PenCom to sanction PFAs as only 17% of RSA holders recaptured
By Rosemary Iwunze The National Pension Commission (PenCom) has threatened to sanction Pension Fund Administrators (PFAs) that fail to meet prescribed targets under the ongoing Retirement Savings Account (RSA) data recapture exercise. PenCom, in its first-quarter 2026 report, disclosed that only 17.03 per cent of the industry’s legacy RSA holders had completed the mandatory data recapture […]
Mutual Benefits decries Nigeria’s credit gap, offers solutions
By Rosemary Iwunze Mutual Benefits Assurance Plc has said a situation where only about six per cent of adults can currently access credit through formal financial institutions, is not ideal. According to the company, while access to credit remains important for economic growth, financial protection mechanisms are equally essential in helping individuals and businesses withstand […]
Over 92% of personal pension savings accounts remain unfunded
By Rosemary Iwunze Amidst efforts by the National Pension Commission, PenCom, to include informal sector workers in the pension scheme, the Personal Pension Plan, PPP, which caters to the informal sector, has remained stagnant. While the PPP has 215,412 registered Retirement Savings Accounts, RSAs, only 17,320 of these RSAs, which represents 8.0 per cent, have received […]
Nigeria’s current account surplus rises 46% to $4.98bn
By Elizabeth Adegbesan The Central Bank of Nigeria, CBN, yesterday said the nation’s current account surplus grew year-on-year (YoY) by 46 percent to $4.98 billion in the first quarter of 2026 (Q1’26). The apex bank disclosed this in its Balance of Payments (BoP) report for Q1’26 noting that the current account surplus also grew quarter-on-quarter (QoQ) […]
Incoming NIA Chairman outlines three-pronged agenda to deepen market
By Rosemary Iwunze The incoming Chairman of the Nigerian Insurers Association, NIA, Mrs. Ebelechukwu Nwachukwu, has unveiled a strategic blueprint anchored on collaboration, public trust, and regulatory compliance. Speaking at a pre-investiture press conference in Lagos, Nwachukwu who is the Managing Director of REX Insurance Company Limited said that she also targets transitioning insurance from a […]
No considerations for fuel, telecoms taxes, FG reply IMF
By Emma Ujah, Abuja Bureau Chief The Federal Government has said it is not considering the imposition of fuel and telecommunications taxes. It was reacting to reports suggesting that it has adopted or is considering new taxes on telecommunications services and petroleum products following the recommendation of the International Monetary Fund (IMF) Article IV Consultation Report […]
