President Jonathan’s address at the World Pension Summit, “Africa Special”, Abuja, July 7

Published:8 Jul, 2014

Remarks by

His Excellency, President GoodluckEbele Jonathan, GCFR

At the

Opening of the World Pension Summit ‘Africa Special’

Monday7thJuly, 2014

PROTOCOLS

  1. Let me warmly welcome you all to this historic first edition, of the World Pension Summit ‘Africa Special’. I am particularly pleased to address this distinguished gathering, on an issue of overriding importance to people and families; governments and nations.

  1. Pension, it is globally recognized, occupies a strategic place in national socio-economic development. It is not only a vital component of social security; it is also a veritable vehicle for nation building.

  1. Indeed, investment in pension has profound impact on the well-being of pensioners, society and the economy at large. As such, it is imperative that stakeholders in this life-shaping industry engage constantly in dialogue to bolster management frameworks and practices in their respective jurisdictions.

  1. It is therefore heart-warming, that this Summit brings together highly accomplished pension practitioners and experts from Africa, and around the world, in discussion of various aspects of this subject, with emphasis on African perspectives and realities.
  2. There is no doubt that the experiences of other countries in pension issues would offer valuable lessons that would assist participants in review and adjustment of their systems and practices, in line with global standards. Indeed, there will be broad lessons that could be drawn from specific history, priorities and dynamics of various pension jurisdictions.
  3. For us, here in Nigeria, this meeting is taking place at a time of pronounced transformation in all facets of our national life. In the pension sector, we have also made considerable progress in defining and implementing reforms, and instituting governance structures based on best global practices.

  1. In 2004, the Pension Reform Act was enacted by the Olusegun Obasanjo’s administration, to address the recurring challenges experienced in the administration of pension and to enhance efficiency in the system. This reform initiative established the Contributory Pension Scheme, for the public and private sectors.

  1. In ten years of sustained policy innovation and meticulous management, these have facilitated confidence and credibility in our pension system and administration. It also strengthened our pension institutions, as we transited from a deficit of about N2 trillion (USD 12.9b) in 2004 to accumulate pension assets of over N4.21 trillion (USD27.2b) by March this year.
  1. Furthermore, as provided by the Act, we have restructured the system of administration of the defunct Defined Benefits Scheme in the public service, by setting-up the Pension Transitional Arrangement Department (PTAD) and appointing its substantive Head, in order to improve the scheme. Our goal is to digitize pension payments and streamline payment procedures to ensure prompt and ease of payment of pension benefits.
  2. 10 Six days ago, I signed into law, the new Pension Reform Act 2014, which repealed the 2004 Pension Reform Act. The new law seeks to consolidate the gains of reform, address the identified implementation challenges and provide the enabling legal environment to facilitate the creation of quality instruments through which pension assets could be best invested for infrastructure and real estate development.
  3. I am confident that these fresh initiatives will assist us to consolidate the remarkable achievements recorded by the National Pension Commission (PenCom) in the implementation of the Contributory Pension Scheme, over the last ten years, for the benefit of contributors, and the entire economy.
  4. It is our expectation that PenCom would put in place the necessary regulatory and supervisory framework to facilitate and accelerate the objectives of the reform. Most especially, ensuring the safety of pension assets and hence, workers’ security in retirement.
  5. I believe that other African countries share similar experiences, and reform zeal, as Nigeria and it is encouraging that a number of African countries have visited Nigeria, to understudy our pension reform and share ideas which we believe can be useful to the entire continent.
  6. As we commit to share experiences and seek growth, let me conclude by emphasizing that the protection of pension assets for the payment of retirement benefits, as and when due, should always be our paramount objective.
  7. I am confident that participants will seize the ample opportunity offered by this inaugural World Pension Summit ‘Africa Special’ to reflect and share experiences on how best to fine-tune African pension systems to globally acceptable standards, while retaining tailored and unique adaptations.
  8. On this note, it is my honour to declare open the inaugural edition of the World Pension Summit ‘Africa Special’. I wish you very fruitful deliberations.
  9. I thank you.
  • Akhator Pius

    Nigeria Pension Reform Bill will not be effective until the FG enact a penalty FG will face if they fail to pay pension on time. Pension payment date should be specified. If government default, they should face sanctions.

  • Akhator Pius

    How many time will FIFA warned Nigeria government not to interfers in the administration of NFF. Nigeria government always want to show who is the boss?

Related Posts

Recent Posts

It’s Zlatan Time!’ – Man Utd Announce Ibrahimovic Arrival

Manchester United have effectively confirmed the signing of Zlatan Ibrahimovic after releasing a short 'it's Zlatan time' video on their official Twitter account. The striker moves to Old Trafford on a free transfer and becomes new manager Jose Mourinho's second signing of the summer, following Eric Bailly to the Premier League club. Ibrahimovic had announced he was joining the Red Devils on Thursday through Instagram and United have now confirmed the move, again through social media, with a short...

