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A sum of N6.57bnNational Insurance Trust Fund contributions was transferred into the Retirement Savings Accounts of 83,305 workers in the first quarter of 2012.

The National Pension Commission disclosed this in a report made available to our correspondent on Monday.

It stated that, “The total transfer of NSITF contributions during the first quarter of 2012 was N6.57bn, for the benefit of 83,305 NSITF members.”

According to the commission, PenCom amended the guidelines on the transfer of NSITF cont

A sum of N6.57bnNational Insurance Trust Fund contributions was transferred into the Retirement Savings Accounts of 83,305 workers in the first quarter of 2012.

The National Pension Commission disclosed this in a report made available to our correspondent on Monday.

It stated that, “The total transfer of NSITF contributions during the first quarter of 2012 was N6.57bn, for the benefit of 83,305 NSITF members.”

According to the commission, PenCom amended the guidelines on the transfer of NSITF contributions to employees RSAs to allow employers make direct submission for the transfer of the NSITF contributions of the active employees.

In the quarter, it added that “the commission reviewed and conveyed concurrence” to Trustfund Plc for 3,151 applications for the transfer of N207.3m into the NSIFT members RSA maintained with the Pension Fund Administrators.

The commission said that in 2011, approval was granted for the transfer of Nigeria Provident Fund (NSITF) contributions totalling N4.7bn in respect of 66,589 out of the 69,500 applications received from contributors.

To fast-track the transfer of NSITF contributions to employees RSAs, it added that the commission pursued direct engagement with significant employers, who were employers that had remitted contributions of N20m and above.

Under the old pension scheme, the National Provident Fund was established by the Act of Parliament in 1961 to regulate private sector pension scheme in the country. It ensured monthly contributions from the basic salaries of workers, to be contributed by both the employee and the employer.

The NPF was later converted to a limited social insurance scheme and administered by the Nigeria Social Insurance Trust Fund in 1993.

The Pension Act of 1979 and the NSITF, which administered the old scheme, subjected pensioners to very challenging conditions as they faced non-payment of their pensions, which resulted in the retirees queuing for days to claim what they believed they were owed. Many retirees died under such undue hardships.

This scheme was not funded, leading to mounting pension liabilities that became unsustainable. It was much unregulated; there was non- existence of pension schemes in many sectors, coupled with difficulty in accessing benefits.

The unfortunate setbacks of the scheme led to the repeal of the 1979 Act and the subsequent amendment of the Nigerian Social Trust Fund Act of 1993.

The 2004 Pension Reform Act was promulgated and it ensured a contributory scheme for the payment of retirement benefits of employees of the public service of the federation, the federal capital territory and the private sector.

ributions to employees RSAs to allow employers make direct submission for the transfer of the NSITF contributions of the active employees.

In the quarter, it added that “the commission reviewed and conveyed concurrence” to Trustfund Plc for 3,151 applications for the transfer of N207.3m into the NSIFT members RSA maintained with the Pension Fund Administrators.

The commission said that in 2011, approval was granted for the transfer of Nigeria Provident Fund (NSITF) contributions totalling N4.7bn in respect of 66,589 out of the 69,500 applications received from contributors.

To fast-track the transfer of NSITF contributions to employees RSAs, it added that the commission pursued direct engagement with significant employers, who were employers that had remitted contributions of N20m and above.

Under the old pension scheme, the National Provident Fund was established by the Act of Parliament in 1961 to regulate private sector pension scheme in the country. It ensured monthly contributions from the basic salaries of workers, to be contributed by both the employee and the employer.

The NPF was later converted to a limited social insurance scheme and administered by the Nigeria Social Insurance Trust Fund in 1993.

The Pension Act of 1979 and the NSITF, which administered the old scheme, subjected pensioners to very challenging conditions as they faced non-payment of their pensions, which resulted in the retirees queuing for days to claim what they believed they were owed. Many retirees died under such undue hardships.

This scheme was not funded, leading to mounting pension liabilities that became unsustainable. It was much unregulated; there was non- existence of pension schemes in many sectors, coupled with difficulty in accessing benefits.

The unfortunate setbacks of the scheme led to the repeal of the 1979 Act and the subsequent amendment of the Nigerian Social Trust Fund Act of 1993.

The 2004 Pension Reform Act was promulgated and it ensured a contributory scheme for the payment of retirement benefits of employees of the public service of the federation, the federal capital territory and the private sector.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.

ionyclaret@gmail.com

https://www.codewit.com

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Mobile network operators have  concluded plans to seek compensation from the Federal Government for losses incurred from terrorist attacks on their installations.

The Executive Secretary, Association of Licensed Telecommunications Operators of Nigeria, Mr. Gbolahan Awonuga, confirmed to our correspondent on Tuesday that MTN, Globacom, Airtel, Etisalat, and the CDMA operators had concluded plans to seek  compensation from the Federal Government.

