Connect with us

NIGERIA NEWS

Elon Musk Becomes First Person to Exceed $600 Billion Net Worth

Avatar photo

Published

on

Elon Musk Becomes First Person to Exceed 0 Billion Net Worth


  • Elon Musk has become the first individual to surpass a $600 billion net worth, with Forbes estimating his wealth at $677 billion.
  • The surge is largely driven by a dramatic increase in SpaceX’s valuation to $800 billion, making his stake in the company his most valuable asset.
  • With strong holdings in Tesla and xAI, and a potential SpaceX IPO on the horizon, Musk is increasingly positioned to become the world’s first trillionaire.

Billionaire Elon Musk’s Net Worth Allegedly Drops by $39 Billion

Elon Musk has made history by becoming the first person to exceed a net worth of $600 billion, with his wealth estimated at $677 billion as of Monday noon, U.S. Eastern Time, according to Forbes.

This surge in fortune was primarily driven by a sharp rise in the valuation of his private space company, SpaceX.

Earlier this month, a tender offer valued SpaceX at $800 billion, doubling its previous $400 billion valuation from August. Musk owns an estimated 42% stake in SpaceX. The valuation increase alone added approximately $168 billion to his fortune. Forbes estimates that his SpaceX stake, valued at $336 billion, is now his most valuable asset, surpassing his Tesla holdings.

The tender offer comes as SpaceX prepares for a potential IPO in 2026, which could value the company at around $1.5 trillion. Such an IPO would likely make Musk the world’s first trillionaire.

Musk’s 12% stake in Tesla is estimated to be worth about $197 billion. His xAI Holdings is also a significant contributor; the company is reportedly raising funds at a $230 billion valuation. Musk owns 53% of xAI Holdings, valued at approximately $60 billion.

With an estimated $425 billion lead over the world’s second-richest person, Google co-founder Larry Page, Musk is closer to reaching $700 billion than losing his spot.



SOURCE PAGE

Continue Reading

NIGERIA NEWS

We’re Ready To Take Over Power In 2027

Avatar photo

Published

on

We’re Ready To Take Over Power In 2027


The Peoples Democratic Party (PDP) has declared its readiness to reclaim power from the All Progressives Congress (APC) in the 2027 general elections, saying the party has learned from past mistakes and is undergoing a rebuilding process.

The PDP National Chairman, Senator Kabiru Tanimu Turaki, SAN, stated this during a meeting with former PDP governors and ministers who served under previous PDP administrations.

Turaki said the party had reflected on its past shortcomings and was determined to correct them, stressing that the newly elected National Working Committee (NWC) was committed to repositioning the party for electoral victory.

“This is a new PDP,” he said. “I want to assure Nigerians that the PDP is their party. Please take back your party and, in doing so, tell us what you want.

“Having admitted that mistakes have been made, it means we are now ready to correct those mistakes.”

The PDP chairman reiterated his commitment to returning the party to the people, assuring party leaders that the NWC was open to advice and guidance on how to move the party forward.

He said the ultimate goal was to return the PDP to power, adding that transparency, equity, fairness, and justice would guide the party’s engagement with Nigerians.

“We will ensure that there is transparency. We will ensure that there is equity. We will ensure that there is fairness, and above all, justice in our relationship with the Nigerian people,” Turaki said.

He expressed confidence that the new leadership would benefit from the experience and counsel of party elders, noting that the PDP, during its years in government, built strong institutions and grew the nation’s economy.

According to him, those achievements explain why many Nigerians are eager for the party’s return to power.

Speaking on behalf of former PDP governors, former Niger State Governor, Dr. Mu’azu Babangida Aliyu, accused the ruling APC of abusing leadership and failing to meet the expectations of Nigerians.

“It is our responsibility to ensure that by 2027, we have done well enough to give succour, to give hope, and to help Nigerians,” he said.

Aliyu assured the NWC of the former governors’ readiness to work with the current leadership, while calling for committed, honest, dedicated, and diligent individuals to occupy leadership positions within the party.

