03 Sep

Daily Watch – PenCom talks tough of remissions, Osinbajo beats chest on power

  • Nigeria’s Pension Commission (PENCOM) is mulling the prosecution of employers who deduct the contributory pension from employees’ salaries but refuse to remit the deductions to designated pension managers. The act of non-remittance, which the Director General of the commission, Chinelo Anohu-Amazu, considers a financial crime, is being taken seriously, and will warrant the involvement of recovery agents to ensure compliance.
  • Vice President Osinbajo has said that there have been noticeable improvements in the nation’s power sector despite challenges the last three months. Measurable improvements since the new administration took over, according to him, include: a 26 percent increase in operational generation capacity; a decrease in pipeline vandalism that has boosted gas supply; a 10% percent reduction in transmission losses; reduction in red tape, which has led to the removal of delays blocking the 450MW Azura-Edo IPP and the 500MW Exxon Mobil Qua-Iboe IPP; and the imposition of a September 2015 deadline for the submission of the Discos’ revised tariff trajectories. The VP also raised concerns that the economic growth the country was generating was not impacting Nigerians because of the structure and quality of growth being generated. According to him, the “major revenue earner is extractive and the value chain is poorly developed.”
  • Uber Technologies. is negotiating cheaper deals for new vehicles with Kia Motors to boost its number of drivers fivefold in the city of Lagos, to 3,000 by the end of next year. The company has signed agreements with Kia and Access Bank to reduce the down payment required for new vehicles to N95,000 from almost N200,000, with the balance payable over four years. Uber already has 600 drivers in Lagos.