Rihanna Seen Entering Drake’s Hotel Room After He Tells Manchester Crowd ‘She’s Breaking His Heart’

Rihanna has once again fueled dating rumours after she was pictured last night entering the hotel room of off and on boyfriend Drake after their performance in Manchester last night as part of her ANTI- World tour. The duo were spotted returning to the same hotel following a visit to the Chiltern Firehouse, a day after he reportedly told a Manchester crowd at Old Trafford stadium: 'Shout out to the most beautiful, talented woman I've ever seen....

Nigeria Withdraws From Basketball Championships

The FIBA Africa Zone 3 U-18 Championship for Boys and Girls scheduled to commence from July 2 to July 9 in Cotonou, Republic of Benin, will be held without Nigeria. FIBA’s Administrative Secretary, Joe Apu, said in a statement on Friday in Lagos that the Nigeria Basketball Federation (NBBF) had withdrawn from the competition. According to the statement, the competition is the qualifiers for the FIBA Africa U-18 Championships scheduled for Kigali, Rwanda in October....

U.S. Lifts Ban On Transgender Military Service

The Pentagon on Friday announced that transgender individuals can now serve openly in U.S. armed forces. U.S. defence chief Ash Carter said this at a press conference in Washington. “Effective immediately, transgender Americans may serve openly, and they can no longer be discharged or otherwise separated from the military just for being transgender. “Americans who want to serve and can meet our standards should be afforded the opportunity to compete to do so,’’ Carter said, adding that the...

Boko Haram: Suspect Arrested At Presidential Villa

A bodyguard, Corporal Hassan Aminu, who was arrested by security agents at the Presidential Villa on Wednesday evening, over suspected links with Boko Haram  is actually a serving soldier,  Nigerian Army sources confirmed to Daily Sun yesterday . But, the sources, however, said the incident happened two months ago. Daily Sun gathered that the soldier, Corporal Hassan Aminu, who is a twin, ran into troubled waters after security agents on “internal security operation” in Kogi State arrested his twin...

Court Grants Former Adamawa Governor, Fintiri, N500 Million Bail

Former Gov. Ahmadu Fintiri of Adamawa State has been granted bail by an Abuja court. Mr. Fintiri was remanded on Thursday, following his arraignment by the Economic and Financial Crimes Commission (EFCC) on a five-count charge of money laundering. The EFCC accuses him of defrauding the Adamawa government to the tune of N970 million and 4.8 million dollars when he was the governor of the state for three months. Mr. Fintiri pleaded not guilty...

New Video: D’banj – If No Be God (Superstar)

DB Records presents the official music video for “If No Be God (Superstar)” by the Banger Lee – D’banj, visuals directed by Matt Max.   https://youtu.be/M_ZW7FCfes8

Lagos To Jail Street Hawkers From July- Ambode

The Lagos State Government on Friday said that from July 1, 2016, it would commence a total enforcement against street trading and street hawkers, saying that the law banning their activities across the metropolis would take its full course. Speaking at a live interview session on Television Continental, the State Governor, Mr. Akinwunmi Ambode said that the renewed enforcement is in line with Section One of the Lagos State Street Trading and Illegal Market Prohibition Law...

Organizer Of Ankara Suicide Attack Killed

An organiser of a deadly suicide attack in Ankara in February that left at least 28 people dead has been killed in counter-terror operations in Kurdish-majority southeast Turkey, a Turkish official said on Friday. “Mehmet Sirin Kaya, a mastermind of the February 17 suicide attack against military personnel in Ankara has been killed in counter-terrorism operations in Lice, Diyarbakir,” the official told journalists, speaking on condition of anonymity. The Kurdistan Freedom Falcons (TAK) — a...

Sheriff’s Removal: Abuja High Court Never Gave An Order

Facts have emerged that the Abuja Federal High Court presided over by Justice Valentine Ashi last Wednesday never gave an order for the removal of the National Chairman of the People’s Democratic Party (PDP), Alhaji Ali Modu Sheriff as it only nullified the 2014 PDP Constitution Amendment. Besides, the National PDP Chairman was not joined in that suit which according to a top member of the PDP, Dr. Christopher C. Ousala who spoke with journalists in...

Oil Price Drops As Nigeria’s Output Rises

Oil prices dropped more than three per cent yesterday due to return of Nigerian and Canadian crude output from outages and as traders booked profits at the end of the best quarter in seven years. According to Reuters, the market soared more than 25 per cent in the second quarter, as part of an 85 per cent rebound since hitting 12-year lows early this year, as unplanned production cuts from Canada to Nigeria eased the glut...

