NEWS
Pension Scheme Assets Experience A Surge In First Half Of 2023
Assets under the Contributory Pension Scheme experienced significant growth, increasing by approximately N2tn in the first half of 2023, as reported by the National Pension Commission (PenCom).
The unaudited report on the pension funds industry portfolio for the period ending June 30, 2023, obtained by The PUNCH, provided detailed insights.
According to the report, the assets surged from N14.99tn in December 2022 to N16.76tn by the end of June 2023.
The majority of the assets were invested in the Federal Government’s securities, which saw a remarkable increase from N9.64tn to N10.86tn during the same period.
Additionally, the number of Retirement Savings Accounts (RSA) members also rose from 9,862,129 in December 2022 to 10,009,049 by the end of June 2023, indicating an upward trend in the scheme’s participation.
The pension funds were strategically invested in various portfolios, including domestic and foreign ordinary shares, as well as corporate debt securities such as corporate bonds, corporate infrastructure bonds, corporate green bonds, and supranational bonds.
NEWS
Fubara’s Allies In Rivers Assembly Confirm Iboroma As Commissioner
In the midst of political tensions, the faction of the Rivers State House of Assembly aligned with Governor Siminalayi Fubara has conducted the screening and confirmation of legal expert Dagogo Israel Iboroma, a Senior Advocate of Nigeria (SAN), as the Commissioner-designate.
Led by Speaker Victor Oko Jumbo, the faction endorsed Commissioner-nominee Dagogo Iboroma on Monday, within the Chambers of the Rivers State Government House in Port Harcourt.
Iboroma is poised to assume the role of Attorney-General and Commissioner for Justice, succeeding Professor Zaccheus Adangor SAN, who resigned upon his redeployment to the Ministry of Special Duties (Governor’s office) two weeks ago.
According to report, Iboroma received an invitation on Sunday, signed by Dr. G.M. Gills-West, the Clerk of the House, summoning him for screening as the Commissioner nominee and potential member of the Rivers State Executive Council.
Recall that last week, Hon. Victor Oko Jumbo, a factional Speaker aligned with Governor Fubara, was elected after Governor Fubara asserted that the Martin Amaewhule-led lawmakers, loyal to Nyesom Wike, Minister of Federal Capital, ceased to be Rivers State lawmakers in the eyes of the law following their defection from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).
Observers speculate that Governor Fubara is pushing forward to instigate governance activities, with more Commissioner nominees expected to undergo screening by the Victor Oko Jumbo-led three-man Lawmakers.
However, our correspondent highlights that the invitation for screening is already stirring controversies.
In a Facebook post by lawyer Oraye St Franklyn, he raised various legal issues.
NEWS
I Was Offered Bribe To Remove Fubara, Says Ex-Rivers Speaker
Former Rivers State House of Assembly Speaker, Edison Ehie has revealed that he was offered money to impeach Governor Siminalayi Fubara.
Ehie, now serving as Chief of Staff to the governor, was previously the majority leader when the first attempt to impeach Fubara took place.
Along with a few others, he opposed the move, leading to a split from the lawmakers loyal to Nyesom Wike, Minister of Federal Capital Territory (FCT).
Ehie later became the speaker of the faction, which disbanded after President Bola Tinubu intervened and a peace accord was signed between the Wike and Fubara camps.
The peace efforts faltered shortly thereafter, and the two factions resumed their conflict.
Speaking at an event in Ahoada East area of Rivers State over the weekend, Ehie reiterated that he was offered money to oust the governor.
While he didn’t reveal the identities of those behind the offer, he affirmed that he declined it.
He said “They invited me, your son, to impeach the governor and I told them clearly, I was not interested. They gave me all the money that was hidden before, which I rejected. And because I refused, they conspired and declared me wanted.”
Recall that in 2023, the police declared the Chief of Staff wanted in connection with the invasion of the State House of Assembly.
Also, in October 2023, an explosion rocked the state assembly building amidst reports of lawmakers attempting to impeach Fubara.
The lawmakers led by Martin Amaewhule reportedly lodged criminal complaints against Ehie with the Rivers State Police Command over the invasion and arson of the Rivers State House of Assembly chambers by unidentified hoodlums.
NEWS
Tariff Hike: NLC President Leads Protest In Abuja [Video]
Joe Ajaero, President of the Nigeria Labour Congress (NLC), led a raucous protest at the Nigeria Electricity Regulatory Commission (NERC) headquarters in Abuja against the recent spike in electricity tariffs on Monday.
According to report, protesters, including workers from the NLC and the Trade Union Congress (TUC), forcefully entered the NERC complex on Monday.
Workers, supported by the NLC and the Trade Union Congress, besieged various electricity distribution company offices in defiance of the Band A tariff increase.
This nationwide agitation, sparked by the Federal Government’s removal of subsidies and tariff adjustments, threatened to paralyze key power sector institutions including NERC’s Abuja headquarters, the Ministry of Power, and state distribution company offices.
Recall that NERC’s had April 3, announced the electricity tariffs hike for Band A customers from N68/kWh to N225 per kilowatt-hour.
See video below: