25112020 - Selfish Northerners opposing restructuring, says el-Rufai

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30 — Vanguard, WEDNESDAY, NOVEMBER 25, 2020 vicahiyoung@yahoo.com PFA Transfer: Operators risk imprisonment for "fake news", Ex-PenCom board member warns Stories by Victor Ahiuma- Young FOLLOWING the launch of Retired Saving Account, RSA Transfer System, by the National Pension Commission, PenCom, a former Board member of the commission and Executive Director, Centre For Pension Rights Advocacy, CFPRA, Ivor Takor, has warned operators, especially the Pension Fund Administrators, PFAs, and Pension Fund Custodians, PFCs, against deception and misinformation of RSA holders to avoid severe consequences. Takor who represented Labour on the board of Pen- Com, in a statement, warned that any operator found guilty of deceit or misinformation to gain undue advantage against another operator risked prison term among other punishment. Speaking on the transfer window, he said "In 2004, when employees commenced opening of RSAs with PFAs in compliance with Section 11(1) of PRA 2014, none of the PFAs had a pedigree in the management of pension fund, which employees could rely upon in deciding which one of them was good enough to open an RSA account with. They were all for the first time, commencing the management of pension funds after being licensed by PenCom. "Employees therefore relied on the marketing strategies of the PFAs. Several years down the line, from 2004 to date, the one jacket fits all reliance, has been torn open. As it is said in day to day discussions, the men are being separated from the boys, if they have not already been separated." According to Takor, from November 16, 2020, "RSAs holders will have a choice.PFAs will no longer take their clients, RSA holders for granted. As pointed in PenCom's Press Release ahead of the opening of the transfer system, the activation of the RSA transfer process will engender competition and improve service delivery in the pension industry. There are added services PFAs could have rendered to their clients, which they did not. They now have no choice than to look in those areas, if they have to retain and attract RSAs holders. "While congratulating PenCom for the opening of the long awaited transfer window, we will want to remind PenCom of its responsibility of ensuring that RSA holders are not misinformed by PFAs in their attempt to undo one another as a result of the opening of the transfer window. "Section 83(3) of PRA 2014 provides that 'The Commission shall ensure that all information in brochures, advertisements, promotional materials and claims of Pension Fund Administrators are truthful in every way without omission of any fact which may make the information contained therein misleading, false or decep- Lagos promises to clear pension arrears by 2022 ... Plans free transportation for state retiree THE Lagos State Gov ernment has promised to clear arrears of all pension payments by the end of year 2022. Mrs. Ajibola Ponnle, Lagos State Commissioner for Establishment, Training and Pension, made the pledge while delivering a keynote address at the virtual Lagos State Pension Commission, LASPEC, pre-retirement seminar, in Lagos. The seminar was organised for civil servants retiring between January and June 2021 in the state. Though the total arrears was not disclosed, she said "Unfortunately we have a backlog of accrued pension rights and we acknowledge that. But by the end of 2022 which is about two years from now, we are hoping that the backlog would be cleared. We are working tirelessly to ensure that we fund all the accounts that need to be funded, so that as soon as retirees reach the retirement age and retire, they get their pension." According to her, Lagos State Government was working assiduously to ensure that retirees could enjoy additional welfare benefits. Ponnle said these would include free transportation for pensioners on the state transportation network, implementation of which was delayed due to the COVID- 19 pandemic. The commissioner noted that the Governor Babajide Sanwoolu-led administration appreciated the role that public servants play in governance, saying "the governor has demonstrated this by the various initiatives and policies approved in the last one year towards enhancing the welfare of pensioners. "Even though the present economic condition is not friendly, the governor ensures payment and even increment of pension. We appreciate the valuable experience and insights of our retirees and pray that they retire healthy and happily." She, however, advised the prospective retirees to be wary of joining side associations who deceiving pensioners of assisting them to collect their pension. The commissioner admonished members of the society to always show compassion to retirees, saying they were the older citizens and have a lot more to offer, tive.' PenCom should look out for unethical practices among PFAs. "For the avoidance of doubt, Section 104(C) provides that 'A Pension Fund Administrator, Pension Fund Custodian, any person or body who supplies information which he knows to be false or supplies the information recklessly as to its truth or falsity, commits and offence under this Act and shall on conviction be liable to a fine not less than N200,000.00 or to imprisonment for a term of not less than three years or to both such fine and imprisonment for every false or misleading information given and where the offence continues to a fine not less than N100,000.00 for every day the offence continues.' The Director CFPRA, added that the "long awaited transfer window has been opened with effect from Monday 16 November, 2020. This policy gives an RSA holder the opportunity to annually review the performance of his/her PFA and a choice as to retain or change