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Micro Pension Asset Rises By 58%

The micro pension scheme is growing at a faster pace than any other type of pension fund in Nigeria as more Nigerians think about and consider retirement.

The various pension asset summary reports issued by the National Pension Commission (PenCom), and analysed quantitatively by Quantitative Finance Analytics, show that Nigeria’s traditional pension assets have increased marginally of 0.75% from N12.31 trillion on December 31, 2020 to N12.4 trillion by April 30, 2021.

Analyses show that fund 1’s net asset value increased by 12.21% while funds 2 and 4 saw their net assets increase by 1.67% and 3.81% respectively. Funds 3 and 4 however, experienced a decrease of 1.12% and 1.12%, respectively. Fund 5, the micro pension fund, saw a staggering 58.65% increase.

At the end December 2020, assets in micro pension funds stood at N74.65 millions, but this figure had risen to N118.43million by April 2021.

Additional information is required

Despite micro pension funds growing rapidly, there is not much data or information available. Only a handful of micro pension funds publish their prices, unlike the “conventional”, which have fund managers publishing price data on a daily or weekly basis. The available data shows that all micro pension funds generated positive returns in 2021, contrary to the “conventional”, which has had a mostly negative year-to-date performance in 2021.

Contributions and registration

According to the National Pension Commission, 19 Pension Fund Administrators registered 3,292 micro-pension contributors in the first quarter 2021. N16.7 million was remitted in the same time period to 435 micro-pension fund contributors’ Retirement Savings Accounts. What is growth if this isn’t it?

Conversion to traditional pension funds

Micro Pensions in Nigeria have the good news that contributors can convert into Mandatory Contributory Pension Schemes after they meet certain conditions. In the first quarter 2021, 105 participants in Micro Pensions converted to Mandatory Participtory Pension Schemes. This involved the transfer N963,136 to their respective Retirement Savings accounts.

PenCom facilitates further growth

This remarkable growth will be further supported by the National Pension Commission’s recent changes to the fee structure for micro pension funds. The expense ratio or fee structure of funds is one of the main factors that discourage people from investing in fund investments, whether they are mutual funds or pension funds. PenCom’s recent reduction in the fees charged on micro-pension funds will encourage more people to sign up, which will accelerate the growth.

It all comes down to this:

This phenomenal growth shows that small- and self-employed people should start saving for retirement. Time is crucial when investing. That is the lesson that compounding magic has taught us.

It is safer to invest your money with a government-regulated entity that is overseen than with private Esusu’ organizations, where the risk of losing is high and there is no return other than principal recoupment.

Source: NaijaNGR

Tokunbo Car Prices Will Start Going Up – Car Dealers

Due to an economic phenomenon called imported inflation, the cost of used vehicles commonly known as “Tokunbo” cars could rise in the next few months.

Imported inflation refers to an increase in the price of finished goods or raw materials imported from a country experiencing high inflation.

Rising inflation in America on consumer goods is about to trigger a tsunami of import inflation into Nigeria. The focus will be on used cars, which are a major imported item from Africa’s largest economy.

What it means for Nigeria

More than 20% of Nigeria’s imported vehicles from the USA are used cars. Nigeria is a major market for used vehicles, which are imported from America, Europe and other countries. However, the United States of America remains the largest country of import for Nigeria.

According to the National Bureau of Statistics data, Nigeria imported approximately N140 billion worth of used vehicles during the first quarter of 2021 and N150billion in the fourth quarter of 2020.

Nigeria imports approximately N600 billion, or $1.2 billion annually, from the US, which is 90% of its total used car imports.

This Nairametrics estimate that rising inflation in the United States will have an impact on countries that depend on its finished goods.

U.S. Inflation is rising

Unexpectedly, the pace of inflation in the U.S. consumer price indexes accelerated in June. This cast doubt on the Federal Reserve’s (their CBN’s) belief that rising inflation in the country’s recovery period will be temporary. The Bureau of Labour Statistics reported that the monthly price rise was 0.9%. This is the largest increase in one-month since June 2008.

The most drastic price increases have been seen in the sectors directly affected by coronavirus pandemic. While travel-related costs like airfares have increased, a shortage of semiconductors has led to an increase in used cars prices.

The US Bureau of Labour Statistics reports that a record-breaking increase in the cost of previously owned vehicles was responsible for one third of the CPI rise last month. They rose by 10.5% in June compared to the previous month.

