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Reconciling Schedules Bane of Pension Industry – Obaro

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Malam Nuhu Ribadu, former chairman, Economic and Financial Crime Commission (EFCC)
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John Obaro, managing director, SystemSpecs at a Workshop on Remita Pension for Pension Fund Administrators and Pension Fund Custodians in Lagos spoke on Remita Pension, a world class electronic courier service that rides on e-Payment platforms to deliver funds to bank accounts and associated schedules to relevant bodies in pre-specified formats. Excerpts:

About the Workshop
Essentially, it is a forum to create awareness on the Pension Industry Solution, a solution that can assist employers to fulfill their regulatory obligations of remitting contributory pensions on monthly basis to their respective PFAs. So we are meeting with key players in the industry- the PFCs and the PFAs to show them the capabilities of the solution. The solution assists employers to upload their schedules and effect e-payment such that their diverse PFAs are able to receive electronic schedules on real time basis.
PFAs & PFCs Blaming Regulators for not making Money
I do not think it is an issue of blaming regulators as such. The process in place for employers to fulfill their regulatory obligations has hitherto been cumbersome and when it is difficult to fulfill a law, even when the will is there, you may still have operational challenges and that is the kind of thing going on in the pension industry. It is a cumbersome process for a typical employer to deal with 5-10 PFAs. Employees leave the organization, so every month they need to re-compute how much pension should be paid on each employee, what should go to each PFA, that can easily become a nightmare so you find many organizations now having to set up desks or units to follow up because of the operational challenge. That is part of issues leading to PFAs not getting as many contributors as they would love on their platforms. That is one of the reasons we came up with a solution like this to make life easier for the employer who can upload all his schedules at once. There is no reason to break them to any structure, it goes to different PFAs, irrespective of the PFCs managing them and the PFAs and PFCs are able to see only the things that relate to them. 
Reconciling Schedules
These are some of the symptoms of the current operational process. It is a fall out because the system itself wouldn’t work so you would always have things that create a kind of problem and that is where Remita comes in. It is no more simple for you to send a schedule that does not balance with the payment you want to make because it is the system after it accepts the schedules from the employer that re-computes the total contributory pension to be paid by that organization. The organization is debited for this sum and the various PFAs are credited in their accounts with the various PFCs. Immediately the payment is confirmed as successful, the PFAs and the PFCs immediately see schedules of those who have paid.
Relationship with Banks
Remita is an e-payment solution and what we have done is only to extend the features of the e-payment and translate it to business to make life operationally easier for organizations. As an e-payment solution, what it means is that we have relationship with the banks so for any employer using the platform, he would have filled an application form with the bank. It is actually the bank that will enable the organization on the Remita platform such that when transactions come from the Remita platform, the banks are able to recognize and respect that instruction. So the bank effects the debit and we move it on to the other banks and the bank then credits the beneficiary.
History of Remita Pension Solution
It was developed in 2005, the early days of the pension reform. That was when we started working on this solution and we’ve always had our eyes on the pension industry. The solution is about five years old, that is Remita but this is the first time when we have are focusing and bringing out the operational convenience for employers and PFAs. Remita is basically a payment engine. As a payment engine, we focus more on getting payments right, building relationships with all the banks so that they can respect instructions coming in from bank platforms and then of course our core area which has always been human manager payroll had moved our clients unto the platform, then we went into vendors and contractor payments and now we are focusing on the pension industry. Several organizations have been using it for pension payments. What we are discussing with the PFAs and PFCs is that we are now focusing on the pension aspect of Remita because the issue of funds not matching schedules has become a major crisis in the industry and since this is one of the core areas of strength of Remita, of course it is time for us to push it.

 


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Access Holdings, Coronation Partner Tate Modern to Spotlight Nigerian Modernism

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Access Holdings Plc and Coronation Group have partnered with Tate Modern to commemorate World Art Day with a virtual session highlighting the global significance of Nigerian modernism.

Access Holdings, Coronation Partner Tate Modern to Spotlight Nigerian Modernism

Access Holdings

The event, titled “In Conversation with Osei Bonsu: Inside Nigerian Modernism,” featured a virtual tour of the Nigerian Modernism exhibition and discussions on the evolution of modern art in Nigeria.

The session brought together staff members across both organisations, reflecting growing institutional engagement with arts and culture as a driver of societal development.

Speaking at the event, Chief Communications and Marketing Officer of Coronation Group, Ngozi Akinyele, emphasised the role of art in shaping identity and national development.

She said that beyond financial capital, cultural and intellectual capital are essential in defining a nation’s prosperity and inspiring dialogue.

Akinyele noted that both organisations were committed to democratising access to art, ensuring it is accessible to a wider audience rather than a select few.

The discussion also featured insights from Tate Modern Curator, Osei Bonsu, and art expert Daniel Wallis, who examined the development of Nigerian modernism and its global relevance.

Bonsu said Nigerian modernism represents an independent reimagining of global art, rooted in the country’s diverse cultural heritage and expressed through unique visual languages.

According to him, the movement challenges narrow, Eurocentric definitions of modernism and highlights the richness of African artistic expression.

The session further underscored the growing international recognition of Nigerian art, particularly through exhibitions at Tate Modern.

Participants also reflected on the visit of Bola Ahmed Tinubu to the exhibition, described as a milestone in promoting Nigeria’s cultural heritage globally.

In his closing remarks, Chief Communications Officer of Access Holdings, Amaechi Okobi, reaffirmed the organisation’s commitment to advancing African narratives on the global stage.

He said the collaboration with Tate Modern aligns with broader efforts to promote dialogue, preserve cultural identity and support the creative sector.

