General
PenCom DG Aisha Dahiru Falsely Accused of $1.8m Misappropriation—Investigation
By Modupe Gbadeyanka
An investigation conducted by the Coalition of Civil Society Organisations (CSOs) in Nigeria has revealed that the Director General of the National Pension Commission (PenCom), Mrs Aisha Dahiru-Umar, did not misappropriate any funds to the tune of $1,800,480 and N4,965,327 as alleged.
A group known as the Centre for Public Accountability (CPA) had accused the PenCom DG of receiving $1,800,480 in estacode on January 3, 2019, on a Washington DC trip.
It was further alleged that she was paid another N4,243,116 on March 13, 2020, on airfare to attend the Reinventing HR Summit in London and collected an additional estacode of N3,077,648. CPA also claimed the woman received $259,200 on the trip.
The CSOs had to launch a probe into these allegations, and it was discovered that she was not involved in the alleged misappropriation of funds by the agency.
According to the findings, the accusations are “false, frivolous, unfounded, malicious and figment of the imagination of the actors whose primary aim we came to understand is to distract the Director General from her giant reformatory drive in the commission.
“Simply put, the allegations and the documents being bandied were hurriedly cooked up by seekers of favour as a bargaining chip to seek political appointment under the President Bola Tinubu government,” a part of the report pointed out.
The group said in a joint world press conference on Wednesday that it conducted the investigation using a pool of experts who assessed the claims by CPA.
Based on their findings, the allegations and documents “being bandied were hurriedly cooked up by seekers of favour as a bargaining chip to seek political appointment under the President Bola Tinubu government.”
The report said contrary to the claims that Ms Aisha-Dahiru was paid N4,243,116, N3,077,648 and $259,200 for trips in 2020, countries, including Nigeria, were on lockdown.
“For the avoidance of doubt, it was alleged that the said estacode was received in the year 2020. This again raises a red flag in the entire choreographed episode. You will agree with me that the entire global community was on a total lockdown — no movement of persons within and outside the country.
“In fact, there was no inter-state travels as a result of the Covid-19 pandemic, which held the global community by the jugular. Despite this, our team meticulously and methodologically deployed their technical know-how and discovered NOTHING implicating the Director General.
“Investigations, however, revealed that what was at play is simply a demonstration of envy, bitterness, powerplay and unexplained gang-up against the Director-General by persons who are afraid that the giant feat she has achieved since assumption of office is displacing the old order thereby thwarting their efforts to keep the entire sector perpetually backwards in a rapidly moving world for their own nefariously selfish intentions.
“It is one of those scenarios where people fabricate malicious allegations to cheaply blackmail performing heads of government institutions with the primary objective to distract them and instigate their appointor (the President) against them,” the report noted.
It also highlighted the sterling performance of the PenCom boss since she became the acting DG and was later confirmed in 2020 by former President Muhammadu Buhari.
The CSO report said she raised the country’s pension asset from N6.42 trillion in 2017 when she came on board to N15.5 trillion as of February 2023.
The report also highlighted how reformed the pensions industry is through recapitalization from N1 billion to N5 billion.
“Another first in the nation’s pension industry is the approval of structured reduction of fees on the Net Asset Value of pension fund assets as well as the introduction of the Micro Pension Plan for the participation of informal sector workers in the Contributory Pension Scheme.
“Among many other brilliant innovations she has introduced is the mortgage scheme for retirement savings account holders, which enables RSA holders to use the balance of their RSA savings for the purpose of mortgage.
“The DG’s visible reformatory drives led to the approval by the former President of the sum of N159.466 billion for the payment of outstanding accrued rights and other pension liabilities of the government’s retirees.
“That is an open expression of confidence in the leadership of PenCom under Mrs Dahir-Umar.”
The report recalled how similar allegations were made against the PenCom boss under former President Buhari which failed because it lacked substance.
It added, “While we pass a vote of confidence on the Director General of PenCom, we appeal to all stakeholders to ignore the unfounded allegations against her and continue to offer support as she is poised to give all Nigerians a life worth living post-retirement.
“We call on President Bola Tinubu to sustain the federal government’s support towards the total overhaul of the country’s pension sector for a collective success in the interest of our senior citizens and all other members of our society.”
By Adedapo Adesanya
The South African Consulate General in Lagos, in partnership with Brand South Africa and the Development Bank of Southern Africa (DBSA), is hosting the 4th edition of the South Africa Focus Week in Lagos, Nigeria, from April 22 – 26, 2026.
The annual platform continues to grow as a strategic initiative aimed at fostering social cohesion between South Africans and Nigerians while positioning South Africa as a preferred destination for business, tourism, and education. Since its inception in 2023, South Africa Focus Week has attracted over 1,500 participants, bringing together stakeholders from across sectors, including trade and investment, arts and culture, tourism, aviation, and the culinary industry.
The 2026 edition holds particular significance as it coincides with the 30th anniversary of South Africa’s democratic Constitution, enacted in 1996, as well as 32 years of unbroken diplomatic relations between South Africa and Nigeria, established in February 1994. These milestones underscore the enduring partnership between the two nations, rooted in shared history and strengthened through formal agreements and ongoing collaboration.