He also urged members who left the PDP to reconsider their decisions, stressing that a political party should not be joined or abandoned in haste.

“We must continue to do things in accordance with the rules and regulations as we understand them. We may be disappointed with what has been happening, but we must not be discouraged,” he said.

Former Minister of Education, Mallam Ibrahim Shekarau, who spoke on behalf of former ministers, commended the rebuilding efforts of the party leadership.

“From what I have seen in the last four or five weeks, the chairman has done far more than we expected,” Shekarau said.

“We are impressed by the performance, the visits, the meetings, and the strong will with which we confronted the challenges.”

He recalled the inauguration of newly elected party officials at the PDP national headquarters, describing it as a demonstration of resilience and determination.

“When we went to inaugurate the newly elected officers at our national headquarters, we defied tear gas and threats from hired uniformed men. We were able to gain access to our headquarters, and the National Chairman addressed the nation from his desk,” he said.

Please follow and like us:



SOURCE PAGE

Continue Reading

NIGERIA NEWS

ICPC confirms receipt of Dangote’s petition against NMDPRA chief executive

Avatar photo

Published

on

ICPC confirms receipt of Dangote’s petition against NMDPRA chief executive


The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has confirmed receiving a petition from Aliko Dangote against the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed.

“The ICPC wishes to state that the petition will be duly investigated,” the agency’s spokesperson, John Odey, wrote in a terse statement on Tuesday.

The acknowledgement came hours after Mr Dangote, who is the President and Chief Executive of Dangote Industries Limited, submitted the petition to the ICPC on Tuesday.

In the last two days, Mr Dangote had accused Mr Ahmed of corruption and economic sabotage, an escalation of their long running dispute over NMDPRA’s continued issuance of licences to import refined petroleum into Nigeria.

Through the petition, Mr Dangote escalated his battle with Mr Farouk regarding the NMDPRA’s continued granting of licences to import refined petroleum into Nigeria. Mr Dangote has expressed concerns that the practice poses threats to domestic refining and the larger Nigerian economy.

On Sunday, speaking at the Dangote Petroleum Refinery in Lagos, he accused Mr Farouk of economic sabotage, alleging that the NMDPRA CEO colluded with international traders and oil importers through the ongoing issuance of import licences.

Mr Dangote also raised concerns about Mr Farouk’s personal expenditures, highlighting that four of his children attend private schools in Switzerland, which he said could indicate a conflict of interest.

On Monday, he expanded his allegations, accusing Mr Farouk of corruption and misappropriation of public funds, providing detailed figures for his children’s education abroad.

According to him, Mr Farouk spent about $5 million on secondary education and upkeep over six years, and an additional $2 million on tertiary education, including $210,000 for Faisal Farouk’s 2025 Harvard MBA.

The petition

Mr Dangote submitted the petition through his lawyer, Ogwu Onoja, a Senior Advocate of Nigeria (SAN), calling for Mr Farouk’s arrest, investigation, and prosecution for allegedly living above his means as a public officer.

READ ALSO: Dangote petitions ICPC over allegations against NMDPRA chief executive, Farouk

The petition, addressed to ICPC Chairman Musa Aliyu, alleged that Mr Farouk “spent without evidence of lawful means of income amounting to over $7 million for the education of his four children” in Switzerland.

It provided the children’s names, schools, and specific amounts for verification.

Dangote further accused Mr Farouk of using his position to embezzle public funds, prompting protests from civil society groups.

He cited section 19 of the ICPC Act, which empowers the commission to investigate and prosecute corrupt practices, noting that a successful prosecution could result in a five-year jail term without an option of fine.

He urged the ICPC to act decisively, stressing that he remained available to provide evidence supporting his claims.

Efforts to reach Mr Farouk on Tuesday were unsuccessful. George Ene-Ita, Head of Public Affairs at NMDPRA, told PREMIUM TIMES that the agency had “no comment” on the allegations.



