General
Stanbic IBTC Pensions Harps on Benefits of Data Recapture Exercise
In order to enhance seamless operations and improve customers’ experience, Stanbic IBTC Pensions Managers Limited has enjoined employers to ensure that their employees participate in the on-going Data Recapture Exercise being undertaken for the company’s enrollees.
Speaking at the Stanbic IBTC Pension Employers’ Forum held recently in Abuja, Mr Eric Fajemisin, Chief Executive, Stanbic IBTC Pension Managers Limited (SIPML), urged employees to always update their information with their Pension Fund Administrators to facilitate easy access to their retirement benefits.
Mr Fajemisin stressed that organisations should encourage their employees to leverage the Enhanced Contributor Registration System, newly deployed by the National Pension Commission, to ensure that their data was up to date.
The Data Recapture Exercise was introduced to enable Pension Fund Administrators obtain complete and accurate data of all Retirement Savings Account holders (both active and retired), in line with the provisions of Section 23 (e) of the Pension Reform Act 2014.
The 2019 edition of the Stanbic IBTC Employers’ Forum had earlier held in Lagos and Port Harcourt on October 29 and November 7 respectively.
In Lagos, Mr Fajemisin, who was represented by the Executive Director, Business Development Directorate, SIPML, Mrs Nike Bajomo, stressed that the importance of data cannot be overemphasised in the pension industry as data is currently being used to sanitize the industry.
He said: “If there was a golden thread that ties discussions in the pensions industry today, it is integrity. It is at the heart of the most of the changes that are taking place in the industry and its importance cannot be overemphasised.”
He however, lamented that some workers take part in the Data Recapture Exercise only when they are close to retirement, or after they have retired, thereby making the process a bit cumbersome for them.
“The Data Recapture Exercise has been a reoccurring decimal in many of the conversations that we have had this year. We are glad that some organisations had been successfully on-boarded to the Enhanced Contribution Registration System”, Mr Fajemisin added.
He stated that the pensions industry in Nigeria is being digitised to enable customers enjoy seamless services through various digital platform. Speaking in the same vein, the Acting Director General, National Pension Commission (PenCom), Hajia Aisha Dahir-Umar, stressed that the Data Recapture Exercise is very critical because it speaks to the integrity of the pension industry.
Dahir-Umar, who was represented by the Deputy Zonal Head, PenCom, South-West Zonal Office, Mr. Sola Adeseun, added that the commission intends to use the data recapture exercise to effectively sanitize the pensions industry.
According to her, “After this industry sanitization is done, we will ensure that the Transfer Credit System, otherwise known as the transfer window, where RSA holders can easily change their PFAs, would become operational in the first quarter of 2020.”
Since it was introduced, membership of the Contributory Pension Scheme (CPS) had grown from 6.9 million subscribers in June 2014 to 8.85 million subscribers as of September 2019.
Stanbic IBTC Employers’ Forum is an interactive forum where challenges and trends in the industry are brought to the front burner. It is also a platform to explore possible ways, options and opportunities to strengthen the Nigerian pension industry.
By Adedapo Adesanya
The Nigeria–China Strategic Partnership (NCSP) recently hosted a high-level delegation from Newryton International Industrial Development Company Limited, a leading Chinese investment and industrial development consortium, to advance discussions on deepening bilateral trade, industrial cooperation, and development financing between both countries.
The Newryton delegation, led by Mr David Chen, Assistant Secretary-General of the China Hainan Investment Council, had earlier engaged with the Nigerian Association of Commerce, Industry, Mines and Agriculture (NACCIMA). They were accompanied to the NCSP by Mr Joe Onyuike, Vice-Chairman of NACCIMA’s Agriculture and Livestock Trade Group, who conveyed NACCIMA’s support for the delegation’s engagements.
Discussions centered on the establishment of a Nigeria–China Trade and Investment Platform, including a proposed Promotion Centre in China to support Nigerian products, investors, and state governments.
The consortium also presented opportunities within Hainan Province’s Free Trade Port (FTP), which offers preferential policies that Nigerian businesses can leverage to expand exports and attract new investments.
In his address on behalf of Newryton, Mr Pong outlined plans to collaborate with NCSP in accessing FOCAC-supported financing for strategic investments in agriculture, energy, mining, solid minerals processing, and related sectors. The delegation identified aquaculture as a key area of interest and referenced the forthcoming Global Aquaculture Conference in Hainan Province, encouraging Nigerian stakeholders to participate.
They also expressed readiness to strengthen cooperation in vocational training and employment under the Belt and Road Initiative (BRI).
