Stanbic IBTC Pension’s assets hit N1tr

Stanbic IBTC Pension Managers Limited, a Pension Fund Administrator (PFA), has recorded over N1trillion worth of assets in 10 years, the Chief Executive of the company, Eric Fajemisin has said.

In a statement in Lagos, he said the company has emerged as Nigeria’s leading PFA with over one million retirement savings account holders under management.

He said the company is paying more than N2.1 billion to over 38,000 retirees monthly, adding that over N204 billion has been paid to retirees since they began operations in 2005.

He noted that their aim is to continue to set higher standards of service delivery and ensure that “our retirement savings account holders derive maximum value from their contributions,” Fajemisin said.

He said in line with its commitment to enriching customer experience, the company would continue to broaden and enhance its service channels for efficient service delivery. He said: “This is in fulfillment of its promise to provide quality and stress-free pension fund administration and financial management services to our clients and Nigerians wherever they may be. The cardinal value propositions of the PFA are participation, accessibility, quality, convenience and efficiency.

"The company can be reached via a number of service channels, including its over 217 branch offices spread across the country, its 24-hour multilingual contact centre, SMS, Stanbic IBTC ATMs, email, its mobile office, mobile app, and the Pension Guru online, Fajemisin said, adding that the PFA is committed to ensuring that clients are able to experience excellent and convenient service in any of its touch points.

“Our promise is to avail as many Nigerians as possible the opportunity to have quality pension fund administration and financial services, which will enable a life of comfort in retirement. To achieve this, we have continued to broaden our service channels so that we can reach as many Nigerians as possible and encourage participation in the Contributory Pension Scheme.”

He said that Stanbic IBTC Pension Managers will constantly explore additional avenues where Nigerians can conveniently access its services to meet their pension and retirement needs, adding that the company is backed by the necessary experience, strong and sound financial clout of the Standard Bank Group, to ensure efficiency in the management and safety of clients’ investments.

Stanbic IBTC Pension Managers is a subsidiary of Stanbic IBTC Holdings, a member of Standard Bank Group, a full service financial services group with a focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African bank by assets and earnings and is rooted in Africa with strategic representation in 20 countries of the continent, including South Africa. Standard Bank has been in operation for over 153 years and is focused on building first-class, on-the-ground financial services organisations in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, globally.

Source: The Nation

2016 Budget: Buhari earmarks N500bn to alleviate poverty

President Muhammadu Buhari of Nigeria

The need to pay attention to the common man and spend the resources of this country on the poor people explains why the Buhari presidency has proposed a N500bn estimate in the 2016 budget, even as more details on the 6 social protection plans were released.

In a news release issued Sunday the senior special assistant, media and publicity in the office of the Vice President, Laolu Akande disclosed that at no time in the nation’s budgetary history has the federal government made a specific vote of such volume for social welfare.

“Even economic historians now say that not only is the half a trillion Naira vote unprecedented, but it is also the greatest service ever done to the Nigerian state and people by any federal government administration,” Akande said.

Continuing he noted that the six social safety plans would reduce high levels of poverty and vulnerabilities, while also increasing Nigeria’s Human Development Index on the global UN rankings.

“The President’s vision is to increase investments in human capital to guarantee security for all, employment and improved well-being of the people,” the Vice President’s media aide added.

He disclosed that the presidency is aware that past attempts to address poverty have suffered because of insufficient political will, presence of various uncoordinated initiatives and poorly targeted beneficiaries among other factors, and is working to avoid the pitfalls.

The Senior Special Assistant said for the Conditional Cash Transfer, CCT, where one million extremely poor Nigeria will receive N5000 monthly in 2016, the money would be paid directly to the beneficiaries through a payment system that is being worked out.

He said World Bank and the Bill Gates Foundation are collaborating with the presidency to develop an efficient payment system. All together about N60B has been estimated to be paid out to extremely poor Nigerians. And the implementation of the programme starts once the budget is passed.

In fact, Akande disclosed, that there would also be direct payment in the Homegrown School Feeding Programme.

“In the case of the CCT, those one million poor Nigerians would be paid directly, while in the case of the Homegrown School Feeding, the suppliers of the meals to the primary school pupils would also be paid directly by the federal government. There would be no middle agents involved official or private,” according to Akande.

The media aide observed that the recipients of the CCT would meet the conditions of their children participating in immunization and school enrollment but also boost the economy as the money would boost consumer spending in the economy.

