General News
PENCOM Says Economic Meltdown, Greatest Challenge in Past One Year
Alhaji Mohammad Ahmad, director –general of the National Pension Commission (PENCOM), has identified the effects of the global economic meltdown as the greatest challenge that has confronted the pension industry in the last one year. He stated in a media forum that the challenges of the meltdown affected the investment climate in both the capital and money markets. Notwithstanding these challenges, he explained, the pension industry in Nigeria was able to successfully weather the storm as a result of the robust regulatory and supervisory philosophy of the commission. In spite of the prevailing harsh global financial meltdown that confronted the economy, the commission ensured the safety, sound management and growth of pension assets. The commission has also continued to keep tab on the macro-economic fundamentals such as the Nigerian capital, money and annuity markets and the reforms in the banking sector. According to the DG, “the industry has continued to consolidate on its achievements, as about 4.3 million Nigerians have registered with the Contributory Pension Scheme as at the end of July this year. There are currently about 23,000 retirees from the public and private sector under the scheme. We have collected over N65 billion as lump sum and about N800 million as monthly pension. In addition, assets worth N1.77 trillion had been accumulated as at the end of July 2010.” The DG added that one of the hallmarks of the commission’s consolidation phase was encouraging operators to merge on their own terms, adding that some of them are at various stages of the exercise. He stated that t is good to note that the commission, as the apex authority saddled with the responsibility of regulating and supervising the pension industry, has been making efforts with a view to ensuring prompt payment of retirement benefits, as well as promoting a vibrant and sustainable pension industry that would positively impact on the economic development of the country. The PENCOM boss explained that the regulatory and supervisory philosophy of the commission is risk-based and consultative and covers all activities of the commission with particular emphasis on issuance of guidelines and regulations, surveillance of licensed operators, compliance and enforcement, supervision of investment of pension funds and maintenance of a databank on pension matters. The commission, he said had in the last 12 months, continued to issue additional guidelines and regulations to further guide operations within the pension industry, so as to entrench sound corporate governance in the activities of pension operators. He stressed that some of the guidelines and regulations issued include; risk management framework for licensed pension operators, guidelines for the operation of pension transitional arrangement departments, regulations for auditing of pension funds, framework for supervision of state and local governments regulation for compliance officers. Another great poser which he admitted was that the commission also had to contend with reassuring the public of its capacity to protect the pension industry. “In a nutshell, the commission in an effort to ensure compliance with the provisions of PRA 2004, embarked on innovative strategies such as on-site inspection of employers, collaboration with regulatory and professional bodies, public enlightenment campaigns and application of sanctions were necessary.”
As part of strategies to move the industry forward, Alhaji Mohammad reiterated the commission’s continuous collaboration efforts both with government and other agencies. He cited the support of the Bureau of Public Procurement (BPP) as a case in point, adding that it was obtained to ensure that any supplier, contractor or consultant bidding or soliciting contract or business from any federal government ministries, departments and agencies (MDAs) must fulfill its obligations with respect to pensions and must comply with the provisions of the PRA 2004 as required under Section 16(6) (d) of the Public Procurement Act 2007. The DG added that in implementing these provisions of Section 4(1) (b) of the PRA 2004, the commission in collaboration with the National Insurance Commission (NAICOM) jointly issued the Regulation on Annuity as one of the means of expanding the number of retirement products available to retirees. This is because, while it is the mandate of NAICOM to regulate the annuity market, it is the responsibility of the commission to ensure that the modalities for the administration of retirement benefits in respect of life annuity is strictly followed to guarantee payments of retirement benefits as and when due. And NAICOM in this respect, in collaboration with PENCOM, has endorsed 26 life insurance companies to carry out annuity business in Nigeria. Other regulatory and government agencies such as the Central Bank of Nigeria (CBN), the Security and Exchange Commission (SEC), Nigerian Deposit Insurance Commission (NDIC), Federal Revenue Service (FIRS) and Bureau of Public Procurement (BPP) have consistent support and cooperation with the National Pension Commission in actualizing the ideals of pension reform in the country.
General News
EFCC Declares Tejuosho, City Boys Movement’s Women Leader Wanted over “419”

Economic and Financial Crimes Commission (EFCC,) has declared Halimat Adenike Tejuosho, a women leader of the City Boys Movement, wanted.

Halimat Adenike Tejuosho,
A notice issued by the EFCC on Monday via X said Tejuosho has been declared wanted over an alleged case of obtaining money by false pretence.
The notice was signed by Dele Oyewale, head of Media and Publicity for the EFCC.
The anti-graft agency called on members of the public with useful information about her whereabouts to contact any of its offices nationwide.
The Commission also urged the members of the public to reach out via its official phone lines or email, or report to the nearest police station or other security agencies.
Recall that the City Boy Movement recently appointed Tejuosho as the South-West Zonal Women Leader.
According to a statement signed by the Movement, Tejuosho is to provide strategic leadership and coordination for women-focused activities in the zone, driving political mobilization, civic engagement, and advocacy.
General News
Afreximbank to Fund 3 New Refineries in Nigeria

African Export-Import Bank (Afreximbank) has disclosed plans to finance three additional refineries in Nigeria as part of a broader push to reduce the country’s reliance on imported petroleum products and strengthen local refining capacity.

