The Nigerian National Petroleum Corporation (NNPC) on Monday said it had taken necessary measures to avert the proposed strike by the oil workers over unresolved pension issues.

This is contained in a statement issued by the Group General Manager, Group Public Affairs Manager, Mr Ohi Alegbe, in Abuja on Monday.

The Corporation’s arm of the National Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) had threatened to go on strike.

It stated that the National Pension Commission (PENCOM) had given a 12-month window for the corporation to comply with the Pension Reform Act 2014 as amended.

It explained that PENCOM had earlier directed the corporation to “immediately take all necessary steps to transit to the Contributory Pension Scheme under the PRA”.

It stated that PENCOM in a fresh directive dated Sept. 15 granted the NNPC a transition period of 12 months within which to ensure full compliance with the provisions of the PRA 2014.

It, therefore, appealed to the leadership of the industrial unions to exercise restraint while it embarks on extensive engagement with PENCOM to resolve the issues.

It stated that since the commencement of the scheme in 2006, the management and its staff had made a lot of sacrifice to maintain the existing scheme.

It stated that any premature cancellation of the scheme might lead to avoidable labour disaffection across board.

The statement acknowledged the existence of some funding gaps in the scheme.

It informed stakeholders that measures had since been put in place to steadily bridge the funding deficit which stood at N298 billion in 2010 and had now been provisionally reduced to N85 billion as at June, 2014.

According to the statement, NNPC is in the process of transferring additional real estate property valued at several billions of naira to the scheme which is currently before the NNPC board for approval.

“NNPC Pension Fund Limited has complied with the provisions of the PRA 2014 by transferring assets in equities, bonds, Certificates of Deposits and other marketable securities to the custody of Pension Funds Administrators for management as directed by PENCOM since 2006.

“The NNPC Pension Fund has demonstrated its capacity to manage the scheme successfully by managing pension assets of over N250 billion for over eight years.”

It stated that it had also maintained an excellent record of administering and paying over 9000 retirees as and when due.

The management called on members of the public not to engage in panic buying, assuring further that plans were on top gear to address the situation.

http://thenewsnigeria.com.ng/2014/09/15/nnpc-moves-to-avert-workers-strike-over-pension/

What's with Nigerians and Pension Issues....People that served over the years and u are holding unto their entitlement. One oga at the top would be in one corner eating their money. Some Nigerians have no conscience at all.

First to Comment. Please don't look at my moniker, look at the person i am.

Pay them their entitlement joor.
Don't know why Nigerian employers, both public Änd private take joy in withholding retirement benefits of workers. Abi the money don deyy one fixed deposit ni?

Good step here:

They should pay them in time.

Why is it difficult for NNPC to pay pension? Is it that the money is not available or what?

We are yet to know the whereabouts of the missing $20bn.

There is too much wickedness in this country sha

Still reading

Mtcheeew! PENGASSAN dat sent my Uncle fomer NNPC Manager Kaduna on a course nd he was been murdered. Dia is God shaa

Good move, the earlier the beta because naija are suffering

Better.

All manners of space booking on this thread! Are people this desperate to comment on Front Page?!

Bloody fellas......milking naija dry since 10B.C

STORY FOR THE ORUNMILAs AND THE OBATALAs

Why did I book this space sef? I don't have wat to say to this... I only wanted to be on fp too... Am sorry all

Even NNPC

[size=18pt]I love this country so much every day is a drama. Whenever i a bored of sitting on my japanese peacock feather couch in my ikoyi waterfront mansion watching luciano pavaroti and ivete sangalo on my 100 inches maximuim defination samsung tv sipping a double xo richelieu cognac,wearing my cool hugo boss cashmere sweater and on my laps sits my 19 yrs old mixed race(multiple cocktail),hour glassed shaped barbadian beauty, i just get into my pegusas italy built luxury yacht and read nigerian newspapers just to laugh and wonder at the life of the poor men and women of nigeria who work for a living because there pappas never made it.[/size]

noted

?

ok

phransix147: .

i catch u

typical nigerian journalism, with glaring lack of grasp of the actors or factors involved.

can anyone without a financial background (or even with one) summarize the main reason the strike is being embarked upon exclusively from the contents of the above write up?

They should please pay them their entitlement,or else!
NUPENG should go on strike asap.
But on a serious note,I thought the union said that their reason of embarking on strike is due to the bad condition of p.h/eleme road.

Thank God o

Quite sad that OLD, retired people who expectedly worked hard to create value and bake the national cake our leaders ahre will be ABANDONED and their pensions hijacked by THIEVES such as this old man here:

Eldavido1: N52billion monthly pension payments unaccounted for
Collects N1.03billion kickbacks from Pensions Union
Cornered N15.6billion meant for settlement of Death Benefits
N54billion transferred from 58 illegal accounts can’t be traced
Pocketed N113million pension fund, diverted to a contingency account that turned out to be a State House account.

A damning report by the office of Nigeria’s Auditor General has indicted a former Head of the Civil Service of the Federation, Stephen Oronsaye, over an alleged N123billion fraud perpetrated during his tenure, between 2009 and 2010, PREMIUM TIMES can authoritatively report today.
The 169-page report, entitled “Special Audit of the Accounts of the Civil Pensions”, found Mr. Oronsaye guilty of allegedly presiding over the looting of the nation’s resources during his tenure.

