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PENCOM Says Economic Meltdown, Greatest Challenge in Past One Year
Alhaji Mohammad Ahmad, director –general of the National Pension Commission (PENCOM), has identified the effects of the global economic meltdown as the greatest challenge that has confronted the pension industry in the last one year. He stated in a media forum that the challenges of the meltdown affected the investment climate in both the capital and money markets. Notwithstanding these challenges, he explained, the pension industry in Nigeria was able to successfully weather the storm as a result of the robust regulatory and supervisory philosophy of the commission. In spite of the prevailing harsh global financial meltdown that confronted the economy, the commission ensured the safety, sound management and growth of pension assets. The commission has also continued to keep tab on the macro-economic fundamentals such as the Nigerian capital, money and annuity markets and the reforms in the banking sector. According to the DG, “the industry has continued to consolidate on its achievements, as about 4.3 million Nigerians have registered with the Contributory Pension Scheme as at the end of July this year. There are currently about 23,000 retirees from the public and private sector under the scheme. We have collected over N65 billion as lump sum and about N800 million as monthly pension. In addition, assets worth N1.77 trillion had been accumulated as at the end of July 2010.” The DG added that one of the hallmarks of the commission’s consolidation phase was encouraging operators to merge on their own terms, adding that some of them are at various stages of the exercise. He stated that t is good to note that the commission, as the apex authority saddled with the responsibility of regulating and supervising the pension industry, has been making efforts with a view to ensuring prompt payment of retirement benefits, as well as promoting a vibrant and sustainable pension industry that would positively impact on the economic development of the country. The PENCOM boss explained that the regulatory and supervisory philosophy of the commission is risk-based and consultative and covers all activities of the commission with particular emphasis on issuance of guidelines and regulations, surveillance of licensed operators, compliance and enforcement, supervision of investment of pension funds and maintenance of a databank on pension matters. The commission, he said had in the last 12 months, continued to issue additional guidelines and regulations to further guide operations within the pension industry, so as to entrench sound corporate governance in the activities of pension operators. He stressed that some of the guidelines and regulations issued include; risk management framework for licensed pension operators, guidelines for the operation of pension transitional arrangement departments, regulations for auditing of pension funds, framework for supervision of state and local governments regulation for compliance officers. Another great poser which he admitted was that the commission also had to contend with reassuring the public of its capacity to protect the pension industry. “In a nutshell, the commission in an effort to ensure compliance with the provisions of PRA 2004, embarked on innovative strategies such as on-site inspection of employers, collaboration with regulatory and professional bodies, public enlightenment campaigns and application of sanctions were necessary.”
As part of strategies to move the industry forward, Alhaji Mohammad reiterated the commission’s continuous collaboration efforts both with government and other agencies. He cited the support of the Bureau of Public Procurement (BPP) as a case in point, adding that it was obtained to ensure that any supplier, contractor or consultant bidding or soliciting contract or business from any federal government ministries, departments and agencies (MDAs) must fulfill its obligations with respect to pensions and must comply with the provisions of the PRA 2004 as required under Section 16(6) (d) of the Public Procurement Act 2007. The DG added that in implementing these provisions of Section 4(1) (b) of the PRA 2004, the commission in collaboration with the National Insurance Commission (NAICOM) jointly issued the Regulation on Annuity as one of the means of expanding the number of retirement products available to retirees. This is because, while it is the mandate of NAICOM to regulate the annuity market, it is the responsibility of the commission to ensure that the modalities for the administration of retirement benefits in respect of life annuity is strictly followed to guarantee payments of retirement benefits as and when due. And NAICOM in this respect, in collaboration with PENCOM, has endorsed 26 life insurance companies to carry out annuity business in Nigeria. Other regulatory and government agencies such as the Central Bank of Nigeria (CBN), the Security and Exchange Commission (SEC), Nigerian Deposit Insurance Commission (NDIC), Federal Revenue Service (FIRS) and Bureau of Public Procurement (BPP) have consistent support and cooperation with the National Pension Commission in actualizing the ideals of pension reform in the country.
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Nedjip Tozun, CEO d.light Named in 2024 TIME100 Climate List for Transformative Impact on Clean Energy Access
Nedjip Tozun, Co-founder and CEO at d.light, has been named one of the world’s most influential leaders driving business to real climate action in the 2024 TIME100 Climate list.
TIME’s annual climate list recognizes the world’s most innovative and impactful business leaders championing climate action and working toward a sustainable future. This honor celebrates Tozun’s visionary leadership and commitment to transforming energy access for underserved communities across Africa and Asia.
Since co-founding d.light in 2007 at Stanford University, Tozun has led the company’s mission to empower lives through sustainable, affordable, off-grid clean energy solutions. Under his leadership, d.light has reached over 180 million people, providing transformative products such as solar home systems, lanterns, and appliances, and connecting households and businesses to life-enhancing solar energy.
With a growing footprint across some of the world’s most energy-challenged regions, d.light’s innovative pay-as-you-go platform, Atlas, enables over 6 million transactions monthly, making clean energy accessible and affordable for millions.
