General
Era of Looting Without Fear at NSITF Gone—Ngige
By Modupe Gbadeyanka
The Minister of Labour and Employment, Mr Chris Ngige, has charged the new board of the Nigeria Social Insurance Trust Fund (NSITF) to abhor corruption as the era of looking at the agency was gone for good.
Mr Ngige, while inaugurating the board on Tuesday in Abuja, said the new team must live down the past and lead a rewarding change in the fortunes of the NSITF.
He also charged the members to work to reposition and revitalise the organisation to fulfil its mandate in accordance with the Act establishing it.
The Minister also directed that procurement in the organisation must be done in accordance with Procurement Act 2007, Finance Act 2000, Financial Regulation and extant government circulars, especially on the threshold of procurement items.
“Ladies and gentlemen, on your shoulders lies the burden of untying this organization from the tethers of stagnation. We must live down the past and lead a rewarding change in the fortunes of the NSITF.
“The years of the locust are now over. The era of looting of N48 billion without a single voucher is gone for good,” Mr Ngige was quoted as saying in a statement issued by the Deputy Director Press and Head of Public Relations at the Ministry, Mr Charles Akpan.
The Minister also appealed to the members to adhere strictly to “the statutory conditions of service and remunerations for board members approved by the Minister as enshrined in the NSITF Act.”
He expressed optimism that the new management would steer the ship of the organisation well enough for it to perform creditably its principal mandate, which is implementing the Employee Compensation Act (ECA 2010).
The ECA 2020, according to him, provides for “a fair, guaranteed and adequate compensation for all insured employees in case of any injury, disease, disability or even death arising out of or in the course of work.”
The new management is required to forward a quarterly and annual report of its performance to the Ministry of Labour of Employment.
The inaugurated members of the management board of the NSITF were Dr Akabogu, Michael (Managing Director/Chief Executive); Mrs Akinwale, Caroline Temitope (Executive Director, Finance and Investment); Mrs Allagoa, Maureen (Executive Director, Administration); and Mr Gana, Modu (Executive Director, Operations).
Others were nominal members comprising Mrs Lauretta Adogu, Director, Department of Occupational Safety and Health, to represent Federal Ministry of Labour and Employment, and Alhaji Najeem Yasin, Deputy President, Nigeria Labour Congress (NLC), representative.
Chairman of the board of NSITF, Mr Austin Enajemo Isire, in his remarks, commended the members of the team for standing firm and accepting to serve.
By Adedapo Adesanya
The National Pension Commission (PenCom) is developing a new investment vehicle that would channel part of Nigeria’s $22 billion pension assets into critical infrastructure projects, providing long-term financing for roads, railways, energy and healthcare.
The proposal was disclosed by PenCom spokesman, Mr Ibrahim Buwai, who said the initiative is expected to be launched later this year as the commission explores ways to mobilise pension assets for national development while protecting contributors’ savings.
Mr Buwai said the regulator is promoting the creation of a special-purpose investment vehicle that would allow pension assets from different fund managers to be pooled for financing commercially viable infrastructure projects.
“We are encouraging the setting up of a vehicle, kind of special purpose vehicle, where resources can be pooled, so that viable infrastructure projects can be looked at,” he said, explaining that the proposed fund is designed to balance national development with the interests of pension contributors by targeting investments capable of delivering returns that outperform inflation.
He noted, however, that participation will remain at the discretion of individual Pension Fund Administrators, while the final size of the investment vehicle is yet to be determined.
The proposal also comes as pension investments in infrastructure continue to expand. Latest data published by PenCom show that investments through infrastructure funds climbed by 38 per cent year-on-year to N318 billion (about $230 million) as of May 2026, reflecting growing interest among pension managers in long-term infrastructure assets.
The proposed infrastructure vehicle aligns with PenCom’s broader strategy of increasing the role of pension assets in Nigeria’s capital market and unlocking what it describes as the industry’s largest pool of long-term passive investment capital.
