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PenCom grants one-off approval for PFAs to invest pension funds in Dangote Petroleum Refinery

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The National Pension Commission (PenCom) has granted Pension Fund Administrators (PFAs) a ‘one-off’ special approval to invest pension fund assets in the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE.

The approval was disclosed in a circular signed by the Director of the Surveillance Department at the Commission, A. M. Saleem. PenCom said the approval takes immediate effect.

According to the commission, the decision followed a careful evaluation of the strategic investment opportunity and the economic impact of the proposed IPO on both the pension industry and the wider Nigerian economy.

“The Commission has carefully evaluated the strategic investment opportunity and the economic impact of the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) on the pension industry and the wider economy.

“In light of these considerations, the Commission has reviewed the request for a special dispensation that would permit Pension Fund Administrators (PFAs) to invest pension fund assets in the IPO,” the circular stated.

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PenCom said it considered the refinery’s strategic importance, strong business fundamentals, economic benefits, and growth potential before approving the request.

It also noted that the track record of Dangote Industries Limited, the majority shareholder in DPRP, influenced the decision.

“In reaching its decision, the Commission considered DPRP’s strategic importance, strong fundamentals, wide-ranging economic benefits, and growth potential. The Commission also took into account the record of Dangote Industries Limited, DPRP’s majority shareholder,” PenCom stated.

According to the circular, the commission granted a special dispensation from Section 6.2.7.1 (iii) of the Revised Regulation on Investment of Pension Fund Assets.

The approval waives the existing requirements relating to the company’s years of existence, profitability, and dividend payment history, while maintaining other regulatory safeguards.

“Accordingly, the Commission hereby grants a special dispensation from Section 6.2.7.1 (iii) of the Revised Regulation on Investment of Pension Fund Assets.

“This dispensation involves waiving the applicable existence, profitability, and dividend requirements without prejudice to other extant regulatory safeguards,” it stated.

PenCom, however, directed PFAs to ensure that any investment made under the dispensation aligns with their internal investment policies, risk management frameworks, and fiduciary responsibilities to contributors and retirees.

READ ALSO: PenCom to channel pension capital into national development projects

The commission further clarified that the regulatory forbearance is exceptional, one-off, and strictly limited to the IPO of Dangote Petroleum Refinery & Petrochemicals FZE.

“The regulatory forbearance granted under this Circular is exceptional, one-off, and strictly case-specific to the Initial Public Offering of Dangote Petroleum Refinery & Petrochemicals FZE.

“It shall not constitute an automatic precedent for future Initial Public Offerings or other investment transactions,” PenCom said.


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Mutual Benefits Assurance Reaffirms Commitment to Workforce Wellbeing with “Sweat It Out!” Event

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Mutual Benefits Assurance Plc in partnership with Hallmark Health Services Limited (Hallmark HMO), has reaffirmed its commitment to employee wellbeing by hosting the Retail Aerobic Dance & Wellness Day 2026, a vibrant initiative designed to promote healthy living, preventive healthcare and workplace wellness among its Retail Team.

Held under the theme “Sweat It Out!”, the event brought together Retail Managers across Mutual Benefits for an engaging day of fitness, health education and preventive medical screening.

The programme featured an enlightening health talk on Cardiovascular Health delivered by medical professionals from Hallmark HMO, alongside complimentary health screenings, including blood pressure and other vital health checks. Participants also took part in an energetic aerobic dance session aimed at encouraging active lifestyles while fostering teamwork, camaraderie, and employee engagement.

Speaking at the event, Alexander Lawal, Chief Retail Officer, Mutual Benefits Assurance Plc, emphasised that employee wellbeing remains fundamental to the company’s long-term success.

“Our people are our greatest asset. As an organisation that exists to provide security and peace of mind to millions of Nigerians, we recognise that this responsibility begins with caring for our own employees. The Retail Aerobic Dance & Wellness Day reflects our commitment to creating a workplace where our people are healthy, motivated, resilient and equipped to deliver exceptional service to our customers.”

Lawal added that promoting healthy lifestyles among employees contributes to higher productivity, stronger collaboration and a culture of excellence across the organisation.

Also speaking on the significance of the event, Dr. (Mrs.) Dotun Adeogun, Chief Executive Officer of Hallmark HMO, noted that preventive healthcare and daily healthy habits are essential for avoiding lifestyle-related illnesses like heart disease. Mutual Benefits is commended for leading by example in prioritizing employee well-being and building a healthier workplace culture.

The event concluded with an exciting aerobic fitness session, interactive wellness activities and prize presentations, reinforcing the message that healthy employees are happier, more engaged and better positioned to drive organisational success.

The Retail Aerobic Dance & Wellness Day forms part of Mutual Benefits’ broader employee engagement and wellness initiatives aimed at fostering a high-performing workforce, while encouraging healthier lifestyles across the organisation.

Mutual Benefits Assurance Plc is one of Nigeria’s leading insurance companies, with over 30 years of experience in providing reliable and innovative Life and General Insurance solutions to individuals, families and businesses. With a customer-centric approach built on trust, reliability and service excellence, the company remains committed to protecting lives, preserving assets and creating lasting value for its stakeholders through accessible insurance solutions and responsible corporate citizenship.

The post Mutual Benefits Assurance Reaffirms Commitment to Workforce Wellbeing with “Sweat It Out!” Event appeared first on Business Today NG.

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Elon Musk Says AI Could End Traditional Jobs, Predicts Era of ‘Universal High Income’

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Billionaire entrepreneur Elon Musk has predicted that artificial intelligence and humanoid robots will eventually perform most jobs currently done by humans, ushering in an era where governments may have to provide citizens with a universal income.

Speaking during a discussion with XPRIZE founder Peter Diamandis at the Abundance Summit, the Tesla and SpaceX CEO said the rapid advancement of AI and robotics would dramatically increase global productivity, making goods and services more abundant than ever before.

According to Musk, technological progress will reach a point where machines become capable of meeting nearly all human needs, leaving fewer employment opportunities for people.

“AI and robots are going to make so much stuff and provide so many services that they will actually run out of things to do for humans,” he said.

Musk explained that once artificial intelligence begins producing goods and services on a massive scale, economic output could expand far beyond current levels while human demand remains relatively limited.

He argued that such a shift would require a new approach to wealth distribution, suggesting that governments may eventually adopt what he described as a “universal high income” model.

“We’re basically just issuing money to people,” Musk said, adding that future economies could sustain such a system because the supply of goods and services would grow much faster than the money supply.

The tech billionaire maintained that this imbalance would create deflationary pressures, making products and services cheaper over time rather than triggering inflation.

Musk’s latest comments come amid growing global discussions about the impact of artificial intelligence on employment, with experts divided over whether AI will replace existing jobs or create new economic opportunities.

His remarks add to the broader debate over how governments, businesses and workers should prepare for a future increasingly shaped by artificial intelligence and automation.

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