He said, “We are still getting information from the operators. We will send letters to the Ministry of Communications Technology, Nigerian Communications Commission as well as Nigerian Trade and Investment Commission. I don’t think anybody will expect operators to bear the loss alone.”

Two suicide car bombers, on Saturday, attacked the offices of Airtel and MTN in Kano, killing themselves but no other victims.

Islamist sect, Boko Haram, had previously blown up telephone masts and offices of phone companies, saying they helped the security forces to arrest  members of the group.

“The one who hit the Airtel office was shot by military men before the bomb exploded … at the MTN office the car rammed into the fence but no civilians were killed,”   Kano State Police Commisioner, Ibrahim Idris, told Reuters.

The National Emergency Management  Agency confirmed the bombings and said it was not aware of any civilian casualties.

Also, telecoms services were on Wednesday, September 16, disrupted in Borno, Bauchi, Yobe, Gombe and Kano states, following the bombing of  base stations by  terrorists.

Experts, who described the attacks as detrimental to telecoms growth in the country, said they were suggestive of wilful damage by unscrupulous elements.

As a result, the quality of service in the affected states took a downturn as interconnection of telecoms infrastructure became severely limited.

ALTON Chairman, Mr. Gbenga Adebayo, had said, “We have received reports about some telecoms sites being destroyed by some agents in some parts of northern Nigeria. The details are not clear yet, but we have been told that a number of operators’ sites were affected and they appear, from first view, as wilful damage to those infrastructure.”

The Corporate Services Executive, MTN, Mr. Akinwale Goodluck, who equally confirmed the attacks, said, “It is true because we received reports that telecommunications towers of major telecoms operators was being bombed. However, I cannot tell you, for now, how many of our base stations or other telecoms infrastructure were affected because information available to us is still scanty.”

Goodluck, however, said that security agencies had commenced investigation into the attacks and the extent of damage, adding that the result would be made available for accurate reporting.

Speaking in the same vein, the General Manager, Corporate Communications, MTN, Mrs. Funmilayo Omogbenigun, who earlier confirmed the situation to Reuters, said, “We confirm that like all the other major telcos, some MTN installations in northern Nigeria have been damaged by unknown persons. All the relevant government security agencies have been informed and we are receiving their full cooperation.”

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.

ionyclaret@gmail.com

https://www.codewit.com

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Mobile network operators have  concluded plans to seek compensation from the Federal Government for losses incurred from terrorist attacks on their installations.

The Executive Secretary, Association of Licensed Telecommunications Operators of Nigeria, Mr. Gbolahan Awonuga, confirmed to our correspondent on Tuesday that MTN, Globacom, Airtel, Etisalat, and the CDMA operators had concluded plans to seek  compensation from the Federal Government.

He said, “We are still getting information from the operators. We will send letters to the Ministry of Communications Technology, Nigerian Communications Commission as well as Nigerian Trade and Investment Commission. I don’t think anybody will expect operators to bear the loss alone.”

Two suicide car bombers, on Saturday, attacked the offices of Airtel and MTN in Kano, killing themselves but no other victims.

Islamist sect, Boko Haram, had previously blown up telephone masts and offices of phone companies, saying they helped the security forces to arrest  members of the group.

“The one who hit the Airtel office was shot by military men before the bomb exploded … at the MTN office the car rammed into the fence but no civilians were killed,”   Kano State Police Commisioner, Ibrahim Idris, told Reuters.

The National Emergency Management  Agency confirmed the bombings and said it was not aware of any civilian casualties.

Also, telecoms services were on Wednesday, September 16, disrupted in Borno, Bauchi, Yobe, Gombe and Kano states, following the bombing of  base stations by  terrorists.

Experts, who described the attacks as detrimental to telecoms growth in the country, said they were suggestive of wilful damage by unscrupulous elements.

As a result, the quality of service in the affected states took a downturn as interconnection of telecoms infrastructure became severely limited.

ALTON Chairman, Mr. Gbenga Adebayo, had said, “We have received reports about some telecoms sites being destroyed by some agents in some parts of northern Nigeria. The details are not clear yet, but we have been told that a number of operators’ sites were affected and they appear, from first view, as wilful damage to those infrastructure.”

The Corporate Services Executive, MTN, Mr. Akinwale Goodluck, who equally confirmed the attacks, said, “It is true because we received reports that telecommunications towers of major telecoms operators was being bombed. However, I cannot tell you, for now, how many of our base stations or other telecoms infrastructure were affected because information available to us is still scanty.”

Goodluck, however, said that security agencies had commenced investigation into the attacks and the extent of damage, adding that the result would be made available for accurate reporting.