the PFA. The policy will engender competition and improve service delivery in the pension industry. The law places a duty on PenCom as the regulator to monitor and ensure that in an attempt of PFAs to retain and attract RSAs holders, they do not give RSAs holders false and misleading information and where they do, the law also provides appropriate sanctions." and congratulated the prospective retirees and acknowledged the effort of the management and staff of LASPEC for putting up the webinar. Director-General, LASPEC, Mr. Babalola Obilana, said the essence of the programme was to educate the prospective retirees on the necessary documentation required to access their accrued rights and pension. Obilana noted that having worked in active service for the state government, it was imperative that transmission into retirement should be without stress According to him, the seminar also provided valuable information on how retirees should plan their finances and lives after retirement, adding "It will also provide you health tips on how to enjoy your future after retirement." Assistant Chief Administration officer, LASPEC, Mr Afees Oyeboin, in a lecture titled: "Retirement Benefit Documentation under the Contributory Pension Scheme" charged the retirees to update their documents. Oyebo said this would ensure that the benefits and accrued rights due to the retirees during their service years were accurately computed and credited into their Retirement Savings Account (RSA). Madam Josephine Obot is dead MADAM JOSE PHINE Effiong Usua Obot is dead, aged 71. A statement from the family said the late Madam Obot, who died recently, would be buried in her Nsukara Offot village home in Uyo Local Government Area of Akwa Ibom State, on Saturday. The statement said the deceased is survived by four children. • Late Obot :Vanguard News Obsequies for Pa Uzoukwu Pa Uzoukwu Anawanti Ihedigbo of Uhabiri, Ossah Ibeku, in Umuahia North LGA of Abia State, has died, aged 67. A service of songs will hold at his residence on Thursday, December 3, 2020, while requiem mass will hold at the Watchman Catholic Renewal Movement, Uhabiri, Ossah Ibeku. Interment follows immediately at his residence. He is survived by his widow, Mrs. Ihie Victoria Uzoukwu, his daughter, Mrs. Chioma Umeha, Health Editor, Daily Independent, other children and many grandchildren. • Late Uzoukwu :@vanguardnews War'll not give Igbo presidency —Uzodinma OWERRI—IMO State Governor, Senator Hope Uzodinma, has canvassed the use of tact, diplomacy and negotiation as potent weapons for the realisation of a president of Igbo extraction in 2023, warning that beating drums of war will not do the job. He said Ndigbo must do away with confrontation, threat of war against the rest of the country for them to be taken seriously in their quest to produce the next president. Senator Uzodinma spoke in Owerri on Monday when imo Leaders presented Prof George Obiozor to him as their consensus candidate for the post of Ohanaeze Ndigbo national president. He said the rest of the country were being scared by the cacophony of agitations by Ndigbo. According to him, while others are beating the war for the state of Biafra, others want Igbo presidency while others are demanding. Uzodinma recalled that in thd first and second Republics when negotiation and tact was the weapon of Igbos they had access to political power and its consequential influence. He argued that although Dr Nnamdi Azikiwe was a ceremonial President his position still gave Igbos access to leadership in the military, bureaucracy and even commerce. According to him, a similar situation played out in the second Republic, although at a less significance, when Igbos sat in the Presidency as number two citizen. The governor advised Igbos to think back and find out at what point they missed the track on the alliance patterns that gave them relevance in the political arena. He counselled Ndigbo to restrategise by abandoning threats and confrontation and embrace dialogue, negotiation and diplomacy to convince the rest of the country to cede the presidency to them in 2023. Senator Uzodinma however expressed happiness that a man of integrity and intellect in the person of Prof Obiozor was being supported through consensus to lead ohanaeze Ndigbo. The governor noted the choice of the erudite diplomat was a signal that the socio cultural organisation was reinvigorating itself for the challenges ahead. I am happy with the choice of prof George Obiozor because he knows the history of the first and second Republics and he is living with the present challenges of Ndigbo. So he will draw from history and combine it with the future and move Ndigbo forward. He insisted that Igbo no longer need a combative leadership but one versed in the delicate art of diplomacy like Prof Obiozor. Seplat pledges more CSR for host communities By Ozioruva Aliu BENIN CITY—THE management of Seplat Petroleum Development Company has promised to carry out more Corporate Social Responsibilities, CSR, for its host communities in Edo and Delta states. Chairman of the Company, Dr Ambrose Orjiako, made this promise when he led members of the management team of the company on a visit to Oben, Orhionmwon Local Government Area of Edo State and Okpe Kingdom in Delta State. In Oben, he enumerated the numerous benefits of the Oben Gas Plant to the immediate communities, the State and the country. He also harped on the different activities and programmes of the Company in Edo State which he said include the provision of medical equipment/items to the State Government to support containment of COVID-19 pandemic and also provision of palliatives to Communities to cushion the effects of the lockdown arising from the COVID-19 pandemic; "As a responsible corporate organization, we are committed to contributing to the