “The increase in budgetary allocation to education by the Federal Government  is commendable but we need to look at the sports in our schools. From what we have seen in these girls’ performances, there is evidence that we have talents in our schools. We only need to invest in them to have a good harvest.

“I commend the school for hosting the inter-house sports regularly but these children need help for them to realise their dreams  in sports.

“Education is essential but we have girls who can excel at the global level if they get the necessary help at this level.”

The competition was won by Efunsetan House while Amina House came second.  Olori, Olabisi and Idia houses occupied the rear positions.

According to the school’s games master, Oviosu Joseph, the most outstanding athlete award was won by Precious Lawal, who came first in the 100m and 200m.

Media Attacks Success

Spanish media have poured verbal abuse on Nigerian striker  Isaac Success  who has featured for just 57min of Football this season.

The 22-year-old had played just 45 minutes of football in Watford all through the season.

And, since signing for Malaga, Success, who has been out of play due to hamstring injury has only been seen of the pitch for 12 minutes of play.

But last season the £12.5m buy from Granada struggled in the Premier League and managed just one goal in 19 games.

Now Malaga manager Jose Lopez looks to have had enough after Spanish media hinted that Success is overweight and not ready to play yet.

As  claimed that Success ‘has come out of shape and with a remarkable excess of weight due to his scarce activity in the Watford’.

And Lopez delivered this damning verdict on the former Granada player, who failed to feature in the Malaga squad for their latest defeat to Atletico Madrid.

He said, “I am the main endorsement of Isaac to come here and I think that, for this game, the minutes he will play in may not be the necessary player.”

Overall, Success has featured just twice this season, a Carabao Cup appearance against Bristol City being his only outing for Watford.

Malaga are rock bottom of La Liga with 15 games to play and desperately need some attacking and creative flair .

With a game against Barcelona looming there would be no better game for Success to prove himself in.