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PenCom Lauds PTAD’s Management of Pensions Under DBS

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PenCom PTAD

By Modupe Gbadeyanka

The management of pensions under the Defined Benefit Scheme (DBS) by the Pension Transitional Arrangement Directorate (PTAD) has been applauded by the National Pension Commission (PenCom).

The Director General of PenCom, Ms Omolola Oloworanran, during a meeting with the Executive Secretary of PTAD, Ms Tolulope Odunaiya, on Monday, acknowledged the crucial role played by PTAD in the pension management in Nigeria affirmed that the meeting was an opportunity to deepen collaboration between the two organizations in the pension industry.

At the meeting held at the commission’s headquarters in Abuja, both parties agreed to work together for the development of the pension sector.

In her remarks, Ms Odunaiya acknowledged the support and guidance provided by PenCom to PTAD over the years as the pension industry regulator in Nigeria.

She further congratulated the agency on the progress they are making towards settling accrued liabilities under the Contributory Pension Scheme (CPS) and informed the DG of the outstanding liabilities of the DBS currently in excess of N88 billion and which PTAD had submitted to the federal government.

Ms Odunaiya, stated that she hoped the directorate can continue to count on PenCom’s support as PTAD embarks on the next decade of transformative pension administration.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Lagos Launches 2026-28 Medium-Term Sector Strategy Roll-Over Exercise

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By Adedapo Adesanya

The Lagos State Government has officially launched its annual Medium-Term Sector Strategy (MTSS) Roll-Over Exercise for the 2026–2028 planning cycle.

According to a statement, this reaffirms its commitment to sustainable development and effective governance.

Speaking at the opening session of the workshop yesterday at the LCCI building, Ikeja, the Permanent Secretary of the Ministry of Economic Planning and Budget, Mrs Olayinka Ojo, welcomed stakeholders and emphasized the importance of the MTSS as a cornerstone in the State’s planning framework.

Mrs Ojo stated that the strategy is to ensure that all projects and programs initiated by Ministries, Departments, and Agencies (MDAs) are not only well-prioritized and realistically costed but also aligned with the Lagos State Development Plan (LSDP) 2052.

Her words, “The vision of our dear State, under the dynamic leadership of Governor Babajide Olusola Sanwo-Olu, is to build Africa’s model megacity — a global economic and financial hub that is safe, secure, functional, and productive.”

“Achieving this vision requires deliberate planning, effective resource allocation, and a disciplined approach to project execution,” she said.

The roll-over session, which gathered representatives – economic planning officers and statisticians/statistical officers from various MDAs and development partners, aims to critically assess ongoing and proposed initiatives for their transformational impact, alignment with sectoral strategies, and responsiveness to current fiscal realities.

“We must ask ourselves: Are these projects truly transformational? Are they aligned with our long-term goals? Are they cost-effective and impactful?” the Permanent Secretary queried, urging participants to embrace openness and professionalism in their evaluations.

The event also underscored the need for flexibility and innovation in government planning amid global uncertainties. Officials called for future-proof and sustainable programs capable of delivering measurable benefits to Lagos residents.

The Economic Planning Department of the Ministry of Economic Planning and Budget was commended for its coordination of the exercise, with special appreciation extended to MDAs and development partners for their continued collaboration.

The roll-over exercise is expected to culminate in a refined set of priorities that will guide Lagos State’s development agenda for the years ahead.

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UK Distances Self from Soldier Involved in Illegal Arms Deal in Nigeria

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Micah Polo

By Adedapo Adesanya

The British Government has distanced itself from the actions of Mr Micah Polo, an alleged British army officer, who was recently apprehended in connection with arms procurement and an alleged plot to instigate unrest in Warri, Delta State.

The development has received widespread condemnation with many stakeholders demanding a thorough probe of the indicted soldier and alleging that the UK was fuelling instability in the country.

In a short statement shared with Business Post on Wednesday, the British High Commission acknowledged that the individual identified did serve as a junior rank in the UK Armed Forces Reserves but was later discharged. It didn’t provide further details.

According to a statement credited to an unnamed spokesperson, the British High Commission in the statement said, “The individual identified in recent Nigerian media reporting is not a serving member of the UK Armed Forces.”

The British High Commission added that whilst in the Reserves, Mr Polo was a junior rank not a commissioned officer. Many reports had ascribed him a Major.

This newspaper learnt that UK common law and Data Protection Act protects the personal details of current and former employees, hence why it was not able to release any additional information on the matter.

According to reports, Mr Polo, an Itsekiri by origin, was allegedly recruited by one Collins to procure weapons and ammunition intended to fuel tribal tensions in the oil-rich region.

However, operatives of the Department of State Security (DSS) from the Delta Command were said to have foiled the move on Friday night and arrested the arms supplier during a covert exchange near Asaba, Delta State.

During the operation, over 50 AK-47 rifles, six pump-action shotguns, and more than 3,000 rounds of ammunition were confiscated.

Mr Polo, on the other hand, was intercepted in Lagos as he attempted to board a flight to the United Kingdom, while his associates were apprehended in Asaba during the operation.

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FG Plans Centre to Tackle Immigration Document Fraud

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By Adedapo Adesanya

The Minister of Interior, Mr Olubunmi Tunji-Ojo, has announced plans to establish a harmonised centre to combat immigration document fraud.

Speaking while receiving the UK Minister of State for Home Affairs, Mr David Hanson, in his office in Abuja, Mr Tunji-Ojo highlighted the need for a centralised system to verify documents in real time.

“One of the key issues we also realised with border control is what we call immigration and document fraud. It is very key and we realised that one of the reasons why this is quite on the rise is because there is no centralised pool of authentication and verification of documents in real time.

“So, today, if people submit 20 documents, you might need to go to 20 issuing agencies to verify 20 documents belonging to one person. So, if you have 1,000 people per day, you might need to look for 100,000 verification and authentication systems. That breeds inefficiency,” he said.

Mr Tunji-Ojo added that the centre would authenticate documents like passports, birth certificates, and bank statements, enhancing Nigeria’s image and investor confidence.

“As a government, we are trying to be more proactive than reactive, and we don’t want to judge our performance in terms of fraud by virtue of recoveries or convictions, but rather by the number of crimes or frauds that we prevented from happening,” he stated.

On his part, Mr Hanson emphasised the shared agenda between Nigeria and the UK to improve criminal justice outcomes.

“There is a great common agenda that we can share and I am particularly keen to look at how we are working together closely. My visit this week will also look at the new joint centre that you are undertaking,” he said.

He noted ongoing UK-Nigeria collaboration on migration policies, visa systems, and trade, following Mr Tunji-Ojo’s recent meeting with UK Home Secretary, Ms Yvette Cooper.

The UK delegation included officials from the Home Office, National Crime Agency, and UK High Commission in Nigeria.

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