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Economy

Visit Your PFAs for Data Recapture—PenCom Tells RSA Holders

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RSA Holders PenCom

By Adedapo Adesanya

The National Pension Commission (PenCom) has directed all Retirement Savings Account (RSA) holders to visit their Pension Fund Administrators (PFAs) to participate in the ongoing Data Recapture Exercise (DRE).

This was part of the latest directive included in a statement made by the commission, which further stated that the exercise was for both active contributors and retirees whose data had not been recaptured.

“The DRE is in compliance with the directive of the Federal Government that all data generating organisations should harmonise their databases with the National Identity Management Commission (NIMC).

“It is also consistent with the need to have a credible database of all RSA holders in Nigeria.

“Consequently, all active contributors are hereby advised to visit their PFAs and provide the following documents to complete the data recapture,” said the statement.

The documents are staff identity card, national driver’s license, permanent voter’s card, international passport (mandatory for non-Nigerians), enrollment slip issued by NIMC, birth certificate or sworn affidavit of age declaration.

“For retirees, who are either on programmed withdrawal or annuity, they are expected to present the same documents with their letter of retirement issued by the employer to the retiree.

“All RSA holders, who have had a name change (either their surnames or first names or both after registration), should present their marriage certificate (only applicable in the case of marriage).

“Newspaper publication for change of name, sworn affidavit and confirmation letter for change of name from employer (if still in employment),” it said.

According to PenCom, all PFAs have been directed to issue an acknowledgement slip to RSA holders who submit complete documents for their data recapture.

The commission said the RSA holders would be notified of the status of their data recapture (successful or not successful) within five working days of submission of documents.

PenCom confirmed that two agents: Payone Solution Systems Limited and Afritech Multi-Concept Limited had been engaged by PFAs to carry out the DRE as approved by the commission.

It said: “The agents are authorised to establish data recapture centres.

“RSA holders are allowed, therefore, to have their data recaptured at such centres by the agents (if they are unable to visit the offices of their PFAs).”

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Economy

Inside Nigeria’s Growing Proprietary Trading Scene

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Proprietary trading

Proprietary trading is becoming popular in Nigeria. Many people are looking for new income streams due to economic pressure. Prop trading gives Nigerians a way to trade global markets without risking their own funds.

What Is Proprietary Trading?

Prop trading means a company gives traders access to capital. The trader uses that money to trade financial markets such as forex, crypto, or commodities. The firm and the trader share profits based on performance.

Most prop firms test new traders using demo accounts first. These tests check how well a trader can manage risk and follow rules. Once a trader passes, the firm gives access to real funds.

Why Nigerians Are Joining Prop Firms

Many Nigerian traders do not have enough money to trade on their own. Prop firms solve this problem by offering funding after a short evaluation process. This model gives more people the chance to trade professionally.

Traders also prefer payouts in foreign currencies. With the naira falling, dollar income is a strong reason to join a prop firm. Prop trading also allows full-time or part-time participation, which suits students and workers.

Benefits of Prop Trading

  1. No large startup capital required – Traders use company money, not personal funds.

  2. Performance-based income – Earnings depend on skill, not background or connections.

  3. Remote access – Anyone with a laptop and internet can join, even from smaller towns.

Prop firms also offer clear rules and risk management systems. This helps traders stay disciplined and consistent. Many firms provide feedback, dashboards, and progress tracking tools.

Challenges in Nigeria

  1. Internet and power issues – These problems cause disconnections during trades.

  2. Payout and payment issues – Not all platforms support Nigerian banks or fintech apps.

  3. Fake prop firms – Some unregistered firms disappear with trader payments.

Traders must choose firms carefully. Reading reviews and joining forums can help avoid scams. Always verify if the firm has working support and a payment history with other Nigerians.

Popular Prop Firms for Nigerian Traders

Several international prop firms are open in this country. Some of the most trusted include:

  • RebelsFunding.com – Offers forex, crypto trading with up to $600,000 funded accounts.

  • MyForexFunds – Known for flexible rules and fast scaling.

  • True Forex Funds – Has simple pricing and allows crypto withdrawals.

These firms test traders first with demo challenges. Once passed, the trader gets access to real capital and starts earning a share of profits.

To open an account with a legit prop firm, visit this verified list of prop companies.

The Role of Online Communities

Online groups play a big role in Nigeria’s trading growth. Telegram and WhatsApp groups offer tips, trade setups, and live signals. YouTube channels also teach strategies, often for free.

However, not all groups are helpful. Some sell poor-quality signals or fake mentorships. Traders must learn to check the results and avoid blindly following others.

What’s Next for Proprietary Business in our Country

Interest in prop trading is growing every month. More traders are passing firm challenges and earning payouts. Some are building full-time incomes from trading alone.

There is also talk about starting local prop firms. These firms would use local payment options and train traders with a better understanding of Nigerian challenges. Growth in digital finance could also make trading easier and more accessible.

Final words

Proprietary trading is opening doors for many new clients. It removes the need for big capital and offers real earning potential. With the right skills, internet access, and platform choice, more people can succeed in this new space.

