₦airaland Forum

As a country, what do we stand to gain?

I understand the strength the listing would give to our bonds as well as the amount we would lose from foreign direct investment but beyond such "carot" , what is the impact of imf, jp Morgan and Co 's benefit on our economy?

From 2012, should we say we have gained anything significantly from the listing by jp Morgan?

Would it make any sense to have naira exchanged for about N400 to a dollar?

Shouldn't we start looking to do away with these western capitalists making profits at our detriment?

Wetin we dey export sef apart oyel? Mtshweeeee

Caseless:
are u this cretinous?

The guy's case is hopeless.

orisa37:
Yes! And he also promised to wipe out bokoharam and ISIS from Nigeria by the 12th of November, 2015.

You know, it would actually be great to have boko haram wiped out of Nigeria

Reptyle:
Thank you for posting this video. I have the full video of his session at Chatham house and I have been looking for a way to crop it to this portion that is relevant.

What the President tried to do in this interview was to manage the overtly high expectations of Nigerians that all of Nigeria's issues will be resolved as soon as he gets into office.

He was saying that Nigeria's issues will be resolved...but not with the wave of the hand and definitely not within 100 days. He went as far as describing the 100 days target as a fraud that he would not like to be involved in.

I think we all should exercise some patience and give this government some time.

Absolutely what the point of the video was in that, buhari actually did not promise 100 days and thats the point.

As much as the expectations are high, we should be reasonable in our demands

refreshrate:
Technically if what you say is the case, what then made people vote for Buhari?
Does this mean he came into the presidency with absolutely nothing to offer since it was his party making all the promises?

I clearly understand the muslims doing so
The fulanis and northerners well...
...but the rest of you, what was your cause?

Before the usual corruption blah blah blah talk, remember the following names, Tinubu, Amaechi, Atiku.

Im listening

Don't get it wrong.
We aren't saying buhari didn't promise anything. He promised to fix our major issues some of which are;

Insecurity.
Misappropriation - corruption.
Economic issues.

Again, some got fed with Jonathan and we're ready to vote him out which was the major reason why buhari won.

Again, he promised to fix issues but, did he promise 100 days?

Thanks

eleojo23:
But Buhari's party and supporters made him look like a god who would just come and wave a magic wand over the country and everything will be fixed in an instant.

Blame his party and supporters for these expressions of disappointment by the citizens because they over hyped the president's abilities and are even still doing so.

I quite understand what you are saying but the point going round isn't even about APC said, it about the the fact that Buhari said miracle would happen in 100 days.

I am sure you heard him in the video where he said " we should remove the 100 days"

Sometimes, the hype in the media is just sickening and we should be careful what we believe in the media.

dododawa1:
Can someone fix NIGERIA in 100 days, mumu igbo ask yourself.

Don't be hurling insult at people.
The point is,buhari didn't promise heaven on earth in 100 days according to the video .

Thanks

ShineuEye:
But hew changed his mind, only the north would be fixed.

Dis you watch that video?
There was no where he said 100 days.
In fact, he said "we should remove the 100 days"

Did buhari promise to fix Nigeria in 100 days?
Please, watch this video.


https://www.youtube.com/watch?v=prW86eY9TQA&feature=youtu.be

Thanks

Olodo would give a billion excuses when he/she fails.

When you are sure even when there is mass failure or outright intimidation, you can call for your script.

doncholino:
PFA 's are sweet-coated marketers when they prospect for clients. they deliberately overblow service expectations and promises they don't keep. but when a Senior retires, entitlements are delayed with unending bauracractic processes

Most times, contributors/employers are at fault yet , they blame PFAs for all their issues.
what should PFAs do when documentations are messed up as a result of error from contributors/employers despite several advices/orientation given to them by the PFAs?

A messed up documentations would delay processing even in America!

ayandee:
Letter of administration is only needed where the deceased retiree did not make a will. If you're approaching retirement, common sense dictates that you should have a will. It makes things easier for your beneficiaries when approaching the PFA. I maintain that programmed withdrawal is better than an annuity.

You are a sensible person.
People should be opened to knowledge. it doesn't kill.