Speaking in the same vein, the General Manager, Corporate Communications, MTN, Mrs. Funmilayo Omogbenigun, who earlier confirmed the situation to Reuters, said, “We confirm that like all the other major telcos, some MTN installations in northern Nigeria have been damaged by unknown persons. All the relevant government security agencies have been informed and we are receiving their full cooperation.”

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.

ionyclaret@gmail.com

https://www.codewit.com

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In this interview with JOHN ALECHENU, the Canadian High Commissioner to Nigeria, Mr. Chris Cooter, speaks about the relations between his country and Nigeria, improvements in visa processing procedures and Nigeria’s security challenges

How are trade relations between Nigeria and your country since you assumed office?

We have had remarkable improvements; the trade figures between the two countries have risen in the last two or three years to about $3bn in a two- way trade largely in favour of Nigeria. While our trade at the moment is largely in buying oil from you- which is something that goes up and down, the interesting part of the story is a variety of new companies that are taking a new interest in Nigeria.

In the two and a half years that I have been here, the altitude of Canadian companies has changed dramatically; everyone is becoming aware of the new story of Africa. It is almost the fastest growing economy in the global market these days. Within that market, they have begun to focus on Nigeria as the largest potential consumer market. There is a fresh attitude on the part of Canadian business about Nigeria; I noticed it because I go home to Canada about once a year to reach out to Canadian firms.

Another area we’ve seen a lot of Canadian interest is in the education sector. What was the response you got from the last education fair?

The education sector is one that Canada has a lot of investment. In the 1960s we were sending up to 200 teachers a year here -teaching at the village level in secondary schools. It was called Canadian Universities Service Overseas. And over the years, we probably had Canadian teachers coming in contact with hundreds of thousands of Nigerians. So today, whenever I visit a governor, an Emir, or somebody in office, they say, ‘oh I had a CUSO teacher back in the days.’ That was then, today there is a demand for vocational training for young people and there is a very strong demand across Nigeria. We are putting in motion a project that would be led by Association of Canadian Community Schools.

The length of time it takes for Nigerians to secure Canadian Visas has been a major issue over the years. What is the situation now?

I’m glad you asked. It’s always an issue. In the summer we had a huge backlog of applications. We had a 50 per cent increase in the number of students applying and a 30 per cent increase overall. We’ve cut the duration to 10 days. It doesn’t mean you are going to get a visa in 10 days but the time for processing has been reduced to two weeks at the most. We are actually very proud of the fact that we’ve managed through a lot of hard work to reduce that backlog and get service matters down to about 10 days. In Lagos, our office is there for people to apply through the Visa Application Centre and they can expect to hear from us within 10 working days. Now, for students, it’s a bit more complicated. I don’t have the figures of the number of days it will take. It always takes longer for students because you have more paperwork and medical reports to go through. Even with students it’s within the range of a few weeks. Of course, it is a rising tide because every year, more and more Nigerians want to travel. They hear more about Canada and it’s a bit of a struggle for us to keep up with the increase in demand. We are committed to doing that and we are getting the resources that we need to maintain the standard of about 10 days.

What are the usual challenges you face when dealing with visa applicants?

It’s usually paperwork issue. The paperwork needs to be right. As you know, our application forms are on- line, you fill it out and submit it to the Visa Application Centre. It’s usually rejected because the paperwork isn’t there or if it’s documentation of bank statements, it isn’t clear. It’s usually an issue of clarity and completeness of the documentation. I would say that is the main problem. The second problem is timeliness. Even with 10 days, it takes longer with students. You never know, there could be a flood of visa applications that week for some reason. It’s going to get better with the record of bio- metrics that will make it easier to verify information.

What should Nigeria do about its security challenges?

When our foreign minister was here, he said terrorism is the scourge of the generation. It’s not just a problem in Nigeria. We are worried about it in the (West African) region and Mali. We see it in other places like Somalia, and of course we’ve had more than 10 years’ experience in Afghanistan with all forms of terrorism. It is a very difficult problem and there isn’t a magic bullet for it. We pledged to develop security cooperation with Nigeria. The main focus is counter terrorism. The experience in Afghanistan is that you have to be patient; you have to go on several tracks at once. There is the political track and that has been raised a couple of times, that is, talks with Boko Haram. Definitely, the political track has to be followed. In the end, like you had with the amnesty (in the Niger Delta), it leads to more lasting peace. At one point or the other, you have to sit with people that are causing trouble. Obviously, there is a hard security element involving police, military and all that. I know you are pushing in that direction as well, they have to work closely together. They have to be prepared to work together and yield some amount of institutional sovereignty so that they can share information and that requires a lot of hard work and building the trust between the institutions. In Canada, we had to spend a lot of time doing that with our forces as well. It’s not easy to do, my previous experience was at the North Atlantic Treaty Organisation prior to coming here and it’s difficult even in an alliance that has been on for about 60 years. It’s difficult to get countries to work together even with their own military. There are institutional reasons why people do not want to cooperate but you have to work together. There is nothing worse than having one (security) agency having information and not sharing it with the other one. The third element which has to work with the other two is infrastructure development because whether it’s the source of the problem or not, it tends to be used as a fuel for the insurgency. In Afghanistan for example, we worked very hard to bring development to the Kandahar area which was the most dangerous part of the country in terms of security. We built a dam which was for irrigation and we invested heavily in education especially of girls which is hugely important in the long and medium term it became the largest recipient of our development funding in the world. That from our experience is something to think about here as well because whether it’s where the insurgency began or not, it will be what the insurgency uses. Underdevelopment will be used as the reason for continuing the insurgency. I guess the fourth element is justice. You have to show the rule of law is being applied. We had many occasions where NATO including Canadian forces was accused of killing civilians. We found that it was extremely important that the stories must not rest without a reply. We investigated what really went on and told our own side of the story. And in almost every case, if there was an incident, the Taliban claims were highly exaggerated but we also had cases that we addressed and compensated families where there were victims. The main point is transparency and justice. The appearances of justice are extremely important. If you don’t get the story out, someone else will distort the truth.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.

ionyclaret@gmail.com

https://www.codewit.com

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In this interview with JOHN ALECHENU, the Canadian High Commissioner to Nigeria, Mr. Chris Cooter, speaks about the relations between his country and Nigeria, improvements in visa processing procedures and Nigeria’s security challenges

How are trade relations between Nigeria and your country since you assumed office?

We have had remarkable improvements; the trade figures between the two countries have risen in the last two or three years to about $3bn in a two- way trade largely in favour of Nigeria. While our trade at the moment is largely in buying oil from you- which is something that goes up and down, the interesting part of the story is a variety of new companies that are taking a new interest in Nigeria.

In the two and a half years that I have been here, the altitude of Canadian companies has changed dramatically; everyone is becoming aware of the new story of Africa. It is almost the fastest growing economy in the global market these days. Within that market, they have begun to focus on Nigeria as the largest potential consumer market. There is a fresh attitude on the part of Canadian business about Nigeria; I noticed it because I go home to Canada about once a year to reach out to Canadian firms.

Another area we’ve seen a lot of Canadian interest is in the education sector. What was the response you got from the last education fair?

The education sector is one that Canada has a lot of investment. In the 1960s we were sending up to 200 teachers a year here -teaching at the village level in secondary schools. It was called Canadian Universities Service Overseas. And over the years, we probably had Canadian teachers coming in contact with hundreds of thousands of Nigerians. So today, whenever I visit a governor, an Emir, or somebody in office, they say, ‘oh I had a CUSO teacher back in the days.’ That was then, today there is a demand for vocational training for young people and there is a very strong demand across Nigeria. We are putting in motion a project that would be led by Association of Canadian Community Schools.

The length of time it takes for Nigerians to secure Canadian Visas has been a major issue over the years. What is the situation now?

I’m glad you asked. It’s always an issue. In the summer we had a huge backlog of applications. We had a 50 per cent increase in the number of students applying and a 30 per cent increase overall. We’ve cut the duration to 10 days. It doesn’t mean you are going to get a visa in 10 days but the time for processing has been reduced to two weeks at the most. We are actually very proud of the fact that we’ve managed through a lot of hard work to reduce that backlog and get service matters down to about 10 days. In Lagos, our office is there for people to apply through the Visa Application Centre and they can expect to hear from us within 10 working days. Now, for students, it’s a bit more complicated. I don’t have the figures of the number of days it will take. It always takes longer for students because you have more paperwork and medical reports to go through. Even with students it’s within the range of a few weeks. Of course, it is a rising tide because every year, more and more Nigerians want to travel. They hear more about Canada and it’s a bit of a struggle for us to keep up with the increase in demand. We are committed to doing that and we are getting the resources that we need to maintain the standard of about 10 days.

What are the usual challenges you face when dealing with visa applicants?

It’s usually paperwork issue. The paperwork needs to be right. As you know, our application forms are on- line, you fill it out and submit it to the Visa Application Centre. It’s usually rejected because the paperwork isn’t there or if it’s documentation of bank statements, it isn’t clear. It’s usually an issue of clarity and completeness of the documentation. I would say that is the main problem. The second problem is timeliness. Even with 10 days, it takes longer with students. You never know, there could be a flood of visa applications that week for some reason. It’s going to get better with the record of bio- metrics that will make it easier to verify information.

What should Nigeria do about its security challenges?

