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Economy

Pencom Partners OHCSF To Introduce Gratuity For Civil Servants Under CPS

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PenCom

Pencom Partners OHCSF To Introduce Gratuity For Civil Servants Under CPS

Pencom partners OHCSF to introduce gratuity for civil servants under CPS. According to her, the persistent issue of delayed payments is due to the delay in payment of accrued rights.

The National Pension Commission (PenCom) is set to collaborate with the Office of the Head of the Civil Service of the Federation (OHCSF) to introduce gratuity.

In a statement released on Tuesday in Abuja, PenCom stated that the framework was for civil servants in treasury-funded ministries, departments, and agencies (MDAs) under the Contributory Pension Scheme (CPS).

The director-general of PenCom, Omolola Oloworaran, said this when she visited the Head of the Civil Service of the Federation (HCSF).

According to Ms Oloworaran, the gratuity scheme will be established in line with section 4(4)(a) of the Pension Reform Act (PRA 2014) for retiring employees of federal government treasury-funded MDAs.
She said it was estimated to cost the government about N30 billion per annum, as determined by PenCom and confirmed by the 2024 stakeholders committee on outstanding pension liabilities.

Ms Oloworaran said the amount represented a modest but impactful intervention to improve the welfare of those who had served the nation with dedication.

According to her, the persistent issue of delayed payments is due to the delay in payment of accrued rights.
The DG said the previous collaboration between PenCom and the OHCSF yielded significant progress.

She said this includes securing a Federal Executive Council (FEC) approval for the N758 billion bond to clear outstanding pension liabilities under the CPS.

Ms Oloworaran also unveiled a one-time, comprehensive online enrolment exercise to establish the accrued pension rights liability of all serving federal employees of treasury-funded MDAs who were in service before June 2004.

She said this online verification and enrolment exercise would begin in August.

The DG said it would enable PenCom to present to the government the amount so determined to possibly raise a bond to settle the entire liability once and for all.
Ms Oloworaran said the determined accrued pension rights for every eligible civil servant would be credited into their individual Retirement Savings Accounts (RSAs).

She said one of the benefits is that retirees would start earning returns on these funds, and the system would become shielded from political transition as Pension Fund Administrators (PFAs) would take full control.

Ms Oloworaran said the commission was developing a digital application to streamline the enrolment process.

She said PenCom plans to deploy the online application by August and sought OHCSF’s support to issue a circular directing all MDAs to participate in the enrollment and submit the necessary documentation.

Ms Oloworaran said to address the challenge of uncredited pension contributions among MDAs not enrolled in the Integrated Payroll and Personnel Information System (IPPIS), some contributions were often made without accompanying schedules.
According to her, contributions are often made without accompanying schedules.

Ms Oloworaran said PenCom had introduced a new pension contribution remittance system that requires all employers to, henceforth, utilise selected Payment Solution Support Providers (PSSPs) for the remittance of their employees’ contributions.

She said this ensures accurate and prompt remittance of pension contributions into the respective RSAs of employees.

PenCom Moves To Recover N1.3bn Unpaid Pension

PenCom

The DG also requested the head of service’s assistance in issuing directives to the IPPIS office in the Office of the Accountant-General of the Federation (OAGF) and MDAs not on IPPIS, such as tertiary institutions, self-funding agencies, and others, to utilise selected PSSPs for remittance of monthly contributions effective June.

The head of HCSF, Didi Walson-Jack, expressed her support for all the initiatives and commended PenCom for its proactive approach to improving pension administration.

She pledged to issue the necessary circulars to MDAs and to collaborate closely with PenCom in developing the modalities and securing the approvals for the gratuity scheme.

Ms Walson-Jack said civil servants have been calling for gratuity and expressed her full backing for the proposed gratuity scheme.

According to the statement, PenCom and OHCSF agreed to establish a standing committee to work on the outlined reforms and address any emerging issues in the future.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

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Lagos Assembly

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

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.

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Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

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EFCC Probes Man

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 Probes Man

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

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Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

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National Bank Of Kenya

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.

National Bank Of Kenya

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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