General
PenCom Launches Initiative to Boost Monthly Payment to N12bn
By Adedapo Adesanya
The National Pension Commission (PenCom) has launched a new initiative, Pension Boost 1.0, under the Contributory Pension Scheme (CPS), aimed at increasing monthly pension payments to retirees to N12 billion.
According to the pension industry regulator, the initiative, which became effective in June, will see total monthly pension payouts increase from N8.3 billion to N11.9 billion.
The Director-General of PenCom, Ms Omolola Oloworaran, disclosed this during the commission’s second-quarter media briefing in Lagos on Thursday that the increase would directly benefit over 233,000 retirees, depending on their Retirement Savings Account (RSA) balances.
“We are introducing Pension Boost 1.0. This is the news every retiree has been waiting for.
“Effective this month, total monthly pension payments under the CPS will rise from N8.3 billion to N11.9 billion. This will directly benefit over 233,000 retirees, depending on their pension account balances,” she said.
The DG described the initiative as a strategic leap made possible by strong RSA investments and bold economic reforms under the administration of President Bola Tinubu.
“This is not a token gesture. It’s a result of sound investment returns and a visionary framework for pension enhancement.
“It is driven by our newly modified standard pension enhancement template, a transparent structure that allows upward pension adjustments as investment returns increase. This is just the beginning,” she stated.
The PenCom boss also revealed that the backlog of pension arrears had been nearly cleared, with all retirees up to March 2025 now having received their accrued pension rights and monthly entitlements.
She commended President Bola Tinubu for approving a N758 billion bond to settle outstanding pension liabilities, describing it as a landmark move demonstrating the government’s dedication to the welfare of Nigerian retirees.
“Thanks to the decisive leadership of President Tinubu, we’ve seen stable and consistent releases of funds for accrued rights since November last year. The end of pension arrears is very, very near.
“President Tinubu’s approval of the N758 billion bond to clear pension liabilities is further proof that this administration is rewriting the retirement narrative in Nigeria,” she stressed.
Ms Oloworaran said the agency was focused on building a transparent, inclusive, and resilient pension system.
“We are restoring faith in retirement. We are rewarding work with dignity,” the DG added.
She also issued a warning to defaulting employers and complacent pension operators.
“To employers with late pension remittances, your grace period is over. To operators who remain complacent, there will be consequences. And to every Nigerian worker, we see you, we hear you, and we will protect your future.
“Let the pension industry take note: this is a new era, and we are not going to turn back. We will continue to move forward,” Ms Oloworaran said.
By Modupe Gbadeyanka
The chairman of United Bank for Africa (UBA), Mr Tony Elumelu, expressed his displeasure over the way he was addressed by one of the company’s graduate trainees at an interactive session in a viral video.
The financial institution organised a Graduate Management Accelerated Programme graduation ceremony on Thursday, and the former banker was in attendance.
During a question-and-answer session, one of the graduating trainees stood and called Mr Elumelu by his first name, Tony.
“Good morning, Tony,” she said.
Mr Elumelu initially thought the lady meant to say Toyin, but she repeated “Good morning, Tony,” a development the UBA chairman was not happy about.
He quickly responded by saying, “No, you won’t call me Tony. You’ll call me Mr Elumelu or TOE. You won’t call me Tony, or Chairman. I don’t subscribe to that kind of… Oyinbo life, okay?”
Though without offering any apology for the error, the female graduate trainee subsequently corrected herself, saying, “Good morning, Mr Elumelu,” before proceeding with her question.
The video clip from the event has already generated mixed reactions, with many happy that the business mogul quickly rebuffed the lady.
They described her as rude, fearing she could lose her job for being disrespectful to the chairman of the organisation.
However, some others said calling colleagues by their first names in a corporate ecosystem is not new, as such happens in the banking sector.
By Modupe Gbadeyanka
Former Vice President Atiku Abubakar has promised to return the payment of subsidies for premium motor spirit (PMS), otherwise known as petrol, if he is elected President in 2027.
Mr Atiku is seeking to become Nigeria’s President next year. He is contesting for the position under the African Democratic Congress (ADC). The presidential election is slated for January 16, 2027.
Answering questions in a trending interview on social media, the former second citizen of the country said the removal of the fuel subsidy by President Bola Tinubu in 2023 has not done Nigerians any good.
According to him, the economy has been in shambles, noting that the subsidy removal is responsible for high living costs in Nigeria.
On Wednesday, the Minister of Finance, Mr Taiwo Oyedele, disclosed that the nation saved about N15.8 trillion between June 2023 and December 2025 from the policy, noting that over N10 trillion was made available to the 36 state governments and the 774 local government areas from the savings.
But the ADC presidential candidate was not impressed with this explanation, stressing that there is nothing to show for the purported gains of the policy.
“I initially did not oppose the removal of the fuel subsidy. But now that it has been removed, where is the money? Where has the subsidy money gone? Has it been used to improve healthcare, education or security?” he queried.
“If I win the presidential election, I will restore the subsidy. And anyone who stole Nigeria’s subsidy funds must return the money,” he declared.
By Adedapo Adesanya
The Nigerian Army has arrested 18 suspected illegal miners at a mining site in Izom, Gurara Local Government Area of Niger State, recovering equipment and N2.47 million in cash from the operation.
The suspects were arrested by troops of the 102 Guard Battalion during a routine operation in the area, where the soldiers reportedly discovered unauthorised mining activities.
Following the arrests, the army handed over the suspects and recovered items to the headquarters of the Nigerian Security and Civil Defence Corps Mining Marshals in Sauka, Abuja, in line with established inter-agency procedures.
The operation is part of intensified efforts by security and regulatory agencies to curb illegal mining, which has been linked to revenue losses, environmental degradation and the unlawful exploitation of Nigeria’s mineral resources.
Reacting to the development, the Commander of the NSCDC Mining Marshals, Assistant Commandant of Corps John Onoja Attah, commended the Nigerian Army for what he described as a strong demonstration of professionalism and commitment to protecting the country’s mineral wealth.
“The Nigerian Army has once again distinguished itself through professionalism, discipline and patriotism. The swift arrest of the suspects and their prompt handover to the Mining Marshals reflect a commendable commitment to the rule of law and the protection of Nigeria’s solid mineral resources,” he said.
Preliminary investigations by the Mining Marshals indicated that the suspects allegedly operated without licences, permits or any affiliation with a registered mining company. Investigators also said they could not produce evidence of valid mineral titles or authorisation from the relevant regulatory authorities.
Items recovered from the mining site included motorcycles, pumping machines, crusher engines, communication devices and cash totalling N2,468,750.
Mr Attah said the Mining Marshals would continue to pursue individuals involved in illegal mining and strengthen intelligence-led operations against activities that undermine the formal mining industry and deprive government of legitimate revenue.
He added that the Corps, under its Commandant-General, Mr Ahmed Audi, remained committed to enforcing the provisions of the Nigerian Minerals and Mining Act and protecting Nigeria’s mineral resources from unlawful exploitation.
The Mining Marshals said the investigation had been concluded and that the 18 suspects were being processed for prosecution under the relevant provisions of the Nigerian Minerals and Mining Act, 2007.