The event reinforced a shared commitment by Access Holdings, Coronation Group and Tate Modern to elevate African art globally and ensure Nigerian cultural narratives continue to shape international conversations.


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NDPC Issues Critical Advisory as Hackers Target Nigeria’s Key Digital Systems

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Nigeria Data Protection Commission (NDPC) has issued a regulatory advisory to data controllers and processors across the country following what it described as escalating threats to Nigeria’s data security architecture.

NDPC Issues Critical Advisory as Hackers Target Nigeria’s Key Digital Systems

NDPC

In a statement signed by Babatunde Bamigboye, lead of Legal, Enforcement and Regulations, the commission said its technical assessment revealed that some shadowy threat actors were engaged in coordinated operations targeting financial systems and critical digital infrastructure in Nigeria.

The commission urged public institutions to comply with the presidential directive of Bola Ahmed Tinubu, which emphasises the strategic importance of data in national development.

According to the NDPC, the President had declared that “data is the new oil,” stressing the need for Ministries, Departments and Agencies (MDAs) to rigorously capture and safeguard information in line with the Nigeria Data Protection Act, 2023.

The commission therefore advised all data controllers and processors to urgently strengthen their technical and organisational measures to protect personal data and ensure compliance with the law.

It listed key measures to include the appointment of trained and certified Data Protection Officers, implementation of comprehensive privacy policies and information security standards, as well as conducting Data Privacy Impact Assessments.

Other measures recommended by the NDPC include deployment of robust identity and access controls such as Multi-Factor Authentication, adoption of zero-trust security architecture, prompt remediation of system vulnerabilities, and continuous patch management.

The commission also emphasised the need to secure cloud infrastructure, application programming interfaces (APIs), databases and access credentials, alongside real-time monitoring, logging and threat detection systems.

Further recommendations include encryption and secure credential handling, regular vulnerability assessment and penetration testing of critical systems, as well as routine backup and resilience testing.

The NDPC warned that organisations that fail to implement appropriate data protection measures in accordance with the Nigeria Data Protection Act, 2023 risk legal liabilities.

It reiterated its commitment to providing regulatory support to organisations while ensuring the protection of personal data and strengthening institutional resilience across all sectors.


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Africa’s Forex Market in 2026: Key Trends Every Trader Should Watch

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The forex market across Africa is witnessing more participants and more regulatory attention than it did just a few years ago. This growth is part of a bigger picture: Sub-Saharan Africa is expected to expand by 4.3% in 2026, while global forex turnover already hit an estimated $9.6 trillion daily in April 2025. However, there’s more to it than macroeconomic figures.

Africa's Forex Market in 2026: Key Trends Every Trader Should Watch

The trends reshaping the market are happening from within. Here are six worth paying close attention to.

1. Trading Has Moved to the Phone

The number of people accessing the market via mobile phones exceeds those accessing it via traditional bank systems. GSMA states that in Sub-Saharan Africa alone, there are more than 1.1 billion registered mobile money accounts.

The International Monetary Fund states that digitalisation and increased usage of the internet are changing payment systems in the Sub-Saharan Africa region.

Mobile access changes traders’ behavior. It lowers the barrier to entry and speeds up deposits and withdrawals. Therefore, brokers who can provide a quality mobile trading experience will have a huge advantage.

2. Regulators Are Watching

The market is becoming more structured and more transparent. In South Africa, the FSCA regulates market conduct for financial institutions. In Kenya, the Capital Markets Authority regulates capital markets and maintains a licensing system that includes online forex brokers.

Nigeria’s SEC has publicly warned that online retail forex trading can be subject to abuse when unregulated. It also provides tools for investors to check operators’ registrations.

As a result, in 2026, more traders are likely to favour brokers that can show clear licensing, transparent operations, and stronger investor safeguards.

3. Volatility Varies by Country

A common mistake is perceiving the African market as one entity. In reality, according to RegTech Afrika, there are 21 countries out of a total of 54 that have a chance of seeing their currencies depreciate in 2025, with some of them losing value by as much as 6% or more.

A trader watching the rand, naira, shilling, or cedi, regional headlines needs more than regional headlines. Country-level macro data, central bank moves, and the US dollar will still play a major role.

4. Cross-Border Payment Infrastructure Is Quietly Improving

Platforms like PAPSS are helping make payments across African countries faster and easier to complete in local currencies. According to official announcements of PAPSS, it has become operational in 18 countries across Africa, with its latest launch in Algeria in 2025. It has also become operational in Kenya through a partnership with KCB Group, as well as in Rwanda through a partnership with Bank of Kigali.

Step by step, Africa is becoming a more financially connected continent.

5. Execution Quality Is the New Standard

Data from the BIS shows that in April 2025, three-quarters of FX trades were intermediated by the global centers of the United Kingdom, the United States, Singapore, and Hong Kong. Therefore, the best liquidity and best prices are still linked to global conditions.

For local markets, this raises the bar. Forex traders are becoming increasingly aware that tight spreads, while important, mean little without reliable prices and execution. Brokers like JustMarkets that can bring all of these elements together are in a much stronger position than competitors.

6. Education as a Necessity

Regulatory disclosures from major global brokers illustrate how tough it is to trade without proper knowledge. According to publicly available disclosures, between 70% and 80% of retail investor accounts lose money when trading CFDs.

Forex traders who understand risk management and which financial news to follow have a better chance of surviving the market. Brokers who invest in education are more likely to be seen by traders as valuable partners rather than mere facilitators.
The Market Rewards the Prepared

Africa’s forex market in 2026 is shaped by volatility, stricter rules, and mobile-first trading. The traders who combine market knowledge with the right tools and the right broker will find real opportunity here, while those who don’t adapt will find the market increasingly unforgiving.


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