Monday, March 16, 2015

Is Pension Contributory Scheme A Scam ?

PENSION


Longman Active Study Dictionary defines pension as money that Government or a Company pays regularly to someone who does not work anymore because they are old or ill, while Oxford Advance Learners Dictionary of Current English defined pension as ‘a sum of money paid regularly by a government to people above a certain age and to widowed or disable people or by former employers or financial institution to retired people’.


pension-scam

Pension


The history of pension scheme in Nigeria was first legislated in the country and enacted into law in 1951 which was referred to at that

time as The Pension Ordinance. Though the ordinance was enacted in 1951, it had a retrospective effect from 1st January, 1946. The

colonial pension’s law was primarily designed for the United Kingdom (UK) officers who were moved from post to post in the vast British

Empire. It was meant to ensure continuity of service whenever and wherever they were sent to serve. When the law became applicable to indigenous staff, it had limited application to the extent that it was granted at the pleasure of the Governor-General. Hence, under the ordinance therefore, pension was not an automatic right of Nigerians. It could be withheld at the flimsiest excuse. Since then, the total number of retirees has been increasing at a geometric rate, hence payment of pension was becoming a big problem.


The problem ranges from non-payment on time of retirement benefits and delay in processing of retirement benefit by serving officers. Other

traits include the issue of proximity as pension offices are located far away from most pensioners, especially federal workers, e.g. Abuja,

Lagos and other Zonal offices; and mind boggling corruption by the serving officers that are in-charge of pension are either corrupt or

show nonchalant attitude toward pensioners. Pension continued to remain the same even after salaries of workers increases and inflation

increases.|


The Pension Reform Act 2004 introduced the contributory pension scheme for public sector employees and in the case of the private sector with

five or more employees but some category of the workers was exempted such as the judicial officers who are appointed in the Supreme Court

or the Court of Appeal. Section 291 of the constitution of the Federal Republic of Nigeria spelt out clearly. Other officers that were

withdrawn from the scheme included the Nigerian Army, the Nigerian Police and other uniformed men now takings steps to follow suit.

The main objectives of the scheme as outlined in the Act was to ensure that every person who has worked in either the public service of the

federation, Federal Capital Territory or private sector received his retirement benefits as at when due.


Likewise to assist in providing individuals by ensuring that they save in order to cater for their livelihood during old age as the old

pension scheme often tend to fail, and to establish a uniform set of rules and regulations and standards for the administration and payment

of retirement benefits for the public service of the federation, Federal Capital Territory (FCT), states, local government and the

private sectors that have joined the scheme.


In order to ensure that pension fund is managed in accordance with the act, pension fund administrators were engaged in collaboration with

pension fund custodians to make it successful. Also a supervisory body known as Pension Fund Commission was established all in an effort to

ensure that the pension scheme becomes a success story particularly to pensioners


The stories from the old scheme in the national media are however characterized by scam here and there every day. As a result of these

reports, the senate appointed a committee to investigate and find out the truth of the media reports. In no time, the committee discovered that about a hundred and ninety-seven billion naira (197bn) was  allegedly looted. The report was submitted to the senate on 20th June, 2012, that top government officials who are saddled with the funds stole about two hundred and seventy-three billion naira (N273bn) between 2005 and 2011.


Another problem is that when salary is increased, pension is supposed to also increase but this wasn’t the case in Nigeria. It remained

stagnant which renders pensioners helpless and exposed to hunger and diseases which in most cases leads to death. It has also been observed that there are problems between the Pension Commission, Pension Fund Management and the Employers in terms of remittance. The retirees are mostly underpaid and they don’t have a place to go and complain as the three bodies mentioned above resort to blame game. To this end pensioners should plan now, for if you failed to plan now, then you are planning to fail your live after retirement.


It is important to join any of the cooperative societies to enable you invest where you don’t have enough capital to be on your own and

endeavour to build your own house no matter the size or the location. Buy an asset be it a plot, house, shares or other investment that

yield profit and sustain you against rainy days. While in the service, give your children good education, because they would be your future

investment. They would take care of you during your old age and provide your needs. Government would on its part trail and detain all those that are involved in pension scam either to life imprisonment and recover all funds from the corrupt officials. Pension Commission should improve by

monitoring all pension fund administrators and remit the current contribution of potential pensioners.


Government should also improve both old and new systems of pension and increase pension as salary increase, while Auditors should annually

audit current pensions remitted to their respective pension fund administrators and proper records of pension should be kept. Equally the retirement saving account of the potential pensioner should be open to pensioners but restrict withdrawal for easy monitoring of underpayment.

Finally, we sincerely hope that government and all concerned would rectify the above problems so that those who suffered during their active and youthful life would enjoy their old age and retirement benefits without hardship.


By Abdulllahi wuyo

University of Maiduguri

Department of Mass Communication

Stone Age Things ? PDP Politician shares money in public (Photo)



This PDP politician was spotted sharing money openly publicly. Is this not stone age things ?

Gen. Buhari's wife's convoy attacked in Ilorin!

The guard of Mrs Aisha Buhari, the wife of APC Presidential hopeful was allegedly assaulted by a few hooligans around a film house along Emir street in Ilorin, the Kwara state capital this night.


buharis_wife

Mrs Buhari and her ladies came to their destination in respect. They are pictured with Bukola Saraki here.


As per an announcement by APC Chairman in Kwara state, Alhaji Balogun Fulani, 10 vehicles in her guard were vandalized. Keep on reading the announcement posted on Bukola Saraki’s Facebook wall.


President Jonathan and Patience are planning to assasinate me - Fr Mbaka

Controversial Enugu-based Reverend father, Fr Mbaka says the president together with his wife are arranging to kill him.
fr_mbaka

The following is the thing that he told his assembly..


Watch video bellow.


Caption this Photo...

Shoplifting caught on CCTV in a store on Allen Avenue Ikeja Lagos.

These women on CCTV cam needs to be out on serious blast.  You don’t go around taking from individuals and hope to escape with it. Three ladies hit an apparel store on Allen Avenue and stole garments.
Shoplifting

See that lady stuffing garments underneath her dress? Don’t know how she did it, however she figured out how to shroud three garments under there.


There’s a prize for any information prompting the captures of these individuals. Watch the video bellow.


It begins from 1.45mark…


Back in the day Photo of Senate President, David Mark when he was a military officer



Check out  Senate president David Mark as a military officer years ago.

Nigerian lady passes on after meeting married lover she met on Facebook

Adekemi Faboro allegedly passed on after her 1st meeting with a wedded man she met on Facebook, as indicated by a report by PM News.


The teacher with an elementary school in Ogba had met with the wedded man, one Christopher Ezekiel, online at some time back and they began an online relationship, imparting on telephone and through Facebook messages.


The two later consented to meet surprisingly this previous weekend. Ezekiel left his wife and 2 kids in Ibadan and flew out down to Lagos where he stayed in Adekemi’s home at a road off Ajayi Road, Ogba.


Inconvenience began when Adekemi began coughing bountifully amidst the night. Her concerned neighbors who could hear her coughing came to ask what the issue was. Seeing that she was not showing signs of improvement, they surged her to the Ifako General Hospital in Lagos where she passed on.


Ezekiel was promptly captured by policemen attached to the Pen Cinema Police station in Ogba. Her body has since been stored at the funeral home and a post-mortem is required to be conducted on her body to figure out the cause of her death.

Yobe State now Boko Haram free - Defence HQ

As indicated by the Nigerian Defense Spokesperson, Gen Chris Olukolade, Yobe state is presently free from Boko Haram taking after the operations of the Nigerian troops in Goniri today.

Seun Kuti flaunts his Expensive Saxophone

The Afro-beat artist took to instagram to impart the photograph of the musical instrument above and composed  “I rather have a million naira sax than a million naira chain. I am a musical performer not a model!”. S

OPC Political Riffraffs un-leash mayhem in Ikorodu, want Jega removed.

PDP OPC hooligans unleashed fear for the sake of political crusades this evening and created genuine movement out and about.




The hooligans said they need INEC executive Jega uprooted furthermore don’t want card readers for the race. They were escorted by SURE-P police escorts.  Nigerians took to twitter to vent their outrage on the frenzy that happened on Ikorodu road today.

Continue bellow.

Lagos Court restrains AIT from airing defamatory campaign against Tinubu

The High Court of Lagos State directed by Honorable Justice Akinkugbe I.O. conceded an order limiting Daar Communications, holders of AIT from television, transmitting or airing in what manner or capacity ever a narrative titled  “The Lion of Bourdillon” pending the determination of “The Motion on Notice”


The application was moved by Chief Wole Olanipekun, SAN, the lead counsel case against Daar Communications. for Bola Tinubu (The Plaintiff/Applicant] in the defamation  case against Daar Communications.


The court additionally suspended the movement for interlocutory order on the utilization of the defendant/respondent advice to Friday, March 20, 2015 at 1pm. The defendant/respondent, that is, DAAR COMMUNICATIONS[owners of AIT] was spoken to by Chief Mike Ozekhome, SAN.

Photos: Political Thugs destroy APC political banners on Ikorodu Rd, Lagos

This happened this evening along Ikorodu street in Lagos. The hooligans were seen decimating APC Banners.


See another pic bellow.

Nigerian Troops clear B'Haram terrorists from Goniri, Yobe state 

Nigerian troops got out all Boko Haram terrorists  from Goniri in Yobe state at the beginning of today.

Pic of Mrs Aisha Buhari frying Akara(Bean cake) in public.

The Wife of APC Presidential candidate Buhari- Aisha Buhari spotted frying Bean cake/Akara in public somewhere in Nigeria.

Don't attempt to kill Buhari - APC cautions PDP

The National Publicity Secretary of the APC, Mr Lai Mohammed has sounded a cautioning to the PDP not to endeavor to assasinate Gen Buhari or one of its Chieftains, Chief Bola Tinubu as it had purportedly done before.
tinubu_buhari

Lai Mohammed, who made the assertion in a meeting with Punch yesterday, said any endeavor on their lives would prompt results that will be very dear for this nation.


Pedophile Alfa nabbed for sexually assaulting 17 year old in Lagos

The Lagos state police charge have captured a Muslim pastor, Abdullahi Omobolaji prominently known as Alfa over charges of rape on a 17 year old young lady recognized as Idowu at Bakare path in the Agege range of Lagos state.
teenager


As per Punch, the assault on the young lady began in November 2014 after the 40 year old Alfa who hails from Kwara state tricked her to his room which he used for profound meeting and asserted to have seen a dream that she had been set under a condemnation by a man and that the only way she can be recovered was for him (Alfa) to engage in sexual relations with her. Individuals still succumb to this lawlessness? …


Describing what transpired in the middle of herself and the Alfa, Idowu said

We never endorsed Jonathan —Yoruba Elders Council

IBADAN—The Yoruba Council of Elders has said that the appearance of its National President, Brig- Gen.  Adeyinka Adebayo (rtd), at a post-national conference summit in Ibadan, Oyo State, should not be mistaken for an endorsement of the candidacy of President Goodluck Jonathan in the March 28 election.

YCE, also known as Igbimo Agba Yoruba, said this at the end of its National Executive Council meeting in Ibadan.

The summit, which was convened by the Ondo State Governor, Dr. Olusegun Mimiko, was attended by some Yoruba leaders where they endorsed the candidacy of President Jonathan.