When our foreign minister was here, he said terrorism is the scourge of the generation. It’s not just a problem in Nigeria. We are worried about it in the (West African) region and Mali. We see it in other places like Somalia, and of course we’ve had more than 10 years’ experience in Afghanistan with all forms of terrorism. It is a very difficult problem and there isn’t a magic bullet for it. We pledged to develop security cooperation with Nigeria. The main focus is counter terrorism. The experience in Afghanistan is that you have to be patient; you have to go on several tracks at once. There is the political track and that has been raised a couple of times, that is, talks with Boko Haram. Definitely, the political track has to be followed. In the end, like you had with the amnesty (in the Niger Delta), it leads to more lasting peace. At one point or the other, you have to sit with people that are causing trouble. Obviously, there is a hard security element involving police, military and all that. I know you are pushing in that direction as well, they have to work closely together. They have to be prepared to work together and yield some amount of institutional sovereignty so that they can share information and that requires a lot of hard work and building the trust between the institutions. In Canada, we had to spend a lot of time doing that with our forces as well. It’s not easy to do, my previous experience was at the North Atlantic Treaty Organisation prior to coming here and it’s difficult even in an alliance that has been on for about 60 years. It’s difficult to get countries to work together even with their own military. There are institutional reasons why people do not want to cooperate but you have to work together. There is nothing worse than having one (security) agency having information and not sharing it with the other one. The third element which has to work with the other two is infrastructure development because whether it’s the source of the problem or not, it tends to be used as a fuel for the insurgency. In Afghanistan for example, we worked very hard to bring development to the Kandahar area which was the most dangerous part of the country in terms of security. We built a dam which was for irrigation and we invested heavily in education especially of girls which is hugely important in the long and medium term it became the largest recipient of our development funding in the world. That from our experience is something to think about here as well because whether it’s where the insurgency began or not, it will be what the insurgency uses. Underdevelopment will be used as the reason for continuing the insurgency. I guess the fourth element is justice. You have to show the rule of law is being applied. We had many occasions where NATO including Canadian forces was accused of killing civilians. We found that it was extremely important that the stories must not rest without a reply. We investigated what really went on and told our own side of the story. And in almost every case, if there was an incident, the Taliban claims were highly exaggerated but we also had cases that we addressed and compensated families where there were victims. The main point is transparency and justice. The appearances of justice are extremely important. If you don’t get the story out, someone else will distort the truth.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.

ionyclaret@gmail.com

https://www.codewit.com

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As part of its end of the year product campaign, Ecobank has started giving free gifts to its customers for any Rapid Transfer Transaction they carry out.

A statement on Friday said this would last till the end of January, 2013.

The Rapid Transfer is an Ecobank proprietary send and receive money transfer product available in all Ecobank branches in Nigeria.

According to the Head, Domestic Bank Products, Ecobank, Mr. Funwa Akinmade, the product facilitates easy transfer and access to funds across the country and in all countries where Ecobank is represented.

He explained that Rapid Transfer was a special platform for people to reach out to their loved ones during this festive season, pay for their goods and services – as well as their children and  wards’ school fees, among other financial needs.

He said, “Rapid Transfer is available to customers and non-customers of the bank. It facilitates easy transfer and access to funds across the country as well as enabling money transfers to and from any of the 33 African countries where Ecobank operates”.

He added that Rapid Transfer, which is the first of its kind in Nigeria, was designed to save the customers from the risk of carrying cash and facilitate easy payment for goods and services in Nigeria.

 â€œAlso it enables easy payments across African borders without the hassles of sourcing for foreign exchange as the payments are made in the local currencies of both the transferring and the receiving countries,” he said.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.

ionyclaret@gmail.com

https://www.codewit.com

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As part of its end of the year product campaign, Ecobank has started giving free gifts to its customers for any Rapid Transfer Transaction they carry out.

A statement on Friday said this would last till the end of January, 2013.

The Rapid Transfer is an Ecobank proprietary send and receive money transfer product available in all Ecobank branches in Nigeria.

According to the Head, Domestic Bank Products, Ecobank, Mr. Funwa Akinmade, the product facilitates easy transfer and access to funds across the country and in all countries where Ecobank is represented.

He explained that Rapid Transfer was a special platform for people to reach out to their loved ones during this festive season, pay for their goods and services – as well as their children and  wards’ school fees, among other financial needs.

He said, “Rapid Transfer is available to customers and non-customers of the bank. It facilitates easy transfer and access to funds across the country as well as enabling money transfers to and from any of the 33 African countries where Ecobank operates”.

He added that Rapid Transfer, which is the first of its kind in Nigeria, was designed to save the customers from the risk of carrying cash and facilitate easy payment for goods and services in Nigeria.

