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
Atte, Nigerian Develops AI Algorithm for Hair Transplants

Atte Ayodeji, a Nigerian computer scientist,has developed an artificial intelligence algorithm capable of detecting, counting, grouping and generating healthy hair follicles during hair transplant procedures, an innovation that earned him the Best Innovative Technology award.

Atte Ayodeji
Ayodeji also graduated with a Distinction in his Master of Science (MSc) in Computer Science from Birmingham City University on Friday, adding another milestone to an impressive academic year.
Beyond his award-winning hair transplant innovation, the Nigerian researcher developed a system and framework on Explainable Artificial Intelligence (XAI) as a professional responsibility in the diagnosis of lung cancer.
His dissertation received a silver award at the PGXPO2026 Winter, further highlighting the impact of his research in applying artificial intelligence to healthcare.
Sunday Dare, special adviser on Media and Public Communication to President Tinubu, celebrated Ayodeji’s achievements in a post on X, recalling how he first met him in 2019 during his National Youth Service.
“In 2019 when I became a Minister of the Republic, I met a young man of medium height, genteel with penetrating eyes: Atte Ayodeji. His words rarely come out and he could easily be passed by unnoticed. But I noticed him especially when my SA Kemi Areola brought him to me asking my approval for him to do his Youth Service in my office. I approved. From then on he was unstoppable. His brilliance shown and he developed skills beyond his frame.”
Highlighting Ayodeji’s recent accomplishments, Dare congratulated him saying, “Congratulations Atte. I am proud of you!”
News
FG to Abolish Subsidies in Power Sector in 2027 – Minister

Mr. Joseph Tegbe, minister of Power, has said that the federal government plans to end power sector subsidies from 2027 and that there are no immediate plans for tariff increases.

Mr. Joseph Tegbe, minister of Power
The minister told journalists during the media interactive session at the weekend that the government has announced plans to phase out electricity subsidy payments from 2027 as part of efforts to address mounting liabilities in the power sector.
He explained that the planned removal forms part of the broader reforms aimed at ensuring the long-term sustainability of the electricity sector, while tackling the financial challenges confronting the industry.
According to the minister, despite the planned subsidy withdrawal, there are no immediate plans to increase electricity tariffs, reassuring consumers that the government is not considering a tariff hike in the short term.
News
AfCFTA Urges Africa to Stop Exporting Raw Materials

Patience Okala, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office has urged African countries to stop exporting raw materials and instead focus on adding value to its natural resources if it is to fully harness the opportunities offered by the African Continental Free Trade Area.

She stated this on Thursday at the Streamsowers & Köhn 20th Anniversary Business Forum, where she stressed that value addition and beneficiation are essential to Africa’s industrialisation and long-term economic growth.
According to a statement issued on Friday by the Nigeria AfCFTA Coordination Office, she said the AfCFTA goes beyond the elimination of tariffs, serving as a framework for industrialisation, value addition, and job creation across the continent.
“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.
Okala also said Africa’s economic transformation would depend on the effective implementation of the AfCFTA rather than on the signing of trade agreements alone.
“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders, and benefit from the opportunities created by the agreement,” she said.
She noted that Nigeria had intensified efforts to implement the agreement under the leadership of the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, including the development of simplified AfCFTA guides in six languages to help businesses understand and take advantage of opportunities under the trade pact.
Okala called for stronger collaboration among governments, regulators, and the private sector to eliminate barriers to trade and investment and build a truly integrated African market.
“As we move from policy to implementation, our collective responsibility is to ensure that the opportunities created by AfCFTA become practical realities for businesses, particularly MSMEs, women-owned enterprises, and young entrepreneurs across the continent,” she said.
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