The audit by the Auditor General arose from the work of a Special Audit Team constituted by the Federal Government in May 2011 to conduct a comprehensive examination of the accounts of the Civilian Pension Department domiciled in the Office of the Head of Civil Service of the Federation. The audit, which covered the period 2005 to 2010, uncovered monumental financial irregularities, opaque transactions, irregular
and abnormal running costs, and outright stealing and kick-backs said to have reached its zenith during the 18 months that Mr. Oronsaye served as Head of Service.

The Auditor General’s office, insiders say, completed its assignment and submitted its report to government in 2012. But no action has been taken to bring all those indicted to book. This newspaper understands that there is a high-level lobby at the highest reach of our government to suppress the findings and allow those found culpable to enjoy their loot. While allegations of massive corruption hangs around his neck, Mr.
Oronsaye remains very close to President Goodluck Jonathan, with unhindered access to the presidential villa. He also continues to occupy some of the most important positions in the country. He is, for over 10 years now, chairman of the Presidential Committee on Financial Action Task Force [FATF] and is board member of both the Nigerian National Petroleum Corporation [NNPC] and the Central Bank of Nigeria [CBN], the two public organisations widely considered the most lucrative in the country.

Looting Galore

Although top government officials are working hard to suppress the damning report, PREMIUM TIMES has now scooped its content for you. And it was simply shocking and mind-boggling. The report found that the pension payroll was never subjected to internal audit between June 2009 and December 2010; and that the over N52billion paid as monthly pension under Mr. Oronsaye’s reign remained largely unaccounted for. The payments, auditors say, were not presented for internal and federal audits for prepayment audit as required by Nigerian financial regulation.
The examination also documented evidence of payment for goods running into hundreds of millions of naira that were not supplied. For instance, about N700million was paid to 223 different contractors for store items. However, no payment vouchers were available for inspection as the investigators carried out their assignments. The payments were also not recorded in the cashbook, leading auditors to conclude that since store receipt vouchers could not be traced, the items were most probably never supplied.

Equally tainted with financial irregularities, the report says, was pension remittance to states and industrial unions during Mr. Oronsaye’s reign. A serious infraction was detected in the payment of N2.08billion check-off dues to the Nigerian Union of Pensioners in 2009 and 2010. When auditors computed and analyzed the Figures in accordance with the mandatory one per cent deducted from statutory pension allocations, they found that N1.03bn was overpaid. The report alleged the amount was passed to Mr. Oronsaye as kickbacks. The auditors also expressed shock at the absence of a single receipt from any state government acknowledging the payments purportedly made to them as five per cent federal government contribution and reimbursements. Consequently, there was no single shred of evidence to indicate that these remittances were
actually made, the report said.

https://m.premiumtimesng.com/headlines/168159-investigation-auditor-generals-report-indicts-oronsaye-for-n123-billion-alleged-fraud.html

Meanwhile retired soldiers like Generals Buhari & Obasanjo are getting multiple pensions from the SAME government

lorRhyMeZ:

It might interest u to know that emeritus president obasanjo receives different pensions..

1. For being a retired army general

2.For being a former military president

3.For being a former civilian president

This is not hear say or them say them say..this is cold hard FACT...and except Gbenga Aruleba is a terrible liar on focus Nigeria,(from where I got this info) then u can say am wrong.

Also take Govnors for example, after their tenure in office,the start receiving pension..if possible they go on to tk a ministerial post or a senatorial post,their pension as govnor doesn't stop coming..

So the case of Buhari shudnt suprise u sir.


fROM: https://www.nairaland.com/1903246/what-does-buhari-living/4#26327732

oathman:
i catch u

U can't prosecute me without concrete evidence!

The strike is ongoing at the moment. Make them try resolve all these kinda matters.

And the report fail to add the other issues of no crude supply to refineries and no turn around maintenance of refineries...

Chinaimporter: [size=18pt]I love this country so much every day is a drama. Whenever i a bored of sitting on my japanese peacock feather couch in my ikoyi waterfront mansion watching luciano pavaroti and ivete sangalo on my 100 inches maximuim defination samsung tv sipping a double xo richelieu cognac,wearing my cool hugo boss cashmere sweater and on my laps sits my 19 yrs old mixed race(multiple cocktail),hour glassed shaped barbadian beauty, i just get into my pegusas italy built luxury yacht and read nigerian newspapers just to laugh and wonder at the life of the poor men and women of nigeria who work for a living because there pappas never made it.[/size]

Wake up its Tuesday,september 16.!

is this a country?

speaktome: Mtcheeew! PENGASSAN dat sent my Uncle fomer NNPC Manager Kaduna on a course nd he was been murdered. Dia is God shaa

How can PENGASSAN send a manager on a course when he is not a member of PENGASSAN? Except your uncle lobbied for it or was greedy I see no reason why he should accept a PENGASSAN training in the first place.

Not Again




Good news for smart phone users, you can now purchase MTN and Etisalat Data Plans for as low as N400 for 250mb, Check out
this thread on Nairaland for full details https://www.nairaland.com/1852534/mtn-etisalat-data-cheapest-rate

Return pension money to the owners, Nigerian workers are not happy having huge amount of money that's not accessible.