Business
Inspen Retirement summit for informal sector workers holds Today
BY NKECHI NAECHE-ESEZOBOR—The National Pension Commission (PenCom) has received a four-member delegation from Kenya’s Retirement Benefits Authority (RBA) for a four-day technical study visit in Abuja, solidifying Nigeria’s position as a leading reference point for pension reform and regulatory innovation across the African continent.
The Kenyan delegation, led by John Keah, Director of Market Conduct and Industry Development at the RBA, is visiting Nigeria from June 8 to 11, 2026, to understudy PenCom’s regulatory and supervisory frameworks.
Keah noted that the engagement highlights the critical role of cross-border learning among African regulators aiming to optimize retirement systems and improve pension outcomes for citizens. He added that structural similarities between the two nations’ pension landscapes make Nigeria’s journey highly relevant to Kenya’s ongoing domestic reforms.
The RBA delegation is focusing its study on PenCom’s Environmental, Social, and Governance (ESG) initiatives, its risk-based supervision framework, and its strategies for expanding pension coverage to both the informal sector and the diaspora.
Keah particularly lauded the governance safeguards within Nigeria’s pension system and described the Diaspora Pension Arrangement as an innovative milestone capable of reducing old-age poverty and enhancing long-term retirement security.
Welcoming the delegation, the Director General of PenCom, Ms. Omolola Oloworaran, reiterated Nigeria’s dedication to regional collaboration and knowledge exchange. Represented by the Director of the Surveillance Department, Abdulrahaman Muhammad Saleem, the Director General revealed that pension assets under management in Nigeria have grown to over ₦32 trillion, representing approximately 10.4 percent of the nation’s Gross Domestic Product (GDP).
This growth, she noted, stems from continuous regulatory reforms, heightened governance standards, and rigorous supervisory mechanisms established since the inception of the Contributory Pension Scheme (CPS) in 2004.
Ms. Oloworaran also highlighted the Federal Government’s recent settlement of outstanding accrued pension rights liabilities as a historic turning point for the CPS.
The intervention, executed through the issuance of a Federal Government bond, effectively resolved a prolonged funding backlog that had previously delayed retirement benefits for public sector employees within Treasury-Funded Ministries, Departments, and Agencies (MDAs).
Under the new framework, accrued rights are transferred directly into retirees’ Retirement Savings Accounts (RSAs), granting immediate access to investment returns and eliminating lengthy waiting periods.
The technical visit, anchored on the theme “Risk-Based Supervision and ESG Integration in Pension Funds,” includes interactive departmental presentations, study tours to selected Pension Fund Administrators (PFAs), and collaborative sessions on emerging risks.
Both regulatory bodies expect the engagement to deepen bilateral cooperation and foster resilient, inclusive, and sustainable pension architectures across East and West Africa.
The post Nigeria’s Pension Assets Top ₦32tn as Kenyan Regulator Understudies Reforms appeared first on Business Today NG.
Business
Aviation ground handlers lift suspension on Max Air after debt negotiations, partial payment
The Aviation Ground Handlers Association of Nigeria (AGHAN) has lifted its suspension on services to Max Air, less than 24 hours after halting operations over unpaid debts.
The association said the decision followed progress in discussions with the airline, including the payment of a “substantial amount” of money out of its outstanding obligations to handling companies.
In a statement issued on Friday, AGHAN said the suspension was lifted after Max Air re-engaged with its members and committed to resolving its debt profile.
“We have to lift the handling suspension on Max Air after it commenced negotiations with our members and paid a substantial amount of money out of its debts,” the association said.
Ground handling companies provide critical airport services, including aircraft marshalling, baggage handling and ramp operations, which are essential to airline turnaround and safety compliance.
The development is coming just a day after the group withdrew handling services to the airline, citing prolonged unpaid debts it said have reached unsustainable levels and strained operations within the aviation support sector.
PREMIUM TIMES earlier reported that AGHAN withdrew its services from Max Air on Thursday over the debts estimated at N1 billion.
The association had accused the airline of failing to engage meaningfully in repayment discussions at the time, while other indebted carriers were said to be making settlement plans.
AGHAN noted that the action was necessary after repeated efforts to recover the debt failed, warning that the issue, if not addressed, could undermine safety and operational efficiency at airports.
Despite lifting the suspension, the association said the underlying financial pressure facing ground handling companies remains unresolved.
ALSO READ: Aviation Ground Handlers withdraw services from Max Air over alleged N1 billion debt
AGHAN said its members continue to operate under rising costs arising from equipment procurement, foreign exchange exposure and operational overheads, while awaiting payments from airlines.
“We agree that the operating environment is tough for all operators, but we are not equally exempted from the challenge,” the statement disclosed.
It added that aviation services operate as an interconnected chain, warning that financial distress affecting any segment could have wider implications for safety and service delivery.
“The aviation industry is a chain and not about the airlines alone. Others too play major roles in the ecosystem and they need to survive,” the association said.
-
Health3 days agoCholera Outbreak: 74 dead, over 7,800 cases strain Borno facilities
-
Health4 days ago
Unsafe food causes 53,000 deaths annually in Nigeria – Minister
-
Health4 days ago
Tinubu establishes Ebola task force, approves ₦10bn for preparedness
-
Health4 days ago
Plateau State Govt Moves to Sustain Malaria Control Gains with 2026 SMC Campaign
