Business
Pension Thieves: Stakeholders Want Enforcement Of 10-Year Jail Term
Stakeholders in the labour sec
tor have called for the enforcement of the 10 years imprisonment for pension fund thieves as recommended in the new Pension Bill passed by the Senate.
In an interview with newsmen in Abuja on Tuesday, some of the stakeholders said sending pension fund thieves to prison was long overdue.
The National President of Trade Union Congress (TUC), Malam Bobboi Kaigama, said that pensioners in the country were always passing through a lot of hardships.
He expressed regrets that pensioners, who had served the nation for many years, had little or no resources to take care of their daily needs.
Kaigama said that the punishment could even be more biting, considering the sufferings the pensioners passed through.
“ It is only in this country that you see old men and women waiting in line for verification, yet they go home empty handed or probably fall and die on queue.
“It is only in Nigeria that you will hear cases of non-payment of entitlements, omission of pensioners’ names from payroll and under-payment of pensioners.
“You need to see the pitiful sight of some of these pensioners who daily suffer from either delay in pension payment, non-payment of arrears or gratuities.
“ So, tell me how this punishment can be equated to their pains but we still thank the Senate for the bold move,’’ Kaigama said.
Similarly, Mr Ibrahim Khaleel, the President, National Union of Local Government Employees (NULGE), expressed the hope that the new bill would turn around the administration of pension system in the country.
“It is a welcome development and l have a strong conviction that the issue of corruption in pension system will be resolved.
“I know that until a serious sanction is issued on corrupt officers in Nigeria, this country will not be where it should be.
“To us in NULGE, if the law will say more than this punishment, we are comfortable with it.
“This development is a great one and NULGE is happy because it is a right step in the right direction,’’ Khaleel said.
He appealed to President Goodluck Jonathan to sign the bill into law so that it could be enforced.
In his comments, Mr Sunday Alhassan, the President, National Union of Postal and Telecommunications Employees (NUPTE), said the union was happy with the decision of the Senate.
He expressed fear that the bill might not see the light of the day if the president did not sign it.
“In other parts of the world, workers usually look forward to their retirement benefits but the opposite is the case in Nigeria as workers usually dread retirement.
“‘Most cases, some civil servants usually falsify their ages to stay longer in service as life after retirement is not something to look forward to.
“Pension fund administration has been rocked with fraud and embezzlement of funds in recent times in this country, and the only thing that can save it is drastic action from to the authorities,’’ Alhassan said.
The Tide reports that the Senate on April 9 endorsed a 10-year jail for anybody convicted of stealing or misappropriating pension funds, apart from refunding three times higher the amount embezzled.
The Act also imposed a N10 million fine on any pension fund administrator who failed to meet the obligations of the contributors, while each of the directors of the firm would pay N5 million each as fines.
The Senate, after an exhaustive debate on the bill at its Committee of the Whole House, voted for its passage and urged President Jonathan to sign it as soon as possible.
However, if President Jonathan signs the bill, the Pension Reform Act 2004 is automatically repealed.
Lead Director, Centre for Social Justice, Mr Eze Onyekpere (left), with Legal Officer, Mr Kingsley Nnajiaka, at a briefing on the proposed scrapping of Fiscal Responsibility Commission in Abuja, last Wednesday.
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos