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PenCom Inaugurates Committee to Drive Non-interest Pension Fund Development

The National Pension Commission (PenCom) has inaugurated the Pension Industry Non-Interest Advisory Committee (PINAC) to enhance the development of non-interest pension funds in Nigeria.

Speaking at the inauguration ceremony in Abuja, Omolola Oloworaran, Director-General of PenCom, emphasized the significance of this initiative in deepening financial inclusion and expanding ethical pension offerings within the industry.
According to Oloworaran, the establishment of the advisory committee reflects PenCom’s commitment to fostering innovation, inclusivity, and sustainability in pension administration.
She highlighted the increasing demand for non-interest financial products, driven by a growing awareness of ethical finance principles and the need for alternative investment avenues.
“The Rationale for the Non-Interest Advisory Committee IS CLEAR. In recent years, we have witnessed increasing demand for non-interest financial products, driven by a growing awareness of ethical finance principles and the need for alternative investment avenues.
“The introduction of Non-Interest Pension Funds (Fund VI) was a groundbreaking step in this direction, providing an investment option that is free from interest-based instruments while still ensuring competitive returns for contributors,” She stated
According to her, the development of this segment requires structured guidance, expert insights, and collaborative strategies to navigate regulatory, operational, and market challenges. “This is precisely why we have established this Advisory Committee to serve as a think tank, providing recommendations on best practices, governance structures, product development, and compliance with non-interest finance principles,” Oloworaran added
The newly inaugurated committee has been tasked with key responsibilities, including Ensuring transparency, security, and alignment of non-interest pension products with global best practices.
Market development and awareness, promoting financial literacy and increasing public education on the benefits of non-interest pension funds.
Investment strategy and innovation, identifying and recommending viable non-interest investment opportunities to ensure sustainable growth and competitive returns.
Collaboration and stakeholder engagement, building partnerships with financial institutions, industry experts, and regulatory bodies to create a robust non-interest pension ecosystem.
Oloworaran noted that the successful implementation of non-interest pension products would help attract a significant portion of the unserved and underserved population into the pension system and this aligns with the government’s broader agenda for financial sector deepening, economic diversification, and social security enhancement.
“By embracing non-interest financial principles, we are positioning Nigeria as a leader in ethical pension fund management, fostering investor confidence, and promoting sustainable economic growth,” she stated.
The PenCom DG urged members of the advisory committee to approach their mandate with dedication, foresight, and an unwavering commitment to excellence. She assured them of PenCom’s full support in ensuring the success of the initiative.
“Your collective expertise and insights will shape the future of non-interest pension funds in Nigeria, ensuring that we build a system that is not only inclusive but also resilient and globally competitive.
“PenCom stands ready to provide all necessary support to ensure the success of this initiative. We are confident that through your efforts, the pension industry will experience a new era of innovation and inclusivity.”
Also speaking at the inauguration ceremony, Muhammad Muazu Lere, Chairman of PINAC, applauded the National Pension Commission (PenCom) for entrusting the committee with this responsibility. He emphasized the critical role of Shari’ah governance in ensuring compliance, building trust, and enhancing the credibility of Islamic financial institutions.
“The importance of a Shari’ah compliance monitoring system cannot be overstated. It is essential for maintaining the integrity and effectiveness of Islamic financial institutions. Our role as PINAC members is not just a duty; it is a commitment to positively impacting the ethical fund space and upholding global best practices,” Lere stated
Lere highlighted PINAC’s intention to collaborate with key regulatory agencies, including the Financial Regulation Advisory Council of Experts (FRACE) of the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the Takaful Advisory Council (TAC) of the National Insurance Commission (NAICOM). This cooperation, he noted, would ensure that the committee’s activities align with international standards.
Despite the operational existence of Fund VI for several years, Lere pointed out that one of the major challenges facing its growth is low awareness among Retirement Savings Account (RSA) holders. He called on the Commission to intensify public education efforts about Fund VI, similar to the awareness campaigns conducted for the Micro Pension Plan.
“The lack of awareness has hindered Fund VI’s growth. It is crucial to conduct public enlightenment initiatives to educate Nigerians on its benefits and operations,” he urged.
News
NITDA Strengthens Collaboration with NIPSS to Drive Digital Innovation, Orange Economy Growth

The National Information Technology Development Agency (NITDA) has reinforced its commitment to advancing Nigeria’s digital transformation agenda through strengthened collaboration with key strategic institutions, as it hosted the Director General of the National Institute for Policy and Strategic Studies (NIPSS), Professor Ayo Omotayo, alongside participants of the Senior Executive Course (SEC) 48, 2026.

