The "Sins" of Meffy

With 9 years in office, Mr Godwin Emiefele (permit me to call him "Meffy" was the longest serving CBN governor since Nigeria's return to democracy in 1999 - he served from 2014 to 2023.

I will remember Meffy for many things - some positive and others confusing. Personally, Meffy has been the number 1 source for most of my content in the last 3 years since I started sharing actively online. Secondly, a lot of the Fintech boom seems to have happened during his tenure. PiggyVest, Flutterwave, TeamApt (now MoniePoint), Paystack, etc were all founded during his time. I'm sure many would say that they thrived "in spite of" and not because of him. Nonetheless, I think it's interesting to note that Meffy is the only CBN governor many of the current fintech founders have run their companies under (including me).

What are the "sins" of Meffy? I'm careful to use the word "sins" because some of Meffy's moves were not considered bad by everyone at the time. Take for instance the forex restriction of 41 items for import. It was pushed as an import-substitution policy and many people lined up in support. Then of course, Meffy spear headed the largest gap between the official exchange rate and the black market exchange rate of the dollar to the naira. This wide gap created many uncertainties, and forced the rationing of dollar. As we have seen, it is very difficult to manually ration something in short supply, but with very high demand.

The funny thing is that the average Nigerian might have not cared for limited forex availability. After all, na who don chop dey find dollar. But when you make it extremely difficult for people to access their own money through a naira redesign and ill conceived cashless policy, it's very hard to retain goodwill afterwards.

During Buhari and Meffy's reign, they somehow managed to get people to focus less on supply-side and fiscal policies: the economy seemed to be dictated mostly by monetary policies. It's also fascinating how a CBN governor became so interested in agriculture, that he was prescribing how to take care of cows on national TV!😁.


To be fair though, Meffy's time did have some critical shocks beyond his control - oil price crash of 2015, brazen pipeline vandalism, the 2020 pandemic, etc. While the CBN had a role to play in managing these issues, I think the federal government (and public to some extent), relied too heavily on the CBN for answers, when there were so many other actors responsible for contributing in different capacities. This is something Buhari did not manage well as a leader.

I haven't even covered things like E-naira or his presidential bid. I hope one day, he would write a book to tell his side of the story. Meffy's time was quite entertaining - you never knew what to expect! Definitely not a CBN governor to be forgotten anytime soon.

Ologundudu2020:
If you typing from naija, it’s gone cos no single in existence protecting all these shits



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Learning

Trulydude:
My former employer is owing my pension and has since refused to remit despite several calls and emails.

Please what's the best way to get my hard earned money?💰 🤑 💸 🙏

Write a letter to the Head, Surveillance Department, the address in Lagos is 88A Oduduwa Crescent Ikeja GRA, Lagos
Watch the magic that would unfolds.

Shigobaba:
Kindly visit your former company, they will issue you this documents:

1. Letter of termination

2. Accrue letter

And I hope you still have your former company I.D card, employment letter,

All this documents you will take to your pension office with your bank statement for processing.

They still wouldn't do anything, the RSA can only appeal to the organization to remit outstandings. The surveillance Unit of Pencom is the magic he needs. I am talking from experience. They paid till the very last DIME. Nigerians are always scared to demand what belongs to them.

My former employer did the same to me some years back.It took the intervention of one of the oga whom I think was also a shareholder, who told the accountant to remit my money to my PFA before they abide.
I thank that man Sha.

Trulydude:
My former employer is owing my pension and has since refused to remit despite several calls and emails.

Please what's the best way to get my hard earned money?💰 🤑 💸 🙏

Copy Nigeria Pension Commission info@pencom.gov.ng in your next complaint to the company.

Go to court

YoungLionken:
Back the above with prayers...

prayer warrior

Hmmm, job seekers don suffer for this Nigeria

HussenAdul:

That is waste of time. On my own, I called pencom, they said I should forward a handwritten letter or report to their headquarters. I told the lady on phone that I am far from the headquarters, should I sent it via email but she objected. She said I should sent my letter through courier service.
That was when I noticed that they re not ready to help

Report through your PFA

advanceDNA:


Report through your PFA

I will give it a trial. Thanks

condralbedez:
Please how do I edit my date of birth on my Stanbic pension fund data

1. Get your DOB on NIN updated to the one you wish to change to.

2. Go to the bank where you got your BVN from and change it to the desired DOB. Note that if you had already updated your DOB on the BVN, you're no longer eligible for the second time.

HussenAdul:

That is waste of time. On my own, I called pencom, they said I should forward a handwritten letter or report to their headquarters. I told the lady on phone that I am far from the headquarters, should I sent it via email but she objected. She said I should sent my letter through courier service.
That was when I noticed that they re not ready to help

Madness,good u knew their motive ,bunch of fools

Harrynight:




Pension Money is a scam

You can get it oo, but it will be useless as they won't pay you all at once

I swear and when you die , you family will go through hell for several years before they can retrieve it. Some will even give up along the line. Pension na one of the biggest scams in this countries. How many pensioners ever get paid regularly.

