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FG approves N1bn for dockworkers as UBA pays NPA retirees

Posted by By Isiaka Adams on 2006/07/19 | Views: 310 |

FG approves N1bn for dockworkers as UBA pays NPA retirees


The Federal Government has approved the disbursement of N1billion for the payment of disengagement benefits to about.....

The Federal Government has approved the disbursement of N1billion for the payment of disengagement benefits to about 12,000 dockworkers already laid off due to the ongoing port concession.

The Chairman of the sub-committee of the Presidential Task Force on Port Reforms, Mr. Ibrahim Dankwambo, said this in Lagos on Tuesday, during the payment of N10.93billion severance benefits to retired employees of the Nigerian Ports Authority.

The Group Managing Director, United Bank for Africa Plc, Mr. Tony Elumelu, whose bank is paying the money, advised the retirees to explore the numerous investment opportunities that abound in the country in order to secure the future of their children and make their life in retirement devoid of stress.

Dankwambo, who is the Accountant-General of the Federation, said that the committee would begin payment of the dockworkers’ disengagement benefits as soon as the unions and the regulatory agency completed the verification of the authentic register of the dockworkers.

He said that N30.5billion was approved for payment as severance package for about 8,000 workers of the NPA out of which 1,287 workers would be paid N10.93billion under the first phase of the exercise, which began on Tuesday.

According to him, the committee will pay N6.1billion and N14.9billion under the second and third phases, respectively. Although he did not state when the remaining workers would be retired, NPA sources said that fresh retirement letters might be distributed on Friday.

The Managing Director, NPA, Chief Adebayo Sarumi, said that the port concession and the retirements, though painful, were in the best interest of the country to secure better prospects for the future generations.

He said that the retirees were extremely lucky because of the lowest paid among them would be taking home over N4million while others would take home about N14million which is enough to start a new life after retirement.

Elumelu congratulated the committee on the prompt payment, saying in the past some people had been retired but they were not promptly paid.

“This is a good development because as these people are being retired, they are promptly paid,” he said and also congratulated the retirees for the honour being bestowed on them for being recognised having served their country meritoriously towards the development of the country.

He, however, advised the retirees to spend the money wisely by investing on worthwhile ventures that would bring returns on the money and not be carried away by the euphoria of the moment or embark on a spending spree.

He said, “There are a lot of investment opportunities and outlet within and outside the UBA that you can take advantage of. There are mutual funds you can invest in there are savings funds you can invest in. You can also access the Small and Medium-Scale Industries Enterprises Investment Scheme and see how you can partner with people and institutions to help you start something.

“You can seek the advice of your bank and other fund managers so that they can properly guide you on the right investment options that would secure your retirement as well as the future of your children,” he said.

He said that the economies or what are generally preferred to as the Asian tigers of the world today did not start with mega companies but with cottage industries which later grew to assume multinational dimension.

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Fay(Katy, Texas, US)says...

Actually translates to bravehearted.