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PenCom to channel pension capital into national development projects

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The National Pension Commission (PenCom) has announced plans to channel pension capital into infrastructure in order to create market investment and boost national development whilst safeguarding returns.

This was disclosed by the PenCom Director-General, Omolola Oloworaran, at the First Quarter 2026 Pension Industry Leadership Council (PILC) Meeting in Lagos on Tuesday.

The meeting was held for the first time since the Pension Industry Leadership Council was inaugurated in September 2025, to announce new developments in the commission’s operations and leadership.

In her remarks, Ms Oloworaran stated that PenCom intends to expand investment outlets beyond traditional instruments, and also develop alternative assets and new structures to optimise returns on pension funds.

The director-general explained that the plan of the commission is to build a market that works efficiently in the long term for all pension fund contributors, and create room for contributions to national development projects.

According to her, the efforts will provide an edge against inflation, create more employment, and preserve returns on pension funds when embarked on.

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“This objective is clear. It is to build a market that works efficiently for a long time for all pension fund contributors. We also realise that it’s important to unlock infrastructure. The plan is to diversify, invest in pension fund assets across all PFAs.

“So we also realise that we need to unlock infrastructure investment. The council has considered or is considering the proposed Nigerian pension industry investment consortium and the investment committee will look at it.

“This is to create funding that can invest in national development projects. It is critical to channel pension capital into infrastructure and also important to create market investment and support national development whilst preserving returns,” she said.

Investment drivers

According to Ms Oloworaran, the Pension Industry Leadership Council, at the just concluded meeting, has also affirmed that pension funds will commence active investment, rather than being passive investors.

“They will become active drivers of economic development, leveraging one of the largest pools of savings capital in the country. I actually think it’s the largest pool of savings capital,” she said, noting the impact of corporate governance on shaping market outcomes.

The PenCom DG noted that the PILC, which mostly consists of Managing Directors of Pension Fund Administrators, has also set up committees to drive the commission’s market-specific agenda and improve investment depth.

The key committees are the Investment and Financial Market Committee, the Innovation, Risk and Sustainability Committee, the Policy, Strategy and Industry Development Committee, the Stakeholder Engagement and Advocacy Committee, the Governance and Ethics Committee, and the Strategy and Risk Committee.

Committee roles

She noted that through the Investment and Financial Market Committee, PenCom will address market sustainability constraints through advocacy and engagement across the board, while driving digital transformation through the Innovation, Risk and Sustainability Committee.

“We will strengthen cyber security and data protection. We’ll develop an industry-wide risk framework. We already have one, but we’ll do updates on that as risk continues to emerge,” she stated.

Through the Policy, Strategy and Industry Development Committee, PenCom will develop a new medium-term industry strategy that will drive policy harmonisation and strengthen research, benchmarking, and performance tracking across the board.

The commission also stated that it will deepen public trust in the pension system, expand pension coverage, and drive compliance and participation, and most importantly, ensure transparent, consistent communication across the industry, through the Stakeholder Engagement and Advocacy Committee.

Gratuity

Explaining PenCom’s efforts to bring workers’ gratuity to life, the DG added that the commission earlier reviewed the Nigeria Social Insurance Trust Fund (NSITF) pensions, which, according to her, resulted in significant increases across the board.

“The review of NSITF resulted in significant increases across the board, over 100 per cent. I’m sure people haven’t heard of that before in terms of monthly pension payout. This represents real tangible improvements in retirement outcomes.”

Ms Oloworaran further explained that the pension industry is no longer just about safeguarding funds, but also about driving economic growth, as the returns on pension assets depend on the overall performance and growth of the economy.

She said the commission will take a more active role in market expansion and strengthen its commitment to retirees and contributors to boost investments, optimise returns, and ensure dignity in retirement.

“Through this council and the committees, we will ensure that the industry is more coordinated, more influential, and more accountable,” Ms Oloworaran stated.

Compliance

The PenCom boss, Ms Oloworaran, said pension recoveries recorded last year were more than double what was achieved in the previous year, indicating improved compliance as more employers are contributing or covering more employees.

However, she said the commission will intensify efforts by working closely with labour unions across the country and leveraging its Memorandum of Understanding with the ICPC to strengthen enforcement against non-compliant employers.

READ ALSO: PenCom disburses N577bn to 1.05 million RSAs as pension arrears ease

“So we’re getting some traction, but certainly we are not close to where we want to be. We want a situation where every employer is contributing pensions and we have zero default.

“But sadly, that’s not where we are today. So what we are going to do now, going forward, is we will begin to work with the unions across the country and in addition to that, we signed an MOU, we did sign an MOU with the ICPC last year and we intend to begin to use those to fully drive compliance.

“We are also going to start naming and shaming as well. I’m sure by the next time you hear from me, you will have seen that certain actions have been taken on some of these employers already,” the PenCom DG said.

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Eno leads pre-delivery inspection of Ibom Air’s third Airbus A220-300 aircraft in Canada

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The Governor of Akwa Ibom State, Umo Eno, has led a delegation of State Executives and members of the Ibom Air’s management team to a pre-delivery inspection of the airline’s third Airbus A220-300 aircraft at the Airbus production facility in Mirabel, Canada, ahead of its formal delivery and reception in Akwa Ibom.

