Social security scheme, long-term panacea for poverty - CBN

Soji-Eze Fagbemi, Abuja

Chukwuma Soludo,
CBN GovernorThe Central Bank of Nigeria (CBN) has said that provision of Social Security Benefits in Nigeria is a long-term panacea for mass poverty, unemployment and an important tool for the realization of an egalitarian society.

Deputy Governor, Economic Policy of the CBN, Mrs. Sarah Alade, made this known during a courtesy call on her by the Managing Director, Nigeria Social Insurance Trust Fund (NSITF), Dr. Enukora Joe Okoli.

Mrs. Alade therefore advised the NSITF to intensify efforts towards the actualisation of constitutional provision on social security as contained in Section 71(2) of the Pension Reform Act, 2004 and the public mandate it has received at its last stakeholders conference on social security.

Mrs. Alade also advised the NSITF Management to explore ways of benefiting from the apex bank’s Entrepreneurship Development Centers for Micro-finance Banks to further enhance the Fund’s proposed Micro-finance Scheme for the physically challenged.

Dr. Okoli also appealed to the apex bank to introduce “Community Development Funds” programme as a Corporate Social Responsibility Initiative as practiced by the Bank of England in the UK , and in other countries.

Such funds, according to him, could be directed towards piloting Social Security Interventions, and other Community Support initiatives.

Dr. Okoli, commended Mrs. Alade for her understanding and assured her that the government was seriously considering the introduction of a Social Security Scheme in Nigeria as implied in the 7-Point Agenda.

OSA & Co, AD & Co now Baker Tilly Nigeria

Oluwaseun Ayantokun, Lagos

Oyelami Soetan Adeleke & Co.(OSA) and Aneni Dairo & Co, two of the leading accounting firms in Nigeria, have announced a merger with Baker Tilly International, a UK-based accounting firm.

While announcing on Monday in Lagos that the new born company will henceforth operate in the country as Baker Tilly Nigeria , representatives of the partnering firms stated that the merger was born out of the desire of each of them to provide qualitative value-added, professional services.

These include accounting, assurance, taxation, information technology and other related services to modern business services. Baker Tilly International, the world’s eighth largest accounting organisation, is a world-wide network of independent accounting and business advisory firms and boasts of a combined income of about $2.5 billion.

Oyelami Soetan Adeleke & Co, founded in 1998 and Aneni Dairo & Co, founded in 1975, maintained distinguished track records in various aspects of professional accountancy services.

OSA had until Monday been one of the 138 independent member firms of Baker Tilly International which operates in104 countries across the globe. The clientele of the Nigerian merging partners includes Union Bank, Niger Insurance Plc, International Breweries Plc,Honeywell Oil and Gas Nig Ltd,Nigerian Eagle Flour Mills Ltd, Kopek Construction C. Ltd, McArthur Foundatioin, Union Homes Loans and Savings Plc, Standard Flour Mills Ltd, Associated Match Industries Ltd and Optima Energy Resources Nig Ltd.

Speaking at the event of the merger announcement, Mr Geoff Barnes,CEO, Baker Tilly International, said there was no question of ownership in the new relationship as the merging firms remain independent members of the same organisation though the advisory role of the international head office would be part of quality-ensuring process.

While stating that the Nigerian merging partners had been found to be sound and professional in accounting practice, he said that he does not waste time in turning down request for membership or enquiries in that regard from firms that fail the litmus test of strict professional ethics.

Dr Oba Ayoola Otudeko, President, Nigerian Stock Exchange, commeded the merging firms, saying that they had done the right thing as the merger would offer them a leverage on the international plane to deliver quality services.

Dr R U Uche, President, ICAN, also commended them , saying they now have the opportunity to maximise quality service as well as specialisation, which is being emphasised by the professional body.