General
No Official Earns N1m Monthly—PenCom Cries Out
By Adedapo Adesanya
The National Pension Commission (PenCom) has clarified that no official under its employment collects up to N1 million as salary as alleged.
The clarification followed a report claiming that the least paid PenCom employee earns a salary of N3 million per month.
According to the company, “it has become necessary to set the record straight in the interest of the Nigerian public.”
In a press release seen by Business Post, PenCom disregarded the source of information, adding that, “The public is invited to note that the claim is false. The highest-paid official of the commission earns less than N1 million a month. It is, therefore, completely illogical and improbable that the least paid will earn a monthly salary of N3 million.”
According to the pension industry regulator, the news report has fueled all sorts of false allegations and unfair insinuations.
“We understand that there is an element of mischief and possible blackmail on the Commission’s compensation package. From our understanding, it appears someone calculated all staff costs, including training, staff exit benefit scheme, and employer’s pension contribution, and divided the total by the number of the commission’s employees and concluded that the least paid employee is on a monthly salary of N3 million. There is a clear difference between staff cost and staff salaries,” the statement said.
It clarified that since the inception of the commission in 2004, the federal government mandated the board to adopt an employee compensation policy that favourably compares to comparator government bodies in the financial services sector, such as the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC) and the Securities and Exchange Commission (SEC).
Section 25(2)(b) of the Pension Reform Act 2014 also empowers the Board of the Commission to fix the remuneration, allowances, and benefits of the employees.
It advised that the Presidential Committee on the Consolidation of Emoluments in the Public Sector, headed by the late Chief Ernest Shonekan, former Head of the Interim National Government, made some recommendations that guide the PenCom Board in its compensation review exercises.
One recommendation is that “the pay structure of self-funded agencies should be benchmarked with their private sector comparators to ensure relativity in such agencies and attract and retain high-calibre professionals.”
The Shonekan Committee, which former President Olusegun Obasanjo set up in 2005, also recommended that the pay structure of regulatory agencies should be benchmarked against sectors they monitor to avoid regulatory capture and that an annual increase in pay should be undertaken to account for inflation/cost of living adjustment and establishments may strive to attain 50th percentile and above their comparators in the private sector.
PenCom noted that it had made this clear in a recent submission to the House of Representatives Committee on Finance over the compensation package of the Commission.
“We also stated that the last compensation package review was done in 2017 with the approval of the Office of the Secretary to the Government of the Federation (OSGF). No review has been done in the last five years, and this has affected the agency’s ability to attract, hire and retain staff with competitive skills.”
“The public is implored to ignore the false and mischievous information on the staff compensation package. The Commission has nothing to hide and will continue to run a transparent and accountable system,” it hammered.
General
Tinubu in UAE for 2025 Abu Dhabi Sustainability Week
By Modupe Gbadeyanka
President Bola Tinubu on Saturday, January 11, 2025, left the shores of Nigeria for the United Arab Emirates to take part in the 2025 Abu Dhabi Sustainability Week (ADSW 2025).
He was accompanied by the Minister of Foreign Affairs, Mr Yusuf Tuggar, and other senior government officials.
A statement issued by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, disclosed that Mr Tinubu was invited for the event by his UAE counterpart, Mr Mohamed bin Zayed Al Nahyan.
He will attend the programme starting from today, Sunday, January 12 to Saturday, January 18, 2025.
However, President Tinubu is expected to return to Nigeria before the end of the summit on Thursday, January 16, 2025.
The event, themed The Nexus of Next; Supercharging Sustainable Progress, is expected to bring together global leaders to accelerate sustainable development and advance socioeconomic progress.
In addition, it will enable policymakers, business, and civil society leaders to explore pathways to fast-track the transformation to a sustainable economy and evolve a new era of prosperity for all.
ADSW, a testament to the power of collaboration, has been held annually for over 15 years. It provides a global platform to foster multi-stakeholder cooperation in addressing global challenges and accelerating growth.
It has birthed high-value agreements and strategic partnerships between governments, industry leaders, and clean energy pioneers worldwide, driving impactful alliances and advancing the sustainability agenda worldwide.
