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PenCom Inaugurates Committee to Drive Non-interest Pension Fund Development

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The National Pension Commission (PenCom) has inaugurated the Pension Industry Non-Interest Advisory Committee (PINAC) to enhance the development of non-interest pension funds in Nigeria.

Speaking at the inauguration ceremony in Abuja, Omolola Oloworaran, Director-General of PenCom, emphasized the significance of this initiative in deepening financial inclusion and expanding ethical pension offerings within the industry.

According to Oloworaran, the establishment of the advisory committee reflects PenCom’s commitment to fostering innovation, inclusivity, and sustainability in pension administration.

She highlighted the increasing demand for non-interest financial products, driven by a growing awareness of ethical finance principles and the need for alternative investment avenues.

“The Rationale for the Non-Interest Advisory Committee IS CLEAR. In recent years, we have witnessed increasing demand for non-interest financial products, driven by a growing awareness of ethical finance principles and the need for alternative investment avenues.

“The introduction of Non-Interest Pension Funds (Fund VI) was a groundbreaking step in this direction, providing an investment option that is free from interest-based instruments while still ensuring competitive returns for contributors,” She stated

According to her, the development of this segment requires structured guidance, expert insights, and collaborative strategies to navigate regulatory, operational, and market challenges. “This is precisely why we have established this Advisory Committee to serve as a think tank, providing recommendations on best practices, governance structures, product development, and compliance with non-interest finance principles,” Oloworaran added

The newly inaugurated committee has been tasked with key responsibilities, including Ensuring transparency, security, and alignment of non-interest pension products with global best practices.

Market development and awareness, promoting financial literacy and increasing public education on the benefits of non-interest pension funds.

Investment strategy and innovation, identifying and recommending viable non-interest investment opportunities to ensure sustainable growth and competitive returns.

Collaboration and stakeholder engagement, building partnerships with financial institutions, industry experts, and regulatory bodies to create a robust non-interest pension ecosystem.

Oloworaran noted that the successful implementation of non-interest pension products would help attract a significant portion of the unserved and underserved population into the pension system and this aligns with the government’s broader agenda for financial sector deepening, economic diversification, and social security enhancement.

“By embracing non-interest financial principles, we are positioning Nigeria as a leader in ethical pension fund management, fostering investor confidence, and promoting sustainable economic growth,” she stated.

The PenCom DG urged members of the advisory committee to approach their mandate with dedication, foresight, and an unwavering commitment to excellence. She assured them of PenCom’s full support in ensuring the success of the initiative.

“Your collective expertise and insights will shape the future of non-interest pension funds in Nigeria, ensuring that we build a system that is not only inclusive but also resilient and globally competitive.

“PenCom stands ready to provide all necessary support to ensure the success of this initiative. We are confident that through your efforts, the pension industry will experience a new era of innovation and inclusivity.”

Also speaking at the inauguration ceremony, Muhammad Muazu Lere, Chairman of PINAC, applauded the National Pension Commission (PenCom) for entrusting the committee with this responsibility. He emphasized the critical role of Shari’ah governance in ensuring compliance, building trust, and enhancing the credibility of Islamic financial institutions.

“The importance of a Shari’ah compliance monitoring system cannot be overstated. It is essential for maintaining the integrity and effectiveness of Islamic financial institutions. Our role as PINAC members is not just a duty; it is a commitment to positively impacting the ethical fund space and upholding global best practices,” Lere stated

Lere highlighted PINAC’s intention to collaborate with key regulatory agencies, including the Financial Regulation Advisory Council of Experts (FRACE) of the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the Takaful Advisory Council (TAC) of the National Insurance Commission (NAICOM). This cooperation, he noted, would ensure that the committee’s activities align with international standards.

Despite the operational existence of Fund VI for several years, Lere pointed out that one of the major challenges facing its growth is low awareness among Retirement Savings Account (RSA) holders. He called on the Commission to intensify public education efforts about Fund VI, similar to the awareness campaigns conducted for the Micro Pension Plan.

“The lack of awareness has hindered Fund VI’s growth. It is crucial to conduct public enlightenment initiatives to educate Nigerians on its benefits and operations,” he urged.


