anyone with useful info on the likely modalities?

The National Pension Commission on Wednesday said it would soon issue a new guideline that would spell out how contributors under the Contributory Pension Scheme could use their funds to access mortgages.

The Director-General, PenCom, Mrs. Chinelo Anohu-Amazu, stated this in Abuja at a stakeholders’ conference on the Pension Reform Act, 2014.

The PRA 2014, which repealed the 2004 Act, was signed into law on July 1, 2014 by President Goodluck Jonathan.

Under the old pension law, the Pension Fund Administrators could not directly invest in real estate.

But the PenCom boss said with the new Act, the PFAs could now do so, adding that with the development, majority of the over six million contributors could now utilise part of their funds as equity contributions for residential mortgage.

Anohu-Amazu said, “The most important thing is the allowances of the utilisation of the retirement savings balance for the provision of a primary home. For the first time, you are now able, as a contributor, to utilise part of your balance to secure your own primary home in accordance with the guidelines to be issued by the commission.

“And I think this is fantastic in a country where we have over 15 million housing deficit; at least, those who are contributing – over six million contributors under the Contributory Pension Scheme – can now for the first time be able to utilise the money rather than just leaving it there.

“The process of issuing these guidelines is already at an advanced stage and it is our expectation that as soon as it is implemented, this development will assist in bridging the housing deficit in Nigeria.”

The PenCom DG said by setting standards, which state governments would be required to comply with for the benefit of their employees, the application of the CPS by the states and local governments had received a boost under the PRA 2014.

On some of the public sector challenges facing the scheme, she said the workshop would enable relevant government agencies to specifically address them based on the provisions of the law.

Anohu-Amazu said, “The new Act clearly outlined the responsibilities of other government institutions in the implementation of the CPS.

“Thus, public sector challenges under the CPS, which were encountered during the past 10 years, in the areas of remittance of pension contributions, funding of the retirement benefits bond redemption fund account, and duration and adequacy of monthly pensions for public servants are some of the issues to be specifically addressed.”

She said the establishment of the Pension Protection Fund and Minimum Pension Guarantee were some of the innovations of the new Act.

“The introduction of a minimum pension guarantee so that it doesn’t matter what your contributions are, you are guaranteed a base minimum to satisfy and take care of you in old age,” she added.

Also speaking at the workshop, the Deputy Governor, Operations, Central Bank of Nigeria, Alhaji Suleiman Barau, said workers now had reasons to celebrate going by the transformation that had so far been recorded in the nation’s pension industry.

He said going by the shortcomings of the PRA 2004, coupled with some of the changing realities witnessed within the last 10 years, there was a need for a review of the Act in line with current trends.

http://www.punchng.com/business/business-economy/pencom-to-clarify-use-of-pension-for-mortgages/

Please does anyone know what the guideline may entail and how soon it may take off. This is a well needed leeway to access part of this so called Pension for equity contribution on mortgage. One is not sure of meeting the entire pension fund intact in old age in this our Nigeria. At least, let's utilise part of it NOW for something meaningful like housing.

Anyone with info?

This barcanista is just creating activity for everybody here to be throwing punches in the air. This reminds me of a case where someone sued that GEJ cannot be PDP's candidate in the last election when in fact PDP has not nominated him. Of course, the judge threw out the case. You can't build something on nothing na. Even Soludo critiqued the APC manifesto of lacking supporting figures. Now that APC has won, won't it be wise for you to keep watching and see how things will unfold in the next three months at least? Don't be in a hurry to play the opposition, you have a whole 4 years ahead of you to so do.

You are using figures from GEJ's govt to project for an APC govt and you want me to take you seriously. You discountenanced leakages and corruption in your figures. Please leave the headache for the APC govt and criticize them based on the events of their time.

"Those who say it is not possible should not disturb those doing it".

CR77:
Na wa 4 APC oo

Na the Landslide winning be this way children dey vote.

Shame to Hausa people

Jonathan won in Nasarawa. That is why hasty generalization is bad.All politicians reap from these irregularities. No one knows who the dude wants to vote for.

Why is everyone going Harvard and Cambridge on this statement. Vanguard seems to just be whipping sentiments here. The only statement quoted to Buhari in the report is “It is sad that the value of the naira has dropped to more than N230 to one dollar; this does not speak well for the nation’s economy,’’. Why can't they quote how he said Naira will be equal to the dollar.

