Business
PenCom Targets 85% Pension Coverage for Nigerian Workers
BY NKECHI NAECHE-ESEZOBOR—Nigeria’s pension industry is set for a major expansion push as the National Pension Commission (PenCom) intensifies efforts to bring more workers into the contributory pension scheme.
Director-General of PenCom, Omolola Oloworaran, disclosed that the commission is aiming to achieve at least 85 percent coverage of Nigerian workers under the scheme. She spoke during a joint annual roundtable session with the leadership of the Trade Union Congress of Nigeria (TUC), part of ongoing stakeholder engagements to deepen transparency, trust, and collaboration in pension administration.
Oloworaran said the commission is deploying multiple strategies, including incentives and expanded outreach, to drive participation across both formal and informal sectors. A key focus is the newly rebranded Personal Pension Plan, previously known as micro pensions, designed to attract a broader segment of Nigerians, particularly those outside formal employment.
“We want a situation where at least 85 percent of Nigerian workers are on the scheme or have the intention to participate,” she said, noting that widening pension coverage remains central to PenCom’s reform agenda.
To boost grassroots adoption, PenCom has introduced accredited pension agents tasked with engaging Nigerians directly in markets, rural communities, and informal workplaces. Unlike Pension Fund Administrators (PFAs), which largely operate at corporate levels, these agents are expected to build trust and drive enrollment at the community level.
The initiative also creates a new business stream, particularly for fintech firms, as accredited agents can earn up to 40 percent of PFA fees on an annuity basis. According to Oloworaran, this model is expected to attract new entrants into the pension ecosystem and accelerate onboarding.
PenCom is also leveraging public sensitisation campaigns to increase awareness. During recent engagements around International Women’s Day, the commission recorded strong participation and growing interest, especially among women.
Despite these efforts, Oloworaran acknowledged that compliance within the formal sector remains a significant challenge. She stressed the need for stronger collaboration with labour unions to enforce compliance, particularly among employers who fail to remit pension contributions.
At the subnational level, pension adoption remains uneven, with only eight out of Nigeria’s 36 states demonstrating significant compliance. PenCom said it is intensifying engagements with state governments and labour organisations to improve adoption rates.
The commission also highlighted the flexibility of the Personal Pension Plan, which allows voluntary contributions for individuals, including provisions for parents to save on behalf of their children from birth.
Oloworaran expressed optimism about the future of the industry, noting that ongoing reforms, expanded participation channels, and increased stakeholder collaboration would position Nigeria’s pension system for stronger growth and sustainability.
The post PenCom Targets 85% Pension Coverage for Nigerian Workers appeared first on Business Today NG.
Business
Supreme Court Upholds APP’s Registration, Ends Deregistration Battle Ahead of 2027 Elections
BY NKECHI NAECHE-ESEZOBOR—The Supreme Court has brought an end to the legal dispute over the status of the Action Peoples Party (APP), affirming that the party remains duly registered and eligible to take part in the 2027 general elections.
The apex court struck out Appeal No. SC/CV/248/2026 after the appellant, Mr Blessing Elujiuba, voluntarily withdrew the case, bringing the challenge to a close.
This decision leaves intact earlier judgments delivered by both the Federal High Court and the Court of Appeal, which had upheld the party’s legal recognition.
The ruling was delivered on May 12, 2026, by a five-member panel of the Supreme Court led by Justice John Inyang Okoro, who noted that the matter was withdrawn without objection from other parties.
The court subsequently dismissed the appeal following its withdrawal, formally ending the proceedings at the apex level of the judiciary.
The case involved the Independent National Electoral Commission (INEC), the Action Peoples Party (APP), and the party’s National Chairman, Uche Kingsley Nnadi.
The initial legal action had sought to force INEC to remove APP from its register on the allegation that it failed to meet constitutional requirements under Section 225A of the 1999 Constitution.
However, earlier rulings had found that APP met the necessary legal conditions for continued registration, citing evidence of electoral participation and victories at local government level.
The courts also upheld the interpretation that fulfilling any of the conditions outlined in Section 225A is sufficient for a political party to retain its registration status.
With all tiers of the judiciary aligned in its favour, APP’s legal standing remains intact, clearing the party to continue preparations for the 2027 elections without any outstanding court challenge.
The post Supreme Court Upholds APP’s Registration, Ends Deregistration Battle Ahead of 2027 Elections appeared first on Business Today NG.
The Director General of the International Atomic Energy Agency (IAEA), Rafael Grossi, said discussions on Nigeria’s nuclear power programme remain alive, amid continuous technical engagements with concerned authorities in the West African country.
Mr Grossi disclosed the progress made on the nuclear power arrangement with Nigeria while responding to a PREMIUM TIMES’ enquiry at an IAEA programme in Vienna, Austria.
The IAEA DG said the agency continues to work with Nigeria on its nuclear power plan and IAEA officials had held visits and technical meetings with relevant stakeholders to actualise the dream.
In May 2024, while on a visit to Nigeria for a seminar on ‘Promoting Cancer Awareness and Advocacy Programmes’, Mr Grossi expressed the agency’s readiness to support Nigeria’s efforts to develop a nuclear power programme during meetings with senior government officials, including the Secretary to the Government of the Federation, George Akume.
Speaking during the visit, he described Nigeria’s pursuit of nuclear energy as “a logical move for a country of your (Nigeria’s) size and importance.”
When this newspaper asked Mr Grossi about the progress of the discussions and technical meetings since the visit two years ago, the IAEA DG reassured that discussions are still ongoing.
“We have continued working with Nigeria, I have to tell you. It’s not that after that visit, things stopped. We have continued at technical levels, some visits, and technical meetings,” the IAEA DG said.
He noted, however, that no final decision has been taken on the programme, adding that Nigeria’s status as a big crude oil-producing nation makes its situation quite different from other economies.
“There hasn’t been a decision yet. There is like a pre-decision to explore the alternative. Of course, your country (Nigeria) is a big oil producer country, an exporter, etc. So the discussion in your country is different from that in other countries,” the DG said.
The IAEA boss insisted that the conversation around the programme is still alive, but Nigeria’s energy options are quite diversified.
“It’s a matter of diversification more than a matter of need, maybe. But the conversation space is pretty much alive, I must say,” Mr Grossi said.
Nigeria’s nuclear energy programme operates under the guidance and safety standards of the International Atomic Energy Agency (IAEA), aiming to add clean, stable nuclear electricity to the national grid. The programme is managed primarily by the Nigeria Atomic Energy Commission (NAEC) and is said to be advancing through the foundational infrastructure phases and planning stages.
READ ALSO: Survival logic of nuclear deterrence: The Iranian, Israeli, and American conundrum, By Jacob Edi
Earlier in September 2023, Nigeria signed its Country Programme Framework (CPF) for the period of 2024–2029 on the margins of the General Conference. A CPF is the frame of reference for the medium-term planning of technical cooperation between a Member State and the IAEA and identifies priority areas where the transfer of nuclear technology and technical cooperation resources will be directed to support national development goals.
Nigeria has been an IAEA Member State since 1957 and, according to the agency, its 4th CPF covering the period 2024 – 2029 identifies five priority areas, such as nuclear and radiation safety and security; food and agriculture; health and nutrition; water and environment; as well as energy planning and development.
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