The initiative follows a period of strong growth in the pension industry, with Nigeria’s total pension assets rising to a record N31.32 trillion in May 2026 despite challenging economic conditions.
PenCom has also intensified efforts to strengthen compliance within the pension system. Working with the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the commission recently recovered more than N3 billion in outstanding pension contributions that employers had failed to remit on behalf of workers.
By Modupe Gbadeyanka
The Nigeria Agricultural Quarantine Service (NAQS) has asked to be integrated into the B’Odogwu platform of the Nigeria Customs Service (NCS).
This call was made by the head of NAQS, Mr Vincent Isegbe, during a meeting with the Comptroller-General of Customs, Mr Adewale Adeniyi, in Abuja on Wednesday.
Mr Isegbe, who used the visit to congratulate Mr Adeniyi on the extension of his tenure as Chairperson of the World Customs Organisation Council, which he described as recognition of his dedication and leadership, praised what he called an excellent working relationship with Customs.
He outlined areas for closer partnership, including integrating NAQS into Customs’ B’Odogwu platform, joint enforcement operations, and coordinated efforts to detect fake certification and fraudulent documentation.
In his remarks, Mr Adeniyi commended his guest for the partnership, promising that NAQS will provide technical support for the new Customs laboratory.
According to him, this is one of the avenues to deepen collaboration between the two agencies on intelligence sharing, trade facilitation and national security.
He informed Mr Isegbe that his organisation was moving to harmonise inspection procedures across the country’s ports and border stations, a step he described as critical to promoting consistency, transparency and efficiency in cargo clearance nationwide.
He also stated that customs training facilities would be opened up to NAQS officers as part of a broader capacity-building push.
“We must expose our officers to the broader concept of national security. Border management goes beyond revenue collection,” Mr Adeniyi said, stressing that Customs sees itself as the anchor institution coordinating Nigeria’s multi-agency border protection efforts.
By Adedapo Adesanya
Nigeria’s solid minerals sector recorded a boom of 337 per cent in two years, jumping from N16 billion in 2023 to over N70 billion in 2025, according to the chief executive of the Solid Minerals Development Fund (SMDF), Mrs Fatima Umaru Shinkafi.
She disclosed that the sector also recorded a remarkable 33.5 per cent real growth in 2025, while reforms attracted fresh investment commitments worth about $2.6 billion, including a $1.3 billion alumina refinery described as the single biggest mining investment in Nigeria’s history.
Mrs Shinkafi gave out these figures at the maiden Annual Lecture of the Faculty of Physical and Earth Sciences, University of Lagos (UNILAG), where she declared that stronger collaboration among government, industry and academia is the master key to unlocking Nigeria’s vast mineral wealth.
Delivering the keynote lecture titled Building Nigeria’s Solid Minerals Future: The Power of Academia, Government and Industry in Partnership, she lamented that despite Nigeria’s deposits of more than 44 commercially viable minerals spread across over 500 locations, the industry still contributes less than one per cent to the nation’s Gross Domestic Product (GDP).
She, however, said the story is changing under the Seven-Point Agenda of the Minister of Solid Minerals Development, Mr Dele Alake, with reforms already repositioning mining as a major driver of economic growth.
The SMDF boss also unveiled the Early-Stage Mineral Exploration and Research Grant Endowment (EMERGE), describing it as Nigeria’s first competitive research funding platform dedicated to geoscience studies in universities.
According to her, the initiative will fund mineral exploration, critical minerals research and postgraduate studies, while equipping successful applicants with technical training and access to investment opportunities.
She challenged UNILAG researchers to seize the opportunity by submitting quality proposals, insisting that research remains the foundation for building a globally competitive mining industry.
Mrs Shinkafi then urged young women to embrace careers in science and mining, stressing that Nigeria’s hidden mineral wealth can only be fully unlocked through the innovation, skills and determination of the next generation.
