E-Financial
PENCOM Mulls ₦30Bn Annual Gratuity for Retiring Civil Servants

The National Pension Commission (PenCom) is working with the Office of the Head of the Civil Service of the Federation (OHCSF) to introduce a ₦30 billion annual gratuity scheme for retiring civil servants under the Contributory Pension Scheme (CPS).
Omolola Oloworaran, Director General of PenCom, stated this during a courtesy visit to Didi Esther Walson-Jack, Head of the Civil Service of the Federation (HCSF) in Abuja to discuss ongoing pension reforms and initiatives aimed at improving the welfare of federal civil servants.
Oloworaran disclosed that PenCom is finalizing modalities for the establishment of a Gratuity Framework for employees of treasury-funded Ministries, Departments, and Agencies (MDAs) in line with Section 4(4)(a) of the Pension Reform Act (PRA) 2014.
She said the proposed scheme would provide for a one-time lump-sum payment at retirement, in addition to existing pension entitlements under the CPS.
According to the PenCom DG, the proposed gratuity payment, if set at 100% of a retiree’s last gross annual remuneration, would cost the federal government an estimated ₦30 billion annually. This amount, she emphasized, was a modest but impactful investment in honouring the service and dedication of retiring civil servants.
“PenCom is working on modalities for the establishment of a Gratuity Scheme, in line with Section 4(4)(a) of the PRA 2014 for retiring employees of Federal Government treasury-funded MDAs.
“PenCom DG said this has been estimated to cost the federal government only about N30 billion per annum as determined by PenCom and confirmed by the 2024 Stakeholders Committee on outstanding pension liabilities, if retiring federal employees are paid 100% of their last gross annual remuneration,”
Oloworaran also raised concerns over the persistent delay in pension payments caused by the slow release of accrued pension rights. She highlighted the success of previous collaborations between PenCom and the OHCSF, which resulted in Federal Executive Council (FEC) approval of a ₦758 billion bond to clear outstanding pension liabilities.
To build on this progress, she noted that PenCom is set to launch a comprehensive online enrolment exercise in August 2025 for all federal employees of treasury-funded MDAs who were in service before June 2004.
The exercise, according to her, will determine the government’s total liability on accrued pension rights, with the aim of presenting the data for a one-off bond issuance to clear the backlog.
She further explained that once determined, the accrued pension rights would be credited directly into the individual Retirement Savings Accounts (RSAs) of eligible civil servants, allowing them to earn investment returns while shielding the funds from political interference.
Oloworaran also disclosed that PenCom is developing a digital platform to streamline the enrolment process and is seeking OHCSF’s assistance in directing MDAs to participate fully and provide necessary documentation.
On challenges affecting pension contributions, Oloworaran noted that some MDAs not enrolled in the Integrated Payroll and Personnel Information System (IPPIS) remit funds without contribution schedules.
To address this, she said that PenCom has introduced a new Pension Contribution Remittance System that mandates the use of selected Payment Solution Support Providers (PSSPs) to ensure accuracy and prompt remittance of pension contributions into employees’ RSAs.
She urged the OHCSF to issue directives to the IPPIS office in the Office of the Accountant General of the Federation (OAGF), as well as MDAs not on IPPIS such as tertiary institutions and self-funding agencies to comply with the new remittance process, effective June 2025.
In response, Walson-Jack expressed full support for all PenCom’s initiatives and commended the commission’s proactive efforts in enhancing pension administration. She assured that the OHCSF would issue the necessary circulars to ensure compliance and pledged close collaboration in securing approvals for the proposed gratuity scheme.
She acknowledged long-standing calls from civil servants for the reintroduction of gratuity and welcomed the initiative as a step in the right direction.
To drive the reform efforts, PenCom and OHCSF agreed to establish a standing committee to work out implementation modalities and address emerging issues as they arise.
E-Financial
UBA Expands to More African Cities, Stamps Footprint in Saudi Arabia

United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.

Oliver Alawuba, GMD/CEO, UBA group,
This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.
The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.
Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.
He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.
“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.
The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.
“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.
Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.
E-Financial
Ecobank Plans to Raise $250m Capital Through Private Placement

Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.
In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.
“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”
The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.
Additionally, Madibinet Cisse, Ecobank’s Company Secretary, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”
It would be recalled that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.
E-Financial
EFCC Recovers Funds Lost to CBEX Fraud

Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.
Olukoyede did not announce the amount recovered, but he assured Nigerians that the EFCC is taking action against the promoters of the scheme.
The EFCC Chairman emphasised that the suspects found are facing prosecution.
“We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it,” he said.
Olukoyede also urged Nigerians to exercise caution when investing their resources into online platforms.
“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable. Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.
He also stressed that the body remains committed to fishing out the culprits and recovering the lost funds.
“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money. In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions. Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.
He urged the public to stay vigilant, assuring them that the body will see the case to the end.
“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.
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