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

End of Boko Haram in sight, Buhari assures international community

President Muhammadu Buhari on Tuesday in Dakar, Senegal, assured the international community that the end of Boko Haram terrorists was in sight. The President gave the assurance at the meeting of a panel of heads of states at the 3rd Dakar International Forum on Peace and Security in Africa. In a statement issued by his Senior Special Assistant on Media and Publicity, Garba Shehu, on Tuesday in Abuja, the President also assured the international community that the security situation in Nigeria had...

FLASH: FG sends bill seeking establishment of special anti-corruption courts to NASS

The Federal Government have sent to the National Assembly, a bill seeking the establishment of a special anti-corruption court to try serious crimes, including corruption cases.   The Special Crimes Bill 2016 was drafted by the Prof. Itse Sagay-led Presidential Advisory Committee Against Corruption.   The proposed court will exclusively handle corruption cases and other cases including narcotic, human trafficking, kidnapping, cybercrime, money laundering and other related offences.   Details of this bill and more will be passed on as it unfolds...

Super Falcons’ defender undergoes surgery.

Super Falcons defender, Onome Ebi, has undergone a successful surgery on her broken arm suffered during the just concluded Africa Women’s Cup of Nations in Cameroon.   The surgery was conducted on Tuesday at the National Hospital in Abuja.   Ebi, who is one of the veterans in the Super Falcons team that won a record eight African title last weekend, gave glory to God for the successful operation carried out on her.

Lawyers disagree with Kaduna govt. labelling Shiite IMN “insurgent group”

Nigerian lawyers have expressed divergent views on the legality of the action by the Kaduna State government designating the Shiite group, IMN, an “insurgent group.” While one of the lawyers who spoke in interviews with PREMIUM TIMES said the declaration was constitutional, others said it was not. The Kaduna State government in a White Paper released on Monday said “for all intent and purpose, the IMN is an insurgent group and ought to be treated as such.” The government also vowed to...

After UN report, 12 Osun communities renounce female circumcision

Efforts at eradicating the female genital mutilation, FGM, in Osun received a boost on Tuesday as 12 communities across four local governments declared their intentions to completely stop the practice. The declaration was made at the Female Mutilation Abandonment Declaration Ceremony organised by the Shericare Foundation, SCARF, an initiative of the wife of the governor, Sherifat Aregbesola. The communities that declared against FMG include Eko Ende, Eko Ajala, Iba, Asa, Iwo Oke, Ajagunlase, Alapata, Owode, Araromi in Ifelodun, Olaoluwa, Ede North and Orolu...

FUNERALS: Throwing a Lavish Party for the Dead, By Okey Ndibe

Regardless of the festering economic crisis in the country, regardless of the hordes of unemployed youngsters in the country, regardless of the thinning hope and burgeoning despair in the land—some people have figured that the most sensible thing to do is stage contests for the most gaudy, expensive and spectacular funeral. I have said this before: one of the hardest tasks is to predict how Nigerians would react in any given situation. We are a perplexing bunch, able to defy...

Husband chops off his own penis after his wife wouldn’t have sex with him.

A sexually frustrated husband, who claims his wife had not slept with him in a decade, has taken matters into his own hands in a bizarre manner. Ghasi Ram, 37, from India, cut off his own penis after losing his cool. He had come home drunk and started pestering his wife Manjhri Devi, 34, for sex.

There Are No Indigenes In Kaduna- El Rufai

The Governor of Kaduna State, Mallam Nasir el-Rufai has retweeted a tweet that quoted him as saying Kaduna state does not have indigenes. The post which was made by Bello El-Rufai which he attributed to the Governor reads: "We have no indigenes or settlers in Kaduna. Anyone that adds to our development is a citizen.  "Indigenes" don't like it." https://twitter.com/B_ELRUFAI/status/806156246898319360?ref_src=twsrc%5Etfw Credit: dailytrust

FG Secures EU’s Commitment on Rebuilding of North East, Niger Delta

The European Union (EU) on Monday pledged its support for the ongoing efforts of the Federal Government to rebuild some parts of the North East and Niger Delta regions by earmarking 20 million Euros for the reconstruction of markets and warehouses in Borno and Delta States. The EU Ambassador to Nigeria, Mr. Michael Arrion, who gave the pledge during a visit to the Minister of Finance, Mrs. Kemi Adeosun in her office, said the funds would...

Two Arraigned Over False Information To Police

Two accused persons, Patrick  Onomhante -54, and Dickson Ugoche – 52, have been arraigned before a Lagos State Magistrate Court sitting in Ikeja for allegedly giving false information to the police. They appeared before  Magistrate B. O.Osunsanmi  on a three-count charge of  conspiracy, false accusation,  false statement to a public officer and given false information to the police . The accused were docked for allegedly making false accusation against, Paul Njoku, who was charged with...

