General
95.7m Nigerians to Join Extreme Poverty Club
By Adedapo Adesanya
The World Bank has predicted that an estimated 95.7 million Nigerians would be joining the extremely poor class by 2022.
The report, released recently, indicated that without the COVID-19 outbreak, 90 million Nigerians were already predicted to live in extreme poverty of less than a dollar per day but that the dreaded disease will push additional six million people into the number.
The bank said: “With real per capita GDP growth forecast to be negative in all sectors in 2020, poverty will deepen for the current poor, while those households that were just above the poverty line prior to the COVID-19 crisis will fall into poverty.
“Were the crisis not to have hit (the counterfactual scenario), the poverty headcount rate would be forecast to remain virtually unchanged, with the number of poor people set to rise from 82.9 million today to 85.2 million in 2020 and 90.0 million in 2022 due to natural population growth.
“Given the effects of the crisis, however, the national poverty headcount rate is instead forecast to jump from 40.1 percent today to 42.5 percent in 2020 and 42.9 percent in 2022, implying that the number of poor people will be 90.2 million in 2020 and 95.7 million in 2022.
“Thus, taking the difference between these two scenarios, the crisis alone is forecast to drive an additional 4.9 million people into poverty this year, with an additional 5.7 million people living in poverty by 2022.”
The report explained that a number of Nigerians share of those pushed into poverty by the COVID-19 crisis would likely be those living in urban areas and earning income from services.
The bank further predicted that: “More than one-third of the additional people forecast to be pushed into poverty by the COVID-19 crisis are expected to be in urban areas, while just 15.9 percent of the current poor are urban dwellers.
“Only 13.1 percent of the additional poor people in 2022 are predicted to be in households where the head works primarily in agriculture, while, today, 56.0 percent of poor Nigerians live in agricultural households.
“Many Nigerians who are not poor today are vulnerable to falling below the poverty line due to the COVID-19 crisis. People living only just above the poverty line are more susceptible to becoming poor when shocks occur. Those with consumption levels between the poverty line and 1.5 times the poverty line may be defined as ‘vulnerable”.
It added that 40.1 percent of Nigerians (82.9 million people) live below the poverty line, while another 25.4 percent (52.6 million people) are vulnerable.
It pointed out that in rural areas, more than three-quarters of the population were either poor or vulnerable, yet even in urban areas— where the poverty headcount rate was far lower at 18.0 percent—around a quarter of the population would be vulnerable to shocks.
The report noted that most Nigerian workers, especially those in poor households employed in agriculture or non-farm enterprises, which might be more susceptible to the COVID-19 crisis.
The global financial institution stated that just 16.8 percent of working Nigerians (12.9 million workers) were employed primarily in wage jobs, based on the 2018-2019 Nigeria Living Standard Survey (NLSS) while around 42.7 percent work primarily in agriculture (32.7 million workers), and 40.6 percent work primarily in non-farm enterprises (31.1 million workers).
The report observed that social distancing measures posed a serious threat to non-farm enterprises that relied on face-to-face interactions with customers, as well as those agricultural workers that needed to buy inputs and sell produce.
General
Lolu Akinwunmi, Iquo Ukoh to Co-chair 2026 CMO Circle
By Modupe Gbadeyanka
The duo of Lolu Akinwunmi and Iquo Ukoh will co-chair the 2026 Chief Marketing Officers Circle (CMO Circle), slated for June 5, 2026, with the theme The C-Suite Mandate: Talent Density and Marketing Leadership.
The invitation-only forum for CMOs and senior marketing leaders will bring together the most influential voices in marketing to shape strategy at the highest levels of business and public policy.
As Co-Chairs, Akinwunmi and Ukoh will curate and lead high-level discussions focused on innovation, talent density, enterprise growth, and the expanding mandate of the CMO within the C-suite. Their stewardship reinforces the Circle’s role as a convening authority—one that not only reflects industry thinking but actively defines it.
Akinwunmi, Group CEO of Prima Garnet (Ogilvy Nigeria), brings decades of experience advising leading national and multinational brands, alongside a distinguished record of industry leadership.
Ukoh, Chief Executive Officer of Entod Marketing and former Director of Marketing Services at Nestlé Nigeria, is widely regarded for her leadership in brand strategy, consumer engagement, and cultural storytelling.