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Economy

Tinubu Appoints Committee for 2025 AU MSMEs Forum

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national MSMEs policy

By Adedapo Adesanya

President Bola Tinubu has approved the composition of an oversight committee to organise Nigeria’s hosting of the 4th African Union Micro, Small and Medium Enterprises (MSME) Forum, scheduled to hold between June 23 and 27 in Abuja.

This was revealed by Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, Mr Stanley Nkwocha.

It was stated that the theme of the 2025 edition of the Forum is Building Resilient MSMEs through Digital Innovation, Market Access and Affordable Financing for Africa.

According to him, the committee will, among other objectives, ensure adequate planning for the successful hosting of the forum, which will feature paper presentations, panel discussions, sponsored side events, exhibitions/networking and MSME Business pitching events and presentation of prizes to deserving Nigerian entrepreneurs.

The committee, chaired by the Deputy Chief of Staff to the President in the Office of the Vice President, Mr Ibrahim Hadejia, has as members the Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole; the Minister of Communication, Innovation and Digital Economy, Mr Bosun Tijani; the Minister of Art, Culture, Tourism and the Creative Economy, Ms Hannatu Musawa; and the Minister of State for Industry, Trade and Investment, Mr John Owan Enoh.

Other members of the team include the Executive Director of the Nigerian Export Promotion Council, Mrs Nonye Ayeni; the Executive Secretary of the Nigerian Investment Promotion Commission, Mrs Aisha Rimi; the MD of the Bank of Industry, Mr Olasupo Olusi; the Chairman of the Federal Inland Revenue Service, Mr Zacch Adedeji; the MD of NEXIM Bank, Mr Abba Bello; the DG of SMEDAN, Mr Charles Odii; the President of NACCIMA, Mr Dele Kelvin Oye, the Deputy Director for African Union Division in the Ministry of Foreign Affairs, Mr Anthony Alonwu; and the Special Adviser to the President on Job Creation and MSMEs in the Office of the Vice President, Mr Temitola Adekunle-Johnson.

The AU MSME Forum was initiated as an annual event by the African Union Commission (AUC) to serve as a strategy to empower Micro, Small and Medium-Sized Enterprises, develop intra-African value chains, and bolster regional trade.

While the hosting rights are rotated among African member countries, Egypt, Ethiopia, and Namibia have hosted the first three sessions of the forum since its introduction in 2022.

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Economy

Nigeria Eyes Ambitious 7% GDP Growth Amid Global Uncertainty

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4.03% GDP Growth

By Adedapo Adesanya

Nigeria is targeting a 7 per cent economic growth and large-scale job creation, according to the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.

He made this known when he announced that Nigeria’s economic outlook is strengthening, after the 2025 International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, D.C., USA.

Recall that the IMF downgraded Nigeria’s economic growth forecast to 3.0 per cent this year, citing global constraints following a trade war instigated by the US administration of President Donald Trump.

Mr Edun highlighted that, despite the challenging global environment marked by high debt, rising interest rates, and geopolitical tensions, Nigeria remains firmly on the path of reform, stability, and growth.

“We are focused on creating sustainable jobs for young Nigerians, supported by investment in critical infrastructure such as digital connectivity, access to data, and fibre optic networks. By crowding in the private sector and driving domestic revenue mobilisation, we are stabilising the economy and creating an environment where businesses can thrive,” Mr Edun stated.

The Minister reaffirmed that the government’s economic strategy, anchored by President Bola Ahmed Tinubu’s administration, is delivering results, with international partners acknowledging Nigeria’s policy direction.

At both the IMF and the World Bank, Nigeria’s reform programme, spanning fiscal, monetary, and structural policies, has been recognised as being on the right track, he said, adding that despite global uncertainty, Nigeria is poised for resilient, inclusive growth.

He also emphasised the government’s pragmatic approach to fiscal planning, “A budget is a statement of intent; it must be continually recalibrated to reflect on-ground realities and available resources.”

On his part, the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, echoed these sentiments, noting the CBN’s firm commitment to reducing inflation sustainably.

“Inflation remains the most disruptive force against the economic welfare of Nigerians. Our focus is to bring it down to single digits over the medium term,” Mr Cardoso said.

Highlighting growing investor confidence, Cardoso referenced Nigeria’s recent high-level investment forum at the Nasdaq Market Site in New York, showcasing the country’s reform momentum and rising interest from global investors and the diaspora.

Mr Edun and Mr Cardoso had led the Nigeria delegation to the Spring Meetings. Others include Mr Muhammad Sani Abdullahi, Deputy Governor, CBN Economic Policy Directorate; Mr Mohammed Sani Musa, Chairman, Senate Committee on Finance; Mr Saidu Musa Abdullahi, Deputy Chairman, House Committee on Finance; Mrs Lydia Shehu Jafiya, Permanent Secretary, Federal Ministry of Finance; Mr Faruk Yusuf Yabo, Permanent Secretary, Federal Ministry of Communications, Innovation and Digital Economy; Ms Patience Oniha, Director General, Debt Management Office (DMO); Mrs Sayande Okoli, Special Adviser to the President on Finance and Economy, as well as other senior government officials.

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