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Nigeria’s Pension Assets Top ₦32tn as Kenyan Regulator Understudies Reforms

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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.

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Asaba Incident: Aircraft’s black box data overwritten after crew flew back to Lagos

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The Nigerian Safety Investigation Bureau (NSIB) has said critical data from the flight recorder of the private jet that landed on a road near Asaba Airport was overwritten after the aircraft was flown back to Lagos before investigators could take custody of it.

The Director-General of the NSIB, Alex Badeh, disclosed this on Friday during a virtual media briefing, saying the development would make it more difficult for investigators to reconstruct what happened during the unusual landing.

The incident involved a US-registered Bombardier Challenger 601-3A operated by VMO Aero Limited, which landed on a paved road near Asaba Airport in Delta State on 10 June instead of the designated runway.

The aircraft, which was flying from Lagos to Asaba under Instrument Flight Rules, was carrying four crew members and three passengers. No injuries were reported.

The crew later flew the aircraft back to Lagos before investigators arrived at the scene.

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Mr Badeh said the return flight resulted in the flight recorder overwriting data that could have assisted the investigation.

He said the recorder was expected to have a longer recording capacity but, in this case, investigators recovered only about two hours of low-quality data.

“The rule allows them to have a 26-hour electric recorder but we discovered that it only recorded for about two hours of low quality,” he said.

He explained that because the aircraft had flown from Lagos to Asaba and then back to Lagos, the recorder had overwritten information from the period investigators were most interested in.

That has left investigators with less flight data from the aircraft’s movement around the time of the wrong-surface landing.

Mr Badeh, however, said the loss of the data would not end the investigation, adding that the bureau was using other methods to establish what happened.

What happened at Asaba

The incident had earlier raised questions about how the aircraft ended up on a road despite having been cleared to land at Asaba Airport.

PREMIUM TIMES had reported that the preliminary investigation showed the crew discontinued its initial approach before attempting a second approach to Runway 11.

The crew believed it was correctly aligned with the published Required Navigation Performance procedure before landing on a paved road under construction near the airport instead of the runway.

The aircraft subsequently departed the roadway and returned to Lagos.

Following its arrival in Lagos, the Nigeria Civil Aviation Authority (NCAA) grounded the aircraft and suspended VMO Aero Limited’s Permit for Non-Commercial Flight pending investigations.

The development also attracted the attention of the Minister of Aviation and Aerospace Development, Festus Keyamo, who described the incident as a serious security breach.

Mr Keyamo had said the aircraft had been cleared by air traffic control to land on the runway but instead landed on a concrete road outside the secured airport environment.

He also raised concerns about the crew’s decision to leave the scene before investigators could examine the aircraft.

The crew was subsequently arrested on arrival in Lagos and handed over to the State Security Services (SSS) for further investigation.

Crew flew aircraft back without ATC clearance

Mr Badeh said the decision to return the aircraft to Lagos before investigators arrived created a major challenge for the safety investigation.

He said the pilot flew the aircraft back to Lagos without clearance from Air Traffic Control (ATC).

The additional flight, according to the NSIB boss, caused the recorder to overwrite some of the data from the original journey.

Flight recorders use continuous recording systems in which newer information can replace older data once the available storage capacity is reached.

As a result, the additional flight can affect the availability of information investigators need when reconstructing an occurrence.

Mr Badeh said the NSIB was still working to recover as much information as possible through other investigative methods.

He also said another flight recorder-related issue had been identified, but cautioned against drawing conclusions about what caused it.

“Although the FTR of the airplane did not work as well, I am not sure what happened but I think it was part of the cleaning, I’m not sure and I am not going to blame the operators yet.”

He added that the bureau would wait for the outcome of the investigation before reaching conclusions.

“So, for me I don’t think the airlines are going out of their way to destroy evidence,” he noted.

Mr Badeh said the NCAA had issued letters of investigation to operators reminding them of their obligation to preserve relevant data.

He noted that the NSIB had also held a workshop with operators on the need to preserve evidence after occurrences.

The bureau, he said, would continue engaging operators on the issue.

‘Crew don’t trust investigators’

Beyond the technical difficulties created by the overwritten data, Mr Badeh raised concerns about what he described as a wider safety culture problem within the aviation industry.

He said some pilots and crew members were reluctant to provide investigators with complete information because they feared that admitting mistakes could cost them their jobs.

“The crew don’t trust NSIB; they are scared of losing their jobs. It is a major problem we are dealing with,” he said.

According to him, the bureau does not recommend punitive sanctions for crew members who provide information during safety investigations.

