General News
GMB Moves to Scrap Pension for Ex-Governors
General Muhammadu Buhari, president-elect, is to lead a campaign to repeal the pension laws for governors enacted by many states of the federation in line with his campaign promise to tackle pension, gratuity fraud.
Buhari is of the opinion that there was no way Nigeria could survive under the financial weight of the pensions that had been earmarked for governors.
Vanguard reported that the president-elect described the pension laws as enacted by states controlled by APC and PDP governors as scandalous.
The proposal by the incoming president is based on what sources close to him affirm as the incongruity of the laws under the country’s socio-economic environment and also, as a way of demonstrating moral leadership from the top.
Majority of the nation’s 36 state Houses of Assembly have enacted generous pension entitlements for governors that in many cases provide 100 per cent pay for the incumbent governors buildings, generous medical allowances for them and their family members and annual holiday provisions, all of which are to last for life. Provisions in the pension allowances are also made for staff, security and vehicles that are renewable every three or four years.
Vanguard said that Buhari’s inclination towards a review of the pension for former governors was first publicly declared few days to the presidential election at the All Progressives Congress (APC) retreat in Owerri, Imo State.
According to the source, “he was very blunt about it and said that it was something that was going to be done immediately, especially because it is not something that can be sustained.
“The feeling was that not only was it wrong and morally unconscionable, but that it was not something that should be encouraged, and he was appealing to them that it should be changed.”
However, the response of the governors, who were present at the retreat, was not immediately given.
Many states of the federation had steadily been passing the law since return to civil rule. States like Lagos, Edo, Gombe, Oyo, and Rivers have passed the law, through which several former governors are already drawing applicable benefits, which in some cases are 100 per cent of what the incumbent is earning, while in others, some benefits in the pension laws are as high as 300 per cent of what obtains in some states.
100% of basic salary in Lagos
The Lagos State Governor and Deputy Governor Pensions Law of 2007 provides that “a former governor and family (spouse and children both married and unmarried) are entitled to free medical treatment which is not capped. Another highlight is that the ex-governor is entitled to a cook, steward, gardener and other domestic staff who are pensionable.
The benefits:
Annual Basic Salary: 100% of annual basic salaries of the incumbent governor and deputy.
Accommodation: One residential house in Lagos and another in FCT for the former governor; one residential house in Lagos for the deputy.
Transport: Three cars, two backup cars and one pilot car for the ex-governor every three years; two cars, two backup cars and one pilot car for the deputy governor every three years.
Furniture: 300 per cent of annual basic salary every two years.
House maintenance: 10 per cent of annual basic salary.
Domestic staff: Cook, steward, gardener and other domestic staff (no limit) who shall be pensionable.
Medical: Free medical treatment for ex-governor and deputy and members of their families (not just spouses).
Security: Two DSS operatives, one female officer, eight policemen (four each for house and personal security) for the ex-governor; one SSS operative and two policemen (one each for house and personal security) for the deputy. PA: 25% of annual basic salary.
Car maintenance: 30% of annual basic salary.
Entertainment: 10% of annual basic salary.
Utility: 20% of annual basic salary.
Drivers: Pensionable (no limit to number of drivers).
Severance gratuity: Not specified.
100% of basic salary in Kwara
The law stipulated that qualified former governors and their deputies be paid pension for life, without other perks like accommodation, cars, etc.
The law was reviewed in 2010 by Bukola Saraki, a former governor of the state and a serving senator, who with the support of the state House of Assembly imposed outrageous raises on all the benefits.
The 2010 law gives a former governor two cars and a security car, replaceable every three years. The governor is also entitled to a “well-furnished 5-bedroom duplex,” furniture allowance of 300 per cent of his salary (which totals over N6 million).
The law also gives the governor five personal staff paid for by the state, eight policemen, three DSS operatives (of which one must be a female), free medicals for the governor and the deputy.
Other entitlements are 30 per cent of salary for car maintenance, 20 per cent for utility, 10 per cent for entertainment, 10 per cent for house maintenance.