Denys Denya, senior executive vice president of the bank, made the disclosure on Monday during a virtual media briefing focused on the institution’s 2025 financial performance, crisis response initiatives, and long-term industrialisation strategy.
“We are also financing refining on the continent, which will alleviate the importation of refined products. We are not only supporting Dangote; we’re supporting three other refineries in Nigeria,” Denya said.
The briefing, which focused on the bank’s 2025 financial performance, crisis response initiatives, and industrialisation strategy, also featured a question-and-answer session with journalists across Africa.
Denya explained that the push into refining is driven by recent disruptions in global supply chains, particularly linked to tensions in the Middle East, which have raised the cost and complexity of fuel imports for African economies.
According to him, Afreximbank has adopted a dual approach of supporting immediate trade finance needs while investing in long-term productive capacity to reduce structural import dependence.
He said, “For import-dependent economies, the cost of import is very high… so we have taken a proactive approach of engaging with financial institutions on the continent to increase their facilities so they can issue high-value letters of credit.”
The bank’s intervention is backed by a $10bn Gulf Crisis Response Programme, designed to stabilise access to essential imports such as fuel, food, fertilisers, and pharmaceuticals, while also supporting sectors exposed to global shocks.
Denya noted that the facility is already seeing uptake from countries including Kenya, Ethiopia, and Tanzania, warning that demand could accelerate if geopolitical tensions persist.
Beyond short-term interventions, the Afreximbank executive stressed that financing refining projects across Nigeria and other African countries remains central to the bank’s long-term strategy of industrialisation and export development.
He said the bank’s support for large-scale industrial projects, including the Dangote Group refinery, reflects its commitment to reducing Africa’s reliance on imported refined products and strengthening regional value chains.
“Our support for industrialists who are making a difference on the continent is testimony to this approach. We will continue to champion projects that reduce Africa’s reliance on imported refined products,” he added.
Denya further disclosed that the bank is financing similar refining projects in Angola as part of a continent-wide push to achieve self-sufficiency in petroleum products.
The shift towards local refining, he explained, is also expected to improve macroeconomic stability by reducing foreign exchange pressures associated with fuel imports.
General News
MTN Powers the Ultimate Youth Link-Up with the Launch of Live It 100 Youth Campaign

The Gathering on 100 has officially concluded its pilot edition, closing out 100 continuous hours of culture, creativity, and community engagement at the National Stadium, Surulere. At the climax of the five-day immersive youth experience, MTN Nigeria and the gatherers of the event unveiled the defining message of the movement: “Live It 100.”

The event brought together thousands of young Nigerians in a massive convergence of music, sports, gaming, and creative sessions. From watching the sunrise for four consecutive mornings to actively shaping culture in real-time, attendees experienced a shared journey rooted in endurance and expression.
Operating under a partnership model rather than a traditional corporate sponsorship, MTN stepped back to let the youth lead. The techo embraced the primary narrative that “The Gathering is the fire; MTN is the oxygen”.
Karl Toriola, Chief Executive Officer, MTN Nigeria, said: “The energy we have witnessed here in Surulere over the past 100 hours is proof of the unstoppable spirit of the Nigerian youth. Our strategic intent was to position MTN as the critical engine behind this vibrant youth movement, ensuring the brand is seen as an enabler, not an intruder. The Gathering is the fire; MTN is the oxygen. ‘Live It 100’ is our commitment to powering the platform where the conversation happens. We are giving them the autonomy to lead, while we listen.”
A focal point of the event was the high-stakes Pitchathon segment, which provided a structured arena for startups to showcase working products. Rather than a traditional, heavily branded corporate event, the space felt authentic, unscripted, and transparent, allowing founders to interact directly with expert judges, potential investors, and a live audience.
Onyinye Ikenna-Emeka, Chief Marketing Officer, MTN Nigeria, shared: “The ideas and partnerships formed over these 100 hours show exactly what happens when corporate Nigeria is finally listening to young Nigerians. We recognise that traditional business engagement doesn’t always work for this generation, which is why we empowered the youth to lead. By supporting The Gathering, we are not just celebrating culture; we are fueling the young Nigerian through youth-led innovation and actively investing in their economic potential.”
Beyond business activity, the event recorded consistent engagement across its programming, providing deep insight into the evolving role of youth within Nigeria’s economy. The sustained 100-hour activity highlighted a growing, resilient base of digitally engaged participants who own their lanes and actively create their own opportunities.
As the event closed, MTN reaffirmed their commitment to expanding the platform, ensuring that The Gathering on 100 will continue to evolve as a vital space for both cultural expression and youth-led economic opportunity.
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