News
PenCom Enlists 73,600 Artisans in Contributory Pension Scheme

No fewer than 73,600 informal sector workers have registered under the Contributory Pension Scheme as of the end of December 2021, according to figures obtained from the National Pension Commission on ‘Micro pension registration and contribution’ for the fourth quarter of last year.

The data showed figures, 62,463 informal sector workers had joined the CPS as of the end of December 2020, while the number rose by 3,292 as of the end of first quarter of 2021.
PenCom also stated that the informal sector workers’ cumulative contribution rose by N16.71m to N106.3m as of the end of March 2021, from the N89.68m recorded as of the end of December 2020.
The report said micro pension registration and contribution during the first quarter showed that Pension Fund Administrators registered 3,292 contributors under the Micro Pension Plan.
According to PenCom’s fourth quarter report, more artisans were showing interest in the CPS.
It stated in the report that, “19 PFAs registered 2,166 contributors during the quarter under review. This brought the total number of micro pension contributors to 73,600 as at 31 December 2021.
“Similarly, the sum of N25.09m was credited into the RSAs of 8,260 MPP contributors in Q4 2021, bringing the total value of the micro pension fund to N224.05m as at end of the quarter under review.”
The Pension Reform Act, which came into effect in 2004, provides a contributory arrangement in which both the employer and employee contribute into the workers’ RSAs.
However, the CPS was only opened to the formal sector since inception, until the Federal Government officially extended it to the informal sector in March 2019.
As part of the financial inclusion objectives of the government, the PFAs were instructed to ensure the development of the micro pension plan to enable the artisans and other self-employed workers to plan for their financial future.
According to the MMP, the informal sector contributors will be allowed to withdraw at least 40 per cent of the contributions in their RSAs before retirement.
This is, however, different from what is obtainable with the formal sector in which contributors could only access 25 per cent of their RSA balance after four months of being out of paid employment or at retirement.
However, to start withdrawing the 40 per cent contribution, the artisan must have contributed to his RSA for a minimum of three months.
PenCom stated, “Every contribution shall be split into two, comprising 40 per cent for contingent withdrawal and 60 per cent for retirement benefits.
“The contributor may based on his/her needs, periodically withdraw the total or part of the balance of the contingent portion of his/her RSA, including all accrued investment income thereto.’
News
INEC Warns of Fake Ad-hoc Staff Recruitment Portal

Independent National Electoral Commission (INEC) has raised alarm about a fake and unauthorized website falsely claiming to be an “INEC Ad-hoc Staff Recruitment Portal 2026.”

The Commission raised the alarm in a statement published on its website late Tuesday.
It identified the fake recruitment website as okripeti.org/Inec-ADhoc-Sta…
The Commission affirmed that the website is fake and not affiliated with the it in any way.
“Members of the public are advised that any information, statistics, or application forms on this website are false, misleading, and intended to deceive unsuspecting applicants.”
It also advised anyone who has already registered on the fake portal to discontinue immediately and reapply only through the official INEC links provided above.
“INEC remains committed to transparency, credibility, and the protection of the public from fraudulent activities,” the Commission said.
The Commission also said it conducts Ad-hoc Staff recruitment ONLY through its official platform known as INECPRES.
It listed the only authentic links for the 2026 FCT Area Council Election Ad-hoc Staff recruitment as: •🌐 Web & iOS: pres.inecnigeria.org •📱 Android (Mobile App): presmobile.inecnigeria.org
It added that any other website or link outside the above is not authorized by INEC.
It thereforfore advised prospective applicants to verify all recruitment information using INEC’s official websites, not to click or register on suspicious or unofficial links
not to submit personal details (BVN, passwords, OTPs, or bank details) on non-INEC platforms and to always check that the URL ends with inecnigeria.org
News
NRS Boss Dismisses Fears of Political Weaponisation in Tax Reforms

Dr. Zacch Adedeji, Chairman of the Nigeria Revenue Service (NRS), has allayed fears that the new tax reform framework could be weaponised by the Federal Government to target political opponents or individuals based on affiliation.

Dr. Zacch Adedeji
Adedeji, responding to concerns over potential selective enforcement or politically motivated tax scrutiny, insisted the reforms prioritise national interest, transparency, due process, and institutional accountability.
Addressing speculations on suppressing opposition voices ahead of elections, he said: “I think the question you will ask is that we need to commend the courage of Mr. President, that despite the fact that there is an election coming, he is courageous enough to continue on this path of statesmanship and not of politicians.”
The NRS boss explained that it would have been politically expedient to shelve the reforms during an election cycle, but President Bola Tinubu opted to strengthen the country’s fiscal foundation and economic governance.
He outlined that the agenda targets structural tax system weaknesses, enhances fairness, and fosters a simplified, predictable compliance environment to boost voluntary participation over coercion.
Adedeji attributed public scepticism to Nigeria’s history of perceived institutional misuse, but stressed the new framework minimises administrative discretion through rule-based processes, automation, accountability, and governance safeguards insulated from political influence.
According to him, the reforms emphasise taxpayer trust, linking taxes to visible public service improvements while expanding growth opportunities and sustainable public finances.
He reaffirmed the focus on economic stability, credible institutions, phased implementation, investment support, vulnerable group protection, and freedom from partisan interference.
News
Court Sends Faleti, Ex-Lagos Director to Jail for Stealing ₦48.9m from Access Bank

An Ikeja Special Offences and Domestic Violence Court on Monday sentenced Olawale Faleti, a former Lagos State Education director, to two years and five months’ imprisonment for stealing ₦48.9 million from Access Bank Plc.

Justice Rahman Oshodi convicted Faleti, 64, on five counts of stealing after finding him guilty of charges filed by the Economic and Financial Crimes Commission (EFCC).
In his judgment, Oshodi said the offence was deliberate and sustained, noting that Faleti carried out repeated withdrawals despite knowing he had no authorisation to access the funds.
The judge added that the convict failed to show genuine remorse or fully accept responsibility for his actions.
“Financial institutions are the lifeblood of our economy and public confidence in them must be preserved,” Oshodi said, adding that “Those who attempt to defraud or steal from banks must understand that severe consequences will follow.”
While acknowledging Faleti as a first-time offender, the court said a custodial sentence was unavoidable.
The judge applied a 20 per cent reduction from the three-year maximum sentence, citing minimal restitution efforts as a mitigating factor.
Faleti was sentenced to two years and five months’ imprisonment on each of the five counts, with the sentences ordered to run concurrently.
The court directed that the sentence take effect from January 5, 2026, and ordered that Faleti’s biometric details and name be entered into the Lagos State Judiciary offenders’ registry.
After deducting ₦3 million already restituted, the court ordered Faleti to pay an outstanding ₦45.9 million to Access Bank Plc, directing the bank to notify the court upon full recovery of the funds.
Earlier, Mr Ahmed Dambuwa, EFCC counsel, told the court that Faleti dishonestly converted ₦48.9 million belonging to the bank by exploiting unauthorised access to an Access Bank credit card.
He said the card permitted withdrawals of not less than ₦43,000 per transaction, but a system glitch enabled Faleti to withdraw about ₦48 million during the COVID-19 pandemic in 2020.
One of the charges stated that between July 2 and July 10, 2020, Faleti converted ₦12.6 million for personal use, while another alleged that between May 22 and July 1, 2020, he converted ₦6.9 million, all property of Access Bank Plc.
The offences were said to contravene Section 287(1)(a) of the Criminal Law of Lagos State, 2015.
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