The 2025 economic relationship between South Africa and Nigeria reflects a strategically significant, multi-dimensional partnership anchored in trade, energy security, investment flows, and strong institutional cooperation. While bilateral trade remains structurally imbalanced – with South Africa exporting US$468.48 million and importing $1.69 billion, resulting in a $1.22 billion deficit – this dynamic is largely driven by South Africa’s reliance on Nigerian crude oil, positioning the relationship as one of strategic interdependence rather than imbalance alone.
This partnership is further elevated by the relative economic weight of both countries. According to IMF projections, South Africa’s economy is valued at approximately $443.6 billion, while Nigeria’s stands at around $334.3 billion in nominal terms for 2026. As two of the largest economies on the continent, their bilateral engagement constitutes a central axis of African economic activity, with disproportionate influence on the success of continental integration efforts.
Beyond trade, the relationship is reinforced by deep two-way investment linkages. South African firms -including MTN Group, Shoprite, and Standard Bank – maintain a strong presence in Nigeria, while Nigerian companies such as Access Bank and Paystack have established a growing footprint in South Africa. Although investment flows are asymmetrical and some Nigerian firms have faced operational challenges, these exchanges reflect an emerging bi-directional economic corridor that extends beyond goods trade into services, finance, and digital innovation.
Aligned with Brand South Africa’s mandate to build the country’s global reputation and competitiveness, the week-long programme will convene leaders from government, business, civil society, academia, and the media. Discussions will focus on leveraging the African Continental Free Trade Area (AfCFTA) as a tool for market access and global positioning, with Nigeria serving as a key focal point.
The South Africa Focus Week has features a series of high-level engagements and cultural activities designed to deepen economic ties and promote collaboration: South Africa–Nigeria Infrastructure Investment Conference (April 22, 2026) which was held under the theme South Africa–Nigeria Partnership: Unlocking Infrastructure Opportunities,” the conference will bring together key stakeholders in infrastructure development to explore collaborative projects in road, rail, and transportation systems.
The forum also examined the role of Public–Private Partnerships (PPPs) and facilitated discussions on project financing and implementation with institutions such as the DBSA and Nigeria’s Infrastructure Concession Regulatory Commission (ICRC).
This was followed by the 2nd Economic Diplomacy Roundtable (Thursday, April 23, 2026), which was hosted in partnership with MTN Nigeria under the theme Role of Technology in Infrastructure Development, the roundtable will convene senior government officials, private sector leaders, and industry experts to identify investment opportunities and strengthen strategic partnerships.
Friday, April 24, was for Arts and Culture Experience, which is a dedicated cultural day will showcase Lagos’ creative spaces and features a panel discussion on South Africa’s arts, film, music, and culture. The programme includes a South African film screening, engagements with filmmakers, and a networking reception aimed at fostering collaboration between the creative industries of both countries.
The event continues on Thursday, April 25, with Freedom Day Celebration and Closing Ceremony. This commemorative event will celebrate 30 years of South Africa’s Constitution, 32 years of freedom and democracy, and the enduring diplomatic relations between South Africa and Nigeria. The ceremony will also provide an opportunity to reflect on outcomes from the week and outline future areas of cooperation.
The celebration forms part of Brand South Africa’s Global South Africans Programme, which recognises and connects South Africans in the diaspora as ambassadors of the nation’s values and identity.
The week climaxes with the 4th edition of the South Africa Golf Tournament at Ikoyi Golf Club on Saturday, April 26, 2026, which will be done in partnership with Crossflex International.
According to a statement, the event aims to strengthen people-to-people relations through sports diplomacy, bringing together South African and Nigerian golfers in a spirit of camaraderie and collaboration.
By Modupe Gbadeyanka
The former chairman of the defunct Skye Bank Plc, Mr Tunde Ayeni, has been apprehended by the Economic and Financial Crimes Commission (EFCC).
Spokesperson of the anti-money laundering agency, Mr Dele Oyewale, confirmed the arrest of the businessman on Friday but declined to provide further details, according to TheCable.
Mr Ayeni was accused of diverting the N36.5 billion and $30 million loans from Polaris Bank Limited to companies with which he has links.
He was alleged to have obtained the credit facilities for marine security, electricity distribution, and real estate projects, but moved them to telecom investments tied to NITEL/MTEL assets via a NATCOM account.
After the Central Bank of Nigeria (CBN) revoked the operating licence of Skye Bank in 2018, it nationalised it to Polaris Bank.
The EFCC has been looking into the alleged diversion of funds by Mr Ayeni, resulting in his arrest in Abuja on Thursday, April 23, 2026.
He is being grilled over the matter and would be arraigned in court once the investigation is concluded.
This is not the first time Mr Ayeni has been nabbed and probed by the EFCC, as this happened a few months after his bank lost its licence.
The then acting spokesman for the EFCC, Mr Tony Orilade, said Mr Ayeni was quizzed by detectives over issues related to fraud and embezzlement allegedly committed by him when he was Chairman of the bank a few years ago.
By Adedapo Adesanya
“We are fully committed to working with the new Commissioner of Police and giving all necessary support towards the successful discharge of his responsibilities.”
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