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Reps Probe AIICO, Fidelity For Mismanaging Pension Funds

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Reps Empower Judges To Conduct Virtual Court Proceedings

For allegedly mismanaging pension funds, AIICO Pension Managers and Fidelity Pension have come under scrutiny at the House of Representatives.
At the hearing today, The chairman of the House Committee on Pension Hon. Kabir Alhassan Rurum (APC, Kano) condemned the attitude of the two companies for not honouring the House invitation.

He said the House would not accept any presentation from representatives of the PFAs especially when there was no written communication to the House mandating them to do so.

Speaking to newsmen after the brief session, the chairman said: “The committee has the constitutional rights and mandate to invite anybody in the pension industry to come and explain issues of public importance. And we didn’t summon them; we only invited them to come because the Pension Reform Act of 2014 has given us the right to do so.

“Moreover, there are a lot of complaints and counter-complaints against AIICO and Fidelity Pension. Based on that, they were invited. But unfortunately, the managing directorship or chief rxecutive officers of the two important agencies refused to come. Based on that, the committee decided that they appear in person.”

READ ALSO: Criminals Ask For Drugs As Ransoms – Marwa

The Regional Manager of AIICO Pension, Temitope Ajegboje, told the lawmakers that they got the invitation on Friday, but that the managing firector could not honour the invitation because of medical emergency.

A member of the committee, Hon. Chudi Momah said even if the MD wasn’t going to be present, it shouldn’t have been the regional manager that should represent him, more so that there was no written authorisation empowering him to answer critical questions from the committee.

Momah therefore moved that the MDs and CEOs must make themselves available to the committee or face the consequences therefrom.

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Debt Profile Under Buhari Worrisome – CBN

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Buhari Admits Buying N1.4b Vehicles For Niger Republic

Nigeria’s increasing debt profile under President Muhammadu Buhari is a source of worry to the Central Bank of Nigeria ( CBN) .

This was disclosed in a communique by the CBN’s monetary policy committee  released on Wednesday.

“The committee noted the Federal Government’s increasing debt profile and expressed concerns over debt sustainability given that global uncertainties remain elevated”, the apex said.

The financial regulator urged the federal government to take on urgent measures to cope with debt burden.

READ ALSO: ASUU Strike May End Soon As Buhari Gives Education Minister Adamu Deadline

“The MPC thus reiterated its call to the Federal Government to urgently diversify its revenue sources through various initiatives, such as, the development of a viable tax framework for the extractive and mineral export industries, to strengthen its fiscal buffers.”

As at March 2022, Nigeria’s total public debt hit N41.60 trillion, according to the Debt Management Office.

The Buhari regime has often rebuffed concern about its acute borrowings, justifying that the funds are invested in capital projects with lasting impact.

 

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BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

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BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

As a measure to tame rising inflation, the policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 13 percent to 14 percent.

The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

READ ALSO: CBN Raises Benchmark Interest Rate To 13%

Addressing journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said the hike in interest rate would help tame rising inflation.

 

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Nigeria’s Inflation Rises Over 18 Per Cent

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Nigeria's Inflation Rises Over 18 Per Cent

The National Bureau of Statistics (NBC) has said that Nigeria’s inflation rate in the month of June 2022 increased to 18.60 percent on a year-on-year basis.

The recorded increase in June is 0.84 percent points higher compared to the rate recorded in June 2021, which is 17.75 percent.

This means that the headline inflation rate increased in the month of June 2022 when compared to the same month in the previous year (June 2021).

Increases were recorded in all COICOP divisions that yielded the Headline index.

READ ALSO: Ghana Workers Get 15 Per Cent Pay Rise To Cushion Inflation

On a month-on-month basis, the headline inflation rate increased to 1.82 percent in June 2022, this is 0.03 percent higher than the rate recorded in May 2022 (1.78 percent).

The percentage change in the average composite CPI for the twelve months period ending June 2022 over the average of the CPI for the previous twelve months period is 16.54 percent, showing a 0.62 percent increase compared to 15.93 percent recorded in June 2021.

 

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