He stated that regarding the Homegrown School Feeding programme, the federal government will start a pilot scheme in selected states once the budget is passed. An estimate of over N96B being proposed to be spent on the Homegrown School Feeding this year.

The one-meal-a-day programme is also being supported by the Imperial College in the UK through one of its agencies Partnership for Child Development, PCD.

According to Akande, the Homegrown School Feeding will not only feed the children and help their learning significantly, but it would also boost the local economy of the states and the local communities.

The Buhari presidency has four other social investment plans, including the 500,000 direct jobs, where unemployed graduates would be trained and hired to become volunteer teachers in their communities while looking for jobs in their chosen profession.

There is also a Youth Employment plan that would take 370,000 non-graduates youths through skills acquisition and vocational training programmes. Like the teaching jobs, the selection of beneficiaries for this scheme would be done on states and FCT basis, opened to all Nigerians of different shades.

For small scale traders, artisans and market women, there is the Micro Credit scheme where one million Nigerians would get a one-time soft loan of N60,000 each through the Bank of Industry.

And finally there is the Free Education plan for students of Science, Technology, Engineering & Mathematics, STEM where government will pay tuition for 100,000 students.

Source: PM News

Lawyer Ricky Tarfa (SAN) Arrested By EFCC For Obstruction

Nigerian lawyer, Ricky Tarfa SAN, who earlier today prevented the Economic and Financial Crimes Commission (EFCC) from arresting a businessman from the Benin Republic, Granhoue Sourou Nazaire has been detained by the agency and is now cooling his feet behind bars.

EFCC agents at the court premises in Lagos had laid an ambush for Nazaire with the plan to arresting him for fraud, but Mr. Tarfa shielded and tried to get a judge to issue an order to bar the EFCC from picking him up.

Read more: http://saharareporters.com/2016/02/05/lawyer-ricky-tarfa-arrested-efcc-obstruction

OBASANJO PROSTRATES FOR OONI

Former President Olusegun Obasanjo paying homage to the Ooni of Ife, Oba Enitan Ogunwusi at his palace in Ile-Ife, Osun State...yesterday

•Says: ‘He’s my father, father of Yoruba’

Former President, Olusegun Obasanjo yesterday prostrated for the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, the Ojaja II, when he paid homage to him in his palace.

He described Oba Ogunwusi as his father and father of the Yoruba people, saying he was pleased that Ife people did not pick a wrong person to occupy the throne.

Obasanjo won the admiration of those present when, in his agbada, he prostrated for the Ooni.

He prostrated twice: when he arrived the palace and when he was leaving.

He said it was an honour for the Ooni to pay a visit to anybody, advising those Oba Ogunwusi had visited to reciprocate the gesture by supporting him in his effort to bring unity to Yoruba race.

He said those singing ‘Owu Lakokoda’ should stop and not sing it again, especially at the Ooni’s palace, because Ife is the cradle  of humanity.

The former president, who expressed support for the unity move by the Ooni of Ife, explained that the move by the Ooni was important for the progress of Yorubaland.

The former president urged the Ooni not to relent in ensuring unity among the Yoruba, adding that Ife remained the source of Yorubaland.

He said: “I commend the role of Ooni in ensuring peace in Yorubaland. Continue what you are doing, especially your unity course. I am happy with the move taken so far.

“It is only a sign of honour for the Ooni to visit anyone. That does not stop Ile-Ife from its position in the history of Yorubaland.”

Obasanjo, who prayed for the progress of Ife and Yorubaland, apologised for not being present at the Ooni’s coronation.

Responding, the Ooni expressed appreciation of the former president’s visit.

The Ooni described Obasanjo as a prominent leader in Africa, saying: “He loves Yoruba culture and had been promoting it.”

The Ooni had been visited by many Yoruba monarchs, including the Alafin of Oyo, Oba Lamidi Adeyemi, the Awujale of Ijebu-Ode, Oba Sikiru Adetona, to encourage unity in Yorubaland.

Dignitaries present during Obasajo’s visit included Dr Femi Okunnu, Femi Majekodunmi, Chief Oyewole Faseye, Chief Abiola Ogundokun, Ayo Balogun, and a host of others.