Be blessed bro. Cheers

sirscripture:
You are the one that def doesnt know how the scheme works. Why do you think Nigeria Army opted out of the mess? It is a scam and people nw realise it. Do you think alot of people would not have gone a different direction if it is not mandatory?
I dont know why you are bringing the subject of insurance here when we have not digressed from the so-called penscam....

While it is obvious you don't know what you are talking about, it is equally amusing at how blind you argue.
Do you know whats called closed PFA?

Like I said, get knowledge bro.
Cheers

sirscripture:
That is wrong.
Employers are compelled to pay a minimum of 7.5% while employees are to contribute 7.5% also, totalling 15%. This is the standard and i dont know where you got your own calculator from...

Get Knowledge Bro.
There is no gain wallowing in ignorance.
Please, don't argue because you feel you should. Always argue for knowledge sake.
Cheers

dhardline:
If i retire at 60years after working for 30years and live to 100years will the PFA's keep paying me for the next 40years?

If you answer yes to this then you are indirectly tellin me the PFA will pay me far more than the

Period i worked and how much will i be paid monthly for that 40years?

Oga this is simple logic,its not rocket science.

You say its designed to last the life time of the pensioner because the average life expectancy of

a nigerian is 52.what then happens to those who refuse to die even at 100?

There's a ratio of calculation. There is a template calculator that is used.


On the average, what's the age of death? How many people die at 100?

LaurelP:
Hi,
Pls what's the right percentage dat shud be deducted for pension from an employee? For instance if am earning 45k, wat shud be my pension contribution and wat shud d employer contribute?

Employers are compelled to contribute 10% while employees are to contribute 8%.

Making 18% in total

Jonwesley:
Thanks mickplus, my balance is more than that please. My question is why not pay me everything when I have dependents and have no other source to increase my capital for business. And it's the business that is feeding all of us now.

Like I stated earlier, the pension industry is closely regulated by national pension commission and pfas get approval for every and anything.

The payment template is structured by Pencom and until otherwise stated, there isn't much pfas can do.

The primary aim of the pension scheme is for contributors to set aside funds for when they not active any longer and pension account isn't a conventional account when contributors can draw down at will

dhardline:
That means that the retirement benefit continues to grow indefinitely due to the interest ?

When its not as if the PFA's are not in it for profit.once a pensioner exhausts the his pension

Savings he stops being paid and most time the stipulated perios is around 10years.

You need to understand how this works. It is structured in a way that, your returns would always fund your monthly payments

Mostly, it outgrows the contributor and at death, the total balance in that account is paid to the Next of Kin.

Thanks

moscobabs:
so the employer suppose to remit the pension within 7days while my former company has not remitted part of last year deduction

pls what step can I take to claim it from my old company pls?

Gather your facts and report to Pension. You dues would be credited to you RSA account and infact, your employer would be penalised.

sirscripture:
Pension scheme is a scam. This system does not even work effectively. All these right ups are the same promises that come out of PFAs marketers to convince people everything is right. Besides i see no reason why a retiree cannot get all his pension at once. What is the logic behind giving someone a token for a set period of years when you can actually pay at once?
The system should be scrapped or correct some of their wrong policies...

You have a wrong orientation about pension scheme and I think you are making a mistake of thinking pension is insurance.

Read the article again and get more information about pension administration in NIGERIA.

Cheers

brainiac007:
Pension is simply another word for 'saving for the future'.

Absolutely

Jonwesley:
Please educate me, I'm on my private business and managing on with my family. I have an RSA account while working with a company and left since 7 years. I have no other job secured since then. I went to my RSA account holder and was paid 25% as you rightly stated. I was told the balance left will be paid me on attainment of 50years. Are U insinuating that I won't be paid everything, but an agreed instalments?
I just can't accept anything but my full balance to make up for my petty business of trading. I'm patiently waiting to be 50years now to face them.

At 50, you would be paid your full retirement saving if your contribution is less that 550,000. You would be placed on programmed withdrawal if your contribution is more than 550,000. That is, some percentage of your contribution is paid to you and the balance is paid to you monthly.