This is contained in a press statement issued by Aniekan Essienette, the group manager, marketing and communication, Ibom Airlines Limited, on Friday in Uyo, Akwa Ibom State.

According to the statement, the inspection marks another significant milestone in Ibom Air’s fleet modernisation and growth strategy and is part of the acceptance process before the aircraft enters commercial service.

The aircraft is Ibom Air’s third Airbus A220-300 and the second A220 to be received under the airline’s firm order for 10 Airbus A220 aircraft placed in 2021. Its addition marks a further step in Ibom Air’s commitment to expanding capacity, strengthening connectivity, and operating one of Africa’s most modern fleets.

The delegation was received by Guillaume Chevasson, head of the A220 Programme and chief executive officer of Airbus Canada, during the inspection, which formed part of the formal acceptance process ahead of the aircraft’s delivery.

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Speaking on the significance of the event, the Chief Executive Officer of Ibom Air, George Uriesi, said, “This pre-delivery inspection represents an important milestone in our fleet expansion programme and brings us one step closer to welcoming this aircraft to Nigeria.

“As demand for air travel continues to grow across our markets, we remain focused on investing in modern aircraft that deliver superior operational efficiency, reliability, safety, and passenger comfort.

“The Airbus A220 continues to be the ideal aircraft for our network strategy, and we look forward to deploying this latest addition into our network in furtherance of our growth objectives.”

Eno speaks of govt’s commitment to Ibom Air’s growth

Commenting on the development, Governor Eno, said, “The inspection of this aircraft reflects the state government’s commitment to the continued growth of Ibom Air as a strategic asset for Akwa Ibom State. This investment aligns with the ARISE Agenda and our vision of establishing Akwa Ibom as a leading aviation hub, supported by world-class infrastructure and a modern airline.

“We look forward to formally receiving this aircraft in Akwa Ibom State and to the economic opportunities that enhanced connectivity will create for trade, tourism, investment, and regional development.”

Speaking on the partnership with Ibom Air, Mr Chevasson said they were honoured by Ibom Air’s trust in Airbus and the A220 family.

“The A220 is the ideal aircraft for the airline’s fleet modernisation, thanks to its exceptional operational flexibility, fuel efficiency, passenger comfort, and performance across domestic and regional networks, and we look forward to supporting Ibom Air’s continued growth for many years to come,” he said.

The aircraft also incorporates features that further support Ibom Air’s commitment to continuous improvement in operational capability, efficiency, and customer experience.

Upon completion of the delivery processes, the aircraft will be ferried to Nigeria, where it will be officially received into the Ibom Air fleet in Akwa Ibom before commencing commercial operations.


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Asaba Incident: Aircraft’s black box data overwritten after crew flew back to Lagos

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The Nigerian Safety Investigation Bureau (NSIB) has said critical data from the flight recorder of the private jet that landed on a road near Asaba Airport was overwritten after the aircraft was flown back to Lagos before investigators could take custody of it.

The Director-General of the NSIB, Alex Badeh, disclosed this on Friday during a virtual media briefing, saying the development would make it more difficult for investigators to reconstruct what happened during the unusual landing.

The incident involved a US-registered Bombardier Challenger 601-3A operated by VMO Aero Limited, which landed on a paved road near Asaba Airport in Delta State on 10 June instead of the designated runway.

The aircraft, which was flying from Lagos to Asaba under Instrument Flight Rules, was carrying four crew members and three passengers. No injuries were reported.

The crew later flew the aircraft back to Lagos before investigators arrived at the scene.

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Mr Badeh said the return flight resulted in the flight recorder overwriting data that could have assisted the investigation.

He said the recorder was expected to have a longer recording capacity but, in this case, investigators recovered only about two hours of low-quality data.

“The rule allows them to have a 26-hour electric recorder but we discovered that it only recorded for about two hours of low quality,” he said.

He explained that because the aircraft had flown from Lagos to Asaba and then back to Lagos, the recorder had overwritten information from the period investigators were most interested in.

That has left investigators with less flight data from the aircraft’s movement around the time of the wrong-surface landing.

Mr Badeh, however, said the loss of the data would not end the investigation, adding that the bureau was using other methods to establish what happened.

What happened at Asaba

The incident had earlier raised questions about how the aircraft ended up on a road despite having been cleared to land at Asaba Airport.

PREMIUM TIMES had reported that the preliminary investigation showed the crew discontinued its initial approach before attempting a second approach to Runway 11.

The crew believed it was correctly aligned with the published Required Navigation Performance procedure before landing on a paved road under construction near the airport instead of the runway.

The aircraft subsequently departed the roadway and returned to Lagos.

Following its arrival in Lagos, the Nigeria Civil Aviation Authority (NCAA) grounded the aircraft and suspended VMO Aero Limited’s Permit for Non-Commercial Flight pending investigations.

The development also attracted the attention of the Minister of Aviation and Aerospace Development, Festus Keyamo, who described the incident as a serious security breach.

