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.
Guinness Nigeria has officially begun rewarding consumers under its nationwide ‘Open For More’ National Consumer Promotion (NCP), with an impressive ₦17 million in rewards to 107 winners during the campaign’s first live draw held on July 31, 2026.
The inaugural draw instantly transformed the fortunes of consumers across the country, producing seven new millionaires, who each received ₦1 million, alongside 100 additional winners, who each walked away with ₦100,000. The milestone marks the beginning of a series of weekly live draws that will see hundreds more Nigerians rewarded throughout the promotion.
The seven ₦1 million winners are Marcus Barieepie, Ani Valentine Ogochukwu, Okafor Sochima, Taiwo Adebola, Zubair Rukayat, Oluwatobi Femi, and Ebubechukwu Okolo.
The live draw was conducted under the supervision of the Federal Competition and Consumer Protection Commission (FCCPC) to ensure transparency and fairness. Representatives of the commission present included Dr. Olubunmi Otti, Zonal Coordinator, FCCPC Southwest, and Mrs. Abosede Ogundeji, Surveillance and Investigation Officer.
Speaking during the draw, Ramanathan S, representing Guinness, said the promotion reflects the brand’s enduring commitment to celebrating and rewarding the consumers who have supported Guinness over the years.
“For decades, Nigerians have made Guinness a part of their milestones and celebrations. Today, we are proud to give back by putting ₦17 million directly into the hands of 107 consumers in our very first draw. This is only the beginning. Over the coming weeks, many more Nigerians will experience life-changing rewards as we continue to celebrate the loyalty of the people who have made Guinness part of their stories.”
He added that all weekly draws will continue to be streamed live across Guinness Nigeria’s official platforms, enabling consumers to witness the winner-selection process in real time and reinforcing the transparency and credibility of the promotion. He also encouraged eligible consumers nationwide to participate, noting that every valid entry presents another opportunity to win.
The ‘Open For More’ National Consumer Promotion offers consumers the chance to win ₦1 million every day, ₦100,000 cash prizes for 1,000 winners, and a Toyota Land Cruiser Prado as the grand prize. Altogether, the promotion will reward consumers with more than ₦400 million in cash and prizes.
To participate, consumers simply need to purchase specially marked bottles of Guinness Foreign Extra Stout or Guinness Smooth, locate the unique code beneath the crown cork or can lid, and enter the code via the designated campaign platform.
With ₦17 million already won in its opening draw, the campaign is off to a remarkable start, reinforcing Guinness Nigeria’s commitment to rewarding consumer loyalty through transparent processes and unforgettable experiences that go beyond the product. Consumers are encouraged to look out for specially marked promotional packs and follow Guinness Nigeria’s official communication channels for updates, winner announcements, and details of upcoming draws.
National Information Technology Development Agency (NITDA) has expressed readiness to deepen collaboration with Nigerian universities to promote research, innovation and technology-driven solutions to local challenges.
NITDA, UniAbuja
NITDA’s Director-General, Kashifu Inuwa Abdullahi, stated this when the management of Yakubu Gowon University, formerly the University of Abuja (UniAbuja), led by its Vice-Chancellor, Prof. Hakeem Fawehinmi, paid a familiarisation visit to the agency’s headquarters in Abuja.
Abdullahi said stronger collaboration between NITDA and tertiary institutions was essential to building a robust innovation ecosystem, developing practical skills and positioning Nigeria for technology-driven economic growth.
He stressed the need for increased investment in research, particularly in emerging technologies such as Artificial Intelligence (AI), Internet of Things (IoT), blockchain, cybersecurity and cloud computing.
“We need to invest more in in-depth research with universities to build a robust research ecosystem that will help us develop solutions.
“Research will focus on harnessing AI, IoT, blockchain, cybersecurity and cloud technology, among other emerging technologies, to improve our lives and grow our digital economy,” he said.
The DG described universities as critical talent factories required to achieve Nigeria’s digital transformation aspirations.
“NITDA has a vision to make Nigeria a digitally empowered nation. You (UniAbuja) are the talent factory, and we cannot achieve our vision without talented Nigerians.
“The only way to achieve that is by working with institutions like yours. So, we need to build talent,” he said.
Abdullahi also advocated the integration of AI education across disciplines in tertiary institutions, saying students needed practical digital skills to remain relevant in the evolving world of work.
