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 Dipo Olowookere
The ex-depot prices of two major petroleum products, Premium Motor Spirit (PMS), otherwise known as petrol, and Automotive Gas Oil (AGO), also known as diesel, have been slashed by Dangote Petroleum Refinery and Petrochemicals.
The company announced the reduction in prices of the products in a statement on Saturday evening.
The Lagos-based private refinery said its latest action was to reinforce its commitment to making refined petroleum products more affordable and supporting economic activities across Nigeria.
The cut in the prices of petrol and diesel by Dangote refinery comes as the global crude oil prices continue to moderate, amid expectations that the United States of America and Iran will agree on a ceasefire very soon and reopen the Strait of Hormuz.
This narrow vessel passage accounts for 20 per cent of the world’s crude oil consumption. It has been closed for more than two months because of the Middle East crisis.
On February 28, 2026, America and Israel launched airstrikes in Iran, killing its Supreme Leader and other top government officials.
Iran fought back by attacking US bases in the Middle East, including in Saudi Arabia, Qatar, the United Arab Emirates and others. It also shut down the Strait of Hormuz, causing the price of oil to almost hit $120 per barrel.
The crisis faraway in the Middle East, rather than becoming a blessing to Nigeria, put citizens under untold hardship, as the price of petroleum products, especially PMS, jumped from around N800 per litre to almost N1,500 per litre.
On Friday, the price of Brent crude was about $94 per barrel, while the West Texas Intermediate (WTI) crude was about $89 per barrel.
Ostensibly in response to this, the Dangote refinery has reduced the ex-depot price of petrol to N1,250 per litre from N1,275 per litre, while the price of diesel has been cut to N1,700 per litre from N1,800 per litre.
Since commencing operations, the 650,000 barrels per day refinery has increasingly supplied the domestic market with refined products aimed at eliminating the country’s dependence on imported fuels.
The company claimed it decided to slash the price to improve supply efficiency, deepen domestic refining, and provide cost relief to consumers and businesses that depend heavily on petroleum products for transportation, power generation and industrial operations.
By Adedapo Adesanya
The National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), the umbrella body of customs agents in Nigeria, has petitioned President Bola Tinubu to compel the Nigerian Shippers’ Council (NSC) to suspend the planned increase in shipping charges pending the review by the standing committee.
According to Mr Lucky Amiwero, the president of the body, in a letter to the President, the increase is a clear contravention of the Memorandum of Understanding (MOU) signed in respect of local shipping charges between providers and users of shipping/Port and related service approved by the federal government.
The MoU under Articles 2(b)&4 clearly states that any other charges shall require agreement between the Parties concerned through the Nigerian Shippers Council, which must be complied with.
“In line with the provisions of Articles 2 and 4 of the Memorandum of Understanding, there is a need to follow the prescribed procedure as contained in the MOU. First is by submitting the information of the increase to the standing committee, including the detailed information, why the increase, and the percentage, to the standing committee for consideration and review of any increase
“We hereby request the suspension of any Local Shipping Charges increase, pending the review by the standing committee, which entails the detailed information of the increase, the Percentage (%), and if the Increase is necessary, to be sent to the standing Committee as approved by the Federal Government,” he said.
The official said the NSC were supposed to forward all detailed information on the increase in the local shipping charges to the standing committee, who are signatory to the MOU, and then to review in line with the approved federal government directive.
“We refer the government to the usual procedure of initiating an increase in local shipping charges. Notification of increase as proposed is always forwarded to the standing committee, reference 2003 NSC/TOD/FPS/011/VOL.V/54 OF 20TH JUNE, and NSC/TOD/FPS/011/VOL.35 OF 14TH April 2003 in line with article 2(b)&4 of the MOU.
“In line with Article 2(b)&4 of the memorandum of understanding, the request made by Shipping Association of Nigeria (SAN), which was forwarded to the Shippers Council and the Shippers Council forwarded the same to the technical standing committee for review,” he added.
By Adedapo Adesanya
The presidency has raised alarm over what it described as a growing pattern of digitally manipulated content aimed at exploiting religious sentiments for political purposes.
In a public service announcement issued by the Office of Digital Engagement and Strategy, it was disclosed that “deliberate attempts” to mislead Nigerians through deep fake videos and false narratives across online platforms had been identified.
According to the statement, a manipulated video surfaced on Tuesday, featuring altered audio and false attributions designed to portray President Bola Tinubu in a negative light.
It noted that a similar attempt followed shortly after, involving a fabricated video linked to a religious leader, allegedly intended to incite Muslim communities against the President.
The presidency said the recurring pattern suggests a coordinated effort to inflame religious tensions and sow division, particularly as political activities begin to intensify ahead of future elections.
It warned that “desperate actors” are likely to continue deploying misinformation tactics, including distorting religious messages, manipulating context, and spreading provocative content through social media and messaging platforms.
The presidency urged Nigerians to exercise caution before sharing sensitive or inflammatory content, encouraging citizens to question the motives behind such materials and to verify information through credible sources.
Describing the trend as “coordinated manipulation at scale,” it stressed that such actions are neither patriotic nor reflective of genuine political engagement.
The statement further warned that individuals and groups involved in the creation and dissemination of false information would be held accountable under relevant Nigerian laws, including those relating to cybercrime, incitement, and threats to public peace and national security.
It concluded by calling on citizens to remain vigilant and united in safeguarding the country’s social cohesion against digital disinformation.
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