Business

Lawmaker Wants Transparency In Pension Fund Management

Published

6 years ago

March 9, 2020

Speaker, House of Representatives, Hon. Femi Gbajabiamila yesterday in Abuja called for integrity and transparency in the management of pension funds.
Gbajabiamila made the call during a three-day public hearing/investigation held for stakeholders on the non-remittance of pension contributions by the employers.
The public hearing was also to investigate delays of payment of pension entitlements to retirees by pension fund administrators, non adherence, and compliance to the provisions of the pension reform Act 2014 by relevant government authorities.
The speaker, represented by the Chief Whip of the House, Hon. Mohammad Monguno, said the Contributory Pension Scheme could boost the economy if well managed.
Gbajabiamila said the smooth operation of the scheme was important so that workers would not retiree and find it difficult to access their retirement benefits.
The Chairman, House of Representatives Committee on Pensions, Hon. Kabiru Rurum said the public hearing was aimed at finding solutions to the problems confronting the scheme.
He said the national assembly was concerned with alleged mismanagement of pension funds and ill-treatment of retirees.
The acting Director-General of the National Pension Commission (PenCom), Hajiya Aishat Umar, attributed delay in the payment of pensions to federal government employees to the nonpayment of accrued rights.
“There are three components of the retirement savings account which are contributions, accrued rights and the yield on investment, they are to be consolidated before payment to retirees,’’ Umar said.
She said the number of contributors grew from 8. 14 million to 8.89 million as at December 2019.
Umar added that the total pension fund assets grew from 8. 64 trillion as at December 2018, to 10. 22 trillion as at December 2019, with an average monthly contribution of N131.69 billion in 2019.
She disclosed that more than 308, 298 people had retired under the scheme as at December 2019 and were currently being paid pension.
Umar said there were 957 Federal Government Ministries, Departments and Agencies (MDAs) under the CPS, comprising of 845 treasury funded MDAs and 112 self funded MDAs.
“The Federal Government was yet to implement the new rate of pension contributions in respect of employees of treasury funded MDAs from a minimum of 7.5 per cent to 10 per cent.”
According to Umar, there are 236, 676 private companies under the Scheme.
She said that the commission had developed a framework for recovering unremitted pension contributions with penalty from defaulting employers.
“The framework entails review of pension records of employers to determine unremitted pension contributions as well as incidences of late remittances.
“The commission had between July 2012, to January 2020 recovered the sum of N17. 054 billion,comprising unremitted principal contributions of N8. 644 billion and penalties of N8. 409 billion from 655 employers.”
The acting director-general said that the commission had a framework for the regime of sanctions and penalties for securing compliance with the Pension Reform Act ( PRA) 2014.
“The application of the sanctions regime has proved very useful in ensuring private sector compliance.
“From inception of the CPS to December 2019, the commission has received 3, 595 complaints on non- remittance on pension contributions and 2, 646 were resolved while the remaining 949 complaints are at various stages of resolution,” she said.
Umar said that not all states in the country had implemented the Scheme.
She also said that the commission’s principal objectives were to regulate, supervise, and ensure the effective administration of pension matters and retirement benefits in the country.
The commission is also empowered to establish uniform set rules, regulations, standard for the administration and payment of retirement benefits.

Business

Agency Gives Insight Into Its Inspection, Monitoring Operations

Published

3 days ago

January 12, 2026

The Tide

The Director, South South Zone National Agency for Food Drug Administration and Control (NAFDAC), Pharmacist Chujwuma P.Oligbu has said its thorough implementation of its core mandate of monitoring has no link with witch-hunting or fault finding as perceived at some quarters.

Oligbu, made this known when he spoke as as guest at the maiden Rivers state Supermarkets stakeholders’ Seminar/Workshop in Port Harcourt recently.

Rather, he said they were mere opportunities for education, correction and continuous improvement.

The Agency’s South South Boss, noted that Supermarket operators who maintain transparent records, cooperate during inspections, and promptly address identified gaps demonstrate professionalism and commitment to public health standard.

He listed the deserving essence of supermarket operation to include the key aspects of supermarket operation that deserves emphasis is product sourcing.

“Supermarkets must ensure that all regulated products stocked on their shelves are duly registered with NAFDAC and sourced from legitimate manufacturers or distributors”, he said .

According to him, the presence of unregistered, expired, counterfeit, or improper labelled products undermines consumer confidence and poses serious health risks.

He pointed out that such has the likelihood of exposeing supermarket operators to legal sanctions that could damage their reputation and financial stability.

The NAFDAC Operator, further enlightened the participants that mere registration of a particular product with the Federal agency do not guarantee absolute consumption safety.

“Temperature control, cleanliness, pest control, stock rotation, and proper shelving are not optional practice; they are essential components of compliance”, he said.

The South South zonal director also told the operators of supermarket that their employees rotine training on the basis of the product they display for sale is of utmost importance.

In her presentation a Breast Milk Nutrition Expert , Professor Alice Nte of University of Port Harcourt Teaching Hospital (UPTH), was against the body’s prime attention to breast milk substitute or baby milk in supermarkets as well as its advertisement or promotion.

Nye jerked up the importance of mothers breast milk to the newborn baby and added that it help in fighting against childhood diseases, infections and combating cancer in breastfeeding mothers.

Meanwhile, NAFDAC Deputy Director, South – South Zone , Mrs. Riter Chujwuma educated the participants on the guidelines for global listing, and the need to adhere strictly to rules guiding global listing to avoid confiscation of their imported products.

By: King Onunwor

Business

BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS

Published

3 days ago

January 12, 2026

The Tide

The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.

In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.

According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.

NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.

Analysts linked the growth largely to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024.

The policy compelled many customers to regularise their biometric records to retain access to banking services.

Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.

The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.

A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.

However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.

The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.

Business

AFAN Unveils Plans To Boost Food Production In 2026

Published

6 days ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi