The National Pension Commission (PenCom) has reaffirmed its commitment to strengthening collaboration with the Trade Union Congress of Nigeria (TUC) in advancing pension reforms and ensuring greater compliance with the Contributory Pension Scheme (CPS).

Omolola Oloworaran, Director General, PenCom, gave the assurance during a courtesy visit to Festus Osifo, the TUC President, on Wednesday in Abuja.

Oloworaran highlighted the critical role of the TUC as a member of PenCom’s Governing Board, stressing that the relationship between both organisations remained central to the sustainability of the CPS. She proposed more structured stakeholder engagements with the labour union to strengthen compliance among employers of labour across the country.

The PenCom DG reminded employers of their obligations under the Pension Reform Act (PRA) 2014 to remit pension contributions on behalf of employees. She urged the TUC to support enforcement efforts, noting that timely remittances were essential to guaranteeing workers’ financial security in retirement.

On ongoing reforms, Oloworaran disclosed that PenCom would soon unveil a revised Investment Regulation to expand opportunities in alternative investments and mitigate the impact of inflation on pension assets.

She also revealed that the Commission was working with the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance on mechanisms to enable pension investments in naira but generate returns in dollars, thereby strengthening the value of retirement savings.

In addition, she announced that PenCom would soon introduce a minimum pension guarantee for all retirees under the CPS, backed by President Bola Tinubu’s approval of a ₦758 billion bond to fund the Pension Protection Fund.

Responding, TUC Festus Osifo commended PenCom for its professionalism and efficiency, describing the Commission as one of Nigeria’s best-performing institutions. He also recounted his personal experience with PenCom staff in the pension industry, praising their integrity and dedication.

Osifo pledged the union’s continued support for PenCom, particularly in driving compliance among employers. He criticised companies that deduct pension contributions without remitting them, warning that such practices erode retirement benefits and often lead to industrial disputes.

He further called for a review of the PRA 2014 to introduce greater flexibility in pension fund investments to protect workers’ savings from inflation and currency pressures.

The meeting ended with both parties resolving to deepen stakeholder engagements and strengthen the CPS as a safeguard for Nigerian workers’ future.

Mastercard has deepened its strategic partnership with Smile ID, a leading African identity verification provider, to accelerate the deployment of secure digital identity solutions across the continent.

This collaboration aims to empower banks, fintechs, mobile money operators, and enterprises to onboard customers swiftly and securely—reducing identity fraud and expanding financial access.

The partnership integrates Mastercard’s global identity technology and insights with Smile ID’s advanced data verification and fraud detection capabilities.

Together, they offer instant, secure onboarding across African markets; enhanced fraud prevention, including synthetic identity detection; compliance with KYC and AML regulations; and scalable solutions for cross-border commerce.

With Africa’s digital economy projected to reach $1.5 trillion by 2030, trusted identity solutions are essential to unlocking opportunity. Rising smartphone penetration further underscores the need for secure, accessible identity verification across digital channels.

Smile ID’s integrations with local governments and trusted data sources provide near real-time onboarding and pan-African reach—making this partnership uniquely positioned to tackle fragmented identity systems and drive digital inclusion.

As part of the agreement, Mastercard has made a minority investment in Smile ID, reinforcing its commitment to innovation and inclusion in Africa. This move builds on Mastercard’s five-decade legacy of supporting African governments, businesses, and communities.

“This partnership with Smile ID is a pivotal step in advancing digital trust and inclusion across Africa,” said Selin Bahadirli, Executive Vice President, Services, Mastercard EEMEA.

“Smile ID’s innovative platform complements Mastercard’s mission to foster secure and inclusive digital ecosystems.”

“Synthetic identity fraud is costing African banks and lenders hundreds of millions annually,” added Mark Straub, CEO of Smile ID.

“By joining forces with Mastercard, we can help onboard the next 300 million African users securely—in seconds.”

Abba Aliyu, the Chief Executive Officer, Rural Electrification Agency (REA), says the agency has provided electricity access to about eight million Nigerians out of the 90 million people said to be without electricity supply.

He stated that the electricity provision was made under the Nigeria Electrification Project in line with the Federal Government’s commitment to close the energy deficit gap. He added that the agency planned to ensure that many more Nigerian benefit from the scheme in 2025.

Aliyu said: “There are reports that many Nigerians don’t have access to electricity. But under the Nigeria Electrification Project, we have provided electricity to eight million Nigerians. We also have a programme that is targeting 17.5 million people. So, in three years 17.5 million people will also be out of darkness.

“We are currently working on deploying 42 interconnected mini-grids, and six have already been completed in Osun, Plateau, Cross River, and Niger State. “We are moving away from the traditional concept of government issuing contracts. What we are doing is incentivising the private sector to deploy infrastructure.

This ensures sustainability because they have their own money at stake.” He added: “It is a myth to continuously think that government infrastructure is deployed and not working. The projects we are deploying, more especially those under the private sector, are working.

“Part of the discussion during the President’s visit to Japan was a $190m co-financing agreement with JICA for the distributed access programme. That will provide electricity to an additional 1.83 million Nigerians.

“Before this administration, the country only had 120 megawatts of solar assembly capacity. Today, we have over 600 megawatts, and with new projects signed, Nigeria will soon hit close to three gigawatts. This shows that dependence on imported panels is being reversed.”