West African Examination Council, WAEC, has denied allegations from the Joint Admission and Matriculation Board, JAMB that the House of Representatives Committee on Basic Examination bodies extorted millions from the examination bodies.

Amos Dangut, head of WAEC’s Nigeria office, denied claims that the committee demanded money from the examination body, telling DAILY POST, “I am the head of WAEC. I am not aware of anything like that.”

JAMB had accused the lawmakers of demanding millions of naira from the bodies in charge of national examinations to carry out their oversight functions.

The committee were further accused of having pressured agencies to surrender portions of their internally generated revenue, IGR, under the guise of legislative oversight.

It all started in March 2025 when the house of representatives resolved to investigate a technical error that compromised the results of the 2025 Unified Tertiary Matriculation Examination, UTME.

The resolution followed the adoption of a motion of urgent public importance sponsored by Adewale Adebayo, a lawmaker from Osun state.

As part of the probe, the committee requested JAMB to submit documents covering its 2023, 2024 and 2025 budgets and IGR, details of revenue generation and budget implementation, evidence of remittances to the federation account, and corresponding bank statements.

And JAMB was said to have failed to provide the documents within the stipulated timeframe.

This led to the committee writing the Central Bank of Nigeria, CBN and the accountant-general of the federation, AGF, requesting the board’s financial records and remittance details.

For the oversight exercise, JAMB facilitated logistics for the committee to inspect its underage examination programme which was scheduled to hold in three centres — Abuja, Lagos and Owerri.

According to documents JAMB transferred N62.7 million to the committee on October 8 to cover the exercise.

However, due to the committee’s legislative schedule, members were only able to visit one centre in Abuja.

As a result, N43 million was refunded to JAMB on November 11 via the account number TSA 0020125461019, after the board reluctantly provided its bank account for the transfer.

And national media outlets, including AIT and Arise Television, reported the committee’s oversight visit

On October 29, a JAMB delegation led by Mufutau Bello, a director in the registrar’s office, appeared before the committee to represent Registrar Ishaq Oloyede. The officials, however, walked out after lawmakers rejected their request for a closed-door session.

Oloyede later appeared before the committee on November 16, apologised for the incident and submitted the requested documents.

Following his appearance, JAMB returned the funds to the committee on November 17, while the investigation was still ongoing.

The committee refunded the money again on November 19, stating that it had no basis to retain funds for activities it did not carry out.

Extortion allegations
After the refunds, reports swirled, alleging that the committee extorted examination bodies, including the West African Examinations Council, WAEC,  National Examinations Council, NECO, National Business and Technical Examinations Board, NABTEB, and the National Board for Arabic and Islamic Studies, NBAIS.

A committee member, who pleaded not be mentioned, said the panel neither requested nor retained funds improperly.

“If the intention were to extort or divert money, there would have been no refunds — certainly not twice. These were traceable bank transfers, not cash payments,” the lawmaker said.

When contacted, JAMB spokesperson Fabian Benjamin declined to comment on the financial transactions.

“I am the information officer; I don’t handle anything that has to do with money,” he said.

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A Federal High Court sitting in Warri, Delta State, has dismissed a suit challenging key provisions of the Petroleum Industry Act (PIA) relating to host community liability, affirming the validity of the statutory framework governing Nigeria’s oil and gas sector.

Naija News reports that that the court threw  out all the claims filed by the Incorporated Trustees of the Centre for Human Rights and Anti-Corruption Crusade (CHURAC),

CHURAC sought to invalidate aspects of the PIA on constitutional and human rights grounds.

The organisation had approached the court to contest provisions of the PIA that impose liability on host communities for acts of vandalism and sabotage affecting petroleum infrastructure, arguing that such provisions were unconstitutional, discriminatory, and amounted to a denial of fair hearing.

At the hearing of the suit,B. E. Oghenekaro appeared as counsel to the plaintiff

The Attorney-General of the Federation, listed as the 1st defendant, was represented by K. K. Akpule. Dr. Abiodun Adesanya, alongside A. A. Affe, represented the President of the Nigerian Senate, the 2nd defendant. There was no appearance for the 3rd defendant.

The defendants had earlier raised a preliminary objection, contending that CHURAC lacked the requisite locus standi to institute the action in a representative capacity on behalf of host communities.

However, in its ruling, the court declined to uphold the objection, holding that the issue of locus standi did not bar it from considering the substantive issues raised in the suit.

Despite overruling the preliminary objection, the court proceeded to examine the plaintiff’s claims on their merits and ultimately found them lacking in substance.

In its judgment, the court held that the challenge to the host community liability provisions of the PIA was unfounded.

It ruled that the plaintiff failed to establish that the impugned sections of the Act were unconstitutional or discriminatory, or that they violated the right to fair hearing as alleged.

The court further held that the National Assembly acted within its legislative competence in enacting the Petroleum Industry Act and that the provisions complained of were part of a broader statutory framework aimed at balancing the interests of host communities, operators, and the Nigerian state.

Accordingly, the court dismissed all the reliefs sought by CHURAC in their entirety and affirmed the validity and enforceability of the relevant provisions of the PIA.

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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.

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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.

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December 16, 2025December 16, 2025

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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.

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• 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 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 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

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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

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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.”

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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.

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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.

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