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.
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BY NKECHI NAECHE-ESEZOBOR—AIICO Insurance Plc has reinforced its position as a leading player in Nigeria’s insurance and financial services sector, following a successful Annual General Meeting (AGM) held on June 5, 2026.
During the meeting, shareholders commended the company’s strong financial performance and approved all resolutions presented.
In a robust show of confidence in the company’s growth trajectory and strategic direction, shareholders approved the payment of a dividend of 12 kobo per share, amounting to a total payout of ₦4,392,633,121.44.
The meeting also marked a significant evolution in the company’s governance structure with the appointment of three accomplished professionals to the Board as Non-Executive Directors.
Tunde Mabawonku joins as a Non-Executive Director, bringing over two decades of experience across banking, finance, strategy, and corporate services, with a strong background in digital and retail financial services.
Rolake Akinkugbe-Filani, HCIB, also appointed as a Non-Executive Director, contributes deep expertise in capital markets, energy finance, and risk governance, with extensive experience operating across multi-jurisdictional environments.
Sadiq Mohammed joins as an Independent Non-Executive Director, offering over three decades of leadership across asset management, pensions, infrastructure, and investment advisory, alongside significant boardroom experience.
Collectively, these appointments further strengthen the depth, diversity, and strategic capability of AIICO’s Board, positioning the company for sustained growth and enhanced governance.
In addition, Mr. Olalekan Akinyanmi was announced as the new Chairman of the Board, succeeding Mr. Kundan Sainani. Mr. Akinyanmi is the Founder and Chief Executive Officer of LEKOIL Nigeria Limited, an Africa-focused oil exploration and production company.
With over 30 years of experience in the global energy sector, he has led significant capital raises and landmark projects, bringing strong leadership and strategic insight to his new role as Chairman.
Commenting on the outcomes of the AGM, the MD/CEO, Mr. Babatunde Fajemirokun, stated that the company is deeply grateful to its shareholders and investors for their continued confidence and support.
He noted that their trust remains a strong validation of AIICO’s strategic direction and business progress.
He emphasized that strengthening the Board reflects a deliberate commitment to robust governance, disciplined oversight, and long-term value creation.
With the depth of experience and diversity now represented at the Board level, the company is well-positioned to enhance its decision-making and sustain its market leadership.
He added that as the company continues to evolve as a financial services group, the focus remains on building a resilient, forward-looking institution that consistently delivers sustainable value to all stakeholders.
AIICO Insurance is a leading composite insurer in Nigeria, with a 63-year record of accomplishment in delivering quality service to its clients. Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.
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The Federal Capital Territory (FCT) Police Command has commenced a fresh operation targeting vehicles with illegal tinted windows, concealed number plates and improper registration across Abuja.
FCT Commissioner of Police Ahmed Muhammed Sanusi disclosed the development during a media briefing on Friday.
He said security reports indicated that criminal suspects often use such vehicles to avoid identification and carry out unlawful activities.
According to the police chief, cases of kidnapping and the notorious “one-chance” robberies have been linked to vehicles operating with hidden identities.
Sanusi noted that tinted windows and covered registration plates make it difficult for security agencies to track offenders and investigate crimes.
He stated that enforcement teams have already been deployed across the territory to ensure compliance with existing regulations.
The commissioner clarified that the exercise is aimed at motorists violating the law and not those with valid approvals for tinted glass.
He revealed that more than 30 vehicles have so far been impounded for breaching the regulations and that offenders would face prosecution.
Sanusi urged residents to report suspicious persons, vehicles and activities, stressing that the operation is part of broader efforts to improve security and curb crime in the nation’s capital.
The post FCT Police Launch Crackdown on Illegal Tinted Vehicles appeared first on Business Today NG.
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