Source: The Nation

NIMASA DG, Other Accused Used My Company To Siphon Funds—Witness Testifies

Emeka Emelano, a director of 02 Services Plus Limited, today in Lagos told a Federal High Court that his company was used as a conduit pipe to fraudulently obtain about N72 million from Nigerian Maritime Administration and Safety Agency (NIMASA).

Mr. Emelano made the disclosure while being led in evidence by Rotimi Oyedepo, a prosecutor with the Economic and Financial Crimes Commission (EFCC), at the resumed trial of Patrick Akpobolokemi, NIMASA’s immediate past Director General. The EFCC has accused Mr. Akpobolokemi and six other suspects of diverting and stealing N2.6 billion from the agency. The other accused persons are Captain Ezekiel Agaba, Ekene Nwakuche, Governor Juan, and three companies, namely Blockz and Stonz Ltd, Kenzo Logistics Ltd and Al-Kenzo Logistic Ltd.

The accused, who have all pleaded not guilty, are being tried at a Federal High Court in Lagos presided over by Justice Ibrahim Buba.

Mr. Emelano, who is the prosecution’s fifth witness, told the court that his company specializes in agro-related services. He stated that, sometime in 2015, his younger brother, Uche Emelano, sought to use his company to elicit a contract from NIMASA, disclosing that the contract was to be arranged by the third accused (Mr. Nwakuche). The witness told the court that his brother then instructed him to transfer any money paid to his company's account as would be instructed once he received bank alerts.
    

He testified that, as soon as he began to receive bank alerts, he informed his brother, who in turn informed the third accused. According to him, on June 18, 2015 he received an alert for N14.2 million and a further alert of N21 million. On March 15, 2015 he received an alert for N21 million and on May 4, 2015 he received an alert for N16 million. He told the court that he was thereafter instructed to transfer the monies to bank accounts with beneficiaries named as Blocks and Stonz Ltd and Governor Juan.

He stated that his company did not execute any contract for NIMASA to have necessitated payment of the various funds. He also added that he was also unaware of the nature of the contract for which his brother utilized his company's account to obtain money from NIMASA.

Mr. Emelano emphasized, “I did not benefit anything from these monies paid. I only requested that the sum of N300, 000 be left in the account to offset bank transfer charges.”
    

Under cross-examination by Lanre Olayinka, counsel to the third accused, Mr. Emelano stressed that he did not enjoy any financial benefit from the sums paid into his company’s account. At that juncture, Mr. Olayinka tendered a statement of account before the witness, and drew his attention to a cheque issued in his name for the sum of N100, 000. The lawyer challenged the witness’s account: “Mr. Emelano, you claimed you did not benefit from the monies paid into your account, but from the document before you, on March 6, 2015 you issued a cheque in your name for the sum of N100, 000. If the money left in your account is for bank charges as you claim, how come you issued a cheque for the amount in your name? What was the purpose of the money?”

Responding, the witness testified that the cheque was for “transport.”

Justice Buba has adjourned the case to February 16, 2016 for continuation of cross-examination of the witness. 

The EFCC’s 22-count indictment alleges that, between December 23, 2013 and May 28, 2015, the accused persons conspired to convert to their use a total of N2.6 billion of funds belonging to NIMASA. The alleged crimes violated the provisions of sections 15 (1), 15 (3), and 18 (a) of the Money Laundering Prohibition Act, 2012, the prosecution has charged. 

Source: Sahara Reporters

More Than $14 Million In Unpaid Oil Royalty From Jide Omokore’s Firm

The Nigerian government has succeeded in compelling the Chairman of Atlantic Energy Drilling Concepts Nigeria Limited, Jide Omokore to cough out over $14m, being crude oil royalty which his company failed to remit to the federal treasury, administration insiders have told PREMIUM TIMES.

High ranking federal officials familiar with the development told this newspaper that the funds were supposed to have been paid between 2011 and 2012 by Atlantic Energy which was, in controversial circumstances, awarded oil assets by the Goodluck Jonathan government shortly after it was incorporated in 2010.

Our sources said the money was finally paid into the Federal Government’s account with JP Morgan Chase on January 29, after the Economic and Financial Crimes Commission waded into the matter of recovering taxes due to the Federal Government.

“The investigation of tax defaulters in the dollar-soaked oil industry is continuing,” a source at the EFCC said Wednesday. “Those who failed to willingly pay up stand the risk of arrest and prosecution for tax fraud.”

Operatives of the EFCC had on January 27 questioned Mr. Omokore, an ally of former President Jonathan in connection with a series of multi-billion dollar crude export deals.