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NITDA, RHI, Commission IT Community Centre in Ibadan

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L-r: Kashifu Inuwa CCIE, DG, NITDA; Wife of Oyo State Governor Engr (Mrs) Tamunominini Makinde; Oyo State Governor, Engr. Oluseyi Makinde; Sen. Oluremi Tinubu, First Lady Federal Republic of Nigeria; Dr Bosun Tijani, HM, Communications, Innovation and Digital Economy; former Minister of Trade, Chief (Mrs) Onikepo Akande and Ooni of Ife, Oba Adeyeye Enitan Ogunwusi.
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The National Information Technology Development Agency (NITDA), in partnership with the Renewed Hope Initiative (RHI), has officially commissioned a state-of-the-art IT Community Centre in Ibadan, Oyo State, as part of ongoing efforts to bridge the digital divide and empower youth and women across the state.

The centre, which was donated to Oladipo Alayande School of Science in Oke-Bola, Ibadan, Oyo State, was named in honour of Mrs. Onikepo Akande, a distinguished daughter of Oyo State, and is aimed at providing digital skills training, particularly for women and young people. It is expected to offer participants a competitive edge in the evolving global tech industry.

Her Excellency, the First Lady of the Federal Republic of Nigeria, Senator Oluremi Tinubu CON OON, delivered special remarks at the event, emphasising the centre’s role in achieving one of President Bola Ahmed Tinubu’s key priority areas which is to accelerate economic diversification through digitisation, industrialisation, innovation, and the creative arts.

She disclosed that the commissioning of the centre is a step forward in the collective mission to empower Nigerians, especially women and youth, with the skills needed to thrive in a digital economy.

“We are not stopping here. I am pleased to announce that ten more IT Centres will soon be commissioned across various states,” she added.

While noting that other digital economy centres have been fully equipped with computers and ICT materials in 5 other states, she urged members of the community to take full ownership of the centre.

She said, “The success of this centre depends on your active participation and utilisation of available resources.”

The Oyo State Governor, Engr. Oluseyi Makinde, who delivered a goodwill message during the event, praised NITDA and RHI for bringing the initiative to the state.

He highlighted the high standards of the facility and pledged the state government’s support to ensure its sustainability and maximum impact on the people of Oyo State.

“Information Technology, Artificial Intelligence, that is the road to the future, and I am glad that under the Renewed Hope Initiative, you’ve brought this to Oyo State, and I can give you the assurance that we will take full advantage of it,” he promised.

In his remark, the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani stated that the centre will serve as an avenue for youths to acquire globally relevant digital skills, build startups and create solutions that can compete on the global stage.

While giving his welcome remarks earlier, the DG NITDA, Kashifu Inuwa, described the collaboration with the Renewed Hope Initiative as a strategic intervention to boost Nigeria’s digital talent pool.

He explained that the Ibadan IT Community Centre is equipped with cutting-edge technologies designed to provide a smart and personalised learning experience and lauded Senator Tinubu for her leadership and passion for empowering underrepresented groups.

“Your Excellency’s vision and commitment have been instrumental in actualising this initiative. You are giving Nigerians the tools to unlock their potential in the digital economy,” he said.

Noting that the newly commissioned centre is part of a broader national agenda to enhance digital literacy, reduce unemployment, and foster innovation-driven development across the country, Inuwa disclosed that the agency has worked with the Ministry of Education to develop digital literacy and skills curriculum that will be infused as part of the formal education in schools.

While encouraging the school administrators and community leaders to ensure its accessibility and sustainability, the NITDA DG said, “The centre is open to all, and we want to see a cross-pollination between the school and the community.”

 


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Nigeria Reports 832 Lassa Fever and Mpox Cases, Death Toll Hits 135

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Nigeria Centre for Disease Control and Prevention (NCDC) has confirmed the country has recorded 832 confirmed cases of Lassa fever and Mpox.

Speaking during a press briefing on Friday in Abuja, the agency’s Director General, Dr. Jide Idris, revealed that 132 fatalities were recorded from Lassa fever and three from Mpox.

While acknowledging a recent decline in Lassa fever infections during epidemiological week 16 (ending April 20, 2025), he warned that the overall risk remains high, particularly in endemic regions.

