National Assembly to Extend Retirement Age to 65 Years or 40 Years of Service

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Workers at the National Assembly, represented by the Parliamentary Staff Association of Nigeria, are advocating for an extension of their retirement age to 65 years or 40 years of service, as opposed to the current federal civil service retirement age of 60 years or 35 years of service. The association argues that the extension is necessary due to a lack of qualified staff in the Legislature, attributed to past disruptions of democracy by Nigeria’s military.

The Senate recently rejected a bill seeking to extend the retirement age for National Assembly staff, citing concerns about career progression for junior staff and the employment of young Nigerians. The bill, if passed, would have affected over 200 workers scheduled to retire between 2024 and 2026, including the current Clerk, Sani Tambuwal.

The proposed legislation, titled “A Bill for an Act to Make Provisions for the Retirement Age of Staff of National Assembly Service and for Other Related Matters, 2024,” has faced opposition in the Senate. However, the Parliamentary Staff Association of Nigeria has reiterated its support for the bill, highlighting the impact of instability on the career progression of its workers.

The association argues that the retirement age extension is consistent with international best practices and cites similar legislation for other sectors, such as the Harmonised Retirement Age for Teachers in Nigeria Act, 2022, which mandates retirement at 65 years or after 40 years of pensionable service.

Despite opposition from some staff, the association urges the Senate to pass the bill to address the shortage of qualified manpower in the Legislative Service and to maximize the knowledge and experience of existing staff. They believe that the bill’s passage would strengthen the legislature and bring it in line with global standards.

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BF Borgers, an accounting firm owned by former US President Donald Trump, has been accused by the Securities and Exchange Commission (SEC) of engaging in widespread fraud and operating a “sham audit mill.” The SEC alleges that BF Borgers committed “deliberate and systemic failures,” including the fabrication of audit papers and false assurances to clients regarding compliance with accounting standards.

This fraudulent activity, described as “massive,” occurred between January 2021 and June 2023, impacting over 1,500 SEC filings and more than 500 public companies. As a consequence, the SEC has permanently barred BF Borgers from practicing as accountants before the agency and imposed a severe penalty, including a collective fine of $14 million against the firm and its owner, Benjamin Borgers.

In a statement, Gurbir Grewal, director of the SEC’s enforcement division, declared that Borgers and his “sham audit mill” have been permanently shut down. The SEC has notified public companies that engaged BF Borgers to seek new accounting firms.

Trump Media & Technology Group, chaired and majority-owned by Donald Trump, was among BF Borgers’ clients. While Trump Media may be the most high-profile client, BF Borgers served around 350 clients subject to SEC rules during the mentioned period. However, the SEC review only examined BF Borgers’ work for public companies, excluding its services to Trump Media when it was private.

Trump Media, despite its significant valuation on Wall Street exceeding $9 billion, generates limited revenue. Its social media platform, Truth Social, faces challenges, with a notable decline in average daily active US users on iOS and Android in April. Despite this, Donald Trump remains a prominent user on Truth Social.

In response to the SEC’s actions, a spokesperson for Trump Media expressed readiness to collaborate with new auditing partners in compliance with the SEC’s order. BF Borgers did not provide a comment on the allegations.

In summary, BF Borgers, owned by Donald Trump, faces severe consequences following accusations of fraud by the SEC. The firm’s practices, characterized as a “sham audit mill,” have led to permanent suspension and hefty fines. Trump Media, among BF Borgers’ clients, is navigating challenges despite its substantial valuation, particularly with its Truth Social platform experiencing a decline in user engagement.

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