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Basically, Voluntary contributions (VCs) are personal contributions that employees who have Retirement Savings Account (“RSA”) can make into their RSA. Given that they both had RSAs, Keith explained that VCs are separate from the monthly mandatory contributions their employer remits on their behalf and it can be any amount of their choice.
Bode had a comfortable life living in a rented apartment in a nice, quiet estate. He however dreamt of owning his own home and sought an avenue to achieve this using his own funds. He approached his close friend Nnamdi who although just a little older than Bode already had his own house. Nnamdi laughs hard and asks Bode if he has heard of Voluntary Contributions popularly known as VC.
Akpan was a very hard working man. He worked hard to ensure that his family lacked nothing and provided for their needs. His family lived next to Mr Igwe, a retiree in his late 60s. Akpan looked up to Mr Igwe and hoped to live like him when he eventually retired.
Our attention has been drawn to the media statements by the Financial Reporting Council of Nigeria (FRCN) in which several inaccurate and unseemly allegations were made against Stanbic IBTC Holdings PLC (“Stanbic IBTC”). Although the matter is in court, we are constrained to respond to certain aspects of the report for the benefit of our stakeholders and the general public.