 â€œAlso it enables easy payments across African borders without the hassles of sourcing for foreign exchange as the payments are made in the local currencies of both the transferring and the receiving countries,” he said.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.

ionyclaret@gmail.com

https://www.codewit.com

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The Yuletide is usually associated with indulgences. However, experts warn against the temptation of overspending during this season. DAYO OKETOLA reports

One of the major complaints during the Yuletide season is overspending. Experts say it is the easiest mistake to make at Christmas, if for no other reason, at least for the simple joy of giving. Most painfully, they lament that consumers overspend, often buying things they hardly need.

Though people want to stick to a budget, more often than not, they discard it and find themselves regretting the amount of money they spend at Christmas.

In spite of the seemingly widespread saving culture among Nigerians, as confirmed by the Access to Financial Services in Nigeria Survey conducted by EFInA in 2010, experts lament that many Nigerians still throw caution to the wind during Christmas and other festive seasons. Beyond food, clothes, gifts, decorations, and cards, experts say many consumers in the country go on a spending spree, buying things they could enjoy the season without.

The EFInA survey had discovered that the culture of income saving is widely common among Nigerians, whether banked or unbanked. For instance, 52.8 million adults, representing 62.3 per cent of the country’s population, is saving part of their incomes. Specifically, 28.5 million men (65.7 per cent of the adult male population) and 24.3 million women (58.8 per cent of the adult female population) are found to be saving part of their incomes.

More succinctly, the report stated that 40.5 million Nigerians currently save for emergencies;  20.9 million for day-to-day ordinary household needs;  15.1 million for school fees; 12.1 million for personal needs; 10.7 million to expand businesses; and 8.9 million to take care of old age. Another 7.9 million Nigerians are said to be saving for medical expenses, while 7.6 million save for home improvements and 6.5 million for starting a business.

In spite of this, however, many consumers in the country are belived to be at risk of overspending during festive seasons and jeopadising their savings. In view of this, experts warn that spending can get out of control if caution is not exhibited and this, according to them, can leave many families financially worse after the holidays.

Warning consumers against overspending and impulse buying, the Chief Technical Officer, Digital Encode, an indigenous information security company, Mr. Oluseyi Akindeinde, opines that the biggest gift anybody can give himself during any festive occasion is ‘restraint.’

The reason people find it hard to show restraint in shopping during the Yuletide, according to him, is the intense social pressure to go out and spend at such time of the year. He adds that proper planning and budgeting must be embraced to avoid spending what consumers don’t have.

Akindeinde says, “Just like any other aspect of life, there is a need for planning and budgeting during any festive occasion. Without this, one would run the risk of overspending, thereby having little or nothing in reserve to pull through the following months. The best advice I can offer to families who want to remain buoyant after any festive season is to avoid the temptations of buying more than they can actually afford and always make sure everything sticks within a pre-planned budget limit.”

“As for the gift list, families should generally include only the persons that matter most to them. For the people they work with and for any other similar categories all that is needed is to bring some homemade delicacies. They will not have to worry about purchasing expensive gifts for everyone. Ideally, they must also learn that they can’t and indeed shouldn’t buy gifts for everybody.This is simply not the point of the entire holiday,” he adds.

The Deputy Manager, Cutler Ogilvy, a Public Relations company in Nigeria, Mrs. Funmilola Abiola-Odutola, says it is possible for families not to go broke after a festive season if there is proper planning.

“It is good people draw a budget and try  to spend within that budget. Christmas spending should not be based on impulse. The budget is supposed to have been drawn since the middle of the year. Another means of savings during this time, is to look out for where there is sales,” she notes.

The Company Secretary, Ipsos Nigeria Ltd., a market research firm operating in Nigeria, Mrs. Olajumoke Opemuti, says it is considered a ‘norm’ for people to ‘pamper’ themselves during Christmas and New Year season, but warns that it is wise not to over-shoot the budget.

She says, “Christmas is a period when you have to fit into the crowd, for example, buy new clothes for the children, buy new gadgets, and buy new dresses, among others. However, it is also wise that before this period, you should be able to save at least 50 per cent during the year to celebrate Christmas and so any money got at the end of the year should be used in January. If you do not make saving a habit, you may be owing debts for the rest of the year.”

Opemuti urges families to ‘cut their coat according to their cloth,’ adding, “if you dont have much, spend the day with your family instead of jumping from one concert to another. However, if you are very rich, enjoy every penny!”

The Chief Executive Officer, RoyalePrestige Properties, Mr. Seun Akinyele, advises that consumers should be goal-oriented and frequently remind themselves to keep their spending reasonable during the season.

Alexandrea Wilson, writing on www.temecentre.org, gives requisite tips for controlling and avoiding overspending at Christmas.

Wilson, who encourages consumers to actually set a Christmas budget, says, “So many people say they have gone over their budget during Christmas but you won’t believe how many people don’t even have an actual budget.  I’m not just talking about including Christmas shopping in your already normal budget, but I’m saying create another budget specifically for Christmas.”

He encourages consumers to shop for all their Christmas needs in one sweep.

