General
Enrol in Micro Pension to Escape Old Age Poverty—PenCom Tells Traders, Others
By Adedapo Adesanya
The National Pension Commission (PenCom) has urged artisans, traders, and other self-employed people to enrol in the Micro Pension Plan of the commission to guarantee themselves a functional retirement plan and avoid old age poverty.
This was the crux of the points made by the Head of Corporate Communications of PenCom, Mr Abdulqadir Dahiru, in Enugu on Thursday.
He stressed the importance of the Micro Pension Plan to Nigerians in the informal sector and those working in organizations with less than three employees.
Mr Dahiru noted that about 90 per cent of workers in Nigeria were in the informal sector, adding that this category of workers had no pension protection for old age and with the increase in people living long, there is a risk of old age poverty.
According to him, the Micro Pension Plan provides workers in the sector the opportunity to easily register and contribute in a flexible manner and in a safe and secure environment for their pension at retirement.
“The Micro Pension Plan is a flexible plan, where the artisans, traders and even a woman that sells fried beans cake (akara) can register with and agree on a periodic amount she/he would be contributing according to her/his earnings.
“The contributors, within this flexible Micro Pension Plan for all Nigerians in the informal sector, can even draw out 40 per cent of what they have saved for emergency demand.
He said the remaining 60 per cent would remain and await the retirement plan proper.
“So, it is a means of savings also for those in the informal sector and where they could fall back to and get financial assistance to keep their daily engagements going,” he said.
He noted that PenCom was desirous to ensure Nigerians in the informal sector enrolled and registered in the plan, adding that it had started sensitisation of the plan to communities, marketplaces, public gatherings, associations, and trade fair grounds across the country.
Mr Dahiru also urged Nigerians to embrace PenCom’s acquisition of residential mortgages (residential houses) scheme for Retirement Savings Account (RSA) holders.
He said the Central Bank of Nigeria (CBN) had approved 34 mortgage banks to work with the PenCom and Pension Fund Operators in providing mortgage financing to contributors to the Contributory Pension Scheme (CPS) with their RSA balance.
The PenCom spokesman said that the commission was determined to implement the scheme for the contributors to ensure that RSA holders have houses of their own at retirement.
Mr Dahiru noted that for contributors under the Contributory Pension Scheme (CPS) to be eligible to use their RSA balance for the acquisition of residential mortgages, they must have contributed for five years (60 months) cumulative of employer and employee’s mandatory contributions.
“The same thing applies to the contributors under the Micro Pension Plan; even married couples, who individually met the eligibility criteria, were also eligible,” he said.
Explaining the limit for equity contribution that qualified a contributor, he said that the maximum allowed was at 25 per cent of the RSA balance.
He added that where 25 per cent of the RSA balance was more than the equity contribution, the RSA holder could only access the amount equivalent to the equity contribution required.
“Where 25 per cent was not sufficient for equity contribution, RSA holders may utilise Voluntary Contribution (VC) in line with the Voluntary Contribution guidelines,” he said.
He expressed the hope that the mortgage financing incentive would help to grow the number of contributors into the CPS scheme.
By Adedapo Adesanya
Shipowners have commended the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, for the directive to the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the process for the disbursement of the Cabotage Vessel Financing Fund (CVFF).
Last week, Mr Oyetola instructed NIMASA to initiate the long-awaited disbursement process for the CVFF.
The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition.
However, successive administrations failed to operationalize the fund—until now. This directive marks a significant shift from over two decades of administrative stagnation and ushers in a new era of strategic repositioning of Nigeria’s indigenous shipping.
Several stakeholders including Mr Greg Ogbeifun, the Managing Director of Starzs Marine and Engineering Limited, said the directive is a welcome development that will further spur the growth of the sector.
He also urged the government to ensure that the requirements of the act are followed.
He said that the minister is acting accordingly by taking the bull by its horns through the disbursement of the fund.
“The minister’s move is commendable. The important thing is that due processes, according to the requirements of the Act, have to be followed. I have looked at the marine notice that was sent out, and I think it’s in line with the requirements of the Act,” Mr Ogbeifun said.
He mentioned that, looking at the previous guidelines, there is a reason to believe that the minister is acting accordingly.
“But I don’t know if the requirements of the Act, as it relates to the legislative part of government, are followed,” he stated.
Mr Ogbeifun reiterated that the directive would unlock the long-standing issue of disbursement of the CVFF.
On his part, the President of SOAN, Mr Sonny Eja, applauded Mr Oyetola, stating that the decision was a welcome development.
Mr Eja mentioned that aside from being long overdue, partnering with the Bank of Industry for the disbursement is another feat.
“I would say this is a welcome development, though it’s long overdue. I have always said to people, don’t blame yourself for not doing something yesterday or for not doing something last week or last month, the best time to start is now, and so it’s a welcome development.
“I am equally excited about the fact that they are partnering with Bank of Industry (BOI) in respect of this fund. For me, to hear that they are going to work with BOI to disburse this fund is quite a good development,” Mr Eja added.
By Adedapo Adesanya
Troops of the Nigerian Army have destroyed 16 illegal refining sites in Rivers and Bayelsa states, while arresting 23 suspects and recovering massive volumes of stolen crude oil and refined products as part of ongoing efforts against crude oil theft and related crimes in the Niger Delta.