“We can work together to explore ways of introducing AI across the board as a general study course in tertiary institutions.
“Elements of AI should be included in every field of study to equip our students with the hands-on skills for navigating the real world,” he said.
According to him, NITDA is already collaborating with key education sector stakeholders, including the Federal Ministry of Education, National Universities Commission (NUC), National Board for Technical Education (NBTE) and National Commission for Colleges of Education.
He said the agency was also working to promote digital literacy programmes across all levels of education to ensure that graduates acquire skills relevant to industry requirements.
Earlier, Fawehinmi said the university’s visit was aimed at seeking NITDA’s partnership and support in strengthening digital infrastructure and technology-based training at the institution.
He expressed appreciation for NITDA’s contributions to the Digital Geoscience Centre at the university.
The Vice-Chancellor said the university was willing to collaborate with NITDA on joint research, capacity-building initiatives and innovation programmes capable of contributing to Nigeria’s socio-economic development.
“We could go into partnership with you to provide data, collaborative engagements, staff exchanges and joint research hubs, so that we can produce high-level human resources.
“The university is committed to serving as a strategic academic partner to NITDA by providing academic expertise required to advance your national digital transformation initiatives,” he said.
The proposed collaboration is expected to strengthen the link between academic research and industry needs while creating opportunities for technology innovation, skills development and practical solutions to Nigeria’s socio-economic challenges.
A New Mexico court has ordered Meta, the parent company of Facebook and Instagram, to pay $567 million to address the alleged harms caused to young people by its social media platforms.
Meta
The ruling by Judge Bryan Biedscheid came in the second phase of a landmark trial concerning the impact of Meta’s platforms on children and teenagers.
The judge said $420 million of the amount would be dedicated to treatment services for young people, while the remaining funds would support awareness and prevention programmes, screening services and other related costs over the next five years.
The latest financial order comes on top of $375 million in civil penalties awarded against Meta in March after a jury found that the company knowingly harmed children’s mental health and concealed information about child sexual exploitation on its platforms.
During the second phase of the trial, prosecutors asked the court to order fundamental changes to Meta’s platforms, including measures to reduce addictive features, improve age verification and prevent child sexual exploitation through stronger privacy settings and increased oversight.
The court subsequently ordered Facebook and Instagram to introduce banner notifications and informational screens explaining their safety features, recommended practices and tools for addressing inappropriate comments.
The platforms must also regularly display the information, while an educational campaign in New Mexico will be subject to review by the state.
New Mexico Attorney General Raúl Torrez said the ruling sent a clear message that technology companies could be held accountable when their product designs knowingly exposed children to risks.
“Today’s decision is a victory for every parent who has worried about what social media is doing to their child and every child who deserves to grow up safer online,” Torrez said in a statement.
Meta said it would appeal the ruling.
“We work hard to keep people safe on our platforms and have been transparent about the challenges of identifying and removing bad actors and harmful content,” the company said.
The company said it remained confident in its record of protecting teenagers online and would continue to defend itself against what it described as claims that misrepresented the facts.
On age verification, the court said federal children’s privacy laws restricted Meta’s ability to apply certain verification tools to children under 13.
The court cited the Children’s Online Privacy Protection Act (COPPA), which limits the collection of personal information from children under 13.
Rather than imposing a blanket age-verification requirement exclusively on Meta, the judge ordered the company to continue improving its age-assurance tools in New Mexico.
The tools include the use of artificial intelligence to estimate users’ ages based on signals such as their social connections and the type of content they post and consume.
Meta was also ordered to attempt to develop a dedicated model for predicting whether users are under 13 within the next two years.
Additionally, the company must request proof of age from Facebook and Instagram users in New Mexico whom it estimates to be under 13.
Where Meta determines that a user is under 13, or under 18 but cannot determine a specific age, it must treat the user as being under the applicable age threshold until the user verifies their age.
The court further ordered Meta to partner with schools or a child-safety organisation to establish a reporting portal through which school officials can flag users suspected to be under 13.
Meta must also delete personal information it has collected from users under 13 and submit progress reports twice a year detailing its compliance with the court-ordered measures.
The ruling comes as Meta faces thousands of lawsuits from families alleging that children have been harmed by social media use.
The company is also preparing for another trial in California amid the growing litigation over the impact of social media platforms on young people.
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