Business
Pension Reform Act: PenCom Initiates Process For Review

The National Pension Commission (PenCom) yesterday said it had initiated the process of reviewing the 2014 Pension Reform Act (PRA), to address identified challenges and public clamour.
PenCom’s Head, Corporate Communications Department, Mr Peter Aghahowa, said in a statement in Lagos that the exercise was to reposition the Contributory Pension Scheme (CPS).
Aghahowa said that the review would also consolidate the gains of the pension reforms, for the benefit of Nigerians.
He said that the commission had reached out to seek the inputs of its social partners, pension industry operators, financial regulators and other relevant stakeholders.
“In 2014, which was 10 years after the implementation of the CPS in Nigeria, the National Assembly repealed the PRA of 2004 and enacted the PRA of 2014.
“This was in order to address the implementation challenges and introduce improvements to the CPS.
“However, some challenges were subsequently encountered in the implementation of certain sections of the 2014 Act.
“Furthermore, within the last three years, there has been persistent clamour for amendment from individuals and interest groups, as well as several legislative attempts, on the amendment of some Sections of the PRA 2014,” Aghahowa said.
He said that the inputs received from stakeholders would immensely benefit the exercise and result in a workable and acceptable pension legislation.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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