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Economy

PenCom Reveals How N82 Billion Paid To Relatives Of Deceased Contributors In 2024

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PenCom

PenCom Reveals How N82 Billion Paid To Relatives Of Deceased Contributors In 2024

PenCom reveals how N82 billion paid to relatives of deceased contributors in 2024. In 2024, the National Pension Commission (PenCom) revealed that N82.22 billion was disbursed to 10,451 relatives of deceased pension contributors, marking a significant 40.3% increase from the N58.6 billion paid in 2023.

This increase reflects the growing financial impact of the Contributory Pension Scheme (CPS), providing crucial support to families of deceased contributors.

The report highlights a consistent rise in death benefits over the years. In 2020, N31.09 billion was paid to 6,731 next of kin, and by 2023, this had reached N58.6 billion for 9,836 beneficiaries. The increase in payouts in 2024 is attributed to better compliance with the pension scheme and heightened awareness among contributors about securing their next of kin’s benefits.

Beyond death benefits, pension payouts in 2024 have remained significant. The monthly programmed withdrawal scheme, allowing retirees to access funds at regular intervals, saw N114.5 billion disbursed by Q3. The retiree life annuity system accumulated N689.4 billion in premium payments, while lump-sum payments, which provide retirees with a portion of their savings, reached N83.73 billion, benefiting 19,481 retirees.

The pension industry continues to expand, with total contributions reaching N10.97 trillion by Q3 2024. Public sector contributions accounted for 52.1% of this, totaling N5.71 trillion, while the private sector contributed N5.25 trillion.

The number of Retirement Savings Account (RSA) registrations also rose to 10.54 million, with 118,339 new accounts added in 2024, reflecting increased adoption of the scheme.

The Micro Pension Plan, designed for informal sector workers, has seen growing participation. By Q3 2024, 164,031 workers were enrolled, with savings totaling N967.19 million—an increase of N878.07 million from 2020.

PenCom

PenCom

 

PenCom also reported steady disbursements for accrued rights, covering pension entitlements for Federal Government employees transitioning to the contributory scheme, with N61.71 billion paid to 14,873 beneficiaries in 2024.

The RSA transfer system, allowing contributors to switch pension fund administrators, has gained momentum. In 2024, 67,146 RSA transfers were recorded, bringing the total transferred amount since inception to N1.26 trillion.

Despite positive growth, the pension industry continues to face challenges due to economic conditions and inflationary pressures, which impact its overall stability.

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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