Economy
Labour Called For 50% Pension Withdrawal Rights
Labour Called For 50% Pension Withdrawal Rights
Labour called for 50% pension withdrawal rights. Mr Ajaero also demanded for better worker benefits and accountability.
The Nigerian Labour Congress (NLC) has called for an increase in the Retirement Savings Account (RSA) withdrawal limit, proposing to raise the threshold from 25 per cent to 50 per cent.
NLC president, Joe Ajaero, made the demand during a roundtable discussion with the management of the National Pension Commission (PenCom) in Abuja on Thursday.
The event had the theme, “Consolidating the Gains of the Contributory Pension Scheme through Collaboration with Social Partners.”
Mr Ajaero explained that the proposed increase would enable workers to meet critical financial needs such as investments in agriculture, education, and healthcare, especially given the current economic challenges.
He also urged the federal government to fully constitute the PenCom Governing Board, warning that the continued absence of a complete board threatened the integrity of the Contributory Pension Scheme (CPS).
According to him, while a chairman is currently in place, the lack of a fully functional board hampers strategic oversight, delays key decisions, and undermines proper governance within such a vital institution.
“Congress is deeply concerned about the continued non constitution of the full board of the PenCom.
“In the absence of this board, how do we ensure the integrity of the commission’s actions until the board is in place,” he said.

NLC
Mr Ajaero also demanded for better worker benefits and accountability.
” Firstly, the NLC urged PenCom to leverage technology to significantly reduce the long processing time for retirees to access their entitlements, demanding payments within weeks, not months after retirement.
“Secondly, we propose a formal establishment of a standing NLC-PenCom committee to meet quarterly to proactively address workers grievances.
” Thirdly, they called for immediate regulatory action against ineffective PFAs and defaulting employers, including publishing the names of non-compliant employers and applying stiffer sanctions,” he said.
Mr Ajaero said there were concerns over the proposed amendments to the Pension Reform Act 2014 (PRA2014), that workers were not informed.
The PenCom director-general (D-G ), Omolola Oloworaran, said that the CPS was the most transformative social reform the country had ever seen, saying it had restored confidence and dignity in retirement.
The D-G said that PenCom would be driving several key reforms, including the Pension Revolution 2.0, a bold initiative aimed at expanding coverage, strengthening regulation, and enhancing service delivery.
She said that the discussion also centered on the revised Regulation of Investment of Pension Assets, designed to preserve safety and optimise returns for contributors.
Ms Oloworaran said that the micro-pension scheme had been renamed the “Personal Pension Plan.”
She said that PenCom would share updates on the proposed amendments to the PRA 2014, requesting the NLC’s input.
“The CPS can only remain strong when Nigerian workers believe in it.
“And how better to improve trust in the system than partnering with the Nigerian Labour Congress, which is closer to the people and who champion the cause of the people as well,” she said.
Ms Oloworaran, while welcoming the NLC delegation earlier, noted that “this relationship is indispensable especially as the commission prepares to intensify its regulatory activities.”
“There will be no PenCom without labour and we need labour to achieve our goals and as we go into full-drive enforcement mode.
“Labour is a reliable partner that we want to count on,” Ms Oloworaran said.
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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