Convened by MarkHack in partnership with StatiSense and Brand Communicator, the CMO Circle operates at the intersection of enterprise leadership and national development. Beyond dialogue, the Circle institutionalises its influence through the quarterly CMO Index. This flagship publication aggregates executive sentiment, market intelligence, and forward-looking insights to inform policy conversations and economic decision-making. In doing so, the Circle positions marketing leadership as a critical voice in shaping Nigeria’s business environment and policy direction.
“The CMO Circle is intentionally designed as a premium, outcomes-driven platform—one that moves marketing leadership beyond the boardroom into the sphere of policy influence.
“With Iquo Ukoh and Lolu Akinwunmi as Co-Chairs, we are setting a clear tone of authority, depth, and relevance. Through the CMO Index and our quarterly convenings, the Circle will play a defining role in shaping both industry direction and policy dialogue,” the convener of CMO Circle, Mr Victor ’Gbenga Afolabi, stated.
General
Court Grants El-Rufai N100m Bail in DSS Case
By Adedapo Adesanya
Justice Joyce Abdulmalik of the Federal High Court in Abuja has granted bail to former Kaduna State Governor, Mr Nasir El-Rufai, in the sum of N100 million with one surety in like sum.
Delivering the ruling, Justice Abdulmalik imposed a series of stringent conditions that the defendant must meet before perfecting the bail.
The court held that the proposed surety must reside in either the Maitama or Asokoro districts of Abuja and must deposit the original Certificate of Occupancy (C-of-O) of a landed property at the court registry.
The surety is also required to be a federal civil servant not below Grade Level 17 and must provide evidence of salary payments for at least three months, authenticated by a letter from the manager of a bank within the jurisdiction of the court.
The court further ordered the surety to depose to an affidavit of means, enter into a bail bond, and submit a recent passport photograph to the court registry.
As part of the bail conditions, Mr El-Rufai is to deposit all valid international passports with the court registry.
The court also directed that a verification letter from the surety’s immediate department be submitted, alongside a tax clearance certificate covering the last six months.
Justice Abdulmalik further ordered the defendant to report to the headquarters of the Department of State Services every last Friday of the month by 10 a.m. to sign an attendance register pending the determination of the case.
The judge warned that failure to comply with the conditions would lead to an automatic revocation of the bail.
The court additionally directed the defendant to submit a letter of attestation from the Chairman of the Kaduna Traditional Council.
This comes a month after a Kaduna Court granted bail to the former Minister in a corruption case filed by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) over charges related to alleged corruption and abuse of office during his tenure in the North-Western state from 2015 to 2023.
He was alleged to have abused his office and to have intended to commit fraud and confer undue advantage, which were alleged against the opposition politician.
General
PenCom Proposes Full Salary Pension for Retired Police Officers
By Adedapo Adesanya
The National Pension Commission (PenCom) has proposed a sweeping reform of retirement benefits for officers of the Nigeria Police Force under the Contributory Pension Scheme (CPS), including lifetime monthly pensions equivalent to 100 per cent of their final salary and a gratuity of 200 per cent of their annual emoluments upon retirement.
According to the Leadership newspaper, the measure is part of federal government efforts to address persistent agitation from retired police personnel who say CPS payouts are inadequate.
The reform will see retired police officers receive a monthly pension equivalent to 100 per cent of their final salary for life and gratuity payments amounting to 200 per cent of annual emoluments, benefits that many officers have been clamouring for years.
According to the newspaper, retirees under the scheme have raised concerns over poor pension payouts, with some saying they receive as little as N30,000 to N80,000 monthly, while also lamenting the inadequacy of their lump-sum retirement benefits.
Some other recommendations include increasing active officers’ monthly pension contribution for serving police officers from the current 10 to 20 per cent, while employee contributions will remain at 8 per cent.
The new arrangement, which includes a monthly pension equivalent to an officer’s last salary and increased gratuity benefits, is expected to strengthen financial security for retired personnel and boost the morale of officers still in active service.
The measure is expected to significantly improve Retirement Savings Account (RSA) balances, enhance pension payouts, and strengthen the long-term sustainability of the pension structure.
If approved by President Bola Tinubu, the augmentation plan for police personnel will reflect the government’s recognition of the police’s critical role in maintaining national security and public order, as well as the need to ensure officers’ dignity and stability after retirement.
Police pensioners who have been protesting against the CPS insisted that the scheme, which requires both employers and employees to contribute monthly into Retirement Savings Accounts (RSAs) managed by Pension Fund Administrators (PFAs), has worsened their welfare.
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