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NNPC Moves to Avert Industrial Action over Its Pension Scheme
… As PENCOM Grants 12-Month Window for Compliance
ABUJA-The Management of the Nigerian National Petroleum Corporation (NNPC) on Monday assured members of staff and the general public that it is taking steps to avert a looming industrial action by 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) even as the National Pension Commission has given a twelve-month widow for the Corporation to comply with the Pension Reform Act 2014 as amended.
PENCOM had earlier directed the Corporation to “immediately take all necessary steps to transit to the Contributory Pension Scheme under the PRA”.
In a fresh directive dated 15 September, 2014, PENCOM stated: “In order to accommodate your concerns, the Commission hereby grants the NNPC a transition period of 12 (12) months within which to ensure full compliance with the provisions of the PRA 2014”.
The Corporation appealed to the leadership of the industrial unions to exercise restraint while it embarks on extensive engagement with PENCOM to resolve the issues.
The NNPC noted that since the commencement of the scheme in 2006, the Management and its staff have made a lot of sacrifice to maintain the existing Scheme and any premature cancellation of the Scheme may lead to avoidable labour disaffection across board.
While acknowledging the existence of some funding gaps in the scheme, the Corporation informed stakeholders that measures have since been put in place to steadily bridge the funding deficit which stood at N298 billion in 2010 and has now been provisionally reduced to N85 billion as at June, 2014.
It stated that 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.
It noted that 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 and maintaining an excellent record of administering and paying over 9000 retirees as and when due,” the Corporation said.
The Management called on members of the public not to engage in panic buying assuring further that plans are on top gear to address the situation.
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Inside Tinubu’s Closed-Door Meeting With Opposition Leaders – SDP, IPAC Reveal Details
The Social Democratic Party (SDP) and the Inter-Party Advisory Council (IPAC) have disclosed details of their recent closed-door meeting with President Bola Tinubu, explaining that the engagement focused on strengthening Nigeria’s democratic process ahead of the 2027 general elections.
The clarification came amid speculation surrounding the meeting, which took place at the Presidential Villa in Abuja after leaders of several opposition parties attended an Iftar dinner hosted by the president earlier in the week.
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Speaking during a gathering hosted in Abuja by the SDP’s former presidential candidate, Adewole Adebayo on Friday, the party’s National Chairman, Prof. Sadiq Gombe, said the meeting with Tinubu followed an official invitation from the Presidency and lasted about an hour.
According to Gombe, the discussion centred on the need to strengthen Nigeria’s electoral laws and restore public confidence in the country’s electoral process ahead of the 2027 polls.
He explained that the meeting provided an opportunity for party leaders to remind the president of the importance of conducting transparent, free, and credible elections.
Gombe noted that democracy can only thrive when governments listen to the concerns of citizens and ensure electoral processes that guarantee fairness and accountability.
The SDP chairman also expressed concern over growing voter apathy, pointing to the low turnout recorded in the recent Area Council election in the Federal Capital Territory.
He said the Abuja Municipal Area Council election witnessed only about seven per cent voter turnout, which he described as a clear sign that many Nigerians are losing confidence in the electoral system.
Gombe urged the government and members of the National Assembly to take urgent steps to review electoral laws and rebuild public trust in Nigeria’s democracy.
Also speaking, the National Chairman of IPAC, Dr. Yusuf Dantalle, said political parties used the meeting to raise concerns about aspects of proposed electoral reforms, particularly issues related to indirect primaries and the mandatory electronic transmission of results.
Dantalle explained that the parties appealed to the president to use his influence to encourage legislative review where necessary, noting that reforms should strengthen, rather than complicate, the democratic process.
He expressed optimism that Tinubu would consider the concerns raised and support necessary amendments that would improve the electoral system.
The IPAC chairman also called on the Independent National Electoral Commission (INEC) to strictly adhere to electoral guidelines as preparations for the next election cycle begin.
Earlier in his remarks, Adebayo cautioned political actors against turning the 2027 general elections into a do-or-die contest, stressing that the primary goal of democracy should be the progress and stability of Nigeria rather than personal political victories.
He urged leaders across political parties to encourage citizens to actively participate in the democratic process and ensure that elections are conducted peacefully and transparently.
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