By Adedapo Adesanya

The National Pension Commission (PenCom) has revealed that 368,911 workers have changed their Pension Fund Administrators (PFAs) and transferred their Retirement Savings Accounts worth N1.77 trillion to new PFAs under the Contributory Pension Scheme (CPS) as of the end of March 2025.

The pension industry regulator disclosed this in its Quarterly Summary of Retirement Savings Accounts (RSAs) transferred by Pension Fund Administrators.

The transfer window allows a contributor under the CPS to move all his RSAs from his current PFA to another of his choice once in a year.

According to the figures, 27,701 workers transferred N191.1 billion in first quarter of 2025, 28,439 workers transferred N172.29 billion in the fourth quarter of 2024 while 23,226 workers transferred N141.87 billion in the third quarter of 2024; 20,993 workers transferred N128.87 billion in the second quarter.

Figures showed that 23,484 and 22,927 workers transferred N120.866 billion and N105.763 billion in the first quarter of 2024 and fourth quarter of 2023 respectively.

In the third quarter of 2023, 19,014 RSA holders changed their PFAs and moved N85.99 billion; 34,359 workers moved N158.6 billion in the second quarter of 2023; 24,963 moved N111.67 billion in the first quarter of 2023.

The figures disclosed that 2,799 contributors moved N18.9 billion in the fourth quarter of 2020; 12,681 contributors moved N47.78 billion in the first quarter of 2021; 10,166 moved N35.89 billion in the second quarter of 2021; 12,872 contributors moved N45.56 billion in the third quarter of 2021; while 12,874 contributors moved N42.49 billion in the fourth quarter of 2021.

It added that 12,336 contributors moved N36.36 billion in the first quarter of 2022; 14,821 moved N50.22 billion in the second quarter of 2022; 30,973 moved N143.1 billion in the third quarter of 2022; while 34,283 moved N131.76 billion in the fourth quarter of 2022.

In the fourth quarter of 2020, PenCom introduced the transfer window regulation which allowed workers to change their PFAs.

Section 13 of the Pension Reform Act 2014 specifies that a Retirement Savings Account holder may transfer his RSA from one PFA to another.

It added that such transfer should not be more than once a year.

The pension industry regulator stated that PFAs must only process requests for RSA holders registered on the Enhanced Contributor Registration System (ECRS) and those whose recaptured information had been successfully uploaded onto the system.

“PFAs shall only process RSA transfer requests for eligible RSA holders who have not transferred their RSAs within the last 365 days using the RTS, irrespective of whether it is a leap year or not,” it stated.

By Adedapo Adesanya

The African Development Bank (AfDB) has approved a new five-year Country Strategy Paper (2025-2030) for Nigeria, committing about $650 million annually to drive Nigeria’s economic transformation.

According to a statement published on its website, the fund will not only drive economic transformation but also build resilience and foster broad-based prosperity across the country.

“The Board of Directors of the African Development Bank Group has a new five-year Country Strategy Paper (2025-2030) for Nigeria, committing about $650 million annually to drive economic transformation, build resilience, and foster broad-based prosperity across the country,” a part of the statement read.

Under the new strategy, the bank will provide $2.95 billion over the first four years, complemented by an estimated $3.21 billion in co-financing from development partners.

The Strategy Paper will focus on two key priority areas, which include: promoting sustainable, climate-smart infrastructure to enhance competitiveness and industrial development; and advancing gender and youth-inclusive green growth through industrialization.

According to the Abidjan based bank, the strategy aims to close Nigeria’s critical infrastructure gap – estimated at $2.3 trillion between 2020 and 2043 – by investing in climate-friendly roads, power, and water systems, and supporting agribusinesses that create jobs, especially for women and youth.

The investments are projected to support Nigeria’s ambition to double the size of its economy to $1 trillion and to create 1,561,000 jobs.

The strategy paper aligns with Nigeria’s long-term development plans, including the Agenda 2050, the National Development Plan 2021-2025, and the 2023 Renewed Hope Agenda.

The Country Strategy also supports Nigeria’s efforts to capitalize on opportunities offered by the African Continental Free Trade Area by boosting energy access, improving transportation networks, and enhancing market access for farmers, agro-entrepreneurs, and businesses.

Commenting on the strategy, Director General of the African Development Bank Nigeria Office, Mr Abdul Kamara, noted that the “strategy takes a transformative partnership between the bank and Nigeria to a new level

“By investing in sustainable infrastructure and inclusive agricultural growth, we are not only building roads, power systems, and transforming agriculture – we are building pathways to prosperity for millions of Nigerians,” he said.

Millions of Nigerians, including women, youth, micro-, small- and medium-sized enterprises, State governments, and rural communities, are expected to benefit from improved access to finance, enhanced supply chains, training, and business opportunities.

By supporting greener, more resilient infrastructure and agricultural systems, the strategy also strengthens Nigeria’s adaptation efforts, mitigating the effects of floods and droughts, easing farmer-herder conflicts, and contributing to a stronger and united future.

By Dipo Olowookere

BUA Foods Plc reaffirmed its position as a leading food business on the Nigerian Exchange (NGX) Limited with a 124 per cent surge in profit after tax (PAT) in the first quarter of 2025.

In the unaudited financial statements released on Friday, the firm said its post-tax profit was N125.3 billion as of March 31, 2025, versus the N55.8 billion recorded in the same period of 2024, as its pre-tax profit went up by 118.7 per cent to N136.4 billion from N62.4 billion.

The financial results of the firm between January and March 2025 analysed by Business Post showed that the revenue increased by 24 per cent to N442.1 billion from N356.9 billion, driven by a 145 per cent jump in the flour business to N176.2 billion from N80.9 billion, a 12 per cent rise in pasta to N41.5 billion from N37.04 billion, and a 1617 per cent growth in rice to N13.02 billion from N780 million despite an 11 fall in the sugar segment to N211.3 billion from N238.2 billion.

It was observed that the company ended the period with a 39 per cent appreciating in gross profit to N160.9 billion from N115.4 billion amid a 16 per cent leap in cost of sales.

BUA Foods ended the first of the four quarters of the year with an operating profit of N138.9 billion versus the N104.7 billion achieved in the same period of last year, representing a 33 per cent uptick.

“We are pleased to begin 2025 on a strong note, as our business continued to demonstrate resilience and adaptability amidst a still-evolving macroeconomic landscape.

“Despite operating in a high-cost environment, our proactive supply chain measures and improved internal efficiencies enabled us to sustain strong operational momentum,” the chief executive of BUA Foods, Mr Ayodele Abioye, stated.

“Our ongoing investments in production capacity, product/package innovation and route-to-market development continue to impact our results positively, enabling fulfilment of customer and consumer demand.

“As we look ahead, we remain focused on deepening our market penetration and accelerating innovation to meet changing consumer needs. With a stabilizing economy and growing emphasis on food security, we are confident that our unique and integrated business model, strong financial position, and robust execution will continue to enhance our strategic growth and create lasting value for all stakeholders throughout 2025,” he added.