By Victor Ahiuma-Young The National Pension Commission (PenCom) has called on Lagos State Governor, Babajide Sanwo-Olu, to extend periodic pension increases to retirees under the Contributory Pension Scheme (CPS), ensuring parity with those on the Defined Benefit Scheme (DBS). During a courtesy visit to the Lagos State Governor, PenCom’s Director General, Ms. Omolola Oloworaran, presented the […]

By Victor Ahiuma-Young The Maritime Workers Union of Nigeria (MWUN) has expressed concern over the irregular remittance of pensions for dockworkers and seafarers by employers. In a statement issued by its President-General, Francis Bunu Abi, the union threatened to shut down terminal operators and shipping companies found to be perpetrating these illegal acts. The statement, released […]

By Victor Ahiuma-Young  The National Pension Commission (PenCom), on Thursday issued a fresh directive to all Licensed Pension Fund Operators, LPFOs, comprising Pension Fund Administrators, PFAs, and Pension Fund Custodians, PFCs. In a move to deepen compliance with Contributory Pension Scheme. CPS, the Commission has barred all LPFOs from doing business with any service provider or […]

By Victor Ahiuma-Young  The clamour for the reinstatement of gratuity payments to workers upon retirement has become a subject of intense agitation by organized labour in recent times. The restoration of gratuity payments was one of the key takeaways from last Thursday’s national May Day celebration at Eagle Square, Abuja. Addressing workers and other dignitaries, including […]

By Olasunkanmi Akoni The Lagos State Government, under the administration of Governor Babajide Sanwo-Olu, has expended a total of N70,994,464,313.29 to 20,956 retirees of the state from May 2019 to date. The Lagos State Head of Service (HoS), Mr. Olabode Agoro, disclosed during the 109th Batch Retirement Benefit Bond Certificates presentation ceremony for retirees of the […]

By Alexandria Mede When President Bola Ahmed Tinubu appointed Barrister Seun Faleye as the Managing Director of the Nigeria Social Insurance Trust Fund (NSITF) on July 13, 2024, expectations were high. Today, less than a year into his tenure, many are beginning to see why. Faleye didn’t walk into the role unprepared. With elite legal credentials […]

PenCom is worried that only eight out of 25 states across Nigeria are currently fully implementing the CPS in their states.

“20 years says a lot about our staff, for which I am very grateful. I am grateful to the shareholders who conceived the idea

By Johnbosco Agbakwuru One of the two recognized umbrella bodies for pensioners, the Federal Parastatals and Private Sector Pensioners Association of Nigeria, (FEPPPAN, has thrown its weight behind the Pension Transitional Arrangement Directorate’s, PTAD, policy to end the battle over union dues among various pensioner groups, regardless of their guise. Specifically, FEPPPAN believes that the PTAD policy on […]

The Nigeria Social Insurance Trust Fund (NSITF) has paid N226.96 million as compensation to some registered employees in its Enugu Region from January 2022 to December 2024 for work-related deaths, injuries, diseases, and disabilities. The Managing Director of NSITF, Mr Oluwaseun Faleye, disclosed this during the NSITF special day at the ongoing Enugu International Trade Fair. […]

NNSL appears to be coming to an end as the Federal Government is said to have agreed on a pension buyout

By Victor Ahiuma-Young The National Pension Commission PenCom, has   given insight into why it launched a new Pension Contribution Remittance System designed to optimise the process of remitting pension contributions into employees’ Retirement Savings Accounts, RSAs. The platform developed in partnership with the Pension Operators’ Association of Nigeria, PenOp, has approved Payment Solution Service Providers, PSSPs, to enhance accuracy, efficiency, and transparency […]

PenCom, has told state governments that the Contributory Pension Scheme, CPS, offers a long-term solution to the pension liabilities

By Johnbosco Agbakwuru The Nigeria Social Insurance Trust Fund, NSITF, is embarking on a new strategy to enroll no fewer than one million subscribers as beneficiaries in the Employee Compensation Scheme, ECS, yearly. This came as it lamented that many corporate organizations feign ignorance of the operations of the scheme. The Managing Director of the Fund, […]

By Chioma Obinna The Managing Director of Citizens Pensions Limited, CPL, Mrs. Helen Da-Souza, has said the official launch of the new Pension Fund Administrator, PFA, operations in Lagos marks a significant step toward transforming Nigeria’s pension landscape with a strong focus on the underserved informal sector. The new PFA, licensed by the National Pension Commission, […]