Business
PenCom Highlights New Exit Benefits, Welfare Reforms for Civil Servants
The Director General of the National Pension Commission (PenCom), Omolola Oloworaran, has outlined a series of new pension reforms and welfare initiatives aimed at improving retirement outcomes for federal civil servants.
Speaking at a press conference convened by the Head of Civil Service of the Federation, Mrs Didi Esther Walson-Jack, in Abuja yesterday, Oloworaran described the recently approved exit benefits as a significant step toward ensuring a more structured and dignified transition into retirement for public servants.
She emphasised that the new measures are designed to strengthen the pension system while addressing longstanding challenges faced by retirees. According to her, the reforms will enhance financial security and promote better post-service living conditions.
The PenCom DG also highlighted the ongoing one-off enrolment exercise, which is expected to improve the efficiency of accrued pension rights payments. The initiative aims to streamline processes and enable retirees to access their benefits more quickly and seamlessly.
In addition, Oloworaran unveiled new retiree-focused programs, including the PenCare Health Initiative. The scheme, a corporate social responsibility effort by the pension industry, is designed to provide healthcare access to low-income retirees under the Contributory Pension Scheme. Through a structured health insurance arrangement, the initiative seeks to improve access to affordable and quality healthcare in retirement.
She further disclosed plans for the implementation of the Minimum Pension Guarantee (MPG), describing it as a landmark policy that will ensure pensioners receive a guaranteed minimum income. The initiative is expected to address the issue of low pensions and strengthen Nigeria’s social protection framework.
Oloworaran also commended the Federal Government for releasing funds to clear outstanding pension liabilities, noting that the move underscores the administration’s commitment to the welfare, dignity, and financial security of Nigerian workers in retirement.
The latest developments signal a renewed push by stakeholders to reform Nigeria’s pension system and improve the overall well-being of retirees.
President Bola Ahmed Tinubu had in Friday approved an upward review of welfare and incentive packages for civil servants, in a move aimed at improving staff motivation and enhancing earnings both in active service and after retirement.
According to the Head of the Civil Service of the Federation, Didi Walson-Jack, measures, which received the backing of the Federal Executive Council, will cover employees under the Consolidated Public Service Salary Structure (CONPSS) and the Consolidated Research and Allied Institutions Salary Structure (CONRAISS).
Walson-Jack, added that the updated special allowances will cut across all grade levels, ensuring that both junior and senior personnel benefit from the initiative. She added that nearly all entitlements captured in the Public Service Rules have been adjusted, including duty tour allowances, estacode, and book grants.
The post PenCom Highlights New Exit Benefits, Welfare Reforms for Civil Servants appeared first on Business Today NG.
BY NKECHI NAECHE-ESEZOBOR—Mutual Benefits Assurance Plc has disclosed an insider transaction involving one of its directors, Dr. Akinade Ogunbiyi, who sold more than 1.5 million shares in the insurance company in a deal valued at over ₦6.3 million.
The disclosure, signed by Jide Ibitayo, Company Secretary, filed with the Nigerian Exchange (NGX) and the investing public, showed that Ogunbiyi, a Non-Executive Director of the company, disposed of 1,507,309 ordinary shares of Mutual Benefits Assurance Plc between June 3 and June 9, 2026.
According to the notification, the shares were sold at prices ranging from ₦4.20 to ₦4.33 per share, placing the total value of the transaction at between ₦6.33 million and ₦6.53 million.
The transaction was reported as an initial notification of insider dealing in line with regulatory requirements that mandate directors and other insiders of listed companies to disclose transactions involving the securities of their companies.
Mutual Benefits Assurance identified the financial instrument involved in the transaction as its ordinary shares, traded on the Nigerian Exchange under the ticker symbol “MBENEFIT.”
Insider dealing notifications are a key component of market transparency and corporate governance, providing investors with information on share transactions undertaken by directors, executives, and other individuals with access to potentially price-sensitive information.
While insider transactions often attract investor attention, market analysts note that such dealings do not necessarily indicate changes in a company’s outlook, as they may be influenced by personal investment decisions, portfolio rebalancing, or other financial considerations.
The disclosed transaction took place in Lagos, Nigeria, and was executed over a seven-day period between June 3 and June 9, 2026.
Mutual Benefits Assurance Plc remains one of the companies listed on the Nigerian Exchange that regularly complies with insider dealing disclosure requirements, reinforcing transparency in the capital market.
The post Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million appeared first on Business Today NG.
The Federal Government has dismissed reports suggesting it plans to introduce new taxes on telecommunications services and petroleum products, saying the claims are false and misleading.
The Federal Ministry of Finance disclosed this on Wednesday in a statement signed by Maryann Duke, senior special assistant on communications and press secretary to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
It said the reports, which linked the proposed taxes to the International Monetary Fund (IMF) Article IV Consultation on Nigeria, do not reflect its position.
According to the government, the recommendations contained in the IMF report are advisory and do not constitute policy decisions or binding actions for Nigeria.
“The Federal Government is not considering the introduction of any new taxes on telecommunications services or petroleum products,” the statement said.
Fuel tax rules remain unchanged.
The government also clarified that existing tax arrangements on petroleum products remain in place.
It said the Value Added Tax (VAT) waiver on fuel has not been removed and is still active.
It also explained that any fuel surcharge can only take effect through a ministerial order published in the Official Gazette, adding that no such action is being considered.
According to the statement, the current arrangements have helped cushion the impact of global fuel price changes on Nigerian households and businesses.
READ ALSO: NRS launches Rev360 to ease tax compliance
Telecoms excise duty
On telecommunications, the government said the excise duty introduced before 2023 has already been repealed under the new tax laws.
It added that the tax is, therefore, no longer in force.
The ministry urged Nigerians, media organisations and businesses to disregard claims about new telecoms and fuel taxes.
It said Nigeria’s tax policy remains focused on improving revenue collection, supporting economic growth, and attracting investment, rather than increasing the tax burden on citizens.
The ministry added that any future tax changes would be communicated through official channels and implemented strictly in line with due process.
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