There is rising disquiet over the failure to regulate the adverse effects of 5G rollout in several countries of the world. State institutions set up by governments to regulate telecommunications infrastructures and broadband to minimise the adverse effects of toxic elements, environmental hazards and protection of birds in natural habitats, are perceived to be reluctant to perform their responsibilities, allowing telecommunications companies to have field day on unregulated activities.

The Federal Communications Commission, a creation of the National Environmental Policy Act (NEPA) in 1969, to protect the Earth, and ensure that technology doesn’t damage the environment, has been accused of ignoring the mandate. The Federal Communications Commission has the mandate to regulate a nationwide buildout for 5G service, requiring 800,000 new “small cell” transmitters.

The Commission was empowered to preside over exhaustive environmental impact statement for big federal projects, like new dam or highway, mask installation, etc, to avoid or minimize ecological damage, minimise risk of significant harm, either individually or cumulatively.

Some stakeholders, however, protest that the agencies have abandoned role of regulation.

It was highlighted: “in a mountainous forest in southwest Puerto Rico, workers cleared a patch to make room for a 120-foot cell phone tower intended for use by AT&T and T-Mobile.

“The site, as the tower company later acknowledged, destroyed some of the nesting habitats of the Puerto Rican nightjar, a tiny endangered songbird. “Fewer than 2,000 are believed to be alive today,”

Also, “in the north western New Mexico desert, a company called Sacred Wind Communications, promising to bring broadband to remote Navajo communities, planted a cell tower near the legally protected Pictured Cliffs archaeological site, which contains thousands of centuries-old tribal rock carvings.

“And in Silicon Valley, a space startup pursued plans to equip thousands of satellites to use mercury fuel in orbit, even as an Air Force official at one of the possible launch sites voiced “extreme concern” that the toxic element could rain back down to Earth.”

It was noted that “these potential harms fall under the jurisdiction of the Federal Communications Commission (FCC)”. The commission regulates television and radio and oversees the deployment of communications technology.

It has a broad responsibility to ensure that technology doesn’t damage the environment. The mandate includes protecting wildlife and human health to preserving historic sites and even preventing aesthetic blight.

The FCC was said to be assigned with the duty to preside over a nationwide buildout for 5G service, that requires 800,000 new “small cell” transmitters, which perched on street poles and rooftops, often near schools, apartments and homes.

Ironically, the FCC is perceived to have declined to revise its radiation-exposure limits, which date back to the era of flip phones.

Meanwhile many citizens fret over “risks to their health from wireless radiation, harm to their property values, damage to the environment and the destruction of treasured views”.

As the FCC licenses numerous commercial satellites, the profusion of objects circling the planet is raising concerns about collisions in space, impediments to astronomy, pollution and debris falling back to Earth.

[NationalDaily]

The Pension Reform Act (PRA), 2004, which introduced the contributory pension scheme (CPS) for public and private sector employees, was a direct outcome of the efforts to address the challenges that bedevilled the various pension schemes in Nigeria before 2004. These challenges included unsustainable outstanding pension liabilities, weak and inefficient pension administration, and low coverage of workers in the private sector.

Establishing a supervisory and regulatory framework superintended by the National Pension Commission and licensing pension fund administrators (PFAs) and pension fund custodians (PFCs) were essential steps in implementing the CPS. PFCs are mainly responsible for keeping safe custody of pension assets on trust on behalf of contributors. Therefore, PFCs are vital to the safety of pension funds assets. The following are the functions of PFCs under the CPS:

CUSTODIAN OF PENSION FUNDS AND ASSETS

PFCs are solely responsible for keeping the pension funds and assets in safe custody on behalf of the PFAs and the trust of retirement account savings (RSA) holders. At this juncture, it is essential to state that PFCs undergo rigorous licencing requirements issued by PenCom before being licensed as pension custodians.

RECEIVING PENSION CONTRIBUTIONS ON BEHALF OF PFAS

PFCs receive the total monthly contributions that are deducted and remitted by employers for the credit of the RSA of the employee. PFCs are mandated to inform the PFAs of the receipt of such contributions within 24 hours.

SETTLEMENT AND CLEARING ON BEHALF OF THE PFAS

PFCs are responsible for executing investment decisions on behalf of the PFAs. When a PFA decides to invest in a particular asset, it advises the PFC to pay the counterparty. In addition, where a PFA chooses to sell investments to realise a profit, the PFC will receive the consideration on behalf of the PFA. Furthermore, the PFC is also responsible for benefit payments to beneficiaries as advised by the PFA, accompanied by the requisite approval of PenCom.

CORPORATE ACTION ADMINISTRATION AND PROXY VOTING

The PFC is responsible for protecting the interests of the PFA in corporate actions declared by companies in which pension funds are invested. PFCs advise PFAs on annual general meetings of such companies, represent the PFA at such AGMs, and ensure that PFAs’ voting instructions are carried out.

