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Maina Fingers HoS in N195Bn Pension Fraud

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Abdulrasheed Maina, head of the presidential team on pension reform
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The N195 billion pension fraud is getting messier as Abdulrasheed Maina, head of the presidential team on pension reforms, currently on the run over alleged fraud and outright stealing of pension funds yesterday said that Alhaji Bello Isa Sali, head of Service of the Federation, has questions to answer on why 98 per cent of pensioners were denied their benefits in 2012.

 

Maina said in a statement that: “It is surprising to note that when the pension team concluded paper-work preparation for the payment of November, 2012 monthly pension, as usual, the PRTT (Pension Reform Task Team) sent it to the Head of Civil Service of the Federatiion, who usually approves the payment without delay; but could not attend to it, and with no official communication to date.”

 

According to him, there is what he described as “verifiable” evidence that there is so much looting in which his team had set out to correct regretting that the process of preparing documents for payments had been “desperately hijacked” by Mr. Sali.

 

Maina further alleged that Sali deliberately refused to sign documents completed by the Pension Reform Task Team, since November.

 

According to him: “As soon as the current Senate issues erupted, the pension team wonders why Alhaji Sali facilitated the hijacking of the payment which would ruin the Federal Government pension transformation agenda.”

 

In the statement signed by Olajide Fashikun,  PRTT media consultant, Maina also lamented that in the past three months, his team had been stripped of supervisory powers over pension matters.

 

“The unfortunate consequences of these actions are that Nigeria pensioners’ funds are being stolen through a remittal alert where a pensioner received bank alert whereas he is credited with nothing in his bank account, more than 90 per cent of these pensioners are out rightly denied pensions while about two per cent of them are paid only 10 per cent of their entitled pensions.

 

“With the current distraction of the Senate, the pension fraudulent activities have not only resurfaced, but it is bigger, bolder and more widespread and likely to be worse than those who are standing trial.

 

“Consequently, a whole new vista of pension looting era is back since November 2012.”.

 

Efforts to reach the Head of Service for his reaction to these allegationswere unsuccessful as at press time.

 

The Inspector General of Police, Abubakar Mohammed, disclosed last week that Maina had fled the country hence his inability to execute the warrant of arrest issued by the Senate.

 

 

 

 

 

 

 

 

 


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CAC Flags Three Companies, Warns Nigerians

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Corporate Affairs Commission (CAC) has warned Nigerians against transacting with three fake Nigerian firms, citing fraudulent incorporation documents and registration numbers not issued by the commission.

CAC Flags Three Companies, Warns Nigerians

According to the CAC, these companies are using fake certificates of incorporation with two different RC numbers each, none of which exist in the commission’s official records.

The affected companies are SPEF Cooperative Society Ltd with RC Numbers 1265884 and 512862, UPIL Staff Cooperative Society Ltd with RC Numbers 1265837 and 553220, and PREM Staff Cooperative Society Ltd with RC Numbers 1265844 and 545901.

The CAC warns that any Nigerian conducting business with these entities does so at their own risk.

“Anyone that transacts any business with the above-mentioned companies does so at their own risk,” the commission warned.

The commission further advised potential partners and investors to verify registration details directly through its official portal before signing contracts or making payments.

Similarly, the CAC, in a bid to enhance its services, introduced an AI-powered business registration platform on July 3, designed to streamline incorporations.

This new system offers instant name reservations, automated business-name suggestions, and same-day registration using a National Identification Number (NIN).

Additionally, the commission plans to review its service fees starting August 1, aiming to make its services more efficient and cost-effective.

 

 

 

 

 

 


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AfDB to Introduce Systems Reforms to Prioritize Investing in Africa’s Youth

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The African Development Bank, in partnership with the International Labour Organization, has launched a transformative system to mainstream youth employment, skills development, and entrepreneurship across its investments.

The approach, called the Youth, Jobs and Skills Marker System, is aligned with the Bank’s latest Ten-Year Strategy, which places Africa’s young people at the center of development efforts to maximize the impact of every dollar invested, turning demographics into a dividend.

The Marker System ensures that Bank projects spanning diverse sectors, such as agriculture, transport, energy, water, and education, systematically incorporate components that enhance youth employability, foster entrepreneurship, and build market-relevant skills.

“The Youth, Jobs and Skills Marker System is about ensuring Africa’s young people have a real say and active role in building sustainable economies and creating jobs – not as passive recipients of youth programs,” said Dr. Beth Dunford, the Bank’s Vice President for Agriculture, Human and Social Development. “This transformation of Bank practices and systems is a step toward making sure our investments have a positive impact on Africa’s young women and men.”

The integrated system has three focus areas:

Youth: Supporting youth-led micro, small, and medium-sized enterprises through targeted investments and operational integration.

Skills: Expanding access to practical, market-driven training and apprenticeships to enhance career prospects.

 Jobs: Ensuring Bank-funded projects create sustainable job opportunities, particularly by developing youth skills for employability and the promotion of youth-led businesses in priority value chains.

Each year, around 10 to 12 million young Africans enter the labor market, which offers only three million formal jobs annually. The Bank will prioritize youth entrepreneurship and mobilize private sector partnerships to strengthen industry-oriented skills training as well as job creation over the coming decade.

“[This initiative] is very important because it allows us to significantly contribute to the United Nations Sustainable Development Goal #8 that includes decent work for all,” said Peter van Rooij, Director of Multilateral Partnerships and Development Cooperation at the International Labour Organization. “It also allows the International Labour Organization to influence the Bank’s work, to support their lending that is more geared toward more job creation and better jobs in a sustainable way.”

The Youth, Jobs and Skills Marker System is modeled on the success of the Bank’s Gender Marker System and its online dashboard, which categorize Bank projects based on their contribution to gender equality and women’s empowerment.

Similarly, the new system will feature an online platform enabling Bank staff and consultants to access real-time data for preparing country strategy papers, mid-term reviews, annual reports, project supervision, and reporting on youth-related skills, businesses and jobs outcomes.

The Bank has just launched a pilot version of the Youth, Jobs and Skills Marker System in readiness for the full implementation in 2026. This system will enhance data tracking, improve estimates of youth skills attainment and employment, strengthen labor market information systems, and support policymakers in making evidence-based decisions that drive meaningful change.

The International Labour Organization provided technical support for the system’s development with financial support from the Bank’s Youth Entrepreneurship and Innovation Multi-Donor Trust Fund. The Youth, Jobs and Skills Marker System is the first deliberate action of its kind developed by a development finance institution worldwide.


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SEC Probes Ponzi Scheme Linked to FF Tiffany

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The Securities and Exchange Commission has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.

A statement by the SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.

The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.

The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.

According to SEC, those found culpable will be prosecuted in accordance with the Investment and Securities Act and regulatory provisions.

SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.

“These schemes are not registered with the SEC and do not offer investor protection under the law.

“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.

The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.

SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.

 


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