Senate Grills NCC, Telecom Operator Over Data Price Hike

The Nigeria Communications Commission (NCC) Tuesday said that it intervened with an interim price floor for data services to avert a looming price war in the telecommunications sector. The explanation of the NCC is coming even as the Minister of Communications, Mr. Adebayo Shittu, asked Nigerians to face reality. The regulatory commission said that it feared that the price war could eventually lead to a monopoly in the telecom industry that would force small operators...

Aisha Buhari, Magu To Kick-off Women Against Corruption Campaign

The Economic and Financial Crimes Commission, EFCC, will tomorrow,  flag off the Nigerian Women Against Corruption, WAC, project, at the International Conference Center, Abuja with the aim of engaging women across the country in a nationwide sustainable fight against corruption. According to the acting chairman of the EFCC, Ibrahim Magu, the epoch-making event, which is in collaboration with the office of the wife of the President would be flagged...

Mugabe Appeals For Calm Amid Economic Crisis

Zimbabwe President Robert Mugabe has appealed for calm as his government battles to contain a debilitating economic crisis. The 92-year-old president appeared frail but jovial, struggling with his lines a bit as he delivered a 30-minute State of the Nation address on Tuesday. He praised the country's security forces for maintaining order, although critics accuse them of using violence to stifle dissent. This once prosperous but now economically struggling southern...

Police Arrest Man Who Supplies Herdsmen Arms

The police in Enugu have arrested a man who allegedly supplies AK-47 rifle to herdsmen. The suspect, one Alhaji Samaila Garuba, alias Bakassi, who is from Shagari village in Sokoto State, was arrested in the 9th Mile area of Enugu on Tuesday morning. Spokesman for the Enugu State Police Command, Mr. Ebere Amaraizu, who disclosed this, said a herdsman, Ibrahim Adamu, who was arrested with an AK-47 in the Udi area of Enugu on August...

15 Year Old Charged with Beheading His Classmate in Gruesome Murder

A 15-year-old in Lawrence, Massachusetts has been arrested and charged for the murder of his high school classmate, whose decapitated body was found by the Merrimack River north of Boston last week. On Saturday, Mathew Borges was charged with murdering and decapitating 16-year-old Lee Manuel Viloria-Paulino, who first went missing on Nov. 18 after he left his grandmother's house but never returned home. "It's shocking, it's heartbreaking," Lawrence Police Chief James Fitzpatrick...

KKK Holds Parade To Celebrate Trump’s Win

The Ku Klux Klan held a pathetic parade to celebrate the election of Donald Trump in North Carolina on Saturday. The hate group's "parade" was originally to be held in Pelham but was moved one county over to Roxboro because of protestors. The Burlington Times-News reports that the KKK rally had a full police escort. State troopers blocked intersections while 30 vehicles drove around the town. The...

Dangote Sacks 109 Workers

The Dangote Group has dismissed 109 workers at Obajana Cement Company in Kogi State, after being found guilty of various offences, Abdulahi Magaji has said. Mr. Magaji, the coordinator of the company’s Patrol Team, announced this to journalists on Tuesday at the Obajana premises of the company. He said that the dismissed workers were among the 244 suspects arrested between May and November. According to him, they include erring drivers, owners of illegal haulage,...

Stop Making Expensive Demands from me, Buhari tells Nigerians

President Muhammadu Buhari on Tuesday asked Nigerian elite to stop making what he called expensive demands from his administration because things would no longer be done in the old way. He warned them to stop insisting that things should be done the old way which impoverished the nation. The President spoke during a meeting he had with a group of Nigerians in the Diaspora, on the margins of the 3rd Dakar International Forum on Peace and Security in...

Moremi Ojudu, Hope Betrayed And The Fury Of History By Rotimi Opeyeoluwa

The Holy Book claims that it is a dangerous thing for a human conscience to become seared. In such an occurrence, the conscience which is supposed to be an inbuilt moral-compass to help navigate between good and evil is compromised. When the human conscience is seared then all evil is tolerable and good is assaulted by unreasoning and that is what is currently playing out in Nigeria of today. During the last circle of electioneering in Nigeria and within...

2019: God Will Give PDP 2nd Chance- Bode George

Former deputy national chairman of the Peoples Democratic Party (PDP), Chief Olabode George has expressed hope that God and Nigerians will give the erstwhile ruling party another opportunity to rule the country, again, in 2019. George said this, yesterday, at his Ikoyi, Lagos office, when he hosted the South-West zonal executive of the party, led by Eddy Olafeso, which paid him a working visit. George premised his declaration on what he called the poor performance of the All Progressives...

Allegations Of Corruption In The Justice Delivery Sector: Implications For Rule Of Law & Democracy By Femi Falana

Introduction  For the past three decades, I have been involved in the struggle against human rights violations, corrupt practices and abuse of powers by certain principalities in Enugu State. In the 1980s I was here to defend the late Chima Ubani and other leaders of the student union of the University of Nigeria, Nsukka when they were expelled on grounds of political extremism. I also defended them when they were later charged before a Special Military Tribunal which sat at Enugu. In the 1990s I was equally here to launch...