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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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Aviation ground handlers lift suspension on Max Air after debt negotiations, partial payment

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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.

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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.


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UK launches £15 million initiative to boost investment, deepen reforms in Nigeria

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The UK has launched a £15 million initiative, aimed at attracting private investment, supporting economic reforms and speeding up Nigeria’s long-term economic transformation.

The initiative was announced during a recent visit by the UK Minister for Africa and International Development, Jenny Chapman, according to a statement issued by the British High Commission on Friday.

The programme, announced during Ms Chapman’s meeting with Taiwo Oyedele, the minister of finance and coordinating minister of the economy, will run for three years. It plans to deepen ongoing reforms, strengthen the private sector and unlock new sources of capital for economic growth.

“The UK-Nigeria Growth Programme helps bring this partnership to life by supporting capital market development, technology investment, small businesses and technical assistance,” Mr Oyedele said.

“We look forward to seeing these opportunities deliver lasting benefits and drive progress for both countries.”

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The new programme comes as Nigeria and the UK look to expand economic cooperation beyond traditional development assistance towards investment-led growth.

Alongside the initiative, the UK announced expanded synergy in Nigeria’s digital economy through the SPRIRET initiative under its Digital Access Programme.

The initiative will enhance governance reforms across five states and help reduce regulatory barriers constraining investment in broadband infrastructure, digital services, and emerging technologies.

The British High Commission said the intervention is expected to encourage greater private-sector participation and improve the business environment for technology-driven investments.

Trade, finance partnerships

During the visit, Ms Chapman met Minister of Industry, Trade and Investment Jumoke Oduwole to review the progress so far recorded under the Enhanced Trade and Investment Partnership between both countries.

Discussions centred on scaling up Nigeria’s exports through the UK’s Developing Countries Trading Scheme, strengthening cooperation in the fintech sector, and expanding capital market linkages.

READ ALSO: Democracy Day: Tinubu says economic reforms are boosting healthcare funding

The engagement reflects growing efforts by the two countries to deepen trade and investment ties as Nigeria seeks to diversify its economy and attract foreign capital.

According to the statement, British International Investment, the UK’s development finance institution, has invested roughly $800 million in sectors including agriculture, manufacturing and renewable energy in Nigeria.

The UK government is also supporting the rehabilitation and expansion of Lagos ports through financing valued at about $1 billion.

The country remains an important destination for Nigerian businesses seeking international expansion, with seven Nigerian banks now operating there.


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