“Cumulatively, as of week 16, Nigeria has reported 4,253 suspected cases of Lassa fever, 696 confirmed cases, and 132 deaths, resulting in a case fatality rate of 19.0 percent,” he stated.

Dr. Idris attributed recent improvements to intensified surveillance, treatment efforts, and enhanced community engagement. He emphasized, however, the continued need for vigilance and collaboration to sustain progress.

Regarding Mpox, the NCDC boss disclosed that three deaths have been recorded in 2025—two in Abia and Ebonyi States in week 10, and one recently in Rivers State involving a patient co-infected with HIV and tuberculosis.

As of week 16, 723 suspected cases and 136 laboratory-confirmed cases of Mpox have been reported across 35 states and the Federal Capital Territory (FCT). The national case fatality rate currently stands at 2.2 per cent.

“The epidemic curve reveals multiple peaks in Mpox cases, indicating ongoing transmission. While most states have reported suspected cases, confirmed infections are heavily concentrated in Nigeria’s southern and central regions,” Dr. Idris noted.

To address these outbreaks, the NCDC has activated its Emergency Operations Centre (EOC), deployed National Rapid Response Teams to affected states, and prepositioned essential medical supplies, including personal protective equipment and laboratory consumables. Five additional Mpox diagnostic laboratories have also been optimized in Bauchi, Kano, Cross River, Rivers, and Enugu States.

“Healthcare workers are undergoing specialized training in infection prevention, case management, and cerebrospinal meningitis (CSM) care. Community outreach is being reinforced through public awareness campaigns, media engagement, and targeted health communication strategies,” he added.

On cerebrospinal meningitis, Dr. Idris reported a consistent decline in new cases and fatalities over the last three weeks.

He attributed the improvement to effective vaccination, early treatment, and adaptive surveillance strategies tailored to real-time data.

“Although the situation remains serious, strong national and state-level coordination is showing positive results.

“The response will continue until full containment is achieved and states take full ownership of the CSM Incident Action Plan,” he said.

Dr. Idris also expressed concern about the rising Mpox trend since its reemergence in 2017, with significant spikes recorded between 2022 and 2024, positioning Nigeria among the most affected countries globally.

He warned that under reporting and delayed data entry remain challenges that need urgent resolution to ensure accurate and timely outbreak response.

A national mortality review for the recent Mpox deaths is being planned to further assess response effectiveness and identify areas for improvement.

The NCDC reaffirmed its commitment to safeguarding public health through timely surveillance, transparent reporting, and coordinated national response mechanisms aimed at reducing disease burden and preventing future outbreaks.


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Presidents Mahama, Tinubu Honor Dr. Mike Adenuga on 72nd Birthday

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Presidents John Dramani Mahama of Ghana and Bola Ahmed Tinubu of Nigeria have celebrated the Chairman of Globacom, Dr. Mike Adenuga Jr., on the occasion of his 72nd birthday.

In congratulatory messages, both leaders praised Dr. Adenuga’s outstanding contributions to the economic development and growth of both Ghana and Nigeria. They commended his remarkable entrepreneurial spirit, resilience, and commitment to excellence.

President Mahama described Dr. Adenuga’s life as “a shining example of vision, resilience, and extraordinary accomplishment.” He noted that through his entrepreneurial endeavors, Dr. Adenuga has not only built enduring businesses but also contributed significantly to the socio-economic advancement of the African continent.

He noted that Dr. Adenuga’s leadership and philanthropic endeavour remain a beacon of inspiration for generations across Africa.

Also President Tinubu stated that Dr. Adenuga’s humility and diligence have enabled him to succeed in various sectors, including banking, telecommunications, oil, and gas. He praised Dr. Adenuga’s innovative approach to business, citing Globacom’s pioneering per-second billing, which expanded telephony and digital access to millions of Nigerians.

“In addition, Conoil has proven that an indigenous firm can compete with international oil companies, fostering energy independence and security for our country.” He added.

President Tinubu who expressed the gratitude of Nigerians to Dr. Adenuga for his immense contributions to the country’s progress and prosperity, also commended him for extending his investments to other African countries and Europe, “a bold effort which earned you well-deserved honours as Commander of the Legion of Honour (France) and Ghana’s Companion of the Star of Ghana”.

 


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