“We are honored to see Nedjip’s dedication recognized by TIME as part of this esteemed Climate list,” said Wayne Keast, d.light board member and Managing Partner of Inspired Evolution. “His passion for bringing clean energy to the most remote communities is reshaping the future of energy, health, and opportunity in regions where the climate crisis hits hardest.”
As a pioneer in clean, off-grid energy solutions, Tozun has not only driven unprecedented growth for d.light but has also challenged and changed the industry landscape.
His work has made d.light a trusted partner in the global climate effort, positioning the company as a model for sustainable development and scalable solutions in emerging markets.
With a goal of impacting 1 billion people by 2030, d.light continues to scale operations and forge partnerships to meet growing demand while addressing critical climate issues head-on.
“I’m truly grateful to be recognized by TIME for our work in advancing clean energy access”, said Tozun. “This acknowledgment underscores the urgent need to prioritize equitable access to clean energy as we tackle climate change.
d.light’s work is rooted in the belief that everyone deserves access to energy, and I am proud of what we have achieved together with our team, partners, and the communities we serve.”
Tozun’s inclusion in the TIME100 Climate list highlights the impact of d.light’s work across Africa and elsewhere. It follows d.light’s recent recognition as a finalist in the 2024 Earthshot Prize, the international environmental award founded by the UK’s Prince William that recognises groundbreaking sustainable solutions for repairing and regenerating the planet.
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Cloud Energy Solar Shines Bright with 200 Watts Street Lighting Bulb
Nigeria’s foremost indigenous Renewable Energy Company, decorated by industry partners as the most Outstanding Energy Provider, Cloud Energy Solar, living true to its appellations, is focusing its renewable energy competencies beyond the home and office.
Cloud Energy has increased its impact in street lighting with the design and production of the 200 Watts street lighting bulb.
The 200 Watts bulb consolidates the reputation of brightness and long lasting for the Cloud Energy range of energy saving bulbs, in the homes and offices.
Spurred by the abundance of the sun, the Cloud Energy Solar Company seems challenged to never let the sun set. The Managing Director of Cloud Energy, Mr. Theophilus Nweke, launching the 200 Watts bulb observed that the times are dangerous in terms of security.
Therefore, the brilliance of the street lighting will eliminate all lurking shadows from the streets and security posts. It is an answer to a call to duty for all patriots to deploy their competencies to enhance national security.
The renewable energy boss said that citizens must be prepared to make sacrifice to give Nigeria its deserved place as the giant of Africa. These sacrifices can come from the kind of opportunities that OEMs give to Nigerians. For example, Cloud Energy, a leading solar practitioner is currently offering rooftop solar panels with a flexible payment plan up to two years or more.
Property owners can now design their buildings with solar panels on the roof and keep paying long after they have completed and moved into the houses.
This flexible payment consideration, the Cloud Energy Boss explains, extends to the entire range of Cloud Energy Solar products – Energy storage products, Inverters, Batteries; Lifestyle products, Fridges, Freezers, Fans Television sets, and solar accessories.
These offers are conveyed in a campaign entitled Bridge the Energy Gap, a clear departure from the traditional way of presenting offers in the market.
The bridge has been used as a symbol to convey a sense of professional support, assistance, and partnership.
The bridge beyond meaning a make-up for a shortfall also provides a thorough fare to the energy transition, without bottlenecks. It deletes all doubts and gives a sense of certainty for a transition.to Solar.
The bridge is the fact that Cloud Energy in partnership with its finance partners offers different kinds of payment plan to ensure a done deal, in electricity, without tears.
Cloud Energy, founded in 2015 has earned respect by installing Solar and Inverter systems for discerning clients, mainly academic, research institutions and multi-nationals across the nation.
In less than a decade Cloud Energy has foot prints in the Banking and Finance sector with ATM installations; Homes and Public buildings with Solar Systems; and is a viable partner to governments through the Rural Electrification Project.
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Airtel HR Director, Adebimpe Ayo-Elias Honoured as HR Leader of the Year
The Director of Human Resources and Administration at Airtel Nigeria, Adebimpe Ayo-Elias, has been awarded as HR Leader of the Year at the 2024 HR People Magazine Awards, organized by Mapelwood Global Resource.
The award ceremony, held recently at the Lagos Oriental Hotel, celebrated the achievements of outstanding HR professionals across Nigeria who have contributed significantly to organizational success and workplace culture.
Speaking on the recognition, Carl Cruz, CEO of Airtel Nigeria, expressed immense pride in Ayo-Elias’s achievement, describing it as a milestone not only for her but also for the company.
“Adebimpe’s impact, dedication, and leadership extend well beyond Airtel, and this award is a well-deserved recognition of her influence in the HR field. We are incredibly proud of her accomplishments and look forward to her continued contributions to the industry,” he said.
Receiving the award, Adebimpe expressed gratitude for the honour, reiterating her commitment to advancing world-class HR practices within her organisation.
“I am deeply grateful for the opportunity to contribute positively to the lives of those we serve within and beyond the organization. Airtel Nigeria creates an environment that nurtures growth, encourages innovation, and prioritizes the well-being of every employee and as such, this award motivates me to continue championing these values,” she said.
This award reaffirms Airtel Nigeria’s commitment to developing and empowering talent, further establishing the company as a leading force in creating an impactful, forward-thinking workplace.
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