development of Edo State, economically and otherwise. Since the commencement of operations in the State, the Company has undertaken important health, education and numerous community development projects to support sustainable development in the State.” Defence College seeks FG's funding for FUPRE By Etop Ekanem ATOR, BUJA—COORDINA Team 3 of Course 29, National Defence College, Abuja, Air Commodore Adebayo Kehinde, has appealed to the Federal Government for adequate funding of the Federal University of Petroleum Resources to enable the Institution achieve its desired purpose. Kehinde made this appeal when his team visited Federal University of Petroleum Resources, Effurun in Delta State on a study tour and research on Technical Education. He commended the institution's Vice Chancellor, Prof Akpofure Rim-Rukeh and his management staff for their efforts in innovative research, especially in the oil and gas industry and stated that FUPRE, as a strategic Institution for the petroleum industry needs proper funding to enable it achieve the desire purpose of its establishment. Ambassador Victoria for burial Dec 4 AMBASSADOR VIC TORIA Chinenyenwa Ahuakagha is dead, aged 77 years. She will be buried on December 4, 2020, at her hometown, Orogwe, Owerri West LGA of Imo State. She is survived by her widower, Sir. Goddy O. Ahuakagha, MD/ CEO, Premier Insurance Brokers, Enugu, children, sisters, brothers, mother in-law and a grandchild. • Late Victoria
vanguardnews @vanguardnews @vanguardnews Vanguard, WEDNESDAY, NOVEMBER 25, 2020 — 31 NEWS HOTLINES 018773962, 08052867058 CHADIAN ENVOY IN ASO ROCK—President Muhammadu Buhari receives His Excellency, Mr Amine Abba Sidick, Minister of Foreign Affairs, African Integration and Chadians Abroad/Special Envoy of Idriss Deby Itno, President of the Republic of Chad in State House, Abuja, yesterday. State House photo. 30% levy cut on imported vehicles’ll spell doom, local assemblers warn By Theodore Opara LAGOS — Stakeholders in the Nigerian auto industry have warned that the billions of naira invested in the nation’s automotive industry might become a wasted venture if the Federal Government goes ahead with its plans to reduce the levy on imported vehicles from 35 per cent to five per cent without applying same on Completely Knocked Down and Semi Knocked Down, CKD and SKD, units. About 35 auto assemblies plants have been licensed between 2014 to 2020. This was the position of most of the industry stakeholders who spoke to Vanguard, following the Federal Government’s decision to reduce the levy as a way of forcing down prices of automobiles in the country. It would be recalled that the Federal Government under the Goodluck Jonathan administration in 2014, launched an auto policy aimed at encouraging players in the industry to set up plants and create jobs for the nation’s teeming youths. Unfortunately, six years after, the policy has not received any legal backing as the Presidency refused to assent to the bill which had been presented twice by the National Assembly. The inability to give the policy a legal backing had discouraged major auto makers across the world from investing in Nigeria as they prefer to invest in countries such as Rwanda, Ghana, South Africa, among others. At the moment, Toyota, Suzuki and Volkswagen have settled in Ghana and their targeted market is Nigeria which has a population well over 200 million. Government betraying investors — Maduka Reacting to the development, President of Coscharis Group, Dr. Cosmas Maduka, who represents over seven car brands in Nigeria, said the government has betrayed the trust of investors, noting that Naira appreciates to N385.50 in I&E window By Elizabeth Adegbesan THE Naira yesterday appreciated to N385.50 per dollar in the Investors and Exporters (I&E) window. Data from FMDQ showed that the indicative exchange rate for the window dropped to N385.50 kobo per dollar from N386 per dollar on Monday, translating to 50 kobo appreciation of the naira. The volume of dollars (turnover) traded in the window rose by 258 percent to $163.87 million from $45.84 million on Monday. government’s new plan would destroy the heavy investment the local auto companies have made in the country. Dr. Maduka said that so far, his company has invested more than $50 million and an additional N6 billion which it borrowed from the banks. Wondering why the Federal Government has not been consistent with its policies, Maduka said: “They encouraged investors in the auto sector to invest since 2014 and we borrowed from the banks and today it is a different policy after investing heavily with borrowed funds with the anticipation of reaping in future. “If they continue this way, there is no way investors, home or abroad would ever trust the government. If government believes that we don’t need the auto industry they should compensate us for the wasted investment they encouraged us to make in the sector.” He said he kicked against the policy when it was introduced but noted that the government insisted it was the only way forward, adding that they all had to comply. According to him, the government will continue to lose the people’s confidence by its policy changes, adding that this was what they did in the agricultural sector (rice). “It is like the government wants to make an omelette without breaking the egg which is not possible. To build the assembly plants, we borrowed N6 billion from a first generation bank. ‘’Our projection was to sell 10,000 vehicles from the plants annually but we are not producing up to five per cent of the projection which is not a good development,” he said. While stressing that no country can solve its problems without going through pains, Maduka cited India, China as some examples. He added: “It is rather unfortunate that instead of encouraging the local plants they