Source link

Continue Reading

NIGERIA NEWS

I am prepared to lift Orumba South out of poverty- Dr Emeribe

Avatar photo

Published

on

I am prepared to lift Orumba South out of poverty- Dr Emeribe


By Abbanobi Eku-Onyeka

Abuja

Engr. Dr. Chike Ikwudimma Emeribe, a distinguished son of Orumba South, says that he is prepared to transform the constituency economically. This he said as he was unveiling his visionary agenda focused on entrepreneurship, infrastructure, and youth empowerment, according to a press release he signed and made available to the media recently.

Dr. Emeribe, renowned for his people‑oriented approach, emphasizes that Orumba South’s rich human capital and natural resources form a potent foundation for sustainable development. “Our goal is to stimulate the economic environment of Orumba South by harnessing its latent potential,” he stated, positioning himself as a catalyst for change.

In the area of infrastructure development, his plans include construction of roads, bridges, and energy systems to improve quality of life and attract investment.

In the area of business‑friendly ecosystem, said that he is committed toward providing cutting‑edge infrastructure, innovative technologies, and a skilled workforce to foster entrepreneurship.

Speaking on youth empowerment, he plans launching of skills‑acquisition programmes, offering vocational training, entrepreneurship development, and mentorship to equip Orumba South’s youths for the modern economy.

According to him, these initiatives aim to transform Southern Orumba Council Area into a hub of economic activity, driving business growth and creating opportunities for residents. Dr. Emeribe’s dedication, according to community leaders, “kindles a beacon of hope for a brighter future, illuminating the path to prosperity for generations to come.

“With Dr. Emeribe navigating the ship, the people of Orumba South are assured of reaping the dividends of his visionary leadership,” remarked a local spokesperson.





SOURCE PAGE

Continue Reading

NIGERIA NEWS

Jarvis Sends Message to Nigerians after Peller’s Car Accident, Video Trends Online: “Calm Down”

Avatar photo

Published

on

Jarvis Sends Message to Nigerians after Peller’s Car Accident, Video Trends Online: “Calm Down”


  • Popular Nigerian content creator and AI personality, Jarvis Jadrolita, has penned a message to netizens amid her drama with Peller
  • This happened after her boyfriend, Peller, reportedly tried to harm himself following a breakup message from Jarvis
  • In her post, which quickly went viral, Jarvis asked her fans on the TikTok app to calm down, stating that time will expose the truth

A well-known Nigerian digital personality and AI-themed content creator, Elizabeth Amadou, also known as Jarvis Jadrolita, has addressed social media users

This is coming amid the intense public attention and bashing surrounding her recent disagreement with fellow creator Peller.

Jarvis dances in new video days after Peller's car crash.Jarvis sends message to Nigerians in new clip.
Photo credit: @realjadrolita/TikTok.
Source: TikTok

Jarvis Jadrolita asks Nigerians to calm down

Reports had circulated online claiming that Peller attempted to harm himself shortly after receiving a message about the end of their romantic relationship.

The development went viral on social media, with many users directing strong criticism towards Jarvis and holding her responsible for the alleged incident.

Read also

Jarvis Defends Peller, Appeals for Support Amid Online Backlash: “Stop Mocking Him, He’s a Good Guy”

In a TikTok post after the incident, @realjadrolita, reached out to the public in response to the growing backlash.

Rather than engaging directly with the accusations levelled against her, she called for calm and patience among those interested in the situation.

The content creator delivered the message while also showing off dance moves in the clip posted via her official account.

She noted that ‘time will surely tell’, implying that people should avoid jumping to conclusions while emotions were still running high.

Jarvis ask Nigerians to 'calm down' days after Peller's car crash.Jarvis breaks silence again, says time will surely tell.
Photo credit: @realjadrolita/TikTok.
Source: TikTok”My name is time and time will surely tell. Make una calm down,” she said.

Reactions as Jarvis Jadrolita breaks silence

Nigerians stormed the comments section to react to the post.

@IVST said:

“If you’re truly tired of the relationship this is the best time to detach. No go do pity pity go back o.”

@Okex said:

“Just focus on the positive comments please. This lady has done nothing wrong. Haba nah.”