Mr Keyamo had said the aircraft had been cleared by air traffic control to land on the runway but instead landed on a concrete road outside the secured airport environment.

He also raised concerns about the crew’s decision to leave the scene before investigators could examine the aircraft.

The crew was subsequently arrested on arrival in Lagos and handed over to the State Security Services (SSS) for further investigation.

Crew flew aircraft back without ATC clearance

Mr Badeh said the decision to return the aircraft to Lagos before investigators arrived created a major challenge for the safety investigation.

He said the pilot flew the aircraft back to Lagos without clearance from Air Traffic Control (ATC).

The additional flight, according to the NSIB boss, caused the recorder to overwrite some of the data from the original journey.

Flight recorders use continuous recording systems in which newer information can replace older data once the available storage capacity is reached.

As a result, the additional flight can affect the availability of information investigators need when reconstructing an occurrence.

Mr Badeh said the NSIB was still working to recover as much information as possible through other investigative methods.

He also said another flight recorder-related issue had been identified, but cautioned against drawing conclusions about what caused it.

“Although the FTR of the airplane did not work as well, I am not sure what happened but I think it was part of the cleaning, I’m not sure and I am not going to blame the operators yet.”

He added that the bureau would wait for the outcome of the investigation before reaching conclusions.

“So, for me I don’t think the airlines are going out of their way to destroy evidence,” he noted.

Mr Badeh said the NCAA had issued letters of investigation to operators reminding them of their obligation to preserve relevant data.

He noted that the NSIB had also held a workshop with operators on the need to preserve evidence after occurrences.

The bureau, he said, would continue engaging operators on the issue.

‘Crew don’t trust investigators’

Beyond the technical difficulties created by the overwritten data, Mr Badeh raised concerns about what he described as a wider safety culture problem within the aviation industry.

He said some pilots and crew members were reluctant to provide investigators with complete information because they feared that admitting mistakes could cost them their jobs.

“The crew don’t trust NSIB; they are scared of losing their jobs. It is a major problem we are dealing with,” he said.

According to him, the bureau does not recommend punitive sanctions for crew members who provide information during safety investigations.

“We do not recommend punitive sanctions, and we constantly assure crew members that nobody should be penalised for telling the truth,” Mr Badeh said.

The concern is significant because safety investigations depend heavily on accurate information from flight crews, alongside flight data, cockpit recordings, air traffic control communications and other evidence.

Where investigators cannot obtain complete information, it can become more difficult to establish the sequence of events and identify lessons that could prevent a similar occurrence.

NSIB raises funding concerns

Mr Badeh also used the briefing to raise concerns about the bureau’s funding and the possible effect of a proposed reduction in its share of the five per cent Ticket Sales Charge (TSC).

The NSIB is opposing a proposal by the Nigerian Airspace Management Agency (NAMA) to reduce its share of the TSC from six per cent to four per cent.

The proposal was presented at a public hearing of the House of Representatives and is intended to increase NAMA’s allocation.

The TSC is collected by the NCAA and distributed among several aviation agencies.

Mr Badeh said the NSIB already receives the lowest allocation among the relevant agencies and that reducing its share further would put additional pressure on the bureau.

“We already get the lowest percentage of all the agencies. With this proposed reduction, it’s going to severely affect the NSIB,” he said.

“The Bureau is already grappling with shortfalls in its current allocation; an additional cut is unsustainable,” he added.

ALSO READ: Asaba aircraft aborted first landing attempt before touching down on construction road — NSIB

The funding concern comes as the NSIB’s responsibilities have expanded beyond aviation.

The bureau now conducts multimodal safety investigations covering aviation, maritime, rail and road transportation.

Mr Badeh said the NSIB had not received its full six per cent allocation since around April or May, although he maintained that the funding shortfall had not prevented the bureau from carrying out investigations or expanding its operations.

“We are working on a more sustainable funded formula for the NSIB. I’m not sure what that’s going to look like yet, but we are talking with the NRS and the Presidency to figure this out,” he said.

The funding challenge also comes as the bureau works to complete its transition from the Ministry of Aviation and Aerospace Development to the Presidency.

Mr Badeh said the administrative process was substantially complete, with legislative amendments awaiting review by the Attorney-General of the Federation before consideration by the Federal Executive Council and the National Assembly.

The House of Representatives had previously approved the legislative framework for transferring the bureau to the Presidency.

The NSIB is also seeking funding from other transport agencies as part of its multimodal responsibilities.

Mr Badeh said the bureau had yet to receive applicable funds from the Nigerian Railway Corporation, while the Nigerian Maritime Administration and Safety Agency had disputed its obligation to remit certain charges.

He, however, commended the Federal Airports Authority of Nigeria for its cooperation with the bureau.

The developments surrounding the Asaba incident have therefore raised issues beyond what caused the aircraft to land on a road.

For the NSIB, the investigation now involves reconstructing the occurrence despite the loss of critical flight data, while also examining the circumstances that led the crew to leave the scene and return the aircraft to Lagos before investigators arrived.

The bureau’s findings are expected to establish the factors that led to the wrong landing and identify measures that could prevent a recurrence.


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