NIGERIAN ELECTRICITY REGULATORY COMMISSION
ADAMAWA PLAZA, PLOT 1099, FIRST AVENUE, OFF SHEHU SHAGARI WAY, CBD,
P.M.B. 136, GARKI-ABUJA TEL: +234-094621400, 094621410
INVITATION FOR EXPRESSION OF INTEREST (EOI) FOR THE ENGAGEMENT OF AN ACTUARIAL CONSULTANT
(1) BACKGROUND
The Nigerian Electricity Regulatory Commission (NERC) is desirous of engaging the services of an actuarial consultant, to provide expert guidance on the management of a gratuity fund for its personnel, domiciled with a Pension Fund Administrator (PFA) in accordance with the Pension Act of 2004,
(2) OBJECTIVE
The objective of the consultancy is to ensure that the Commission receives expert and well informed guidance in planning, projecting and determining the pension liabilities of the Commission to Commissioners and staff, as well as computing gratuity entitlements of each Commissioner and staff, and the settlement thereof when it is due. This will include the value of the accrued liabilities to date and in future.
(3) SCOPE OF WORK
The scope of work includes, but is not limited to the following:
(i) Advise the Commission on the risk the Commission runs in so far as such may have a material impact on the Commission’s ability to meet liabilities to beneficiaries of Commission’s gratuity as they fall due, and on the capital needed to support the gratuity scheme of the Commission, taking cognizance of:-
(a) Gratuity benefits scheme for categories of Staff of the Commission as provided for in the Commission’s Staff Handbook, or as may be determined by the Commission from time to time.
(b) The nominal roll of the Commission and retirement due dates of each of its Staff.
( c) Demography of staff or other appropriate indices to determine the minimum contribution to the scheme by the Commission to meet the gratuity target at any particular point in time.
(ii) Perform calculations in accordance with the projected unit credit method in line with international financial reporting standards and actuarial assumptions based on the different scenarios especially the present financial and economic realities.
(iii) Demographic assumptions should not be limited to foreign realities but should be modified to take care of the Nigerian peculiarities based on the prevalent general experience.
(iv) The actuarial computation should enable the Commission maintain a standard fund which will be equal to the value of accrued benefits with reference to their projected amount at the date of payment. The future benefit payable to enable each staff at the end of his/her employment with the Commission should be determined with the assumption that salary will be increased per annum to the retirement age of 60 years.
(v) The Actuary is expected to draw a schedule containing the opening value of accrued liability, current service cost, interest cost and finally the closing accrued liability for each staff of the Commission (NERC).
(vi) Benefits should be actuarially determined and analysed on behalf of each staff of NERC.
(vii) A report is to be presented to the Commission after the actuarial valuation on the stated terms is completed.
(4) ELIGIBILITY CRITERIA
(i) Certificate of registration with Corporate Affairs Commission (CAC)
(ii) Copies of Tax Clearance Certificates for the last three (3) years (2016, 2015, and 2014) expiring 31stDecember, 2017
(iii) Company audited statements of account for the past three years duly stamped by a registered auditor (2016, 2015 and 2014)
(iv) PENCOM remittance certificate for the last 3 years expiring 31st December, 2017
(v) Industrial Training Fund (ITF) compliance certificate expiring 31st December, 2017
(vi) Current Interim Registration (IRR) as evidence of registration in the Bureau of Public Procurement (BPP’s) National Data Base of Federal Contractors, Consultants and Service providers
(vii) Verifiable evidence (award letters, contracts/agreements etc) of having carried two (2) similar assignments of the same nature on-going projects during the past seven (7) years
(viii) A current letter of introduction addressed to the Commission from a bank indicating the financial capability of the supplier.
(ix) Comprehensive company profile with the list of all directors
(x) Verifiable identification such as National driver’s license, National identity card, Permanent voter’s card and International passport bio-data page of all directors.
(xii) A sworn statement that the company is not in receivership or about to be in receivership or not a replacement for a hitherto tax defaulting company
A consultant will be selected in accordance with the procedures set out in the Procurement Act 2007, and the Procurement Procedure Manual published by the Bureau for Public Procurement (BPP) in January 2008. Any enquiries in regard of this EOI should be directed
to maryam.abubakar@nerc.gov.ng and baba.mohammed@nerc.gov.ng or Call
08034081182 and 08059050955.
(5) SUBMISSION OF EXPRESSIONS
Interested firms should submit three (3) sets of each completed Expression of Interest (Original and 2 copies) to be delivered in a sealed envelope marked “EOI DOCUMENTS FOR THE ENGAGEMENT OF AN ACTUARIAL CONSULTANT and addressed to:
The Vice Chairman
Nigerian Electricity Regulatory Commission (NERC)
Adamawa Plaza, Plot 1099, 1st Avenue
Central Business District, Abuja
The closing date for submission of Expressions of Interest is on or before 12:00 noon, September 20, 2017 and dropped in the Tender’s Box at the Registry of the Nigerian Electricity Regulatory Commission (NERC), 2nd Floor, Room 203.
NOTE:
This advertisement shall not be construed to be a commitment on the part of the Commission, nor shall it entail any bidder to make any claim(s) whatsoever and seek indemnity from the Commission by virtue of the bidder having responded to this advertisement
Signed
Management
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