@Godsgift_46 said:

“You can’t expect him to cope well offline, and that’s the truth. Offline relationships require emotional presence, communication, warmth, and consistency. If those things are missing, especially for someone young and in their first love, it becomes very hard to cope. Pella learned love through attention, reassurance, and public affection. That’s how he felt secure. So when they went offline and Jarvis became distant, cold, or commanding, his mind read it as rejection, not maturity. For someone with little relationship experience, that kind of emotional switch is confusing and painful. Coping offline also requires both people to meet halfway. You can’t expect a 19-year-old to suddenly understand emotional withdrawal when the other partner isn’t communicating or reassuring him. That’s why the relationship was unhealthy for him. He needed patience and guidance, not silence. This isn’t weakness. It’s a mismatch of emotional needs and experience. What he needs now is healing, support, and time not judgment.”

Read also

Jarvis breaks silence on relationship with Peller after car crash: “It’s over between us”

See the post below:

Man shares why Peller will spoil relationship

Meanwhile, Legit.ng previously reported that the drama between Peller and his girlfriend Jarvis attracted a lot of reactions from concerned Nigerians on social media.

The popular TikTok star and streamer was said to have deliberately crashed his car into a road barrier while on a live stream.

Source: Legit.ng





SOURCE PAGE

Continue Reading

NIGERIA NEWS

Heartbroken lady mourns mother who passed away on her convocation day

Avatar photo

Published

on

Heartbroken lady mourns mother who passed away on her convocation day


A heartbroken young lady, who is thrown in the state of mourning her mother who tragically passed away on her convocation day, has shared her grief with the world by posting a heartfelt tribute on social media.

The milestone, meant to celebrate years of hard work and achievement, was instead overshadowed by grief, leaving her with a memory she says she will never forget.

In an emotional video shared on TikTok by a user identified as @Halimah, she revealed that her mother had always been her biggest supporter and how she had looked forward to seeing her daughter graduate.

Tragically, her mother passed away in her sleep on the very day of her convocation, leaving Halimah to face the milestone without her.

“We went to do a photoshoot with my mum for my convocation, and she died on my convocation day,” she said.

What should have been a joyful convocation day became a bittersweet moment as she struggled to cope with the devastating loss.

She also shared how her mum had played both mother and father roles since she lost her dad 10 years ago.

Living a very private life, she revealed that no one even knew her mum remarried. Her stepdad later stepped in as a father figure and played the role beautifully, but sadly passed away earlier this year.

With both of her mum’s husbands gone, the grief and emotional struggle became overwhelming.

In her words, she said, “I leave you in peace,” acknowledging that her mum deserves rest after enduring so much.

Her story deeply resonated with social media users, many of whom offered condolences and words of comfort.

One commentator wrote, “I know how it feels to lose one’s mother. I pray God comforts you.” Another added, “This is so heartbreaking. No one can fill the space of a mother.”

Watch video below…

@_halimah64How could you sleep and never wake up😭😭😭😭♬ original sound – AYINDE CHANTER





SOURCE PAGE

Continue Reading

NIGERIA NEWS

You’re wrong, expect Asiwaju Tsunami in 2027 – Ikonne taunts Abaribe

Avatar photo

Published

on

You’re wrong, expect Asiwaju Tsunami in 2027 – Ikonne taunts Abaribe


Prince Paul Ikonne, a chieftain of the ruling All Progressives Congress (APC), on Tuesday dismissed Senator Enyinnaya Abaribe’s challenge to the credibility of President Bola Ahmed Tinubu’s victory in the 2023 presidential election, describing it as a product of political mischief.

Speaking on TVC’s popular morning show, This Morning, Ikonne, the immediate past Executive Secretary of the National Agricultural Land Development Authority (NALDA), said Abaribe’s comments reflect the desperation and growing panic within opposition parties ahead of the 2027 general elections.

“Senator Abaribe’s outburst is symptomatic of a politically desperate person who is out of tune with current realities,” Ikonne said, faulting the Abia South Senator for alleging on Monday that President Tinubu did not legitimately win in 2023 and could not secure victory again in 2027.