The visit, which builds on an earlier strategic study tour, provided a platform for in-depth engagement on the role of digital innovation in driving sustainable economic growth, with particular focus on the Orange Economy.
Representing the Director General of NITDA, Kashifu Inuwa CCIE, the Director of Stakeholder Management and Partnerships, Dr Aristotle Onumo, highlighted the Agency’s commitment to fostering a vibrant digital ecosystem through inclusive policies, strategic partnerships, and capacity development initiatives.
“NITDA is committed to creating an enabling environment where innovation can thrive by bringing together government, private sector, academia, and creatives to drive Nigeria’s digital economy,” he stated.
Inuwa underscored the growing importance of the Orange Economy, describing it as a critical driver of innovation and economic value through intellectual property. He identified sectors such as digital content creation, film, animation, and digital art as key contributors to national development.
“The Orange Economy represents a powerful opportunity to transform our rich cultural heritage and creativity into sustainable economic growth,” he noted.
He further highlighted Nigeria’s unique advantage, particularly its youthful and creative population, while calling for stronger collaboration among stakeholders to fully harness the sector’s potential.
“With our youthful population and rich cultural assets, Nigeria is well-positioned to become a global leader in the Orange Economy if we deepen collaboration and investment across the ecosystem,” he added.
During the engagement, NITDA also presented its strategic initiatives aimed at supporting the digital and creative sectors, including digital infrastructure development, promotion of digital literacy, and implementation of policies that enable startups and innovators to scale.
Addressing challenges facing the sector, Inuwa pointed to issues such as limited access to funding, infrastructure gaps, weak intellectual property protection, and ecosystem fragmentation, while emphasising the need for coordinated action.
“Addressing challenges such as funding gaps, infrastructure deficits, and intellectual property protection is critical to unlocking the full potential of Nigeria’s creative economy,” he said.
The Agency reiterated its target of achieving 70 per cent digital literacy by 2027, noting that ongoing programmes are equipping millions of Nigerians with essential digital skills, including those in underserved and informal sectors.
In his remark, Professor Omotayo described the visit as an important opportunity to deepen understanding of how digital technologies are reshaping economic sectors, particularly the creative industry. He noted that the insights gathered would contribute significantly to policy recommendations aimed at strengthening Nigeria’s economic framework.
Participants of the SEC 48 programme engaged actively during the session, raising questions on capacity development, access to tools, and frameworks for protecting digital content. NITDA highlighted its ongoing collaborations with industry stakeholders to provide training, innovation hubs, and access to digital tools for young Nigerians.
The engagement concluded with a renewed commitment from both NITDA and NIPSS to strengthen collaboration in research, policy development, and capacity building, aimed at positioning Nigeria as a globally competitive force in the digital and creative economy.
News
NRS Takes Over Mineral Royalties Collection Under New Tax Laws

Nigeria Revenue Service (NRS) has assumed responsibility for collecting mineral royalties from mining operators nationwide, following new tax laws effective January 1, 2026.

NRS
The shift emerged from a Thursday meeting between Solid Minerals Development Minister Dele Alake and NRS Chairman Dr. Zacch Adedeji. Their joint statement, endorsed by both, confirms NRS now administers all federally collectible revenues, including royalties.
Enacted by President Bola Tinubu on June 26, 2025, the Nigeria Tax Laws 2025 empower this transition. The Ministry of Solid Minerals Development remains a key partner, supplying pricing data, geological insights, and sector coordination.
NRS Special Adviser Dare Adekanmbi’s statement outlines collaborative steps: a nationwide sensitization program for operators on filing and payments; development of a digital royalty system; and regular joint technical sessions to address issues.
Both agencies pledge orderly, transparent implementation to boost the mining sector. Operators must comply with obligations and join upcoming programs.
The move aims to streamline revenue collection while fostering mining growth.
News
Microsoft Revamps Copilot in Workplace AI Push

Microsoft has rolled out a new set of features for its Microsoft 365 Copilot platform, including tools for complex, multi-step work and deeper research tasks, as competition in workplace artificial intelligence (AI) intensifies.

The update introduces Copilot Cowork, a capability aimed at handling long-running tasks across Microsoft 365 applications.
The feature is being made available through the company’s Frontier programme, which typically gives early access to experimental tools.
Microsoft is also integrating technology linked to Claude – an AI model developed by Anthropic –into Copilot, signalling a broader shift toward using multiple AI systems within a single product rather than relying on a single model.
Jared Spataro, chief marketing officer for AI at Work at Microsoft, says the company is positioning Copilot as a system embedded directly into workplace software, rather than a standalone tool.
“Microsoft 365 Copilot is your AI for work,” he says, adding that it draws on multiple AI models and is integrated into existing workflows.
Alongside this, Microsoft has upgraded its Researcher feature, which is designed to analyse information from multiple sources and generate structured reports.
A new “Critique” function separates the drafting and review process between different AI models – one generates an initial response, while another evaluates and refines it.
The company says this approach improves output quality, with Researcher showing gains on its internal benchmark for accuracy, completeness and objectivity.
Another addition, called Model Council, allows users to compare outputs from different AI models side-by-side, highlighting differences in responses and reasoning.
The updates form part of what Microsoft calls “Wave 3” of Copilot, as it pushes to embed generative AI deeper into enterprise software. The move reflects a wider industry trend towards combining models from multiple providers, including OpenAI and Anthropic, to improve performance and reliability.
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