According to the US Federal Reserve, this year’s high levels of inflation are “transitory”, meaning that they will decrease when Covid-19 lockdowns ease and supply meets demand.

In June, US policymakers predicted that core inflation would rise by 3% this summer before dropping to 2.1% in 2022. In light of Tuesday’s unexpectedly high inflation, the central bank might be forced to reduce monetary support and decrease asset purchases faster than initially anticipated.

Economists predict this will impact nations that depend on US products as they will need to pay more for goods sourced from the US.

This is why it matters

Nigerians are known for their strong desire to buy imported cars and other consumer goods from the United States. This is expected to have a negative impact on the country’s economy as it will likely increase local inflation and create economic hardship.

The spiralling dollar value against the naira could make it more difficult for middle-class Nigerians to afford their basic needs.

Additional charges such as clearing cost are also associated with importation.

Importers could see an increase in the cost of used cars, which could lead to higher transportation and logistics costs. This could create a storm that will support higher inflation.

Beat the wrap

Nigerians who want to buy imported Tokunbo cars might have to pay upfront if they wish to avoid paying more for imported vehicles due to inflation.

This could mean that you should secure your foreign currency as soon as possible, and pay for the used cars instead of waiting until the prices rise.

Another option is to wait until the U.S. inflation drops as some economists predict. But, it is not certain that this will happen.

Source: NaijaNGR

1inch Foundation Donates $3M For DeFi Projects

1inch Foundation approves a $3M grant program for Defi projects. The non-profit 1inch Foundation, an affiliate of 1inch, a decentralized exchange aggregator has allocated $3 million for new protocol upgrades in a grants program that targets Defi developers.

1inch Foundation will award grants in the following categories over the next twelve months: community development, network development, research and analytics, and community development.

Network development is for aggregation products and automated market makers. It also includes wallets, layer-2 protocols, and integrations that use the 1inch API.

Eligible projects for community development include educational materials, meetups, and hackathons.

1inch Foundation is seeking funding for projects related to data analytics and research in the category of research and analysis.

1inch Foundation stated that projects that are new to decentralized finance (or DeFi) and have not had any funding history can apply. Eligible applicants will be invited to an interview after submitting an application. This will determine grant potential. The onboarding process begins with a formal grant offer.

1inch Foundation announced its first grant of 100,000 1INCH tokens for DeNet, a decentralized storage platform and hosting platform.

The Foundation explained that DeNet’s concept relies on the use of unused disk space on personal computers to store and host dApps.

Although the 1inch Network was officially launched in April this year, the project has been on crypto watchers’ radar since May 2019, when it appeared during the ETHGlobal New York hackathon. Cointelegraph reported that 1inch launched its iOS mobile app in April. The protocol also revealed a new stablecoin that is tied to the U.S. Dollar.

Source: NaijaNGR

US Government Set To Launch A $10M Bounty To Track Crypto Payments

US government launches $10M bounty to trace cryptocurrency payments. The U.S. Department of State announced that it would be playing a more active role in the pursuit of holding some crypto users responsible.

A Thursday Bloomberg report said that the Biden administration plans to intensify efforts to track cryptocurrency payments, especially ransomware attacks. The government will address cybersecurity and crypto’s payment role in these attacks.

This report comes after the State Department announced that its Rewards for Justice Program would offer bounties up to $10,000,000 for assistance in identifying cyberattackers on critical infrastructure in the United States. According to the government agency, it has set up a tipline through Tor’s browser network. This was created by U.S. officials for anonymous Internet communications and may offer crypto payments for information about ransomware attacks.

As part of a task force headed by the U.S. government, U.S. officials seized more than $2 million worth of crypto to pay ransom in response to an attack on Colonial Pipeline. Lisa Monaco, Deputy Attorney General, stated that the seizure was the first major operation of the task force’s mission, which included investigating, disrupting, and prosecuting cyberattacks against critical infrastructure. She also hinted that it would continue to look into similar cases.

Users want their crypto funds to be secure from government oversight. However, it is a source of frustration for lawmakers who are trying to levy taxes and stop funds from being used for illegal activities. The IRS offered a $625,000 bounty last year to anyone who could trace transactions on the Bitcoin Lightning Network and privacy coins such as Monero (XMR) as well as Bitcoin transactions.

Source: NaijaNGR

Lauretta Onochie Is Not Our Member – APC Spokesman

All Progressives Congress (APC) in Delta State stated explicitly that Lauretta Onochie, presidential media aide, is not a member of the party.

