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PenCom Inaugurates Committee to Drive Non-interest Pension Fund Development

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.
News
Kaspersky Uncovers Dero Crypto Miner Spreading via Exposed Container Environments

Kaspersky Security Services experts have identified a sophisticated cyberattack campaign targeting containerized environments to deploy a miner for the Dero cryptocurrency.
The attackers abuse exposed Docker APIs — parts of Docker, an open-source container development platform. In 2025, there are a significant number of Docker API default ports that are insecurely published, accounting for almost 500 occurrences worldwide on average each month.
In the discovered campaign, cybercriminals inject two types of malwares into the compromised systems: one is the miner itself and the other is a propagation malware that can spread the campaign to other insecure container networks.
Kaspersky experts discovered this malicious campaign as part of a compromise assessment project. According to expert estimates, any organisation that operates containerized infrastructure — while exposing Docker APIs without robust security controls — can be a potential target. These may include technology companies, software development firms, hosting providers, cloud service providers and more enterprises.
According to Shodan, in 2025, there are 485 published Docker API default ports¹ worldwide each month on average. This figure illustrates the campaign’s potential attack surface by tallying the “entry points” — or insecurely exposed ports that attackers might target.
Once attackers identify an insecurely published Docker API, they either compromise existing containers or create new malicious ones based on a legitimate standard Ubuntu image. They then inject two malware types into the compromised containers: “nginx” and “cloud”.
The latter is a Dero cryptocurrency miner, while “nginx” is a malicious software that maintains persistence, ensures execution of the miner and scans for other exposed environments. This malware allows attackers to operate without traditional Command-and-Control (C2) servers; instead, each infected container independently scans the Internet and can spread the miner to new targets.
“The campaign has the potential for exponential growth of infections, with each compromised container acting as a new source of attack, if security measures are not immediately put in place in the potentially targeted networks,” explains Amged Wageh, an incident response and a compromise assessment expert at Kaspersky Security Services.
“Сontainers are foundational to software development, deployment, and scalability. Their widespread use across cloud-native environments, DevOps, and microservices architectures makes them an attractive target for cyber attackers. This growing reliance demands organisations adopt a 360-degree approach to security — combining robust security solutions with proactive threat hunting and regular compromise assessments”.
The attackers embedded the names “nginx” and “cloud” directly in the binary — an inflexible executable file composed of instructions and data for the processor, not for humans. This is a classic masquerading tactic that lets the payload pose as a legitimate tool, trying to deceive both analysts and automated defenses.
News
Manager, Others Arraigned for Allegedly Hacking into Premium Trust Bank’s Server

Economic and Financial Crimes Commission (EFCC), on Tuesday, charged five defendants before a Federal High Court in Lagos for allegedly hacking into the server of Premium Trust Bank.
The defendants are listed as the bank’s e-payment service manager, Matthew Adeniyi; Kehinde Odeyemi, a nursing mother; Samson Latshin, Bolaji Omotosho and Sunday Okunnola.
They were charged before Justice Alexander Owoeye, on a six-count charge bordering on conspiracy, cybercrime and unlawful access to the bank’s database.
They, however, pleaded not guilty to the charge.
Mrs. Zeenat Atiku, prosecutor, alleged that they committed the offence between April and May this year, in collaboration with three others, now at large.
Those still at large are Isa Ismaila, Victor Joshua, also known as ‘Oracle’ as well as one other, simply identified as Humble.
According to the charge, the first defendant unlawfully disclosed sensitive credentials, including the bank’s server IP and domain details, to these parties.
She said this enabled an unauthorised access to the bank’s database and the consequent data breach allegedly resulted in financial gains of $10,000.
The prosecutor also alleged that the defendants attempted to intercept the bank’s network and procured a Hewlett-Packard ProBook 440 G9 laptop (serial No. SN#5CD2473N6G) configured to bypass the bank’s security systems.
The anti-graft agency said the alleged offences contravened the provisions of sections 12(1)(b), 27, 28(1)(b)(c) and 28(3) of the Cybercrimes (Prohibition Act, 2015 (as amended in 2024).
Following their pleas, the prosecutor, requested for a trial date and sought an order to remand the defendants in custody.
Meanwhile, the court declined an oral bail by the defence counsel and directed that a formal bail application be filed.
He adjourned the case until June 30, for trial and ordered that the defendants be remanded at the Nigerian correctional centre, pending bail.
The court, however, added that the defence may apply for an earlier trial date, upon filing their bail applications.
News
DBI Clocks 21, to Train 5m Workers