“We do not recommend punitive sanctions, and we constantly assure crew members that nobody should be penalised for telling the truth,” Mr Badeh said.

The concern is significant because safety investigations depend heavily on accurate information from flight crews, alongside flight data, cockpit recordings, air traffic control communications and other evidence.

Where investigators cannot obtain complete information, it can become more difficult to establish the sequence of events and identify lessons that could prevent a similar occurrence.

NSIB raises funding concerns

Mr Badeh also used the briefing to raise concerns about the bureau’s funding and the possible effect of a proposed reduction in its share of the five per cent Ticket Sales Charge (TSC).

The NSIB is opposing a proposal by the Nigerian Airspace Management Agency (NAMA) to reduce its share of the TSC from six per cent to four per cent.

The proposal was presented at a public hearing of the House of Representatives and is intended to increase NAMA’s allocation.

The TSC is collected by the NCAA and distributed among several aviation agencies.

Mr Badeh said the NSIB already receives the lowest allocation among the relevant agencies and that reducing its share further would put additional pressure on the bureau.

“We already get the lowest percentage of all the agencies. With this proposed reduction, it’s going to severely affect the NSIB,” he said.

“The Bureau is already grappling with shortfalls in its current allocation; an additional cut is unsustainable,” he added.

ALSO READ: Asaba aircraft aborted first landing attempt before touching down on construction road — NSIB

The funding concern comes as the NSIB’s responsibilities have expanded beyond aviation.

The bureau now conducts multimodal safety investigations covering aviation, maritime, rail and road transportation.

Mr Badeh said the NSIB had not received its full six per cent allocation since around April or May, although he maintained that the funding shortfall had not prevented the bureau from carrying out investigations or expanding its operations.

“We are working on a more sustainable funded formula for the NSIB. I’m not sure what that’s going to look like yet, but we are talking with the NRS and the Presidency to figure this out,” he said.

The funding challenge also comes as the bureau works to complete its transition from the Ministry of Aviation and Aerospace Development to the Presidency.

Mr Badeh said the administrative process was substantially complete, with legislative amendments awaiting review by the Attorney-General of the Federation before consideration by the Federal Executive Council and the National Assembly.

The House of Representatives had previously approved the legislative framework for transferring the bureau to the Presidency.

The NSIB is also seeking funding from other transport agencies as part of its multimodal responsibilities.

Mr Badeh said the bureau had yet to receive applicable funds from the Nigerian Railway Corporation, while the Nigerian Maritime Administration and Safety Agency had disputed its obligation to remit certain charges.

He, however, commended the Federal Airports Authority of Nigeria for its cooperation with the bureau.

The developments surrounding the Asaba incident have therefore raised issues beyond what caused the aircraft to land on a road.

For the NSIB, the investigation now involves reconstructing the occurrence despite the loss of critical flight data, while also examining the circumstances that led the crew to leave the scene and return the aircraft to Lagos before investigators arrived.

The bureau’s findings are expected to establish the factors that led to the wrong landing and identify measures that could prevent a recurrence.


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NAICOM Recapitalisation: Universal Insurance Secures ₦7.13B Equity Deal with FPNG, Awaits NAICOM Approval

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BY NKECHI NAECHE-ESEZOBOR—Universal Insurance Plc has entered into an investment agreement with FPNG Co-Nvest Limited (FPNG) for an equity capital injection of ₦7.128 billion via a private placement.

This is contained in notice to Nigerian Stock Exchange limited and to investing public that the deal will see FPNG acquire a 50.1% majority stake in the insurance firm upon completion.

The announcement comes in response to inquiries from NGX Regulation Limited (NGX RegCo) following media reports regarding the National Insurance Commission’s (NAICOM) ongoing recapitalization exercise.

According to a regulatory filing signed by Company Secretary Chinedu Onyilimba, the fresh capital will enable Universal Insurance to comfortably exceed NAICOM’s mandatory regulatory requirements while maintaining a robust solvency margin.

The transaction has already cleared key internal hurdles, receiving full approval from both the Board of Directors and the Company’s shareholders.

Management is currently progressing with regulatory engagements involving NAICOM, the Nigerian Exchange Limited (NGX), and other relevant authorities to finalize the process.

Universal Insurance assured its shareholders and the investing public that it remains committed to regulatory compliance and will disclose further material developments as the recapitalization process unfolds.

The post NAICOM Recapitalisation: Universal Insurance Secures ₦7.13B Equity Deal with FPNG, Awaits NAICOM Approval appeared first on Business Today NG.

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