General
PenCom DG Aisha Dahiru Falsely Accused of $1.8m Misappropriation—Investigation
By Modupe Gbadeyanka
An investigation conducted by the Coalition of Civil Society Organisations (CSOs) in Nigeria has revealed that the Director General of the National Pension Commission (PenCom), Mrs Aisha Dahiru-Umar, did not misappropriate any funds to the tune of $1,800,480 and N4,965,327 as alleged.
A group known as the Centre for Public Accountability (CPA) had accused the PenCom DG of receiving $1,800,480 in estacode on January 3, 2019, on a Washington DC trip.
It was further alleged that she was paid another N4,243,116 on March 13, 2020, on airfare to attend the Reinventing HR Summit in London and collected an additional estacode of N3,077,648. CPA also claimed the woman received $259,200 on the trip.
The CSOs had to launch a probe into these allegations, and it was discovered that she was not involved in the alleged misappropriation of funds by the agency.
According to the findings, the accusations are “false, frivolous, unfounded, malicious and figment of the imagination of the actors whose primary aim we came to understand is to distract the Director General from her giant reformatory drive in the commission.
“Simply put, the allegations and the documents being bandied were hurriedly cooked up by seekers of favour as a bargaining chip to seek political appointment under the President Bola Tinubu government,” a part of the report pointed out.
The group said in a joint world press conference on Wednesday that it conducted the investigation using a pool of experts who assessed the claims by CPA.
Based on their findings, the allegations and documents “being bandied were hurriedly cooked up by seekers of favour as a bargaining chip to seek political appointment under the President Bola Tinubu government.”
The report said contrary to the claims that Ms Aisha-Dahiru was paid N4,243,116, N3,077,648 and $259,200 for trips in 2020, countries, including Nigeria, were on lockdown.
“For the avoidance of doubt, it was alleged that the said estacode was received in the year 2020. This again raises a red flag in the entire choreographed episode. You will agree with me that the entire global community was on a total lockdown — no movement of persons within and outside the country.
“In fact, there was no inter-state travels as a result of the Covid-19 pandemic, which held the global community by the jugular. Despite this, our team meticulously and methodologically deployed their technical know-how and discovered NOTHING implicating the Director General.
“Investigations, however, revealed that what was at play is simply a demonstration of envy, bitterness, powerplay and unexplained gang-up against the Director-General by persons who are afraid that the giant feat she has achieved since assumption of office is displacing the old order thereby thwarting their efforts to keep the entire sector perpetually backwards in a rapidly moving world for their own nefariously selfish intentions.
“It is one of those scenarios where people fabricate malicious allegations to cheaply blackmail performing heads of government institutions with the primary objective to distract them and instigate their appointor (the President) against them,” the report noted.
It also highlighted the sterling performance of the PenCom boss since she became the acting DG and was later confirmed in 2020 by former President Muhammadu Buhari.
The CSO report said she raised the country’s pension asset from N6.42 trillion in 2017 when she came on board to N15.5 trillion as of February 2023.
The report also highlighted how reformed the pensions industry is through recapitalization from N1 billion to N5 billion.
“Another first in the nation’s pension industry is the approval of structured reduction of fees on the Net Asset Value of pension fund assets as well as the introduction of the Micro Pension Plan for the participation of informal sector workers in the Contributory Pension Scheme.
“Among many other brilliant innovations she has introduced is the mortgage scheme for retirement savings account holders, which enables RSA holders to use the balance of their RSA savings for the purpose of mortgage.
“The DG’s visible reformatory drives led to the approval by the former President of the sum of N159.466 billion for the payment of outstanding accrued rights and other pension liabilities of the government’s retirees.
“That is an open expression of confidence in the leadership of PenCom under Mrs Dahir-Umar.”
The report recalled how similar allegations were made against the PenCom boss under former President Buhari which failed because it lacked substance.
It added, “While we pass a vote of confidence on the Director General of PenCom, we appeal to all stakeholders to ignore the unfounded allegations against her and continue to offer support as she is poised to give all Nigerians a life worth living post-retirement.
“We call on President Bola Tinubu to sustain the federal government’s support towards the total overhaul of the country’s pension sector for a collective success in the interest of our senior citizens and all other members of our society.”
By Adedapo Adesanya
The federal government has issued a data protection compliance circular to all Ministries, Departments and Agencies (MDAs) to promote public trust through data-driven governance.
The compliance directive is contained in Circular No. 59805/S.I/74, dated 27 July 2026, and signed by the Secretary to the Government of the Federation, Mr George Akume, according to a statement by the Head, Legal, Enforcement & Regulations, Mr Babatunde Bamigboye.
The initiative forms part of a continuum of regulatory measures that will be vigorously pursued as Nigeria advances towards the decisive frontiers of the Fourth Industrial Revolution.
The circular drew the attention of MDAs to a statement of President Bola Tinubu, where he said: “Data is the new oil”.
Mr Akume then directed all Ministries, Extra-Ministerial Departments and Agencies to capture the information rigorously and safeguard it under the Nigeria Data Protection Act, 2023 (NDP Act).
The circular also directed MDAs to ensure full compliance with the NDP Act, Regulations, Guidelines, and Directives issued by the Nigeria Data Protection Commission (NDPC) in relation to the processing of personal data.
To this end, the Circular directs MDAs to, designate suitably qualified officers as Data Protection Officers (DPOs) to oversee data protection compliance and advise management on all matters relating to the lawful processing of personal data, ensure that the names and contact details of their designated DPOs are communicated to the NDPC for registration and official records; engage licensed Data Protection Compliance Organisations (DPCOs), where required, to facilitate compliance with the NDP Act and support the conduct of statutory compliance audits.
It also directed them to provide adequate budgetary allocation for data protection compliance activities, including capacity building, awareness programmes, deployment of appropriate technical safeguards, and periodic compliance audits; and submit all mandatory Data Protection Compliance Audit Returns and other statutory returns to the NDPC within the timelines prescribed by law.
The circular further states that “Permanent Secretaries, Accounting Officers and Chief Executive Officers of all MDAs shall be personally responsible for ensuring institutional compliance with the Circular and the provisions of the NDP Act.”
The National Commissioner/Chief Executive Officer of the NDPC, Mr Vincent Olatunji, expressed the commission’s commitment to supporting data-driven governance.
Mr Olatunji maintained that data accountability is pivotal to achieving the eight Presidential Priorities. To provide full technical support to MDAs for the purpose of achieving compliance, the commission has constituted a regulatory clinic.
By Adedapo Adesanya
Yellow Card, a global stablecoin infrastructure provider, has raised $40 million in a strategic funding round to accelerate its international expansion and strengthen its digital payment infrastructure.
The funding round attracted investments from SC Ventures, the innovation and investment arm of Standard Chartered, Sony Innovation Fund, Polychain Capital, Blockchain Capital, and other strategic investors. With the latest raise, Yellow Card’s total equity financing has now exceeded $120 million.
The company said the fresh capital will be used to scale its Global US Dollar Accounts, an end-to-end dollar account designed for businesses, while expanding the stablecoin payment rails that connect businesses to markets around the world.
Yellow Card’s chief executive, Mr Chris Maurice, described the investment as a strong endorsement of the company’s long-term vision, noting that the company has spent years building infrastructure that allows businesses to move money globally without relying on traditional correspondent banking systems.
He added that the next phase of growth will focus on helping banks connect directly to stablecoin payment rails, enabling faster and more efficient cross-border transactions while expanding access to US Dollar services for businesses.
SC Ventures chief executive, Mr Alex Manson, said stablecoins are becoming an important part of global payments, but noted that widespread adoption will depend on reliable infrastructure and practical use cases.
He said Yellow Card has built the payment rails businesses across Africa need to move money efficiently across borders and expressed confidence in the company’s ability to expand both within Africa and internationally.
The investment also marks growing interest from global institutions in stablecoin-based payments. Sony Innovation Fund said its backing reflects confidence in Yellow Card’s ability to build digital payment infrastructure for emerging markets.
Mr Austin Noronha, Managing Director at Sony Ventures-US, said the company believes Yellow Card is creating the technology needed to help banks, financial technology firms and enterprises move money faster and more securely.
He added that the company looks forward to supporting Yellow Card as it expands beyond Africa into Latin America, the Middle East, Europe and the Asia-Pacific region.
Yellow Card said the funding will also support the wider rollout of its Global USD Accounts, which allow businesses to hold U.S. dollars, manage treasury operations, swap stablecoins, and collect or make payments in local currencies across more than 50 countries.
The company noted that the platform is already being used by major customers, including Visa and Western Union.
Founded to simplify cross-border payments through digital assets, Yellow Card has processed more than $10 billion in transactions across its network. The company supports over 50 currencies and holds licences, authorisations and registrations in 22 jurisdictions across North America, Europe and Africa.
Yellow Card has also established strategic partnerships with global payment companies including Visa, Mastercard, PayPal and Coinbase as it positions itself as a key infrastructure provider for international digital payments.
By Adedapo Adesanya
The National Economic Council (NEC) has approved a $4.5 billion arrangement for the Nigerian National Petroleum Company (NNPC) Limited aimed at strengthening the country’s external reserves and freeing up funds for infrastructure.
This is part of the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion facility named “Project Gazelle 2”.
The approval allows NNPC Limited to refinance the outstanding balance of approximately $1.5 billion under the original 2023 facility, while unlocking an additional $3 billion in liquidity to strengthen the country’s external reserves and support ongoing fiscal and infrastructure priorities of the government.
NEC’s approval followed a presentation by the Minister of Finance, Mr Taiwo Oyedele, which was presented by the Chairman of the Council, Vice President Kashim Shettima, underscoring the importance of the project.
NEC observed the significance of unlocking additional liquidity to the federation, among other benefits, pledging its support for the actualisation of the initiative.
The Finance Minister explained that the refinancing has been structured on more favourable terms than the original facility, including a reduction in the volume of pledged crude oil from 90,000 barrels of oil per day to approximately 78,750 barrels of oil per day – a 12.5 per cent reduction.
He noted that under the new arrangement, an additional 11,250 barrels of oil per day for the federation will be released, while there will be a reduction in the pledged crude volumes by the state oil company.
Mr Oyedele added that while accessing additional liquidity on improved terms, the arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures.
“The arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures,” he said.
VP Shettima called for a responsive, scalable, and data-driven social protection policy to tackle multidimensional poverty in Nigeria.
According to Mr Shettima, government policies are often heard before they are seen, speak through the price of food, condition of hospitals, records in schools, strain on families, the confidence of those who invest their labour in the nation’s future, and, very importantly, the ambitions of state governments.
He implored members of Council to ensure that every decision they make assure the citizens “that their government is paying attention to the pulse of the nation and is resolved to respond with competence, compassion and purpose.”
