Tag Archives: PENCOM

Pension funds which currently stood at N6.5 trillion is faced with a major threat of depletion due to the multiple Bills sponsored by some persons and bodies at the National Assembly if becomes law. These were the words of the pension regulator, The National Pension Commission (PenCom) and the umbrella body of pension operators, Pension Fund Operators Association of Nigeria …

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The National Pension Commission (PenCom) has concluded arrangements for the opening of transfer window to customers. The Executive Director, Operations and Services, Premium Pension Limited, Adamu Mele, made the disclosure in an interview with the News Agency of Nigeria (NAN) in Abuja yesterday. According to him, there are several institutions handling the identity of Nigerians. “These institutions have to be …

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The Minister of Finance, Mrs. Kemi Adeosun, has brokered a resolution of the dispute between the National Pension Commission and the National Insurance Commission over a circular issued by PenCom directing life insurance companies to transfer their annuity asset holdings to Pension Fund Custodians. The intervention of the minister was confirmed in a statement by the Director of Information, Ministry …

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CBN Reads Riot Act To Banks Over Intervention Funds The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has warned Participating Financial Institutions (PFIs) in the country against charging double-digit interest on intervention funds guaranteed by the apex bank. Mr. Emefiele who gave the warning in Abeokuta, Ogun state, during an interaction between the Presidential Task Force on Agricultural …

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Wema Bank opens new branch in Abuja Wema Bank Plc has announced the opening of a new branch in Abuja as part of its strategic expansion following a national licence granted the bank by the Central Bank of Nigeria in 2015. The lender, in a statement on Wednesday, said the new branch would strengthen its business in the Federal Capital …

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MMM will lead to losses, Access bank warns customers Access Bank Nigeria Plc has warned its customers to avoid dealing with Mavrodi Mondial Movement, a Ponzi scheme, which has been declared illegal by the Central Bank of Nigeria and the Securities and Exchange Commission. The bank in an emailed statement to its customers said it had come to its attention …

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CBN policy delays wheat farming in Kano – Farmers Wheat Farmers in Kano State have blamed the Central Bank of Nigeria (CBN) for the delay in the take-off of this year’s wheat planting season in the state. According to agency report, Faruk Rabiu, Kano State Chairman, Wheat Farmers Association of Nigeria (WFAN), had disclosed that participating banks withdrew from the …

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SEC, sole approving authority for securities—Adeosun  Finance Minister, Mrs. Kemi Adeosun, has reiterated that the responsibility for the supervision, regulation and approval of issuance of securities in the local market for Nigeria’s internal debt rests solely with the Securities and Exchange Commission (SEC). The minister stated this in a circular explaining that, in line with its powers as conferred by …

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SEC takes step at improving financial literacy…… Launches capital market journal  The Securities and Exchange Commission is set to improve the financial literacy of Nigerians as poor financial literacy has been identified as one of the factors responsible for the low level of financial inclusion in the country. This was disclosed by Director General of the Securities and Exchange Commission …

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CBN retains monetary policy rate at 14%, amidst deepening recession The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday left the Monetary Policy Rate unchanged at 14 per cent. The CBN Governor, Mr. Godwin Emefiele, who announced the decision of the committee at the end of a two-day meeting held at the apex bank’s headquarters in Abuja, explained …

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