Yemisi Izuora
The National Pension Commission said it has successfully ended the 2017 Pre-Retirement workshop targeted at staff of Ministries, Departments and Agencies (MDAs) who are due to retire between January and December 2018.
The workshop which was meant to educate participants on how to transit seamlessly from active employment to retirement under the Contributory Pension Scheme (CPS), took place at 11 centres across the six (6) geo-political zones of the Federation and the FCT.
The programme was structured to enlighten the prospective retirees on the procedure for retirement under the Contributory Pension Scheme (CPS). Some of the topics discussed during the programme included enrolment exercise and documentation required, annuity and programmed withdrawal and accessing retirement and terminal benefits under the contributory pension scheme.
Other aspects of retirement information under the scheme which engaged the attention of the participants at the workshop included consolidation of benefits on retirement, modes of withdrawal of benefits on retirement, rights of retirees and roles of the Pension Fund Administrators and the National Pension Commission regarding the retirement process.
The prospective retirees were also advised to enrol for retirement during the ongoing enrolment of prospective retirees by the Commission, as enrollment by proxy will not be entertained except on proven cases of medical incapacitation.
The Commission expects that the participants having been armed with the requisite information at the workshop will be in a better position to make informed decisions that will make their retirement from active service a pleasant one. The workshop commenced on 28 June 2017 and ended on 14 July 2017.
Shipping data seen by SweetcrudeReports has shown that Nigeria’s crude oil exports for August have been pegged at 2 million barrels per day, mb/d.
As at June, the country’s export was 1.6 million barrels per day.
Nigeria’s oil export has been rising as a result of ceasefire from oil militants in the Niger Delta. Since the ceasefire, major oil export pipelines have resumed operation. The Trans Forcados pipeline alone exports 250,000 barrels of crude oil per day.
According to recent report, OPEC’s oil output rose by 280,000 barrels per day to a 2017 high in June, and Nigeria and Libya are to blame for the rise.
Data shows high compliance with the OPEC production cut by Saudi Arabia and Kuwait who have helped to keep compliance at 92 percent in June as against 95 percent in May.
Growing production from Nigeria and Libya, have become a nagging issue at the international market, and analysts say the two countries could be forced to join the OPEC cut aimed at stopping the glut in the market and boost prices.
“The rise in OPEC production will further delay the point at which balance is restored on the oil market,” analyst at Commerzbank in Frankfurt, Carsten Fritsch told Reuters on Monday.
OPEC, Russia and non-OPEC pledged to reduce output by about 1.2 million bpd for six months, starting from last January 1.
Since the cut started, oil prices have boosted but, rising production from the US shale producers, has threatened prices.