Digital Bridge Institute (DBI), the training arm of the Nigerian Communications Commission (NCC), has said that it plans to train not less than five million workers in two years.

Mr David Daser, president/CEO DBI,
Speaking at an event in Abuja to mark the organisation’s twenty-one years of existence, Mr David Daser, president/CEO DBI, said that the investment in human capacity building by the Organisation is to ensure that Nigerians are well prepared to compete in the global market.
The event with the theme: “Preparing Today’s Workforce for Tomorrow’s Market”, chronicled the birth of the DBI 21 years ago and the journey so far in a documentary produced by the Agency.
“Today, we commemorate a vision that took root over two decades ago, one that continues to flourish through innovation, excellence, and transformative impact across Nigeria and Africa.
“The Digital Bridge Institute (DBI) was established on May 20, 2004, by the Nigerian Communications Commission (NCC) as a Centre of Excellence for ICT and telecommunications training.
“Today, we stand proud with a network of campuses, global partnerships, and thousands of empowered professionals contributing meaningfully to the digital economy.
“We recall with pride that the commissioning of DBI was graciously performed by Former President Olusegun Obasanjo, whose commitment to knowledge-driven development gave this institution a strong and promising start”, the DBI President said.
Mr Daser said that the theme of the celebration, reflects the urgency of the DBI mission in a rapidly evolving digital world.
As technologies like AI, 5G, IoT, and cybersecurity redefine the future of work, DBI, he stated remains steadfast in its commitment to future proofing Nigeria’s workforce.
Not leaving out the architects that laid the foundation of the Institute, Mr Daser said that their legacies must live on.
“We owe our foundation to the foresight and patriotic vision of our founding fathers, notably the late Alhaji Ahmed Joda, former Chairman of the NCC, and Engr. Ernest Ndukwe, former Executive Vice Chairman.
“Their belief in the transformative power of digital knowledge gave birth to this noble institution.
We also honour the past Chief Executives who built the foundation upon which we proudly stand today”, he said.
According to him, upon assuming office in September 2024 as President/CEO, he inherit a resilient institution brimming with potential adding that since then, DBI has recorded several landmark achievements, which including a strategic partnership with Small Business Training Solutions (SBTS) Group to expand digital learning infrastructure.
Other achievements he listed include “the launch of the DBI Global Training Partner Program at our Lagos Campus;
“The ongoing Ministry of Humanitarian Affairs and Poverty Reduction Training Programme across all campuses.
“Graduation of Sightsavers training cohorts in Kano and Lagos.
“The commissioning of the Information Access Centre (IAC) by the Honourable Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani”.
The Digital Bridge Institute is also working towards the implementation of the NCC-DBI ADEPTI Programm described as a high impact NCC-funded initiative set to commence soon.
Only recently, Mr David Daser, was appointment as chairman of the Digital Literacy Technical Working Group by the Federal Government, through the National Information Technology Development Agency (NITDA), a Development considered a strong endorsement of DBI’s national leadership in the digital literacy space.
“While these accomplishments are significant, they are not ours alone. We remain deeply grateful to our founding and sustaining institution, the Nigerian Communications Commission (NCC), for its vision, guidance, and unflinching support.
“Looking ahead, DBI, through its global network of partners, aims to train five million Nigerian workers, across public and private sectors, in Artificial Intelligence over the next three years.
“This ambitious goal is already in motion, bolstered by the backing of President Bola Ahmed Tinubu, GCFR, Minister Dr. Bosun Tijani, and Dr. Aminu Maida.
“Nigeria is poised to become a hub for AI innovation and training, and DBI is fully committed to making this a reality.
“To this end, we call on all Nigerians, leaders of Ministries, Departments and Agencies (MDAs), State governors, and local government authorities, to support and partner with DBI in this critical mission. Nigeria must not lag behind in the AI revolution”, Daser stressed.