100% of basic salary in Rivers
The Rivers pension law was first approved in 2003 by former governor, Peter Odili, having been passed by a state assembly headed by the present governor, Chibuike Amaechi as speaker.
The 2003 pension law provides pension for life for governors and deputies, defining “pension” as embodying annual terminal basic salary, annual transport allowance, annual rent subsidy, annual utility allowance, entertainment allowance, domestic staff of not more than four.
Like Lagos, the new law gives the former governor a house in Rivers State and anywhere in Nigeria. The former governor is also entitled to pension for life at the rate of the governor’s basic salary, 300 per cent of salary for furniture paid every four years, three cars every four years, free medical and 10 per cent for house maintenance.
The law gives the former governor a security detail comprising two DSS operatives, four police officers, 30 per cent for car maintenance, 10 per cent entertainment, 20 per cent utility and several domestic staff.
100% of basic salary in Edo
The Edo State House of Assembly on May 16, 2007 passed a law entitled ‘Provision for the Pension of Rights of the Governor and Deputy Governor of the state.’
This law was passed few weeks before Governor Lucky Igbinedion left office as Governor of Edo State.
It provides for 100 per cent pension for the governor at a rate similar to the salary of the incumbent office holder and for domestic staff among others for the former governor.
300% of annual salary in Oyo
The Oyo State Pension Law 2004 provides that the Governor and Deputy Governor after leaving office shall be entitled to Pension for life at a rate equivalent to the annual salary of the incumbent Governor or Deputy Governor. Furniture Allowance of 300 per cent of the annual basic salary, Leave Allowance of 10 per cent of annual basic salary and severance allowance of 300 per cent of the annual basic salary.
Burna Boy, Grammy-winning Nigerian artist, has publicly distanced himself from a meme coin circulating online that falsely uses his name and image for promotion.
Burna Boy
In a statement shared via Instagram, the Afrobeats star made it clear that he has no involvement in any cryptocurrency ventures, describing such schemes as fraudulent.
His comments come amid growing traction of a meme coin allegedly linked to him, which has been circulating on social media platform X (formerly Twitter).
“I don’t do any internet ‘coin’ business. I see it as fraud and I have no interest in any of that,” Burna Boy wrote. “So if you see anyone using my name for such, please disregard or report them.”
The singer urged fans to remain vigilant and to report anyone promoting the crypto project under false pretenses.
AM Best has reaffirmed its stable outlook for the global cyber insurance market. The rating agency notes that strong demand for cyber insurance coverage is expected to continue, supporting profitability across the sector despite intensifying competition.
Atlas Magazine reports that the small and medium-sized enterprise (SME) segment presents a key growth opportunity, as many SMEs remain underinsured or lack sufficient cyber coverage.
Rising awareness of cyber threats has also led policyholders to enhance their IT security measures, helping reduce potential losses in the event of a claim.
AM Best’s outlook is further supported by several factors, including sustained capital inflows from reinsurers and alternative capital providers, the use of artificial intelligence for more effective risk selection, and favorable regulatory developments.
According to Munich Re, global cyber insurance premiums reached $15.3 billion in 2024, climbing seven per cent year-on-year.
The market is projected to grow at an average annual rate exceeding 10 per cent through 2030.
However, the industry continues to grapple with challenges such as a rise in ransomware attacks, business email compromise, and payment fraud. The growing use of AI by cybercriminals is also amplifying the scale and sophistication of such attacks.
Woodhall Capital in partnership with Polaris Bank, Lagos and UK governments have announced the launch of a ₦1.5 billion Creative Sector Fund aimed at expanding access to structured financing for creative entrepreneurs meant to scale their output across fashion, film, music, and digital content.