KingAzubuike:

I swear and when you die , you family will go through hell for several years before they can retrieve it. Some will even give up along the line. Pension na one of the biggest scams in this countries. How many pensioners ever get paid regularly.

My colleague whose pension from his former employer rosed up to 5m was asked to wait till she turn 50 before accessing the money and when she turn 50yrs of age she will be given 15% of that amount and the rest will be spread 20k per month as long as she lives.
I weak!

Trulydude:
My former employer is owing my pension and has since refused to remit despite several calls and emails.

Please what's the best way to get my hard earned money?💰 🤑 💸 🙏

As you have been advised, report your employer to Pencom. I swear them no born am well make he nor pay. Even after paying, he go still enter wahala because na to scrutinise the company to ensure that they are also paying tax.

[quote author=HussenAdul post=123743708]
That is waste of time. On my own, I called pencom, they said I should forward a handwritten letter or report to their headquarters. I told the lady on phone that I am far from the headquarters, should I sent it via email but she objected. She said I should sent my letter through courier service.
That was when I noticed that they re not ready to help[/quote]

It's obvious you're not ready. How much Will it cost you to send a handwritten letter?

TrustedLawyer:
Commence an action against the company at the National Industrial Court.

I was going to raise this suggestion as well

Outcess Solution Nigeria Ltd is on this table. They don't remit their workers' pension money.

Harrynight:





My colleague whose pension from his former employer rosed up to 5m was asked to wait till she turn 50 before accessing the money and when she turn 50yrs of age she will be given 15% of that amount and the rest will be spread 20k per month as long as she lives.
I weak!

You have been misinformed.

A Retirement Savings Account (RSA) holder below the age of 50 years may with the approval of the National Pension Commission (PenCom) withdraw an amount of money not exceeding 25% of the current balance in his/her RSA after being out of employment (voluntary retirement, disengagement) for a period of at least four (4)

Under Normal Retirement (50 years above) the customer is entitled to minimum of 25% and maximum of 50% of RSA balance as Lump Sum payment and a monthly or quarterly programmed withdrawal.

Harrynight:





My colleague whose pension from his former employer rosed up to 5m was asked to wait till she turn 50 before accessing the money and when she turn 50yrs of age she will be given 15% of that amount and the rest will be spread 20k per month as long as she lives.
I weak!

There are 2 scenarios, she can access 25% of her balance if she’s out of employment for a minimum of 4 months, after which she cannot access it again till she’s 50 yrs. The second scenario she will get 25% (if she decides to retire at age 50) and not 15% as stated, whoever told her she will get 20k per month is absolutely wrong. Her balance would be placed on a PenCom approved template to determine the amount she would be paid monthly. Note that the balance would not be stagnant as interest would keep accruing on it.

Deeprooted:


1. Get your DOB on NIN updated to the one you wish to change to.

2. Go to the bank where you got your BVN from and change it to the desired DOB. Note that if you had already updated your DOB on the BVN, you're no longer eligible for the second time.

Thanks

Shigobaba:
Kindly visit your former company, they will issue you this documents:

1. Letter of termination

2. Accrue letter

And I hope you still have your former company I.D card, employment letter,

All this documents you will take to your pension office with your bank statement for processing.

What will his pension office process?

His former employer did not remit to his PFA

Politely write them copying PenCom.

advanceDNA:


Report to pencom....

info@pencom.gov.ng Phone: 08117340360.

that's if they'll respond

bolabadmus38:
Visit the office and try and understand why. Please,be calm. A company that has a pension scheme will be willing to pay, probably the business environment may cause it

there's nothing to be calm about, some of these organizations don't need calmness, why should you deduct pension from my emolument if you know you're not enabled to remit, y not just add it to the salary?

Meerahbel:
They still wouldn't do anything, the RSA can only appeal to the organization to remit outstandings. The surveillance Unit of Pencom is the magic he needs. I am talking from experience. They paid till the very last DIME. Nigerians are always scared to demand what belongs to them.

the question is how do we get in contact with the surveillance unit of the PenCom and get them to do the needful on behalf of the innocent helpless Nigerian.

fawaz050:
KPMG does not owe Pension.

Meanwhile,

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Tell your brother to come buy votes. To win, he has to do what others do. Make una no fold hand dey wait for free like and mention.

I know you may not like it. But na the truth you hear so.

HussenAdul:

That is waste of time. On my own, I called pencom, they said I should forward a handwritten letter or report to their headquarters. I told the lady on phone that I am far from the headquarters, should I sent it via email but she objected. She said I should sent my letter through courier service.
That was when I noticed that they re not ready to help

if you really need your money you will not decline sent a simple letter via courier,I you really mean business follow up your pension no go lost I've been there