Like any other human organisation Daser discosed that the DBI has experienced its share of ups and downs over the past 21 years.
“In the recent past, we faced a particularly challenging period during which it became a herculean task to pay staff salaries and allowances.
“Our facilities and office infrastructure across campuses deteriorated, and staff morale declined significantly, leading to a sense of disorientation among workers.
“But beyond these tangible difficulties, there were more complex undercurrents, seasons when the compass between this vessel and its founding lighthouse drifted, ever so slightly, from alignment.
“A fog of uncertainty hung over questions of identity, structure, and status. These internal tides, though rarely seen on the surface, stirred deep within the institutional waters, creating a rift that tested the very bridge we were built to uphold.
“Yet even in such a storm, we did not abandon the helm. Rather, we recalibrated our direction with resolve and mutual respect, understanding that even a well-built compass must sometimes reset to find true north.
He emphasised that the journey back to clarity is ongoing, “but it is steady, principled, and constructive”.
He commended the Federal government for its support and commitment to bridging the digital divide and driving Nigeria towards inclusive digital transformation saying that the future is not just bright, it is solid.
“We assure our partners of our unwavering dedication to effective service delivery, as we continue to foster and sustain collaborative efforts toward making the world a better place for all.
“As we mark 21 years of DBI, we look forward with renewed purpose, to bridge the digital divide and prepare a workforce ready to lead in tomorrow’s marketplace”, he said.
Delivering a lecture on bridging the digital divide: collaborative pathways to ICT work development in Nigeria, Mr Shola Osiloja, lead speaker, said that for over two decades, DBI has stood as a beacon of excellence in ICT education and training in Nigeria, living up to its founding vision as a bridge across the digital divide.
Mr Osiloja who is also the Chairman, sector Skills Council for Information and Communications Technology SSC-ICT, was represented by Mr Emeka Okafor, secretary-Council.
He said that in 2004, when DBI was established by the Nigerian Communications Commission, Nigeria had just witnessed the successful auction of Digital Mobile Licenses.
According to him, Mobile penetration was less than 5%. “The internet and telecommunication was a luxury. Digital literacy was a term unfamiliar to many.
Presently he stated, “We have over 120 million internet users. Mobile penetration exceeds 85%. We have vibrant tech hubs in Lagos, Abuja, Port Harcourt, and beyond.
“Nigerian startups are attracting global investment.
“This transformation – both national and personal – didn’t happen by accident. It was the result of deliberate, collaborative efforts to build digital capacity and bridge the skills gap.
“Let me take a moment to commend DBI.
For 21 years, DBI has not just trained individuals—it has trained a mindset, From ICT literacy programs to professional certifications, from rural empowerment initiatives to global partnerships, DBI stands as a cornerstone in Nigeria’s digital architecture”, he said.
Quoting the World Economic Forum, he said, “The World Economic Forum estimates that by 2027, 69% of companies globally will accelerate their adoption of AI, potentially displacing 85 million jobs while creating 97 million new ones.
“In Nigeria, the digital skills gap could cost our economy an estimated $11 billion annually in lost growth opportunities-The question before us is clear: How do we prepare Nigeria’s workforce not just for today’s market, but for tomorrow’s?”
Proferring solutions to what must be done to prepare Nigerian workers for tomorrow’s market, the Chairman listed Making digital skills the new literacyand to embed coding, digital marketing, cybersecurity, data analytics, and AI basics from secondary school.
Other suggestions he said include but not limited to, “every citizen must see digital fluency as fundamental as reading or writing.
“Institutionalise Work-Based Learning
Let’s make internships and apprenticeships mandatory in ICT programs. Let schools and startups co-design curricula that are relevant and adaptive.
“
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