Economy
PenCom Reveals How FG Committed To Timely Payment Of Retirement Benefits
PenCom Reveals How FG Committed To Timely Payment Of Retirement Benefits
PenCom reveals how FG committed to timely payment of retirement benefits. She said that the president had set a new standard for pension administration in the country.
The director-general (D-G) of the National Pension Commission (PenCom), Omolola Oloworaran, has reiterated the Contributory Pension Scheme’s (CPS) commitment to fulfill its mandate of timely payment and adequate retirement benefits to retirees.
Ms Oloworaran said this at a news conference in Abuja on Thursday, saying that the pension reform had achieved a milestone.
“A defining milestone in our nation’s pension administration has been achieved through the approval of a N758 billion Federal Government bond to fully settle outstanding pension liabilities under the CPS.
” President Bola Tinubu has signaled a new dawn for pensioners, ensuring that the CPS fulfills its mandate of providing timely and adequate retirement benefits,” the D-G said.
She said that the president had set a new standard for pension administration in the country, effectively resetting the CPS on the path to sustainability.
Ms Oloworaran said that achieving full implementation required strategic collaboration.
” PenCom will continue working with all stakeholders to ensure the seamless issuance of the bond and the timely disbursement of pension payments.
” Our priority remains efficiency, transparency and accountability in the administration of retirement benefits,” she said.
Ms Oloworaran said that the resolution of pension liabilities restores confidence in the CPS and positions the pension industry for long-term growth.
She said that beyond the immediate payments to retirees, it would stimulate the economy, deepen the capital market, and enhance financial stability.
Mz Oloworaran said that the landmark bond resolves all accumulated pension liabilities covering: N253 billion accrued pension rights to settle outstanding entitlements for retirees of the federal government treasury-funded MDAs,
She said that addressing the delays caused by previous funding shortfalls, going forward accrued pension rights would be included in the monthly personnel cost general warrant, ensuring automatic and timely payments.
Ms Oloworaran said that N388 billion pension increases since 2007, had been approved, adding that the long-overdue entitlement would benefit more than 250,000 retirees.
She said that it would reflect on the administration’s commitment to ensuring pensions remained fair and responsive to economic realities.
” For the first time, the Federal Government is contributing to the PPF, ensuring that pensioners particularly low-income earners receive a living wage in retirement.
” This is a major step towards strengthening financial security for all retirees under the CPS,” Ms Oloworaran said.
She said that N11 billion for the university professors’ pension shortfall had been released.
Ms Oloworaran said that it would implement the provision allowing eligible university professors to retire on their full salary, while addressing the funding gaps that previously hindered its execution.

PenCom
”With this burden lifted, the pension industry can now focus on innovation, improved service delivery, and optimising investment returns.
”A renewed emphasis will also be placed on expanding the Micro Pension Plan, ensuring that Nigerians in the informal sector can save securely for their future,” the D-G said.
She commended the president and the minister of finance and coordinating minister of the economy, Wale Edun, for their support in bringing the initiative to fruition.
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
Economy
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.
Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.
Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.
Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

Access Bank Gets New Board Chair Ifeyinwa Osime
Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”
Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.
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