Buhari Meets Service Chiefs, N/Delta Group

President Muhammadu Buhari yesterday met with the service chiefs and heads of security agencies to review military operations in the Niger Delta region. He also at a meeting with a delegation of the Niger Delta Dialogue and Contact Group led by King Alfred Diette-Spiff, the Amanyanabo of Twon Brass in Bayelsa State, said he wanted as much intelligence report as possible on the crisis in the Niger Delta. The meeting with security chiefs which was...

Money Laundering: Court Remands Ex-Adamawa Gov, Fintiri, In Kuje Prison

 Federal High Court in Abuja, yesterday, ordered that former Adamawa State Governor, Mr Ahmadu Umaru (a.k.a Umaru Fintiri) be remanded in prison custody pending the determination of his bail application. Fintiri was docked  by the Economic and Financial Crimes Commission (EFCC) on a five-count charge bordering on money laundering. Specifically, he was alleged to have defrauded the state government to the tune of N970 million and another $4, 830 dollars while he held sway as the chief executive of...

Confusion In Abia As Ikpeazu, Ogah Lay Claim To Governorship Seat

Abia State descended into confusion on Thursday following the insistence of Sampson Ogah that he should be sworn in as governor of the state to replace the incumbent, Okezie Ikpeazu, who was sacked by the Federal High Court on Monday. Mr. Ogah had left Abuja for Umuahia Thursday after he was issued a Certificate of Return by the Independent National Electoral Commission for his swearing in, expected to be performed by the Chief Judge of the...

Tribunal Upholds David Mark’s Election

The National Assembly Elections Petition Tribunal, sitting in Makurdi, yesterday dismissed the petition by the All Progressives Congress, APC, candidate in the Benue South senatorial election, Daniel Onjeh challenging the victory of Senator David Mark, on the grounds that it was filed out of time. Onjeh had challenged the victory of Senator Mark in the February 20, 2016 rerun election citing electoral malpractices and irregularities in the conduct of the poll. However, Senator Mark, through...

FG Declares Tuesday, Wednesday As Public Holiday

The Federal Government has declared July 5 and 6, 2016, as public holiday to mark the Eid-el-Fitri celebrations. The Minister of Interior, Lt. Gen. Abdulrahman Dambazau (retd.), who made the declaration on behalf of the Federal Government, on Thursday in Abuja, urged all Muslim faithful and Nigerians in general “to extend the spiritual benefits of Ramadan, which are love, peace and justice to their daily living and through these, contribute to the development of the nation.”

Apple Considering Tidal Music Purchase

Apple is exploring the purchase of rival music streaming service Tidal, which is run by rap star Jay-Z, the Wall Street Journal reported Thursday. The paper said Apple is interested in using the company to beef-up its own year-old steaming service Apple Music. Talks between the companies are ongoing and might not result in a tie-up, the Journal said, citing unnamed people familiar with the matter. Executives at Tidal have not spoken with Apple...

Nigerian Stock Market Gains 3.3% In First Six Months

The Nigerian stock market closed the first half of the year with a growth of 3.3 per cent compared with a decline of 3.2 per cent in the corresponding period of 2015. Although the market ended on a bearish noted yesterday, in all, it recorded a growth at the end of first six months of the year. The Nigerian Stock Exchange (NSE) All-Share Index (ASI) closed at 29,597.79 on the last day of June, up from 28,642.25...

Reuben Abati: The Stolen Pot of Soup

“I am depressed, my brother.” “You are always depressed. I am actually used to that. I can’t remember when last you were not choleric, depressed, obsessed, uptight, down-spirited, what’s that your word again, yes, anxious. You better watch it, buddie-bae-bff-bros, stop carrying the world on your back, man. There was Atlas before you. There was Sisyphus. But the world has never stopped moving on.” “I read this story” “What story?” “Pathetic story about how right...

Buhari Mourns Maduekwe, Niki Tobi, Elechi Amadi

President Muhammadu Buhari has commiserated with the families, government and people of Abia, Delta and Rivers States on the passing away of Ojo Maduekwe, a former Minister of Foreign Affairs, Justice Nikki Tobi, retired Supreme Court judge and Elechi Amadi, a literary icon. A statement signed by presidential spokesperson, Garba Shehu, said Mr. Buhari received the news of Mr. Maduekwe’s passing with “profound sadness”. “In all his years of service to Nigeria as a diplomat,...

Alleged N22b Fraud: Amosu ‘Returns N2.6b To Fed Govt’

The Federal High Court in Lagos yesterday heard that a former Chief of Air Staff, Air Marshal Adesola Amosu (rtd), charged with laundering N21billion, has returned N2.6billion to the Federal Government. His lawyer Chief Bolaji Ayorinde (SAN), while arguing Amosu’s bail application after he was arraigned before Justice Mohammed Idris, said his client had returned “collossal sums”. Amosu returned N2.6billion to the Federal Government, reporters learnt. The Economic and Financial Crimes Commission (EFCC) arraigned him...