Welcoming the delegation on behalf of the Director-General, Martins Olajide, NCSP’s Head of Internal Operations, reaffirmed the organisation’s commitment to fostering mutually beneficial partnerships.
He highlighted NCSP’s strong interest in the proposed Nigeria–China Trade and Investment Platform and the development of the Nigerian Oil Palm Industrial Park as a flagship demonstration project.
Also speaking at the meeting, Ms Judy Melifonwu, NCSP’s Head of International Relations, underscored the opportunities presented by China’s zero-tariff policy and the forthcoming NAQS–GACC protocol on the export of Nigerian aquaculture products. She noted that these frameworks would significantly enhance Nigeria’s competitiveness in emerging global markets.
Both parties expressed commitment to advancing discussions toward a structured cooperation framework covering all priority areas.
By Adedapo Adesanya
The United Kingdom–Nigeria Infrastructure Advisory Facility (UKNIAF), established in 2019 as part of a 16-year legacy of UK-funded infrastructure support to Nigeria, convened over 100 senior stakeholders on Tuesday, December 2, to review its progress and formally close out its current phase of operations.
The event brought together representatives from federal and state governments, development partners, development finance institutions, and the private sector to reflect on UKNIAF’s work across the power, infrastructure finance, and roads sectors. Discussions focused on institutional reforms, capacity development, and the sustainability of tools and processes introduced over the past six years.
Since inception, UKNIAF has delivered targeted technical assistance designed to embed evidence-based reforms, data-driven decision-making, and improved institutional performance. Its interventions have mobilised significant financing, strengthened regulatory and planning systems, and enhanced investor readiness across multiple infrastructure markets.
In the power sector, participants highlighted landmark achievements including the development of Nigeria’s first Integrated Resource Plan, which outlines a least-cost and low-carbon pathway for expanding electricity supply. UKNIAF also supported the Nigerian Electricity Regulatory Commission (NERC) in building advanced real-time data capabilities for tariff monitoring, grid management, and outage tracking. The programme enabled pioneering states to establish their own electricity markets following constitutional reforms.
In infrastructure finance, UKNIAF was recognised for strengthening project preparation systems and enabling access to capital. Notable accomplishments include supporting the mobilisation of $75 million from the African Development Bank to the Special Agro-Industrial Processing Zone (SAPZ) programme in two states, and accelerating mini-grid and solar deployment through improved technical standards at the Rural Electrification Agency (REA).
UKNIAF also designed a national project preparation facility, for which N21 billion was allocated in both the 2024 and 2025 budgets to build a pipeline of bankable projects.
Speaking on this, Mr Frank Edozie, UKNIAF Team Lead, described the programme’s close-out as a “handover for sustained delivery,” emphasising that strengthened institutions now hold tools that make Nigeria’s infrastructure landscape more transparent, climate-smart, and investor-ready.
On his part, the Minister of Power, Mr Adebayo Adelabu, commended the programme, noting that its technical assistance and advisory services had helped lay the foundation for a sustainable and inclusive electricity supply industry.
Mrs Cynthia Rowe, Head of Development Corporation at the UK Foreign, Commonwealth and Development Office (FCDO) in Nigeria, praised the partnership, highlighting achievements ranging from state-level electricity market reforms to unlocking major financing and designing Nigeria’s Climate Change Fund.
Enugu State Secretary to the State Government, Professor Chidiebere Onyia, underscored the lasting influence of the programme, stating that UKNIAF’s impact continues through the expertise and leadership transferred to national and sub-national institutions.
The close-out event reaffirmed stakeholders’ commitment to sustaining tools, reforms, and knowledge products developed under UKNIAF, while strengthening collaboration among public, private, and development actors in the infrastructure ecosystem.
Participants included federal and state agencies such as the Nigeria Governors’ Forum, Federal Ministry of Power, Ministry of Finance, NERC, REA, and the Transmission Company of Nigeria, alongside development partners including the African Development Bank, World Bank, and IFC, as well as private sector and civil society stakeholders.
By Aduragbemi Omiyale
The gantry price of Premium Motor Spirit (PMS), otherwise known as petrol, has been slashed by the Dangote Petroleum Refinery.
The Lagos-based oil facility brought down the ex-depot price of the petroleum product by 15.58 per cent or N129 per litre to N828 per litre.
Though the company had yet to release an official statement on this development, real-time market data on Petroleumprice.ng on Friday showed the new price.
Punch reports that data from the platform also showed fresh reductions across several private depots following the refinery’s latest review.
Sigmund Depot cut its ex-depot price by N4 to N824 per litre, Bulk Strategic dropped its price by N3, and TechnoOil slashed its by N15.
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