On Sunday, Cyprian Ashibuogu signed a communique with Clement Ozegbe and Nkem Osu. The party also warned the Senate not to ignore petitions and protests against Onochie’s nomination.

“She is a technocrat and has been part of us. She is not a card-carrying member of our Party.”

Onochie was elected to be a commissioner of the Independent National Electoral Commission (INEC) in Delta state. She is a strong supporter and partisan of the APC, which has led to serious opposition to her nomination.

During her screening at Senate, she disclosed that she had stopped being a member of the party in 2019.

A petition from a senatorial District in Delta State, which had vehemently opposed her nomination, was also dismissed by the APC as false.

Source: NaijaNGR

I Was Harassed By The DSS and Spent Four Hours In A Cell – Punch Reporter

On Sunday, Solomon Odeniyi (journalist for Punch) was detained by operatives of DSS while on duty.

The reporter was taken from Dunamis International Gospel Centre Headquarters in Abuja where he was following up the arrest of anti-Buhari protesters. Remember that six #BuhariMustGO-wearing activists were taken into police custody by DSS operatives last Sunday.

One witness to the incident said that about ten activists came out at the time it was time to recognize first-timers. Solomon, speaking to POLITICS NIGERIA about his arrest on Sunday, said that he went to Dunamis to follow up on what had happened at the church on Sunday.

“Besides, several groups addressed a press conference and promised to storm the church if congregants in the church were not freed.”

“There was a heavy presence of security personnel, including DSS and police officers at the church. This indicated that something was about to occur.

“The protest was still to begin when suddenly, I saw 7 police officers surrounding us in a patrol van. I was there with Roots Tv Busayo Tosin’s reporter. I was grabbed by my belt by Ugochukwu U. C. and accused of being part of the protesters. He forced me to show him my ID card, which he then took, causing damage to it.

“Before I could say jack I was beaten” I was asked about my offense. They asked me what my offense was. I replied that my ID card was sufficient evidence to prove I wasn’t part of the protesters. All of that was lost on the ears. Roots Tv’s other reporter was also being questioned.

“We were immediately taken from our phones. They took me into their patrol van and drove me to River Park police station. We begged them to let us communicate with our offices. “The plea was rejected.”

“The seized items included 1 power bank, 3 phones, and 1 camera, 1 Tripod, and a Punch ID card.”

“We arrived at the station at 8 a.m. and were released at 12:10. Ugochukwu told police at the station to not release them until Dunamis closes,” he said to POLITICS NIGERIA.

He stated that officers had taken their phone numbers and addresses after they were released, and warned them not to return to Dunamis.

He added, “They also warned us against reporting that we were being arrested and detained.”

Source: NaijaNGR

United Capital Plc Shares Skyrockets Despite The Rough Year

United Capital Plc (or “The Group”) is Nigeria’s largest investment bank. It has a revenue of N6.85 billion and a profit before tax of N3.74 billion. The Group also boasts earnings per share of 105 kobos.

United Capital Plc is a market leader in financial and investment services. Its mission is to offer bespoke and innovative value-added solutions to its clients. This group is committed to transforming Africa by offering innovative and creative investment banking solutions for governments, businesses, and individuals.

The Group is listed on Nigerian Exchange Limited (NGX). It is a leader in Africa’s financial and investment industry.

While commenting about the performance of the group, the Group CEO, Mr. Peter Ashade had the following to say:
“I am thrilled to inform our stakeholders that United Capital Plc achieved a remarkable half-year 2021 performance after a record year in 2020. As reflected in strong financial performance and earnings growth, we ended the first half on a high note.

United Capital Plc is currently in a growth phase. I must admit that my firm’s strong financial performance is testimony to our unwavering commitment towards increasing value creation for our clients despite the difficult socio-economic environment and the lingering effects of the pandemic.

We will continue to work on our transformation agenda in the second half of the year. This includes deepening our value propositions for different market segments, especially mass affluent clients and those who are underserved by mass markets, as well as driving automation of our business processes.

Our wealth management solutions and private trusts are tailored to meet the needs of our rapidly-growing affluent customers. Our best-in-class digital platforms are also central to our mission of transforming lives across Africa and promoting financial inclusion by providing easy access and support for socio-economic development and collective investment schemes.

