Business

PenCom Pushes States to Fully Implement Contributory Pension Scheme

Published

5 months ago

May 10, 2026

Preport

From left: Head of the Civil Service of the Federation, Didi Esther Walson-Jack and Director General of PenCom, Omolola Oloworaran, during the event.

BY NKECHI NAECHE-ESEZOBOR—National Pension Commission (PenCom) has intensified efforts to drive the nationwide implementation of the Contributory Pension Scheme (CPS) with the hosting of the maiden edition of its Bi-Annual Consultative Session for Heads of Service of states yet to fully adopt or implement the scheme.

The consultative session brought together key stakeholders to discuss strategies for strengthening pension reform implementation at the sub-national level and addressing challenges hindering full adoption across various states.

Speaking at the event, the Director General of PenCom, Omolola Oloworaran, stated that although 26 states have enacted pension reform laws, only seven states alongside the Federal Capital Territory (FCT) are currently fully implementing the Contributory Pension Scheme.

She emphasized the need for stronger commitment by state governments to ensure workers enjoy sustainable and secure retirement benefits under the CPS framework.

The event also featured the Head of the Civil Service of the Federation, Didi Esther Walson-Jack, as a special guest, underscoring the importance of collaboration between federal and state institutions in deepening pension reforms nationwide.

According to PenCom, the session served as a platform for meaningful engagement, knowledge sharing and collaboration among stakeholders, while also providing practical guidance and support to states yet to fully implement the scheme.

Discussions during the meeting focused on the benefits of pension reforms, operational challenges affecting implementation, and measures required to accelerate compliance at the state level.

The initiative forms part of PenCom’s broader commitment to promoting a sustainable pension system and expanding the reach of pension reforms across Nigeria.

The post PenCom Pushes States to Fully Implement Contributory Pension Scheme appeared first on Business Today NG.

Related Topics:Contributory Fully Implement PenCom Pension pushes Scheme states

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Business

General Business to Drive 72% of Mutual Benefits Assurance’s Projected ₦96.82bn GWP

Published

14 hours ago

September 23, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—Nigeria’s lead underwriter, Mutual Benefits Assurance Plc has protected a Gross Written Premium of ₦96.82 billion for the twelve months ending 31 December 2026.

According to notice released on the exchange, for dealing members and investors, the company’s insurance revenue, is projected to stand at ₦89.42 billion.

The company’s general business is expected to generate 72% of the projected GWP, while the Life arm of the group will account for j28%.

Investment income would largely be driven by returns on its financial assets, with non-cash items such as depreciation of non-current assets, amortisation of intangible assets, and net fair value gains or losses on financial assets factored into its profit or loss and other comprehensive income statement.

On the profitability side, Mutual Benefits projects gross premium written of ₦96.82 billion and insurance revenue of ₦89.42 billion, against an insurance service expense of ₦81.56 billion. Net income from reinsurance contracts held is estimated at ₦802.64 million, bringing the insurance service result to ₦8.66 billion.

Net investment income is expected to stand at ₦13.16 billion, while net insurance finance expenses are projected at ₦1.99 billion, resulting in net insurance and investment results of ₦19.84 billion. With other income of ₦237.03 million and total non-attributable expenses of ₦2.76 billion, the company expects a profit before income tax of ₦17.31 billion.

After an income tax expense of ₦1.90 billion, Mutual Benefits projects a full-year profit of ₦15.41 billion for the period under review.

The post General Business to Drive 72% of Mutual Benefits Assurance’s Projected ₦96.82bn GWP appeared first on Business Today NG.

Business

Court set to hear suit on turf battle between ICAN, forensic fraud investigators institute

Published

22 hours ago

September 22, 2026

Preport

Federal high court abuja e1694386328728.jpg.webp

The Federal High Court in Abuja on Tuesday fixed Nov. 24 for hearing in a suit filed by the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN) against the Institute of Chartered Accountants of Nigeria (ICAN).

CIFCFIN is challenging the power of ICAN to train and issue qualifying certificates to forensic professionals.

The matter, which is before Justice Joyce Abdulmalik, was initially scheduled for mention on Tuesday but the case was adjourned to enable parties appear properly before the court.

The News Agency of Nigeria (NAN) reports that CIFCFIN, through its counsel, Shaibu Aruwa, a Senior Advocate of Nigeria (SAN), sued ICAN as the sole defendant in the suit marked FHC/ABJ/CS/1559/2026.

CIFCFIN argued that ICAN cannot offer a “Certification Programme culminating in the award of Certified Forensic Accountant of Nigeria (CFAN).”

It submitted that this was in line with the combined interpretation of Sections 2(a) – (i),3(1)(a) and 4(a) – (c), 6(2), 12(2), 13, (1) () and (g), 17(1l) (a) and (b) and 22 of the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (Establishment) Act No. 45, 2022,

Mohammed Arafat, the Head of Legal and Corporate Services of CIFCFIN, maintained in a supporting affidavit that ICAN’s invitation to applicants for a seven-day professional certification programme culminating in the award of Certified Forensic Accountant of Nigeria (CFAN), is outside its mandate and could confuse the general public.

The plaintiff alleged that ICAN had invited applicants in the fields of knowledge of chartered accountants, compliance managers, bankers, investment analysts, auditors, and anti-corruption agencies staff and other institutions to register for the programme.

CIFCFIN, therefore, prayed the court for an order setting aside and nullifying the award of the qualification or the CFAN certificate, or any other qualification or certificate in the field and practice of forensics in Nigeria by ICAN.

It urged the court to make an order for the defendant to withdraw, retract or cease any publication, gazette notice, or public representation asserting that it has power to certify or license.

CIFCFIN also sought an order of perpetual injunction restraining ICAN, its council, etc, from issuing, advertising or recognising CFAN qualification, designation, licence or certification or any title or award identical or similar to those created under the provisions of its Act.

It further sought a declaration that “by the combined provisions of Sections 2(a) -(i), 3(1)(a) and 4(a)- (c), 6(2), 12(2), 13, (1)(0) and (g), 17(1)(a) and (b) and 22 of the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (Establishment) Act No. 45. 2022, the defendant cannot offer ‘Certification Programme’ culminating in the award of CFAN.”

(NAN)