Pension in Nigeria

Introduction

To start with, what is Pension?

 According to Cambridge English Dictionary, Pension is ”an amount of money paid regularly by the government or a private company to a person who does not work anymore because they are too old or have become ill.”

According to Oxford English Dictionary, Pension is “a regular payment made during a person’s retirement from an investment fund to which that person or their employer has contributed during their working life.” If you want to get the latest Nigeria Pension News, always orientalnewsng.com

This post will give insight of what Pension is all about, the major challenges facing the stakeholders in the pension industry and the possible and reliable solution to the challenges from a reasonable perspective.

Quick Review of Pension in Nigeria

Majority of Nigerian workers are in the know of what Pension is all about, but some workers are still ignorant about it.

There are lots of Nigerian workers that are eager to know the essentials of a Pension Scheme and how the funds can be withdrawn at retirement without stress.

Pension scheme is a retirement account where employers and employees make monthly contributions. In Nigeria, employers contributed 10% of the salary and the employee contributes 8% which is a defined contribution plan.

Pension Contributory Plan is majorly designed to make employees derive the advantage of adequately being paid their pension as it is due upon retirement. This type of fund is maintained by a Pension body. Visit Orientalnews Nigeria for the latest PTAD News

According to National Pension Commission, every employee or contributor under the new pension scheme is expected to open RSA in his or her name with a PFA of his or her choice into which all his/her contributions and returns on investment are paid.

Note:

RSA – Retirement Savings Account

PSA – Pension Savings Account

It is very important to know that contributions should be maintained and administered by Professional Fund Administrators and held in custody by licensed Pension Fund Custodians.

Oil and Gas Business in Nigeria

Introduction

The Oil and Gas business is a very lucrative business here in Nigeria, as we all know that Nigeria is the third largest oil and gas producer in Africa. Most Nigerians see it as business only for the rich ones. There is no doubt that there is serious money in the oil and gas business but people think it is a type of business for top politicians and extremely rich people in the country.

Nigeria is the tenth largest producer in the world and its oil revenues account for about ninety-five percent of Nigeria’s foreign exchange earnings. According to NNPC, Nigeria has about 176 trillion cubic feet of proven natural gas reserves. For the latest Nigeria Oil and Gas news , always visit OrientalNews NIgeria

Brief History of Oil and Gas in Nigeria

Oil was discovered in Nigeria in 1956 at Oloibiri in the Niger Delta of the country after half a century of exploration. The discovery was made by Shell-BP. Nigeria joined the ranks of oil producers in 1958 when its first oil field came on stream producing 5,100 bpd.

After 1960, exploration rights in onshore and offshore areas adjoining the Niger Delta were extended to other foreign companies and in 1965 the EA field was discovered by Shell in shallow water southeast of Warri.

Petroleum production and export play a dominant role in Nigeria’s economy and account for about 90% of her gross earnings. This dominant role has pushed agriculture, the traditional mainstay of the economy, from the early fifties and sixties, to the background. Check out the latest NNPC Breaking News on OrientalNews Nigeria

Major Events in the history of the Nigerian Oil and Gas

The following are some of the major events that took place in the history of the Nigerian Oil and Gas.

. Nigerian Bitumen Co. and British Colonial Petroleum commenced operations in Okipupa in 1908

. Shell D’ Arcy granted exploration license to prospect for oil throughout Nigeria in 1938

. In 1955, Mobil Oil Corporation started operations in Nigeria

. First shipment of oil from Nigeria was in 1958

. In 1977, the government established Nigerian National Petroleum Corporation (NNPC) by Decree 33, (NNOC & MPR extinguished)

Nigerian National Petroleum Corporation

The Nigerian National Petroleum Corporation (NNPC) is the sole body in charge of oil and gas business in Nigeria. NNPC was established in 1977 by the federal government. The NNPC has its headquarters based in FCT Abuja.

The Corporation was given powers and operational interests in refining, petrochemicals and products transportation as well as marketing.

Later on, the NNPC was commercialized into twelve strategic business units, covering the entire spectrum of oil industry operations such as; exploration and production, gas development, refining, distribution, petrochemicals, engineering, and commercial investments.

Oil and Gas Business Ideas and Opportunities

There are so many oil and gas business opportunities here in Nigeria. These businesses are quite lucrative but requires huge sum of money. To start any type of oil and gas business, you need a good location, funds, and legal proceedings.

The following are some of the lucrative oil and gas businesses.

. Cooking Gas Business

. Haulage and Logistics

. Diesel Supply Business

. Blogging on Oil and Gas

. Oil and Gas Business via Shares

. Kerosene Business

Oil and Gas Companies in Nigeria

There are more than fifty oil and gas companies in Nigeria.  These companies have branches in other countries of the world. The following is the list of some notable oil companies across the country.

1.      Shell Nigeria

2.      Chevron

3.      Total

4.      ExxonMobil

5.      NNPC – Government-owned

6.      Addax Petroleum

7.      NLNG

8.      Statoil

9.      Conoil

10.  Oando – Africa’s largest energy provider

11.  Sahara Energy

12.  Nestoil

13.  Forte Oil

14.  Schlumberger Amazon Energy

15.  MRS Oil

Insurance in Nigeria

Introduction

To start with, we need to have an insight of what Insurance is…

What is Insurance?

Insurance can be defined as an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness or death in return for payment of a specified premium or a thing providing protection against possible eventuality.

According to Cambridge English Dictionary, Insurance is” an agreement in which you pay a company some amount of money and they pay your costs in case of accident, injury or death of a loved one.”

According to web finance business dictionary, insurance is “a business that provides coverage in the form of compensation resulting from loss, damages, injury, treatment or hardship in exchange of premium payments.”

Since every business involves risk, there is always a higher probability for either a small loss or large loss. In this post, we will be looking at Insurance in Nigeria, the different types of Insurance Policies, challenges, way forward and the different verified Insurance companies across the country. For the very latest in Nigeria Insurance News, visit Orientalnews Nigeria

Overview

As we know, there is risk everywhere so, a perfect and smooth life can face an unexpectedly disturbance in the event of an abrupt situation like accidents, sickness, loss of property or death of a loved one. A major decision that can assuredly diminish the effect of the occurrences is to be engaged in an insurance policy scheme.

Insurance in Nigeria has been in existence as far back as more than sixty years ago. During the colonial period, Insurance companies were of European origin. An example of such is the Royal Exchange Assurance Agency which was closely associated with insurance in the country.

But some years later on (before independence), Nigeria came up with its own first original Insurance company which was named the African Insurance Company Limited. The company was established in the year 1958. For the latest news on Nigeria Insurance, please visit OrientalNews Nigeria

Later on, the Federal Government of Nigeria started supporting the establishment of state-owned Insurance companies but after a while, in the early ninety’s, private-owned insurance companies began to take over and replaced the state-owned insurance firms. The FG had to systemize the Insurance Industry which led to the establishment of National Insurance Commission (NAICOM) in 1997.