You can rest assured that we will deliver superior returns for our stakeholders. We will work with regulators and other operators in the capital markets to implement structural reforms that will deepen the capital markets as the country’s economy recovers.

Source: NaijaNGR

Lai Mohhammed Has Loyalists In Kwara – APC

The All Progressives Congress national leadership has ratified the suspension of 11 members loyal to Lai Mohammed, Minister of Information and Culture. This was in response to taking Hon. Abdullahi Abubakar was taken to court.

According to reports, the All Progressives Congress (APC), Kwara State Chapter has been involved in a crisis between Lai Mohammed loyalists and GovernorAbdulrahman Abdulrazaq.

The National Secretary, Caretaker/Extraordinary National Convention Planning Committee, Sen. James Akpanudoedehe sent a letter to Abubakar containing the suspension of the Minister’s loyalists.

The letter was obtained by TheNation Reads “The Caretaker/Extraordinary national Convention Planning Committee reviewed the Kwara State Caretaker Committee’s decision dated February 5, 2021, regarding the Kwara State Disciplinary Committee’s resolution to suspend erring Kwara State Disciplinary Committee members who instituted SUIT No: CV/241/2021 BETWEEN JOESPH TSADO and 10 ORS VS. ALL PROGRESSIVES CORPS & 2 ORS against that party.

“After due consideration of the decision, the members of the Caretaker/Extraordinary National Convention Planning Committee found the decision meritorious because the members who instituted the above-mentioned suit against the Party had flouted the directive of the National Executive Committee (NEC) of 25th June 2020, wherein the NEC resolved that no member of the Party should institute any action in court and to withdraw all pending cases in Court in order to explore the internal conflict resolution mechanisms of the party.

“Consequently the Caretaker/Extraordinary National Convention Planning Committee has ratified the decision of Kwara State Caretaker Committee and upholds the suspension of the following Party members.

“Joseph Tsado and Bamidele Ogunbayo. Issa Fulani. Issa Fulani. Issa Fulani. Issa Ulkadir. Morufu Olaniyi Yusuf. Saludeen Lukman. Kerebu Fatai. Bola Ajani. Nurudeen Fasasi. Salman Shehu Babatunde. Abdullateef Ahmed Kolawoleen Fasasasi.

“TAKE NOTE; this suspension constitutes an interdiction on the above-named individuals from participating in ongoing registration and renewal of membership exercise.”

Source: NaijaNGR

Dino Melaye Shows Off His 7th Masters Degree

Dino Melaye, a former Senator representing Kogi West has taken to social media in order to display his seventh (7th!) Masters’s degree while thanking God that he was able to accomplish such a feat. __S.1__

The controversial Kogi-born lawmaker was awarded the M.sc. In Policy Analysis, dated 19th May 2021 by the University of Abuja in Nigeria

Dino Melaye shared the photo and wrote: “To God alone be glory forevermore.”

See the photo below.

Dino Melaye celebrated the rejection of Lauretta Onochie’s aide as a national commission member of the Independent National Electoral Commission.

Naija News reports on Tuesday that Kabiru Gaya, the Chairman of the Senate Committee on INEC, stated in his report that Mrs. Onochie didn’t meet the federal character principles because there was already a Delta State serving National Election Commissioner Mary Agbamuche–Mbu. This eighth Senate screened and confirmed the statement.

Gaya (APC Kano South), disclosed that Onochie was being petitioned against against the background of her involvement with politics and alleged membership to a political party.

The Senate in the committee of the whole later voted against her nomination.

Melaye, a former Kogi West lawmaker, and member of opposition Peoples Democratic Party, (PDP), responded to the resolution in an Instagram post.

“LaurettaOnochie is out. em>Character is everything em


Source: NaijaNGR

Nigerian Army General, Hassan Ahmed Has Been Murdered [Wife is Abducted]

Former Provost Marshal of The Nigerian Army, Maj Gen Hassan Ahmed has been assassinated at Abuja.

According to reports, the Abaji military officer was shot and killed on Thursday night.

Another report stated that the gunmen had also taken his wife.

An individual close to the family who spoke with DailyPost. It was revealed that the couple had been coming from Okene at the time of their attack.

“They opened fire on him, and he was killed,” the informant said. They took his wife and died from the injuries he suffered.

Faruk Yahaya, the Chief of Army Staff, recently appointed Ahmed as Director at Abuja’s Army Headquarters.

Source: NaijaNGR

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