Connect with us

News

Pension Implementation: Lagos, Kaduna, Edo, four others fully compliant, says PenCom

info

Published

on

Untitled 2 62.png

The National Pension Commission (PenCom) says only seven states and the Federal Capital Territory (FCT) are fully implementing the Contributory Pension Scheme (CPS) and the Contributory Defined Benefits Scheme (CDBS).

PenCom disclosed this in its first-quarter report on pension implementation, based on an update from its States Operations Department.

The report showed that Lagos, Kaduna, Edo, Osun, Ekiti, Ondo and Jigawa states, alongside the FCT, had fully implemented the CPS/CDBS.

It also showed that 13 states were at various stages of partial implementation of the schemes.

The states are Abia, Anambra, Bauchi, Bayelsa, Benue, Delta, Kano, Katsina, Kogi, Niger, Ogun, Oyo and Rivers.

According to the report, 10 states have pension laws that are currently inactive.

It said six states — Ebonyi, Enugu, Imo, Nasarawa, Sokoto and Taraba — had inactive CPS laws, while Adamawa, Gombe, Kebbi and Zamfara had inactive CDBS laws.

The commission further reported that six states were still at the bill stage in their efforts to implement the CPS.

They are Akwa Ibom, Borno, Cross River, Kwara, Plateau and Yobe.

PenCom said 18 states and the FCT had established dedicated Pension Bureaux to administer the scheme.

The commission’s update covers all 36 states of the federation and the FCT.

The CPS, introduced by the Pension Reform Act 2004 and retained under the Pension Reform Act 2014, is designed to ensure regular pension contributions by employers and employees towards retirement benefits.

PenCom has continued to encourage states to adopt and effectively implement the CPS to ensure sustainable pension arrangements for their workers. 

(NAN)

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Osimhen Scores Again But Injury Scare Raises Fresh Concern For Super Eagles

info

Published

on

By

Osimhen Scores Again But Injury Scare Raises Fresh Concern For.jpg

Super Eagles striker Victor Osimhen produced a mixed night for Galatasaray on Friday, scoring against İstanbul Başakşehir before being forced off with an injury that could raise concerns over his availability for Nigeria’s upcoming 2027 Africa Cup of Nations qualifiers.

Osimhen opened the scoring in the 17th minute with a stunning effort to put Galatasaray ahead.

Read Also: “My Injury Changed Everything” — Aiyegbeni Reveals How Achilles Blow Ruined Chelsea Move

However, his night was cut short after he appeared to suffer a problem following a challenge with Christopher Operi in the 23rd minute. The Nigerian striker continued briefly but later felt the problem again after making a run behind the defence and signalled that he could not continue.

Osimhen was eventually substituted in the 33rd minute, with Barış Alper Yılmaz coming on as his replacement.

Initial reports describe the problem as a suspected muscle/groin injury, but there is currently no confirmed diagnosis or recovery timeline. Osimhen himself reportedly admitted after the incident that he did not yet know whether the injury was serious.

The timing could be significant for Nigeria.

The Super Eagles are scheduled to begin their 2027 AFCON qualifying campaign against Madagascar on September 23, before travelling to face Guinea-Bissau on September 27.

That leaves Nigeria with just under three weeks before the Madagascar encounter, meaning Osimhen could still have time to recover if the injury proves minor. However, a significant muscle strain or tear could put his participation in doubt.

For now, Osimhen has not been ruled out of the Super Eagles’ upcoming matches, and his availability will depend on further medical examinations and his recovery over the coming days.

The immediate concern for Nigeria will therefore be the results of those assessments.

He scored a spectacular goal, but the biggest question tonight is whether Osimhen will be fit when Nigeria need him most.

Continue Reading

News

AI compute provider Nscale is looking for $3.5B in pre-IPO financing

info

Published

on

By

GettyImages 2266843677.jpg

Nscale, a British AI infrastructure company founded just two years ago, has said it may go public as early as later this month. Ahead of that expected IPO, the company is reportedly in talks to raise an additional $3.5 billion.

Bloomberg reported Friday that the company is looking to sell $1.5 billion in convertible notes — a type of loan that can later convert into company stock — to a group of investors, while also seeking an additional $2 billion in financing from Nvidia.

Nvidia also participated in the firm’s Series B funding round in March, a $1.1 billion raise led by investment fund Aker. Nscale hailed its round as “the largest Series B in European history.” The company’s Series A round, in December of 2024, raised $155 million.

TechCrunch reached out to Nscale and Nvidia for comment.

AI infrastructure startups have seen immense growth amid the current era of AI enthusiasm, wherein compute has become a competitive currency.

Nscale recently signed a large deal with Anthropic worth approximately $45 billion. Earlier this week, reports emerged that Nscale had been telling potential investors that it has approximately $103 billion in revenue following the deal. That figure isn’t current sales; it’s a projection based on signed customer leases, according to The Information.

Continue Reading

Trending