Ikonne maintained that Tinubu’s victory in the 2023 election was decisive, legitimate, and enjoyed broad support across regions, ethnic groups, and political interests.

He argued that Abaribe lacks the moral standing to question the President’s electoral strength, particularly in Abia State.

The APC chieftain further emphasized that the senator had become disconnected from grassroots realities and failed to recognize the evolving political dynamics in Abia State and the wider Southeast region.

He said, “If you know Senator Abaribe very well, you will realize that he is an attention seeker. He is always seeking attention. This is a man who did not win his own election in 2023. One young man defeated him during the election, and anybody who wanted to know the details should get what the young man filed at the Tribunal against Senator Abaribe.

“What Abaribe displayed showed clearly that the opposition, if any, are panicking. The President won the election, not just in one state but across the country, and his popularity has gone up more than it was in 2023 because 90 percent of the PDP in the entire South-east have collapsed into the APC.

“As we speak, about 90 per cent of the PDP structure in the South-East has collapsed into the APC,” adding that, “The raw materials of politics are human beings, and those human beings are now gravitating towards President Tinubu. This is the reality in the Southeast and Nigeria as a whole. I can assure you that there will be an Asiwaju tsunami in 2027.”

He dismissed claims that Tinubu would struggle electorally in Abia, accusing Abaribe of failing to keep tabs on developments in his constituency. Ikonne argued that tangible federal projects and interventions under the Renewed Hope Agenda are already reshaping public perception of the APC in the region.

According to him, ongoing infrastructure projects, including the rehabilitation of the Enugu–Port Harcourt Expressway, as well as Agricultural and Social Investment Programmes, are resonating strongly with the people of the South-East.

He said such initiatives have demonstrated the Tinubu administration’s commitment to inclusive development and equitable distribution of federal presence.

Ikonne also rejected assertions that Nigeria is drifting towards a one-party state, describing such claims as excuses by politicians unwilling to accept the growing appeal of the APC. He insisted that defections from the Peoples Democratic Party (PDP), Labour Party, All Progressives Grand Alliance (APGA), and other platforms were driven by performance and popular support, not coercion.

“Even the blind and the deaf can see that Nigeria is developing rapidly under President Tinubu,” he said. “That is why the APC continues to attract followership from across party lines.”

He said, “It is not about a one-party state, it is about building a strong platform, and you know that chartered politicians when they see a strong platform, they don’t waste time, they cross, and it is obvious that APC is the platform to beat.

“Like in the South East now, the region is now the stronghold of APC if you look at it very well. So the door is still open for those who have seen the light to join us, and for those who have not seen anything, we wish them well.”



SOURCE PAGE

Continue Reading

NIGERIA NEWS

Senate Passes 2026–2028 MTEF/FSP as Tinubu Prepares to Present 2026 Budget

Avatar photo

Published

on

Senate Passes 2026–2028 MTEF/FSP as Tinubu Prepares to Present 2026 Budget


The Senate has approved the 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) submitted by President Bola Tinubu, paving the way for the presentation of the 2026 Appropriation Bill to a joint session of the National Assembly.

As part of the approval, the Senate revised the crude oil benchmark price for 2026 downward to $60 per barrel from the $64.85 proposed by the executive, while setting benchmarks of $65 and $70 per barrel for 2027 and 2028, respectively.

The upper chamber explained that the adjustment was informed by heightened geopolitical tensions in Europe and the Middle East, as well as ongoing volatility in global oil prices.

The approval followed the consideration and adoption of the report of the Senate Committee on Finance, chaired by Senator Sani Musa (APC, Niger East), during plenary.

Under the approved framework, the Senate endorsed a federal expenditure estimate of N54.46 trillion for 2026, aimed at cushioning the economy against global shocks.

The projected exchange rate was pegged at N1,512 to the dollar for 2026, N1,432.15 for 2027, and N1,383.18 for 2028, in line with the Central Bank of Nigeria’s exchange rate stability policies.