He says, “Instead of doing your shopping all over the place, pick a day and do all of your Christmas shopping in one day or two. This way, it’s all complete and you don’t have to worry about it and you’ll be less likely to keep shopping for people when you’ve already bought enough for them.”

Wilson further advises consumers to limit the gifts they give out, saying, “If you really don’t have the money to buy everyone you know a gift, then don’t. Don’t give in to pressure when you don’t have the money.

“God wants us to be good stewards of our money and so we don’t need to overextend ourselves if we just simply cannot. Buy gifts for your close friends and family or just your family. And you can make gifts for your others or just send cards to everyone’s home.”

He explains that consumers should avoid shopping with friends, adding that this may cause more problems as people tend buy things just because they are with their friends shopping.

Experts warn against impulse buying during Christmas, saying it is one of the reasons why people go out of their budget and end up regretting.

In a rather different dimension, however, the Public Relations Officer, Joint National Association of Persons with Disabilities, Lagos State Chapter. Mr. Dare Dairo, condenms the usual price hike at Christmas, urging the government to consider measures, such as price control to ensure that shoppers buy at reasonable rprices.

He says, “Abroad, Christmas sales means cheaper prices. But in Nigeria, it’s the reverse: people jerk up prices on goods and services during Christmas and other festive seasons. That’s why there are lots of road accidents because commercial drivers want to reap maximum gains from the criminally high fares as more people travel to spend the holiday with their loved ones.

“We need a re-orientation of the people and a strong price control mechanism to tackle the problem. Besides, the government needs to provide viable and cheaper alternatives to force down the prices during these seasons.”

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.

ionyclaret@gmail.com

https://www.codewit.com

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The Yuletide is usually associated with indulgences. However, experts warn against the temptation of overspending during this season. DAYO OKETOLA reports

One of the major complaints during the Yuletide season is overspending. Experts say it is the easiest mistake to make at Christmas, if for no other reason, at least for the simple joy of giving. Most painfully, they lament that consumers overspend, often buying things they hardly need.

Though people want to stick to a budget, more often than not, they discard it and find themselves regretting the amount of money they spend at Christmas.

In spite of the seemingly widespread saving culture among Nigerians, as confirmed by the Access to Financial Services in Nigeria Survey conducted by EFInA in 2010, experts lament that many Nigerians still throw caution to the wind during Christmas and other festive seasons. Beyond food, clothes, gifts, decorations, and cards, experts say many consumers in the country go on a spending spree, buying things they could enjoy the season without.

The EFInA survey had discovered that the culture of income saving is widely common among Nigerians, whether banked or unbanked. For instance, 52.8 million adults, representing 62.3 per cent of the country’s population, is saving part of their incomes. Specifically, 28.5 million men (65.7 per cent of the adult male population) and 24.3 million women (58.8 per cent of the adult female population) are found to be saving part of their incomes.

More succinctly, the report stated that 40.5 million Nigerians currently save for emergencies;  20.9 million for day-to-day ordinary household needs;  15.1 million for school fees; 12.1 million for personal needs; 10.7 million to expand businesses; and 8.9 million to take care of old age. Another 7.9 million Nigerians are said to be saving for medical expenses, while 7.6 million save for home improvements and 6.5 million for starting a business.

In spite of this, however, many consumers in the country are belived to be at risk of overspending during festive seasons and jeopadising their savings. In view of this, experts warn that spending can get out of control if caution is not exhibited and this, according to them, can leave many families financially worse after the holidays.

Warning consumers against overspending and impulse buying, the Chief Technical Officer, Digital Encode, an indigenous information security company, Mr. Oluseyi Akindeinde, opines that the biggest gift anybody can give himself during any festive occasion is ‘restraint.’

The reason people find it hard to show restraint in shopping during the Yuletide, according to him, is the intense social pressure to go out and spend at such time of the year. He adds that proper planning and budgeting must be embraced to avoid spending what consumers don’t have.

Akindeinde says, “Just like any other aspect of life, there is a need for planning and budgeting during any festive occasion. Without this, one would run the risk of overspending, thereby having little or nothing in reserve to pull through the following months. The best advice I can offer to families who want to remain buoyant after any festive season is to avoid the temptations of buying more than they can actually afford and always make sure everything sticks within a pre-planned budget limit.”

“As for the gift list, families should generally include only the persons that matter most to them. For the people they work with and for any other similar categories all that is needed is to bring some homemade delicacies. They will not have to worry about purchasing expensive gifts for everyone. Ideally, they must also learn that they can’t and indeed shouldn’t buy gifts for everybody.This is simply not the point of the entire holiday,” he adds.

The Deputy Manager, Cutler Ogilvy, a Public Relations company in Nigeria, Mrs. Funmilola Abiola-Odutola, says it is possible for families not to go broke after a festive season if there is proper planning.