INCOME COLLECTION

The PFC is responsible for collecting all incomes from pension fund investments made by the PFA. The PFCs calculate, collect, and track all outstanding income on behalf of the PFA. Regarding fixed-income investments such as time deposits with banks, FGN and corporate bonds, the PFC ensures that interest and coupon incomes are accrued daily and redeemed as and when due. It also collects dividends when declared.

REPORTING TO PENCOM AND THE PFAS

The PFCs maintain proper books of account and render periodic returns to PenCom, which ensures adequate supervision. In addition, the PFC also renders reports to the PFA on the custodial services it provides. These reports enable a reconciliation to be carried out between the records of both operators.

It is important to note that the PFCs are the only licensed bodies that can perform the functions stated above under the strict supervision and monitoring of PenCom. Three (3) approved pension fund custodians are in the pension industry: first pension custodian, United Bank for Africa pension custodian and Zenith Pension Custodian.

PFCs are licensed by PenCom after satisfying rigorous licensing criteria. It is pertinent to note that a commission considers applications for a license to operate as a PFC from entities that fulfil the requirements enshrined in section 62 of the PRA 2014. The applicant company must be wholly owned by a licensed financial institution with a net worth as may be determined by the commission from time to time. In addition, the parent company must guarantee the total value of pension assets held by the PFC.

In conclusion, the structures put in place is to ensure the safety of pension assets through the PFCs have re-defined Nigeria’s pension landscape. As of February 2023, registered contributors have grown to 9.91 million. Furthermore, the total pension fund assets under the CPS have grown to N15.44 trillion as of February 2023.

PenCom remains committed to regulating and supervising all PFCs in Nigeria effectively.

[TheCable]

A judge at The Central Criminal Court, also known as the Old Bailey, has sentenced former Deputy Senate President Ike Ekweremadu, his wife Beatrice, and Doctor Obinna Obeta to jail.

At a sentencing hearing on Friday, Ekweremadu was jailed for nine years and eight months, his wife Beatrice was sentenced to four years and six months imprisonment while Obeta received a 10-year prison term while his medical licence was withdrawn.

The sentencing follows their conviction in March for organ trafficking. The Ekweremadus’ sick daughter, Sonia, was cleared of any wrongdoing.

The three were found guilty after arranging or facilitating a young Nigerian man’s travel into the United Kingdom in a bid to obtain his kidney on behalf of Sonia.

The jury said Ekweremadu, his wife and their doctor criminally conspired to bring the 21-year-old Lagos street trader to London to exploit him for his kidney.

The conviction is the first under the UK’s Modern Slavery Act 2015.

The sentencing comes after pleas from multiple prominent personalities and institutions, including former President Olusegun Obasanjo and the Economic Community of West African States (ECOWAS).

Other petitioners included both chambers of the National Assembly; the Chairman/CEO, Nigerians in Diaspora Commission (NIDCOM), Abike Dabiri-Erewa; and the International Human Rights Commission (IHRC).

The charges were preferred on the Ekweremadus on June 23, 2022, when their arrest was announced. Obeta was later arraigned on July 13, 2022. While his wife was granted bail, the senator was refused.

After months of a pre-trial, the trial commenced on January 31, 2023 and lasted about six weeks, culminating in a guilty verdict against Ekweremadu, Beatrice, and Obeta.

The Egyptian Government has sent over 500 Nigerian students back to Sudan following the failure of two of them to provide either a passport or an Emergency Travel Certificate.

In a viral voice note, a Nigerian official was heard saying that students without passports or ETC had been instructed by the Egyptian authorities to stay back.

According to the voice note, the official said two students without any of the documents were impatient and joined their colleagues in the queue to return to Nigeria, but were discovered at the Aswan airport in Egypt.

He, however, stated that the Egyptian authorities were angry following the development and ordered that all the students should be taken back to Sudan to get the needed permits.

The official, who disclosed that legal actions would be taken against the two students, warned students at Port Sudan to behave in a coordinated manner to avoid being returned back to Khartoum.

He said, “Our children have spoiled the efforts that the Federal Government is putting in place to airlift them. All the students that have passports were allowed to move to the Egypt airport and those that do not have were asked to wait behind and an ETC will be issued to them as a formal document for them to travel. Out of impatience, two students without passports or ETC sneaked in.

“Now, the two students were discovered at the Aswan airport and the Egyptian authorities are angry. Now, all the stranded Nigerians have to go back to Sudan. They conveyed over 500 Nigerians and everyone will go back to Sudan. They will have to get an exit permit and then get another permit back to Egypt. This will cause a delay of almost 10 hours.

“Also, in the midst of the confusion, a child sneaked into Egypt. We cannot find him. Legal actions would be taken against the two students.”