asked us to set up the government prefers to buy used vehicles from abroad and by so doing they are killing our business. Imagine what will happen if we fail to pay the banks. They will send the Economic and Financial Crimes Commission, EFCC, after us and the rest is better not imagined.” He said that the implication of the new government’s plan will be that “these plants which we borrowed money to set up shall soon close down and some will be turned to workshops. We can’t fight the government but we are asking them to be consistent with their policies. The lesson, however, is that we will not get into any project again with the government and will not encourage international partners to come and do business in Nigeria.” Let government be sincere — CFAO DMD In his submission, Mr. Kunle Jaiyesimi, Deputy Managing Director, CFAO Group, appealed to the Federal Government to show sincerity on the auto policy. He said: “We agreed on something and based on that we made investments. It was agreed that the 35 per cent levy will enable the consumer finance for people to borrow at single digit to purchase cars from local assemblers and to also borrow to expand their businesses, but none can access the fund. The money is there. The investors can’t borrow at single digit. When CFAO wanted to expand, we approached the Bank of Industry for this and were not granted.” He estimated that over N300 billion had accrued from the levy but could not be accessed by investors struggling to survive. Jaiyesimi advised that by reducing the duty by 30 per cent, government should also reduce duty on CKD and SKD by zero per cent to ensure survival of the local auto assembly plants. So far, he said that the company has invested about US$20 million on their local assembly plants, the Fuso Canter, and Kinglong buses and cargo vehicles as well as installations, machinery and technology. While explaining that investors are not even benefiting from the saving from the levy, Jaiyesimi said:”They turn us about. Where are they hiding the funds? The National Automotive Development and Design Council, NADDC, said that the money is with the Bank of Industry and the bank is saying that the money is not with them. They should tell us who has benefited from it. “The industry is going through very difficult times even in the hands of the Nigerian Customs. For every product you bring in the Customs would revalue it. Even, when the manufacturers have given the price from the plant, the Customs would come up with its own price. “For all these reasons, major auto manufacturers are going to Ghana, Rwanda, South Africa and very soon vehicles will be coming to Nigeria from Ghana at zero duty. How do we compete with vehicles from Ghana?” Jaiyesimi, however, frowned at a situation where used cars enjoyed 35 per cent duty as against 70 per cent by new vehicles. On how auto manufacturers see the Nigerian market, Mr. Jaiyesimi said: “If you have integrity, people will respect you including the i n t e r n a t i o n a l manufacturers. It is unfortunate that six years after the launch of auto policy in Nigeria, there is no law to drive it. “As for competing, we don’t have any option than to just find a way to survive. But the ideal thing is for the government to consider that if they have to reduce the levy for imported vehicles they should give local assemblers zero per cent duty on SKD and CKD.” Auto sector’ll be stifled — Nord boss Chairman/Chief Operating of Nord Automobiles Ltd, Mr. Oluwatobi Ajayi, said the decision would stiffle the sector, given that most local auto companies had invested billions of naira in their plants. He said: “What happens to those that have invested billions of naira to build plants in the country?” Arguing that the reduction does not serve the interest of the nation’s auto industry, he said that many jobs will be lost and the plants will become wasted. According to him, Nigeria spends so much creating jobs for foreigners with its addiction to tokunbo vehicles. He disclosed that in 2019, Nigeria spent N1.8 trillion (US$3.1 billion) on imported vehicles, while this year alone a total of N1.28 trillion ($3.17bn) has been spent on imported vehicles which add no value to the auto industry. “We can only imagine the amount of jobs and supporting industry this huge amount would have created, if the money was put into the economy. We are in a country where we need to create jobs, so the government should create incentives for manufacturing, especially auto manufacturing and assembly plant which is catalyst for development. Whatever decision the government is taking, Mr. Ajayi said the government should encourage the assembly of vehicles in Nigeria, adding that the country cannot continue to import vehicles and expect jobs to be created locally. While noting that many manufacturers were against the policy initially because they feared that the government would come up with this kind of decision which is what has happened now, he said it took three years before most of them started to invest in local assembly of vehicles. He also appealed to the government to be consistent with policy. Organiser of the Lagos and Abuja Motor Shows, and Managing Director of BKG Exhibitions, Mr. Ifeanyi Agwu, said: “I am not against the reduction but what plans do they have for those who invested billions of naira in local assembly plants, bearing in mind that the aim of the auto policy was to create jobs for the people? “The investors have invested so much in setting up plants and what concession is the government giving to them? With this development, investors will not trust the government when next it calls upon them.”
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25112020 - Selfish Northerners opposing restructuring, says el-Rufai

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