Inflation is projected to decline gradually, with estimates of 16.5 per cent in 2026, 13 per cent in 2027, and 9 per cent in 2028, reflecting expected gains from monetary tightening and ongoing structural reforms.

Despite the conservative oil price assumptions, the Senate retained crude oil production targets of 1.84 million barrels per day for 2026, 1.88 million barrels per day for 2027, and 1.92 million barrels per day for 2028, expressing confidence in continued sector reforms and efforts to stabilise output.

Real GDP growth projections were also maintained at 4.68 per cent for 2026, 5.96 per cent for 2027, and 7.9 per cent for 2028, driven by anticipated benefits from tax reforms and broader economic restructuring.

On fiscal operations, the Senate approved federal government retained revenue of N34.33 trillion, new borrowings of N17.88 trillion, and debt service obligations of N15.52 trillion, resulting in a projected fiscal deficit of N20.13 trillion for 2026.

The framework allocates N1.376 trillion for pensions, gratuities and retirees’ benefits, N20.131 trillion for capital expenditure (excluding transfers), statutory transfers of N3.152 trillion, and a Sinking Fund of N388.54 billion.

Total recurrent (non-debt) expenditure was approved at N15.265 trillion, while special intervention funds for recurrent and capital spending were fixed at N200 billion and N14 billion, respectively.

The Senate also endorsed the effective implementation of newly enacted tax laws and approved the introduction of a National Scanning Policy within the National Single Window of the Nigeria Revenue Service, in collaboration with relevant agencies.

The policy is expected to strengthen revenue assurance, enhance trade facilitation, reduce leakages, improve transparency, and boost national security.

In his closing remarks, Senator Musa commended lawmakers and members of the Finance Committee for their diligence, expressing confidence that the approved framework would promote fiscal stability and sustainable economic growth.



SOURCE PAGE

Continue Reading

NIGERIA NEWS

Pension Backlog: PenCom pays N577 billion to 1,053,000 Retirement Savings Accounts — Official 

Avatar photo

Published

on

Pension Backlog: PenCom pays N577 billion to 1,053,000 Retirement Savings Accounts — Official 


The National Pension Commission (PenCom) on Tuesday revealed that it has paid N577,264,960,890 to 1,053,000 Retirement Savings Accounts (RSAs) as part of efforts to clear the pension backlog.

The update was announced by the Head of PenCom’s Management Services Department, Usman Musa, at the 2025 PenCom Media Conference tagged “Pension Revolution Summit: A 365-Day Scorecard,” attended by Nairametrics.

The development stems from the approved N758 billion Federal Government of Nigeria (FGN) bond previously earmarked to fully settle outstanding pension liabilities under the Contributory Pension Scheme (CPS).

Update on N758 Billion FGN Bond 

  • Providing an update on the bond, Musa confirmed that the full N758 billion has been released to the Commission.
  • He explained that a major portion of the funds—N387 billion—was earmarked for pension increases.
  • Out of this amount, he stated, “We have paid out N362,700,000,000.”
  • He further disclosed that PenCom has remitted N107 billion to cover the 2.5 percent shortfall in pension contributions by the Federal Government over a five-year period (2017 to 2021), when the government did not remit contributions.
  • According to him, the remittance went directly to 750,232 RSAs.

“In a whole, the total payout of N577,264,960,890 has already hit the RSAs of either retirees or pension contributors. In total, this has directly impacted 1,053,000 Retirement Savings Accounts,” he said. 

PenCom 365-Day Scorecard 

Earlier, the Director-General of PenCom, Omolola Oloworaran, highlighted that one of the most historic milestones of the year was the presidential approval and disbursement of the N758 billion bond to settle outstanding pension liabilities.

According to her, this unprecedented intervention sent a clear and powerful signal that Nigeria honours its commitments to workers and retirees.

To further enhance benefit adequacy, she disclosed that the Commission introduced Pension Post 1.0, which has added N2.68 billion to monthly pension payments for CPS retirees since June this year.