I was called by Homebase mortgage. They offer 16% interest too, which was disappointing and a far cry from the single digit or at most 10% that i was expecting. I also have to source for my own home. I intend meeting the RM that called me sometimes this week.
He also mentioned that FG will pay it down to 14% after 6 months, whatever that meant.

Sincerely, this scheme is not as sweet as FG is making it look. The only difference between this and commercial mortgage is the duration which is 20 yrs as against 10 - 15 yrs for commercial mortgages.

I am also interested in getting any update on this, if any oo. Let them not pass this one behind us oo.

@kingchild123, thanks for the informative post. Seems number 2 works for me. I hope it wont be more that steering jiggle. By the way, it is automatic.

On sunday, I parked the vehicle for like 3 mins to buy something. Upon starting it again, the key refused to turn. I thought i didn't press it in enough. I removed and try again, still same thing. I pressed my brake harder and retried. After like four attempts, it started. On monday(yesterday), my wife dropped our child at school, came back in and parked. She wanted to restart it immediately to straighten the front tires and got same issue i had previous day. She said she adjusted steering and tried severally and it started.

This car has not given me any issue since i got it in January. It is regualrly serviced and no single light on the dashboard, including check engine. Is there something simple that i am ignorant of? Car gurus in the house should please advise, as i want to be proactive about this and don't want to start having bitter experience with naija technicians who may turn the car upside down for a non-issue. Please help.

I have learnt to allow people follow their mind, rather than putting them in my shoes. It can be difficult to give objective advice at times.
Back to the question. It is obvious that you job loss pushed you into considering farming, not that it was your first love. Did you discover new and exciting possibilities for your future when you researched the farming business? Did you at any point say thank God i was sacked? Can you withstand whatever comes your way in the farming business? Will you attempt a second time if you fail this time? In my opinion, 50k is not enough for you to forgo the possibility of being a rich farmer (Now i am doing what i dread most, putting you in my shoes but well i cant help it).

Mind you, i am not a business guru, but Nigeria is hungry and still need to be fed. The market demand can never be your problem, getting enough harvest from your farm will be your real challenge, which you can overcome if you have the right expertise around your farm.

My brother, whatever you choose, don't EVER fool yourself into believing you will run a farm from your 50k office job. You will loose both your money and your meagre job since you won't concentrate. You must choose one.

A farmer MUST live on his farm, love his poultry, or fish or animal as if they are his kids, understand the whispers and cry of his crops, read their sign languages when they are sick, and nurture them to maturity, or else, no show. If you won't stay on your farm and run it yourself, don't bother.

I hope you choose well. Good luck

When is this country going to develop for God's sake? Why must they install analogue power control panels instead of digital ones in this 21st century. I am so sure the contract amount will be x10 of the cost of installing modern versions.

I have asked this question before and i hope someone would be able to provide me an answer now. The richest men in the US own apple, microsoft, walmart ,exxonmobil etc and these are the top companies graduates will die to work for, employers of choice, if you like.

Why are Dangote's company not the ones Nigerians will prefer to work for, despite his being the richest man in africa from the profits of his conglomerates.Same for other nigerians in the forbes list? Can anyone help with the root cause? Is there more to it than one can reason?

I followed the campaigns briefly and i concluded that it will be a major miracle for Ngige to beat d incumbent party, especially as they fanning the embers of anti yoruba-fashola-hausa-APC.

I am not really concerned about the election winner, so far it is the wish of the ppl that prevails, within the ambit of roforofo politicking and unenlightened campaigns that we run in Nigeria for now.

What really got me saddened today is the way INEC messed up what should be a simple isolated election in a moderately sized and not so populated state. I smh in advance for Nigeria in 2015. So sad.

pls how much will it cost me to clear 2000 toyota rav 4 from US. it is probably going to be eukor.

pls tell ur suppliers to record another advert oo. The car stopped in a sharp bend, madam and pikin no put C caution, come bend down dey change tire. Na deadly risk be that o. Anyway, nice product. but is it durable?

I am not an auto guru o, but how come your own 1999 model does not have power windows?

