Business Digest September 18, 2024
#BusinessDigestWithDrEIS
On BU$I₦£$$ DIG£$T this morning, September 18, 2024
**********************************
PENSION FUNDS ADMINISTRATION IN NIGERIA Part-3
In the last 2⃣ days from the broadcast, I have received alot of feedback tilting to the fact that the current Pension Administration in Nigeria is not really serving its purpose.
Coming from my banking background, I have always known this and we have tried to push for amendments of the enabling law to ameliorate the lives of Pensioners and those not in paid employment anymore who desire to access their contributions.
The attached photo speaks for itself, if you have a copy of my book Business Digest, quickly check pages 18 &19, you will discover that, I had concluded on a book titled “BANKING IS FRAUD, PENSION IS A SCAM” but my Mentors stopped me from publishing that book and I obeyed them. The book is indeed revealing.
For those who still receive monthly alerts of their RSA contributions, that balance you see is actually audio money. Most time, the carmel will have to pass through the eye of a needle to get your contributions out. These PFAs, are sitting on humongous cash flow on a monthly basis, investing them and making huge interest while the real owners are suffering.
The trick to this is obvious, all contributors will not come for their monies all at thesame time, so the system is built on a purportedly transparent system which is actually not.
“Most of the borrowed funds have been frittered into private pockets. What most pensioners don’t know is that the balance they see on their RSA every month is virtual money and nothing more. The FGN in collaboration with these PFAs know that it’s not everyone that will demand for their contributions at once so they are just doing a form of intermediation with these funds, a legal ponzi scheme if you wish. I have not even bothered to ask for my 25% upon my exit from the banking space.”-From another ardent reader of Business Digest who was in the banking space and also knowledgeable about finance.
These are indeed the realities of what our Legislators should be fighting for instead of receiving jumbo remuneration.
REACT|COMMENT|SHARE
▪︎K.I.S.S Always!
#iTrain
#iTeach
#iCoach
#iMentor
#iConsult
#iFacilitate
#iDoResearch
Business Digest….your indispensable daily business companion.
__________________________________
Yours-In-Entrepreneurship
*_Dr. Emmanuel Idenyi Shaibu_*
_animn, ace, f.hcd, f.dss, m.frcn, fimc, cmc, cms, FAiPA, DPA, FCCFI, FCALM-UK_
The Millennium Entrepreneur!
*MakingAMarkGlobally*