She explained that PenCom issued a decisive compliance circular in the second quarter of 2025, linking Pension Clearance Certificates to participation across the pension value chain, resulting in positive outcomes for pensioners.

She added that from January to November 2025, total pension recoveries reached N4.04 billion, compared to N1.44 billion recorded in the entire year of 2024—representing an increase of 180 percent.

“Most notably, N2.06 billion was recovered in the third quarter of 2025 alone, equalling the total amount recovered in 2024,” she said. 

Oloworaran noted that a similar shift was evident in compliance behaviour, clearly demonstrating that when compliance is tied to real economic consequences, behaviour changes.

On the technology front, she acknowledged that while the Commission still has work to do, PenCom has achieved full automation of critical pension processes, including the upgrading and automation of the Benefit Processing and Contribution Remittance Platform.

“This year, we inaugurated the Board of Trustees of the Pension Healthcare Initiative, a landmark industry intervention aimed at providing affordable and accessible healthcare for low-income retirees,” she added. 

She assured that in the next phase of the pension revolution, the Commission will expand coverage, deepen trust, improve investment outcomes, strengthen supervision, and protect retirees.

Backstory 

Recall that the Federal Executive Council (FEC), on February 5, 2025, approved the issuance of a N758 billion bond to settle outstanding pension liabilities for federal pensioners.

Nairametrics had earlier reported that Oloworaran stated the N758 billion FGN bond would fully settle outstanding pension liabilities under the CPS.

In February, she explained that the bond, approved by President Bola Ahmed Tinubu, marked a defining milestone in Nigeria’s pension administration and a new dawn for pensioners, ensuring that the CPS fulfills its core mandate of providing timely and adequate retirement benefits.

She added that the bond resolves all accumulated pension liabilities, including accrued pension rights, pension increases since 2007, the Pension Protection Fund (PPF), and the University Professors’ Pension Shortfall.

According to her, with the expected bond issuance, all accrued rights payments and backlogs will be remitted to the respective Pension Fund Administrators (PFAs), enabling timely payments to retirees.

“N253 billion has been allocated to settle outstanding entitlements for retirees of FGN treasury-funded MDAs, addressing delays caused by previous funding shortfalls. Going forward, accrued pension rights will be included in the monthly personnel cost general warrant, ensuring automatic and timely payments,” she said. 

Meanwhile, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, had disclosed that the approval would enable the Debt Management Office (DMO) to raise the funds needed to clear long-standing pension arrears.

What You Should Know 

  • In 2004, the Federal Government of Nigeria enacted the Pensions Reform Act (PRA 2004), which introduced the Contributory Pension Scheme (CPS).
  • The Act made it mandatory for employers and employees in both the public and private sectors to contribute towards employees’ retirement benefits.
  • At the time, pension administration in Nigeria faced challenges such as inadequate funding, poor management, low coverage, lack of awareness, and a weak regulatory framework.



SOURCE PAGE

Continue Reading

NIGERIA NEWS

Niger Governor, Mohammed Bago sacks 30 special advisers

Avatar photo

Published

on

Niger Governor, Mohammed Bago sacks 30 special advisers


Niger State Governor, Mohammed Bago, has relieved 30 special advisers of their duties as part of a broader restructuring of his administration.

The decision forms part of efforts to reorganise government operations and improve service delivery across the state.

The development was confirmed on Tuesday by the governor’s Chief Press Secretary, Bologi Ibrahim.

Bologi explained that “the termination of their appointment was to allow the governor to rejig and reposition their portfolios with a view to making them more effective and efficient in line with his New Niger agenda.”

Decision taken at first council session

Governor Bago announced the decision during his first executive council meeting with recently inaugurated commissioners at the Government House in Minna.

The meeting focused on reviewing existing structures and repositioning the administration for better performance.

According to the statement, the disengagement of the advisers was necessary to allow the governor review and realign responsibilities in key areas of governance.

No immediate information was provided on replacements or new appointments.

Acknowledgement of service

The governor expressed appreciation to the affected advisers for their contributions and commitment during their time in office.