The other option is annuity.

ayandee:
I've always asked why anyone would consider an annuity. I prefer the programmed withdrawal from PFA over annuity. If a retiree dies, his beneficiaries receive in full the balance of whatever is left from the PFA. With annuity, the beneficiaries receive less as some deductions are usually made by insurance companies. Avoid annuity as much as possible.

Must people are enticed because monthly Pension Payment of Annuity is slightly higher than Programmed withdrawal. they seldom consider what is to be gained at death.

Next of Kin is paid the whatever balance left at death in programmed withdrawal which is not so in Annuity.

fame12k:
if the total contribution left in your RSA is less than N550,000 you will be paid off the full at once. But if more than N550,000 It will be spread out and paid monthly, depending on the package u opt for. you run programme withdrawal at leadway pensure Pfa

You are totally correct.

dhardline:
I dont want to agree with the part that says you are sttongly advised to leave your pension with

the PFA cause from the information i have gathered over time on this topic i have realised that

they say that so they can continue to keep your money and hence use it to accumulate

interests.That write up failed to mention that if you use the programmed witdrawal and the

money you have in the account finishes they instantly stop paying you and hence you have nobody

to turn to except you have familes or investments which you can fall back to.

But if you get Annuity from an insurance company that amount will be used to buy a package for

you that will ensure you will continue getting paid as long as you live after your retirement cause

definitely the PFA funds will be invested and the interest will aid the continuous payment.

So its all depends on what you want.

Not correct!
Retirement benefit through programmed withdrawal can never deplete your Retirement Savings Account.

Mostly, your monthly pension payment is made from interest accrued on your savings.

A quick question, even though a retiree is paid his monthly retirement benefit, how come the money keeps growing?

dcmconny:
why is it dat it's always difficult to get access to your benefit after retirement?

In the new order, PFAs carry out time to time forum to educate intending retirees in order for them to know what documentations that is required of them at the point of retirement.

Some of these documents are put in place 6 months before retirement. Once documentations are right and approval from PENCOM is in place, a retiree should get his/her retirement benefits in 90 days max!!

In some case where accrued right and nominal roll are required, such retirees might wait a little longer before the retirement benefit would come. That is why employees are educated through forum from time to time as to what is expected of them.

clefstone:
I hate the word pension, it usually reminds me of old people demonstrating for their pay. For me, every individual must invest during their prime to prevent dependence on pension. That said, the article is very enlightening

Since the new Pension Reform Act of 2004, Pension administration in Nigeria is empowered and proper structure put in place. Pension Administration was hell before the advent of New Pension Reform Act 2004.

UjSizzle:
You know before all these, PenCom needs to find a way to nab employers who fail to deduct pension from the employee gross emolument, and those who deduct and fail to remit to the PFC.
I don't get the point of passing the Pension Act if there won't be a follow-up to ensure its administered. Pay attention to employers and enforce like taxes are administered in Nigeria! We have so many people who exploit others, it's unfair.

Once you identify such employers, send your complain to national Pension Commission and a recovering agent would be sent to retrieve ALL your outstanding contributions and also the employer would be made to pay interest penalty

debbie:
These question and answer session sounds so easy and simple....trust me
But in reality it doesnt work like that.

Please who do you report a case whereby your company hasn't remitted your pension for over 6months now? I need answers because this is a pressing case at hand.

Get your fact and send your complain to the National Pension Commission. Your outstanding contributions would be retrieved very fast.

dovelike:
I don't think pension is very strong in Nigeria. That's why most of the seniors refuse to retire. They are scared of dying of hunger because the govt. don't really pay attention to pensioners. Therefore,decreasing job opportunity for the new graduates and eligible youths in Nigeria.

Creating job opportunities can start with retiring those old men from the office and taking good care of them,then we will be able to occupy those spaces.

You are wrong. With Pencom regulations, Pension Adminstration in Nigeria is not only strong but almost strictly regulated. Most Pfas pay their retirees on the 16th of every month.

The oldies fail to retire as a result of their greed

saaedlee:
I honestly didnt know these things, all I get is sms telling me how much I have and present payment.

You can engage your PFA ( PEnsion Fund Administrator ) from time to time. Almost all the PFAs have info@theirnames.com