“It is good people draw a budget and try  to spend within that budget. Christmas spending should not be based on impulse. The budget is supposed to have been drawn since the middle of the year. Another means of savings during this time, is to look out for where there is sales,” she notes.

The Company Secretary, Ipsos Nigeria Ltd., a market research firm operating in Nigeria, Mrs. Olajumoke Opemuti, says it is considered a ‘norm’ for people to ‘pamper’ themselves during Christmas and New Year season, but warns that it is wise not to over-shoot the budget.

She says, “Christmas is a period when you have to fit into the crowd, for example, buy new clothes for the children, buy new gadgets, and buy new dresses, among others. However, it is also wise that before this period, you should be able to save at least 50 per cent during the year to celebrate Christmas and so any money got at the end of the year should be used in January. If you do not make saving a habit, you may be owing debts for the rest of the year.”

Opemuti urges families to ‘cut their coat according to their cloth,’ adding, “if you dont have much, spend the day with your family instead of jumping from one concert to another. However, if you are very rich, enjoy every penny!”

The Chief Executive Officer, RoyalePrestige Properties, Mr. Seun Akinyele, advises that consumers should be goal-oriented and frequently remind themselves to keep their spending reasonable during the season.

Alexandrea Wilson, writing on www.temecentre.org, gives requisite tips for controlling and avoiding overspending at Christmas.

Wilson, who encourages consumers to actually set a Christmas budget, says, “So many people say they have gone over their budget during Christmas but you won’t believe how many people don’t even have an actual budget.  I’m not just talking about including Christmas shopping in your already normal budget, but I’m saying create another budget specifically for Christmas.”

He encourages consumers to shop for all their Christmas needs in one sweep.

He says, “Instead of doing your shopping all over the place, pick a day and do all of your Christmas shopping in one day or two. This way, it’s all complete and you don’t have to worry about it and you’ll be less likely to keep shopping for people when you’ve already bought enough for them.”

Wilson further advises consumers to limit the gifts they give out, saying, “If you really don’t have the money to buy everyone you know a gift, then don’t. Don’t give in to pressure when you don’t have the money.

“God wants us to be good stewards of our money and so we don’t need to overextend ourselves if we just simply cannot. Buy gifts for your close friends and family or just your family. And you can make gifts for your others or just send cards to everyone’s home.”

He explains that consumers should avoid shopping with friends, adding that this may cause more problems as people tend buy things just because they are with their friends shopping.

Experts warn against impulse buying during Christmas, saying it is one of the reasons why people go out of their budget and end up regretting.

In a rather different dimension, however, the Public Relations Officer, Joint National Association of Persons with Disabilities, Lagos State Chapter. Mr. Dare Dairo, condenms the usual price hike at Christmas, urging the government to consider measures, such as price control to ensure that shoppers buy at reasonable rprices.

He says, “Abroad, Christmas sales means cheaper prices. But in Nigeria, it’s the reverse: people jerk up prices on goods and services during Christmas and other festive seasons. That’s why there are lots of road accidents because commercial drivers want to reap maximum gains from the criminally high fares as more people travel to spend the holiday with their loved ones.

“We need a re-orientation of the people and a strong price control mechanism to tackle the problem. Besides, the government needs to provide viable and cheaper alternatives to force down the prices during these seasons.”

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.

ionyclaret@gmail.com

https://www.codewit.com

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ABUJA — The Senate, yesterday, gave President Goodluck Jonathan the approval to go ahead with external borrowing to the tune of $8,209.53 billion to enable him fund the proposed pipeline projects under the medium-term (2012-2014).

The approval by the Senate is higher than the original $7.9 billion requested by President Jonathan.
The Senate also noted that the Federal Government’s external debt profile was presently at a level it could accommodate more borrowings without exceeding the international limit of 40 per cent Debt/GDP ratio  and the country’s limit of 25 per cent.

Also recommended by the upper chamber was the approval of projects to be implemented by Federal Government and its agencies, just as it approved projects for states which the amount for on-lending has been stated.

The approval by the Senate was upon discussions on the report of the Senator Ehijie Edobor Uzamere (ACN, Edo South) led Joint Committee of Local and Foreign Debts and Finance on proposed pipeline projects under the Medium-Term (2012-2014) External Borrowing plan.

According to the proposed total loan amount, states will have $2,263.239 billion; Federal, $4,846.3 billion, totalling $7,109.53 billion while continuation of the Eurobond issuance for federal projects is $1 billion and Diaspora Bond for Federal Government is $0.1 billion.

The lawmakers also called for robust oversight by relevant committees on the implementation of the projects for which these loans were being approved, just as the Senate deferred projects for states under any facility which the amount for on-lending is not stated.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.

ionyclaret@gmail.com

https://www.codewit.com

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