The operations, conducted by troops of the Nigerian Army 6 Division Port Harcourt, in conjunction with other security agencies between April 14 and 20, 2025, also led to the recovery of weapons, pumping equipment, wooden boats, and thousands of litres of illegally refined Automotive Gas Oil (AGO) known as diesel.
In a statement issued by the Acting Deputy Director, Army Public Relations, Lieutenant Colonel Danjuma Jonah Danjuma, the troops deactivated four illegal refineries at Oando operated wellhead in Yenagoa LGA of Bayelsa State, recovering over 35,000 litres of stolen crude oil, 2,500 litres of refined AGO, pumping machines, and a wellhead valve.
According to the spokesperson, the illicit activity was being carried out using an 80-metre long pipe connected directly to the wellhead.
“These heinous crimes were perpetrated through the use of an 80 meters long pipe connected to the Wellhead used for siphoning crude oil,” he said.
Also in Bayelsa, troops intercepted tricycles transporting stolen petroleum products along the Gbarain–Zarama axis, arresting two suspects in connection with the theft.
“In Rivers and Abia States, clearance operations around the Imo River corridor led to the dismantling of six artisanal refineries, seizure of 1,100 sacks containing over 22,000 litres of stolen products, and confiscation of 30 drum pots and 24 drum receivers. These were recovered around Obuzor (Ukwa West LGA, Abia) and Okoloma (Oyigbo LGA, Rivers State).
“At Okrika Creek, troops acting on intelligence recovered a wooden boat loaded with 2,500 litres of stolen crude oil, suspected to have been illegally siphoned from the NNPC Jetty in Okrika. In Kula, Akuku-Toru LGA, three buyers and three sellers of stolen products were apprehended, leading to the seizure of three tugboats, a fibre boat, and over 1,500 litres of refined AGO.
“In Ogba/Egbema/Ndoni LGA (ONELGA), a wooden boat filled with several sacks of stolen crude was intercepted at Obohia Road, while additional seizures were made at Okwuzi and Okarki Forest in Ahoada West LGA.
“In Delta State, troops busted a kidnappers’ hideout around Rhobot City, Asaba, and Iselle Azagba in Aniocha LGA. Two suspects were arrested and a cache of dangerous weapons recovered, including two pump-action rifles, a double-barrel gun, one dane gun, 56 cartridges, 13 cutlasses, charms, and cult regalia.
“Also in Warri South LGA, troops raided an illegal refining site, confiscating three cooking pots, an unspecified quantity of refined AGO, and three drums filled with over 600 litres of stolen crude oil.
“In Akwa Ibom State, the army maintained a strong operational presence to deter oil theft and other criminal activities.”
The General Officer Commanding 6 Division, Major General Emmanuel Eric Emekah, visited troops’ locations in Bayelsa and Delta States, where he commended the soldiers and urged them to maintain the momentum.
“Your welfare will continue to receive the desired attention as you surge operations against economic saboteurs and associated crimes in the region,” he assured.
The Nigerian Army said the operations are part of a broader effort to dismantle oil theft networks and secure Nigeria’s economic assets in the Niger Delta.
By Aduragbemi Omiyale
The Lead Pastor and Apostolic Head of the Love of God in Christ (LOGIC) Churches Global, Apostle Flourish Peters, has stressed the significance of the resurrection of Jesus Christ to the Christian faith.
Speaking at the church’s inaugural Jesus + Nothing Worship on Good Friday in Lagos, he informed the congregation that, “Without an empty grave, there is no Christian faith.”
“Our faith is fundamentally premised on this singular, undeniable truth – the empty grave. This is what distinguishes our faith; while over 4,000 religions exist, only one points to a vacated tomb.
“Ours is the unique faith where the very person we worship lives within us. We are truly elated that through the resounding success of Jesus + Nothing Worship, we were able to bring christocentric worship to the masses,” the cleric added.
Business Post reports that the programme, a powerful evening of gospel music, left attendees deeply moved and spiritually uplifted.
It served as a profound reminder of the sacrifice and glorious resurrection of Jesus Christ, emphasising the core message that through a sober Friday came a Good Friday for all.
Several entertainers, including Timi Dakolo and Greatman Takit, alongside Neon Adejo, SMJ, Noble G, Steve Hills, Lily Perez, Joxie, Anderson Qozan, Pastor Victor Paul, Emeka Songz, Flo, Dorcas Moore, Magpsalms, Mera Owili, Gerald Bishung, Phebe Lion, Larry J and the Evolution Children’s Choir delivered soul-stirring performances that resonated with the central theme of redemption through Jesus Christ at the church’s headquarters in Lekki.
Apostle Peters said Jesus + Nothing Worship was an impactful success, declaring that it would become an annual event.
He emphasised that this worship session is intentionally focused on Jesus Christ, the message of salvation, and providing a vital platform to unveil the gospel talents within The LOGIC Church.
“Jesus + Nothing Worship has been a truly unifying experience, allowing us to collectively focus on the profound significance of Jesus’ death and the abundant life we have in His resurrection.
“It is our vision to create a consistent platform where the power of music can amplify the core message of the Gospel and provide an opportunity for the incredible music ministers within our church to impact lives,” he stated.
Building on the momentum of the successful 2024 Jesus + Nothing Conference, the Jesus + Nothing Worship further solidified The LOGIC Church’s mission to cultivate a family centred on grace and faith, where the transformative Love of God in Christ is tangibly felt.
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