E-Financial
PenCom’s Asset Base Hits N4 trillion
Asset base of Pension Commission (PenCom) has reached N4 trillion after clearing unpaid pensions.
Mrs. Chinelo Anouh-Amazu, Acting Director General of the PenCom, while answering the call from Confab committee on Labour, Civil Society and sports, said 10 years after the contributory pension’s scheme began, despite some administrative hitches, the system has recorded a huge success in its own rights.
She said the confidence of Nigerians is further reinforced by the fact that the commission has improved remarkably from N2 trillion unpaid pension liability of the Head of Service to an asset base of N4 trillion.
Amazu explained that the contributory pension scheme of 15 per cent is contributed on the basis of seven and half percent of the monthly earning by the employee and another seven and half by the employer.
Stating that, the savings go into the retirement savings of the employee but cannot be accessed by him until he retires in accordance with the terms of the employment.
Amazu explained that the job of PENCOM is to regulate the operators who were private business people who put their expertise together to manage the funds, explaining that while the Pension Fund Administrators (PFA) manage the money, the Pension Fund Custodians (PFC) keep custody of the funds.
She further explained that the PFA provide daily reports to PENCOM while PENCOM has investment limits, which they have set for them but are also allowed to make their investment decisions saying that the dissatisfaction of the new system was that money was leaving the contributors account.
The PenCom boss noted that another source of worry for the contributors is the desire for the retiring contributors to empty their account on retirement, which she said does not conform to the purpose of the system, pointing out that the aim is to cater for the retirees at old age when they are unable to work.
According to her, the new system ensures that 50 per cent of their last pay is left into the account to fund their livelihood also pointing out that the 15 per cent contribution was only the minimum adding that people can increase their contributions.
She stated that the problem still lied with the old pension system administered by the Head of Service now to be handled by the Ministry of Finance and noted that her commission had turned their oversight functions on how to ensure that those under the old system come into the new system.
She said the pension reform act stipulated the establishment of Pension Transitional Arrangement Department (PITAD) which collates all the various heads of pensions with a view to streamlining the processes so that people are paid as and when due.
Amazu stated that the problem with the system is not that pension funds are not released by government but were paid to ghost workers who were not supposed to be part of it saying that part of the function of PITAD is to allow people to get paid their entitlement through the compilation of accurate database of the pensioners.
She cautioned that the people should not continue to rely on the supposed sanctity of the officers at the Head of Service who are handing the funds saying that the only way to make it impossible for the diversions to continue to occur.
Almost repeating what she told the Committee on Public Service the previous day, she suggested that money meant for the payment of pension should be released directly to the pensioners instead of lodgement in an account, which is prone to abuse.
The next focus of investment apart from bonds, according to her, is the Real Estate and infrastructure; and appealed to the committee to beam its searchlight on non-remittance of contributions of workers by their employers.
Ecobank Nigeria has announced plans to phase out its Naira-denominated Mastercard debit cards, with a transition period scheduled to run from July 29 to September 29, 2025.
The bank disclosed the development in a message sent to customers on Wednesday, urging account holders to switch to a Verve debit card available free of charge.
According to the notice, the bank’s decision is part of a broader effort to enhance security and ensure smoother digital transactions for customers.
“As part of our ongoing commitment to delivering secure and efficient banking services, we will be phasing out the Ecobank Naira Mastercard,” the statement read.
“In its place, we are pleased to offer you a free Verve debit card to ensure a seamless transition.”
The bank said the Mastercard deactivation would take full effect from September 30, 2025, saying that customers are therefore advised to collect their Verve cards before the deadline to avoid service disruption.
Ecobank also assured customers that the new Verve card would support payments across several digital platforms, including Google Play, YouTube, TikTok, Spotify, Netflix, Prime Video, AliExpress, Zoom, Microsoft, LinkedIn, Starlink, Audiomack, and Uber.
“It will also remain functional for ATM withdrawals and Point-of-Sale (POS) transactions nationwide.
“To obtain the replacement card, customers are instructed to visit the nearest Ecobank branch, request the Verve debit card, and collect it at no cost,” the bank said.
The move follows a growing trend among Nigerian banks to prioritise local card schemes like Verve, which are often more cost-effective and resilient to international payment disruptions.
Central Bank of Nigeria (CBN) has dismissed claims that its recent redeployment of staff from Abuja to Lagos State was politically motivated.
Muhammad Abdullahi, deputy governor, economic policy, made this clarification known at a two-day Interactive Session on Government-Citizens Engagement in Kaduna on Wednesday.
Recall that the CBN had in 2024 rolled out its Early Exit Package (EEP).
As part of the policy, the apex bank reduced its staff strength in Abuja Headquarters.
The decision had been greeted with controversy, with some critics claiming the move was targeted at the banks’ workers from Northern Nigeria.
However, Abdullahi has clarified that the policy was not targeted at anybody.
He noted that a recommendation from the banks’ insurance provider concerning workplace safety triggered its decision to decongest its Abuja headquarters.
“It is not an agenda against anybody,” he stated.
He said, “Some of those staff members taken to Lagos and Kaduna are now so happy they don’t even want to come back to Abuja.
He also dismissed claims that CBN deliberately removed 16 directors, particularly from the Northern region.
“There are many directors from the Northern region currently serving in the bank,” he stated.
He stressed that the son of the country’s secretary to the government of the federation was also redeployed from Abuja to Lagos.
“The son of the Secretary to the Government of the Federation was also moved from Abuja to Lagos. Nobody was spared—it is a policy of the bank,” he stated.
Nigerian banks have resumed processing international tuition payments from Naira accounts through the Central Bank of Nigeria (CBN)’s Form A portal.
Form A is an application form designed by the Central Bank of Nigeria to pay for service transactions (invisible trade).
The form allows customers to purchase foreign exchange at the CBN or interbank rate to make payments for eligible services as predetermined by the foreign exchange manual.
This development comes a month after commercial banks announced the resumption of international transactions on their naira cards.
In an email to customers, Guaranty Trust Bank Limited (GTBank) and Lotus Bank announced that the service is now available for applicants paying undergraduate and postgraduate tuition fees abroad.
“Pay international tuition fees directly from your Naira account,” the notice from GTBank read.
To access the service, customers are required to register and submit their applications via the Trade System Portal at www.tradesystem.gov.ng.
GTBank explained: “Select the ‘Form A’ application for Educational Fees. Choose GTBank as the processing bank, attach required documents, and submit the application.”
Similarly, Lotus Bank stated, “Register on the Trade System Portal. Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit the application.”
In a similar notice, Lotus Bank also informed customers of processing international fees using its facility.
“Register on the Trade System Portal (www.tradesystem.gov.ng). Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit the application,” the bank said.
In 2022, Nigerian banks said international school fees and upkeep requests via Form A will be processed within 120 days due to forex scarcity at the time.
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