At the event, President Tinubu will stress his administration’s reforms, including those related to energy sufficiency, transportation, public health, and economic development.
The Nigerian leader and his entourage will also meet with the emirate’s leadership to discuss issues of interest affecting the two nations.
General
Lagos Speaker Mudashiru Obasa Faces Renewed Scrutiny Over Financial Mismanagement
By Dipo Olowookere
The Speaker of the Lagos State House of Assembly, Mr Mudashiru Obasa, remains at the centre of a storm of corruption allegations that have plagued his tenure.
Critics, anti-corruption groups, and opposition leaders have accused him of financial mismanagement, extravagant spending, and abuse of office, yet no substantive action has been taken against him.
Recent reports by People’s Gazette revealed that the 40-member Lagos State House of Assembly, under Mr Obasa’s leadership, spent over N43 billion on “back-up vehicles for honourable members” between January 2023 and the third quarter of 2024.
This expenditure, part of a larger N90.5 billion disbursed for questionable projects, has raised concerns among Lagos residents about the state’s priorities amid widespread economic hardship.
Budget documents showed the Assembly spent about N30.1 billion on vehicles in 2023 and about N13.3 billion in the first three quarters of 2024. Critics argued that these sums, which equate to roughly N1.1 billion per lawmaker, were frivolous.
Mr Obasa has faced allegations of corruptions since early in his tenure, including reports of owning over 60 bank accounts used to misappropriate public funds. In 2019, People’s Gazette reported that the lawmaker conducted suspicious foreign exchange transactions totaling $2.4 million (N1.1 billion). These funds were allegedly funneled through personal accounts and mutual fund investments.
In October 2020, the Economic and Financial Crimes Commission (EFCC) invited the Speaker for questioning over allegations of fraud. Despite evidence of financial impropriety, including allegations of inflated contracts and misappropriated Assembly funds, the EFCC has yet to take decisive action. Protests led by civil society groups like the Civil Society Network Against Corruption (CISNAC) demanding accountability have yielded little progress.
Mr Obasa has consistently denied these allegations. Speaking at a recent plenary, he dismissed claims of spending N17 billion on constructing a gate as “spurious and funny.”
He also refuted allegations of spending N200 million on a nonexistent thanksgiving service, attributing the accusations to political fear-mongering ahead of the 2027 elections.
However, critics have dismissed these defenses as self-serving. A 2020 House panel, composed of Mr Obasa’s allies, cleared him of wrongdoing—a decision labeled a “kangaroo judgment” by anti-corruption advocates.
Prominent anti-corruption campaigner, Mr Olanrewaju Suraju, has urged the EFCC to act on the mounting evidence against Mr Obasa, warning that his actions undermine legislative independence and public trust.
“These revelations justify the urgent need for mechanisms to enforce probity and accountability in public office,” Mr Suraju said.
Despite the scandals, Mr Obasa appears unperturbed and untouchable, with analysts attributing his survival to political connections and an entrenched culture of impunity.
As Lagos State prepares for the 2027 elections, the Speaker’s continued tenure symbolizes a broader challenge of corruption and governance in Nigeria’s political landscape.
Observers now await further developments as pressure mounts on anti-graft agencies to act decisively.
For Lagos residents, however, the scandals highlight a troubling disconnect between political leadership and the needs of the people.
General
Nigeria Suffers First National Grid Collapse of 2025
By Modupe Gbadeyanka
Residents of Nigeria experienced a power outage on Saturday, January 11, 2025, after the national grid collapsed.
It was the first that occurred this year and it happened at about 3 pm today, according to information gathered by Business Post.
Last year, the nation recorded about 12 grid collapse that almost embarrassed the government, which later set up a team to look into the causes of the frequent collapse of the grid.
It was later that today’s incident occurred after power generation went down from 2,111.01 megawatts at 2:00 pm to about 390.20 megawatts by 4:55 pm.
This development caused a cut in power supply in most parts of the country, but the situation has been brought under control, with electricity restored in most affected areas.
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