He noted that the decision was not punitive but part of an administrative reorganisation.

Governor Bago wished the former advisers well in their future pursuits, reiterating his commitment to building a more effective and responsive government for the people of Niger State.



SOURCE PAGE

Continue Reading

NIGERIA NEWS

Dangote Drags NMDPRA CEO Farouk to ICPC  – THISDAYLIVE

Avatar photo

Published

on

Dangote Drags NMDPRA CEO Farouk to ICPC  – THISDAYLIVE


Alex Enumah in Abuja 

The Chairman of Dangote Group, Aliko Dangote, on Tuesday dragged the Managing Director (MD) and Chief Executive Officer (CEO) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Ahmed Farouk, before the Independent Corrupt Practices and other related offences Commission (ICPC).

In a petition submitted through his lawyer, Chief Ogwu Onoja (SAN), Dangote specifically called on the ICPC to arrest, investigate and prosecute Farouk for offences bordering on corruption and financial impropriety, in the performance of his duties as CEO of the petroleum regulatory agency.

The petition, which was submitted to the office of the ICPC Chairman, Musa Aliyu (SAN), alleged that Farouk spent over $7 million on the education of four of his children in Switzerland.

According to the petition, a copy which was seen by THISDAY, Farouk was said to have paid his children’s fees up-front for a six-month period, without any lawful source of income to justify such expenditure.

It is the claim of the petitioner that the NMDPRA boss grossly abused his office contrary to the extant provisions of the code of conduct for public officers and by so doing enmeshed himself in monumental corruption and unlawful spending of public funds running into million of dollars. 

“That Engr Farouk Ahmed spent without evidence of lawful means of income humongous amount of money of over $7 million of public funds for the education of his four children in different schools in Switzerland for a period of six years upfront,” the petition read in part.

To buttress his allegations Dangote gave the names of the four children, the Swiss schools they attend, the amount paid for each of them to the ICPC for verification and confirmation.

The business mogul further alleged that Farouk used the instrumentality of the NMDPRA to embezzle and divert public funds for personal gain and private interests, actions which he claimed had fuelled public outrage and recent protests by various groups.

Attempting to substantiate the corruption allegations, Dangote pointed out that the NMDPRA boss spent his entire adult working life in the Nigerian public sector and as such could not, based on his legitimate earnings over the years, have accumulated funds close to the alleged $7 million used to finance his children’s education abroad.

“It is without doubt that the above facts in relation to abuse of office, breach of the code of conduct for public officers, corrupt enrichment and embezzlement are gross acts of corrupt practices for which your commission is statutorily empowered under Section 19 of the ICPC Act to investigate and prosecute,” Dangote said.

“That Engr Farouk Ahmed has corruptly enriched himself with tax payers money meant for public consumption and diverted them into private uses. 

“Any public officer who uses his office or position to gratify or confer any corrupt or unfair advantage upon himself or any relation or associate of the public officer or any other public officer shall be guilty of an offence and shall on conviction be liable to imprisonment for five(5) years without option of fine.”

Meanwhile, the petitioner expressed confidence in the capacity of the ICPC, working alongside other anti-corruption agencies, to prosecute financial crimes and ensure that offenders are punished once a prima facie case is established.

He therefore urged the commission to act decisively by investigating the allegations against Farouk and prosecuting him if found culpable, stressing that the matter is already in the public domain.

According to the petition, Dangote said decisive action by the ICPC would help uphold justice and protect the image of the administration of President Bola Ahmed Tinubu.

He also vowed to provide evidence to substantiate his allegations of corrupt enrichment, abuse of office and impunity against the NMDPRA chief.

The business mogul had during a press briefing on Sunday in Lagos, made similar allegations against Farouk.

He had also at the press briefing alleged regulatory failures and corruption in the downstream petroleum sector.

According to him, the allegations, if left unanswered, would continue to undermine public trust and investors’ confidence.



SOURCE PAGE

Continue Reading

Copyright © 2025 Information Hub Media Ltd. All Rights Reserved .