Mr. Omokore could not be reached for comments Wednesday. But his company recently issued a statement saying it was getting back on course after submitting its plan to settle outstanding financial commitments to the Nigerian authorities.

Incorporated as Atlantic Drilling Energy Concept Limited on July 19, 2010, it signed a Strategic Alliance Agreement with the Nigerian Petroleum Development Company (NPDC) shortly afterwards. The NPDC is the upstream production subsidiary of the Nigerian National Petroleum Corporation.

Under the agreement, Atlantic took charge of four oil blocks- OML 26 FHN, OML 30 Shoreline, OML 34 Niger-Delta Oil and OML 42 Neconde. It was to provide funds, technical services, drill and sell crude oil.

The company was later accused of lifting crude oil, but remitting only a fraction of its worth to government.

In 2012, according to NNPC insiders, Atlantic Energy paid $168m into the government’s account, but lifted about three million barrels – valued at over $350 million.

In 2013, it also lifted about two million barrels of crude valued at about $240million, but paid only $68million.

Similarly, in 2014, Atlantic Energy paid zero cash-call, but lifted about 500,000 barrels of crude oil, valued at $54 million.

The EFCC recently raided the business premises of Mr. Omokore, making away with documents and computers.

A source also said Mr. Omokore was later instructed by the presidency to reconcile his accounts with NPDC, and immediately pay up the several billions he is owing the Nigerian government for allegedly lifting crude without remitting the proceeds.

Source: Sahara Reporters / Premium Times

EFCC probes Ikimi on alleged link with ONSA

Former Minister of Foreign Affairs, Chief Tom Ikimi has joined the rank of those brought under investigation by the Economic and Financial Crimes Commission (EFCC) in connection with some financial activities in  the Office of the National Security Adviser (ONSA).

The amount involved was  unknown at  at press time.

Besides Ikimi, the EFCC is already screening the records of some Bureau De Change (BDC) operators to identify how some of the suspects laundered their loot from arms deals.

Also, the commission arrested a Senior Advocate of Nigeria (SAN) for allegedly obstructing operatives from picking up a Beninoise.

The EFCC, it was gathered, stumbled on fresh records of transactions in ONSA which showed that the top PDP member might have been a beneficiary of the slush funds from ONSA.

A top source in EFCC said: “We have been interacting with Ikimi in the last few days on some financial activities in ONSA. At least, he has appeared twice before our team.

“So far, he has been on and off but we are not yet done with him. We have some outstanding issues to clear from him.”

Asked to be specific, the source added: “We won’t release the details now until we have reached an appreciable stage in our investigation.”

As at press time however, EFCC was screening the records of some BDC operators because some suspects implicated in the $2.1billion arms deals allegedly used the BDCs to launder funds.

Another source added: “We are already screening the transaction records of some BDCs in order to track down how some $2.1billion arms suspects launder their loot.

“Investigations have revealed how these high-profile suspects hauled foreign currencies to BDCs in exchange for Naira.

“The screening of the list will assist us in fishing out these suspects.”

At a meeting with BDC operators in January, the EFCC Chairman, Mr Ibrahim Magu said: “My operatives often tell me what they see during investigations. We need to talk to you, as some of your operators are fond of carrying huge amounts of money out of the country, since they can no longer withdraw more than $300 using the ATM.

‘‘There are fraudulent involvements of Bureau De Change operators in the arms deal scandal.

”There are reports of some of your members withdrawing as much as N500million in two, three, four tranches in this arms deal scam. So, I am greatly disturbed. I think there should be a documentation regarding your activities, as this will enable your group to checkmate anyone who is involved in any fraudulent activity.”

Meanwhile, the EFCC yesterday arrested the senior lawyer in Lagos for allegedly obstructing operatives from picking up a Beninoise suspect.

The lawyer was  in custody at the time of filing this report.

The EFCC source said: “We have a Beninoise suspect whom our operatives wanted to arrest in Lagos but they were obstructed from performing their official duties by the Senior Advocate of Nigeria (SAN).

“Based on the obstruction, the SAN has been arrested accordingly. He is currently undergoing interrogation in EFCC custody.”

The Head of Media and Publicity of the EFCC, Mr. Wilson Uwujaren confirmed the arrest.

He said: “The SAN is interacting with  our team.”

Source: The Nation