L-R- Abimbola Ozomah, Executive Director, Polaris Bank; Mojisola Hunponu-Wusu, Founder/CEO, Woodhall Capital; Sola Carrena, MD/CEO, Helios Investment; Onyinyechi Aderigbigbe, Head, Brands & Marketing, Woodhall Capital; Jonny Baxter, British Deputy High Commissioner at the signing ceremony of the N1.5bn Creative Sector Fund & Launch of the Creative Currency Podcast at the weekend, Lagos
The fund was unveiled during the launch of the Creative Currency Podcast, an initiative designed to foster collaboration between creatives, financiers, policymakers, and global stakeholders.
The platform will serve as both a podcast and policy engagement forum, tackling long-standing challenges such as limited access to finance, weak Intellectual Property(IP) enforcement, and the absence of scalable business infrastructure within the creative ecosystem.
In May 2022, Polaris Bank partnered with the Lagos State Employment Trust Fund (LSETF) to establish a ₦1 billion funding initiative targeted at artisans in Lagos State.
The objective of the partnership was to deliver critical financial support to empower skilled artisans and entrepreneurs within the MSME sector who had maintained active business operations for at least one year ultimately fostering wealth creation and economic inclusion across the state.
At the launch event held on Thursday evening at the Ikoyi residence of the British Deputy High Commissioner, Polaris Bank’s Executive Director, Abimbola Ozomah, who sat on a panel at the launch, emphasized that the fund is a long-overdue response to the structural exclusion of creatives from formal financing systems. She described the initiative as a deliberate attempt to recognize creative endeavours, intellectual property as a bankable asset and to build a framework where creatives are treated as serious entrepreneurs capable of generating significant economic value.
“This fund represents more than capital, it reflects our belief in Nigerian creativity as a global force,” said Polaris Bank’s Executive Director, Abimbola Ozomah. “We’re not just exporting talent. We’re exporting ownership, structure, and long-term value.”
Founder and CEO of Woodhall Capital, Mojisola Hunponu-Wusu, reiterated the urgent need to redefine how the financial system engages with the creative sector. She committed to providing bespoke financial products, advisory services, and investor-matching support tailored specifically for the needs of creative MSMEs.
The UK Government, through the British Deputy High Commissioner, Mr. Jonny Baxter, highlighted its longstanding commitment to Nigeria’s creative economy. The UK-Nigeria Creative Industries Partnership signed in 2024 was cited as a milestone in unlocking trade, investment, and collaborative opportunities between both countries. The Deputy High Commissioner praised the initiative as a blueprint for global creative cooperation.
The Lagos State Government, a key driver of the initiative, reaffirmed its ambition to cement Lagos as Africa’s creative capital. According to the Governor’s representative, Representing the Governor, Mrs. Folashade Ambrose-Medebem, Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, highlighted the state’s efforts in supporting the sector through progressive policy reforms, infrastructure development, and the provision of zero-interest loans of up to ₦10 million via the Lagos Creative Fund. These measures are designed to empower creatives to scale operations, access markets, and formalize their business practices.
The newly launched Creative Currency Podcast is positioned to be more than a media channel. It is a knowledge-sharing ecosystem that brings together local talents, international investors, legal experts, and cultural stakeholders to explore opportunities, identify risks, and share solutions that will elevate Nigeria’s creative industries to global standards.
Throughout the panel sessions, panelists emphasized the need for deeper structure, transparency, and professionalism in the sector. Creators were encouraged to develop clear business plans, maintain accurate financial records, formalize their operations, and assert their rights to royalties and IP protection.
As conversations deepened, financial institutions acknowledged the need for a mindset shift. Traditional risk models, they agreed, must be reimagined to reflect the unique nature of creative enterprises many of which are driven by intangible assets, flexible revenue models, and export potential.
The event concluded with a call to action: invest in the systems, not just the stories. Stakeholders were unanimous in their belief that a more structured, collaborative, and well-capitalized creative economy will deliver jobs, exports, and global relevance for Nigeria.
Polaris Bank has built a strong footprint in financing MSME by committing billions of naira in loans to support MSME operations in Nigeria, with huge lending portfolio dedicated to empower micro, small, and medium businesses meant to grow businesses, create jobs, and build wealth.
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