Pensions
JPMorgan’s CEO feels threatened by disruption in payment systems: Kevin O’Leary
JPMorgan Chase’s CEO Jamie Dimon feels threatened by how the crypto space is disrupting the payment systems, stated the Shark Tank host and multi-millionaire venture capitalist Kevin O’Leary speaking at a Converge22 panel on Sept 28. O’Leary made his remarks after Dimon declared himself as a “major skeptic” on “crypto tokens, which you call currency, like Bitcoin,” referring to them as “decentralized Ponzi schemes” in his testimony to the United States Congress last week. Still on the panel, O’Leary explained that friction is one of the major problems in the traditional financial system and, plus, it’s how banks profit on transaction fees, adding that stablecoins could lead to a reduction in fees throughout the world. He stated: “...
Delta governor: We inherited N100 billion unpaid pension under compulsory pension scheme
Gov. Ifeanyi Okowa of Delta on Sunday said his administration inherited about N100 billion unpaid pensions under the Contributory Pension Scheme (CPS). Okowa disclosed this at the third session of the 8th Synod of the Church of Nigeria (Anglican Communion), Ughelli Diocese. The session was held at Bishop Agori-Iwe Memorial Church, Ughelli. Okowa said that the financial burden forced 18 state governments out of 26 that enlisted on the scheme to withdraw, leaving only eight state governments, including Delta, in the Programme. The governor explained that the major challenge which forced the states to withdraw and others not to enrol in the scheme, was the huge backlog running into billions of naira. He said that his administration was up-to-date with payment of pensioners in the old scheme. ...
Payroll fraud: Gombe approves N1.49 billion for biometric system installation
The Gombe State Government has approved the sum of N1.499 billion for the supply and installation of biometric attendance system to check payroll fraud in the state’s civil service. Muhammad Magaji, the state’s Commissioner of Finance and Economic Development, stated this, on Wednesday, while addressing newsmen after the 12th State’s Executive Council meeting. Magaji said the initiative tagged “Gombe state Integrated Payroll Payment Gateway and Human Resource Management Information System’’ would help to reduce, if not eliminate, payroll fraud. According to him, when installed, the system would increase transparency in the payment of salaries and pensions, as well as effectively manage the state’s human resource capacities at both state and local government levels. He stated that the initi...
Imo Assembly receives list of commissioner nominees
The Imo House of Assembly on Tuesday received a list of four nominees for ratification of their appointment as commissioners in the state Executive Council. The nomimees are Doris Uzoka, Bartholomew Okorochukwu, Boniface Nwogu and Uche Ohia. The Speaker, Paul Emeziem (APC-Onuimo), during plenary, read the names from a letter sent to the House by Governor Hope Uzodimma. The speaker referred the list of the nominees to a five-man ad-hoc committee, chaired by Obinna Okwara (APC-Nkwerre), for screening. He charged the committee to conclude the screening by Wednesday and report to the House. The House resolved to pass a vote of confidence on the governor for his “monumental achievements” in his one year in office. The motion was moved by Eddy Obinna (APC-Aboh Mbaise) who said the governor has p...
Ogun governor presents N339 billion 2021 budget proposal
Gov. Dapo Abiodun of Ogun, on Wednesday, presented a budget proposal of N339 billion for the 2021 fiscal year to the state House of Assembly, with N177 billion earmarked for capital expenditure. Newsmen report that the budget, christened “Budget of Recovery and Sustainability,” also has N162 billion proposed for recurrent expenditure. The governor said that an estimated N119 billion was projected as internally-generated revenue for the state, with statutory allocation expected to be N59 billion. He stated that capital receipt, which included internal and external loans as well as grants and aids, stood at N142 billion. The governor stated that personnel cost remained the largest single item of expenditure, adding as at Oct. 31, it accounted for 35.5 percent of the total government spending...
Cross River TUC denies bribery allegation
File Photo Officials of the Trade Union Congress, Cross River State chapter, have denied receiving bribe from the state government to back out of the strike called by the Nigeria Labour Congress scheduled to begin on Monday. The state branch of the NLC through its chairman, Benedict Ukpepi, had declared an indefinite strike from Monday over unpaid gratuities, pensions, among other issues after the expiration of an ultimatum issued to the government. But the TUC branch in the state, as well as other affiliate unions, had said they won’t join the industrial action, noting that the timing – being amid the Covid-19 pandemic – was wrong. Speaking at a media briefing on Saturday, the State Secretary of the union, Ken Bassey, said, “Nobody has collected a dime from the government. And the TUC is ...
Imo governor abolishes pensions, gratuities for former governors, speakers, deputies
Governor Hope Uzodinma of Imo State has assented to a bill repealing the law that created pension allowances and gratuities for former governors, deputy governors, assembly speakers and deputy speakers. Signing the bill into law in Owerri on Friday, the governor noted that the erstwhile law runs contrary to the 1999 Constitution as amended, which stipulates that a pensioner must have worked for at least 10 years and must be up to 45 years of age. He regretted a situation where some of the beneficiaries of such payments also get a huge amount of money as salaries and allowances in other positions they occupied, such as serving as senators or members of the House of Representatives. He said: “Apart from the inconsistency of such a law to the provisions of the ground norm, which is the Consti...
Borno governor directs enrolment of 552 retired workers into pension payments
552 Borno ex-workers who retired from 2016 to April 2020 have been enrolled for pension payments following the directive of Governor Babagana Umara Zulum. Borno State Head of Civil Service, Barr. Simon C. Malgwi, stated this at a press briefing on Saturday in Maiduguri. Mr Malgwi stated that Governor Babagana Umara Zulum, having been considerably disturbed by the pension problems in the state, had to personally intervene in order to address the problem and ensure a hitch-free system of pension administration in the state. The Head of Service explained that the 552 pensioners enrolled are inclusive of the 387 complaints received from the Nigerian Union Of Pensioners received on Thursday, 12th March, 2020, during a public hearing that was presided by Governor Zulum in Maiduguri. He noted tha...
