News
UBA Pensions Pays N3.5Bn to 25,000 Retirees

Bayo Yusuf, Managing Director, UBA Pensions Custodian, has said the company currently pays the sum of N3.5bn on a monthly basis as retirement benefits to 25,000 retirees.
Yusuf disclosed this in Abuja while speaking during a chat with journalists at the sidelines of the World Pension Summit for Africa.
He said the amount was paid by his company on behalf of the 10 Pension Fund Administrators whose fund are currently being managed by it.
He said, “We are pension fund custodians and we have specific roles in the act. Number one is collection on behalf of PFAs.
“We are custodians to ten of the 27 PFAs and of this 10; we are on a monthly basis collecting the range of about N17bn to N18bn in terms of collection.
“We also settle transactions on behalf of PFAs and when we settle transactions, we collect the instruments representing that investment.
“We also collect the income accruing to all this investment and we also pay benefits to retirees and every month, for those that are on programmed withdrawals.
“We make payment on behalf of our PFA and that is in excess of 25,000 retirees that we pay on a monthly basis and we pay in excess of N3.5bn.”
Yusuf commended the efforts of the Federal Government to grow the pension fund assets to N16trn within the next 20 years, but added the target would be achieved before the set date when the informal sector is brought into the Contributory Pension Scheme.
He said, “In the informal sector, we have about 17.6 million employers having about 43 million employees.
“The pension industry has been growing at a rate of about 30 per cent without contributions from the informal sector. So imagine the type of growth we would record if this sector is brought into the industry.”
He also said the new pension reform act which was signed into law last week by President Goodluck Jonathan would not only to consolidate the gains of the reforms, it also help identify the challenges militating its contribution to national development.
The new act, he added, would also provide the enabling legal environment to facilitate the creation of quality instruments through which pension assets could be best invested for infrastructure and real estate development.
He said that UBA pensions had commenced the digitalisation of pension payments noting that the move would help streamline payment procedures as well as ensure prompt collection of pension benefits.
He said, “The number of Retirement Savings Account is growing, right now we are just six million RSAs and we are talking of bringing the informal sector into it.
“So we are working with the banks in such a way that for the informal sector, with your phones, you can remit our pension contribution. You don’t need to go to the bank.
“What this means is that technology is going to be a major game changer in pension administration in the few months and years to come.”
News
UK Appoints Peter Vowles as British High Commissioner to Nigeria

The UK Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria.

Mr Vowles succeeds Dr Richard Montgomery CMG and is expected to take up his post in Abuja in September 2026. Dr Montgomery remains in post until that time.
Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.
He has held senior leadership positions across the FCDO and its predecessor department DFID, including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.
Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.
Peter Vowles said: “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”
News
Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

World Bank has ranked the Apapa and Tin Can Island Port complexes in Lagos among the world’s 20 most improved ports in its 2025 Container Port Performance Index (CPPI), released in June 2026.

The ranking places both ports in the “Top 20 Port Improvement Since 2020” category, reflecting significant gains in operational efficiency and vessel turnaround time.
The CPPI is a global benchmark used to assess the efficiency of container ports based on factors such as cargo handling speed, ship turnaround time and overall logistics performance.
According to the report, the improvement highlights ongoing reforms and modernization efforts within Nigeria’s maritime sector.
The Managing Director of the Nigerian Ports Authority (NPA), Mr Abubakar Dantsoho, attributed the recognition to ongoing policy reforms and infrastructure upgrades in the sector.
He said the development reflects the impact of economic policies of President Bola Tinubu and the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.
“With the investor-friendly policies of President Bola Ahmed Tinubu providing the impetus for increased investment to drive our port infrastructure and equipment modernisation programme, coupled with the unflinching support of the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, we have all it takes to further enhance trade facilitation, improve competitiveness and boost the national economy,” he said.
The NPA said the recognition is expected to strengthen investor confidence in Nigeria’s maritime sector and enhance the country’s position as a regional trade and logistics hub.
It noted that improvements in port operations are already contributing to increased efficiency in cargo movement and reduced delays at key terminals.
The authority also pointed to ongoing efforts to modernise port infrastructure and expand digital systems aimed at improving service delivery.
Earlier in February 2026, the NPA said the federal government had intensified efforts to position Nigeria as a leading maritime destination through port rehabilitation and modernization projects.
It also highlighted public-private partnership initiatives, including developments at the Lekki Deep Sea Port, as part of broader reforms aimed at improving efficiency and attracting investment.
The CPPI ranking is expected to further boost Nigeria’s maritime profile and encourage additional investment in the sector.
News
PalmPay Joins Industry Leaders @ Digital Pay Expo 2026

As digital payment adoption continues to grow across Nigeria and emerging markets, the next phase will depend not just on innovation, but on the strength, reliability, and trustworthiness of the infrastructure behind it.

While the ecosystem has made clear progress in recent years, trust remains a critical issue for users, businesses, and operators alike. Questions around resilience, security, interoperability and transaction reliability continue to shape how the market evolves and how confidently digital payments can scale.
These issues will be central to the deliberations at Digital Pay Expo 2026, where fintech leaders, payment operators, and other ecosystem stakeholders will gather under the theme, “Seamless Digital: Fostering Pan-African Market Expansion in the Era of AI.”
PalmPay’s participation reflects its continued commitment to building trusted and scalable payment infrastructure, while contributing to the broader industry efforts to strengthen systems, standards, and partnerships needed to support long-term ecosystem growth.
Speaking ahead of the event, Olorunfemi Hanson, Head of Marketing and Communications at PalmPay Nigeria, said: “As the financial services ecosystem continues to grow, trust and reliability become even more important.
“The industry’s next phase will be shaped not only by innovation, but by the strength of the infrastructure supporting it. Digital Pay Expo provides an important platform to address the resilience, interoperability, and trust issues that will shape the future of digital payments growth across Africa.”
The event, scheduled to be held from the 17th to the 18th of June, 2026, will feature Chika Nwosu, Managing Director of PalmPay Nigeria, alongside other distinguished guests, including the Director-General, Payment System Management Department (PSMD), Central Bank of Nigeria. The event will examine how the industry can balance innovation, regulation, and scalability while strengthening trust across the digital payments value chain.
For PalmPay, this event reinforces its role in supporting a more resilient, secure and scalable payments ecosystem for Nigeria and emerging markets more broadly.
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