The purpose of these guidelines is to provide the basic procedures for the operations of Pension Fund Administrators (PFAs) pursuant to the Pension Reform Act 2004. Read more
This Guideline sets out the structure of the Pension Departments, functions of the Departments, the types of books and records the Departments must maintain, the minimum measures to be considered in the application of Next-of-Kin, minimum ICT requirements, type of returns to be rendered by the Departments, the verification exercise… Read more
To further entrench the efforts of the Commission in this regards, the Whistle Blowing Guidelines provide lucid guidance for reporting breaches in PFAs, PFCs and CPFAs and benchmark examples on reporting. The Guidelines also restrict reporting to significant matters. Read more
The Code of Ethics and Business Practices has been developed to outline ethical standards that would be operational within the pension industry. Read more
The present practice whereby pension funds are audited independently at different periods with the PFAs and PFCs, has led to incomplete and incomprehensive audit reports of the funds. This practice impinges on balanced regulatory judgment and is of concern to the Commission.
The foregoing have made it imperative for the Commission… Read more
The Commission has observed that some operators change their clients dates of birth and dates of first appointment on their databases without recourse to the Commission. Consequently, all licensed Operators are henceforth required to seek for Commission's approval and await such before effecting changes on their databases. Read more
By this Circular, all licensed Operators are henceforth required to inform the Commission when changing their operating software. Any Operator infringing this requirement will from now on be penalised appropriately.Read more
The report of the Senate Committee on Public Accounts on the status of compliance of parastatals on submission of audited accounts to the OAUGF obtained yesterday has revealed that no fewer than 315 Federal agencies including the Nigerian Ports Authority (NPA), Nigeria Deposit Insurance Corporation (NDIC) have failed… Read more
According to the National Bureau of Statistics's Internally Generated Revenue (IGR) report released by the NBS on Wednesday, Lagos State recorded the highest Internally Generated Revenue figure of N150.59 billion in first half 2016, followed by Ogun State with N28.15 billion.
Nasarawa State, however, generated the lowest revenue… Read more
The National Pension Commission (PenCom) have revealed that pension funds grew from N4.6tn recorded at the end of 2014 to N6.02tn as at November 2016. According to the Body, Nigeria had accumulated a pension asset of N5.3 trillion as at the end of 2015, which is N700 billion less… Read more
To stop the high incidence of unremitted operating surpluses that stood at N450bn as of last year, the Federal Government has barred its Ministries, Departments and Agencies from spending Internally Generated Revenues that are not appropriated in their annual budgets.
Also, declaring deficits will no longer provide an… Read more
The Lawyer cum Pastor, Tunde Bakere, who is the General Overseer of the Latter Rain Ministres has opined that the pastors against the Financial Reporting Council of Nigeria's (FRCN) Code of Corporate Governance are thieves.
He said, "I can testify that the law was explained to kingpins in… Read more
The market indices of the Nigerian Stock Exchange (NSE) on Monday appreciated by marginal growth of 0.03 per cent due to cautious trading. This is coming just as investors await the outcome of the 2017 maiden edition of the Monetary Policy Committee (MPC) meeting.
The News Agency of… Read more