Hello NLers,
Please i need your able advice on Hyundai Santa Fe (from 2001 to 2005 model) which i am planning to get from US.
My consideration i mainly cost, and hyundai's acceptance in nigeria, nothing more. I am a toyota fan but i dont have enough funds for my preferable vehicle now. I need inputs from anyone who has used, or is familiar with this brand of SUV on the pros and cons, especially in the area of maintenance, and spares availiablity.

Kinldy restrict your advice to this vehicle alone because i know for sure it can never be compared to Toyota, honda and other Japanese or German vehicles.

Please tell me why i should, or should not go for it with your reasons. I will decide after reviewing your knowledgeable comments. Over to the auto gurus. Thanks in advance.

I dont think i believe this news, although i want Olawale to win too. Is the last day not always live on TV on a sunday? when was the grand finale done? Omolayo must win something oo, or else.....

I am not a fan of the Otuoke man, but i dont know who gave him this advise. If he could pull this one off, without allowing corruption and insincerity to shortlive it, then i am sorry i will disappoint my beloved APC and vote for him. Afterall, democracy is about "what iin it for me?". Decent and affordable accomodation on top of my mind. The mortgage rates of Nigerian banks will give one instant hypertension, and the govt (states n FG) have been playing audience while we the middle class is sinking. In fact, I command the God of Adeboye to let you lose sleep until you fulfill this program even if you didn't mean it.

The deed of assignment and surevy plan, are the 4 "copies" or 4 "originals". Please reply cos i dont have up to 4 originals oo.

I am not Ibo, but i can see the enthusiasm and joy of you Anambrians on NL now, having seen the prospect of you having good leaders who can really turn around the fortunes of the SE region. But let me yab you small since you all seem sure that Soludo"s chances will be brightest only in APGA.YOU ARE ALL ROUTING FOR OBI AS GODFATHER TO SOLUDO NOW,as long as you have good governance. That was The TINUBU masterstroke we are enjoying in Lagos and other SW states

All of you my Igbo brothers always yabbing Asiwaju, you see how it feels now. You want good governance,and only an APGA consensus on Soludo can make it happen. I wish you Goodluck, but if i hear you yab Lion of Bourdillon again, something fire your teeth.

Look no further. There is an advert in page 25 of today's Guardian. One Agro allied comapany is looking for Maize suppliers. But don't forget me when you make you milloins oo :DLook no further. There is an advert in page 25 of today's Guardian. One Agro allied comapany is looking for Maize suppliers. But don't forget me when you make you milloins oo

If your land is truly 120 x 100, i will advise you divide it into two. Use one (Either 60x100 or 50x120 depending on the shape) for the hostel and also the office. (both hostels and office should be okay in pne plot. This way, you continue earning more money. If you then have more money in the future, you still have one plot to use for either your own house, or expanding your hostel business.

omanzo02:

Oga spyder,

The foundation pillars and coping has been done, sand filling is next.

Hello omanzo02, after this beam cast round the foundation,did you still do german floor? or coping covered up for it?

atuagbo: How far is the Estate to the Express Road? What are the documents the land has?

Poster, i am also interested in the answer to these questions. Since u prefer to send reply to mailboxes, pls also send to "powerfulsunny@gmail.com"

do you have any 2br or miniflat in Mowe\Ofada? I need one urgently.

Agents in the house, please respond now.

Hello Agents in the house. i need a mini flat or 2 br flat for rent in either ibafo or mowe(price will determine which one i settle for). Pls it shouldn't be farther than Mowe and preferably a new house or not too old.
You can send your offers to my mailbox "powerfulsunny@gmail.com"

Thanks for your anticipated quick response.

are u sure this is not 419? 7m at onipanu

Ma Angwa: Can someone help me out. i have not receive my dividends from Zenith and Oando since 2008, while i have written to their registrars last year for the change of address. i dont know what to do again and am not leaving in Lagos where their offices are.pls i need advice

I was in your shoes until last week before i visited Zenith registrars at Ajose adeogun str VI. On the spot, i got my shares cert, accumulated dividends (8,500) which i paid in instantly in the gtbank opposite the building. i left with my 3,013 units worth of share (from 1,650 in the 2008 IPO). You need to see how happy i was with the unexpected windfall.once i get my bonus certificate from ny chose zenith branch next 2 weeks, i will lodge my shares thru my stockbroker. Just go with an ID (international passport, national ID or driver licence)