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Economy

99 Results / Page 1 of 11

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Economy

PenCom Urges Lagos Governor to Ensure Equitable Pension Increases

By Oluwakemi Kindness The National Pension Commission (PenCom) has urged Lagos state Governor, Sanwo-Olu to extend periodic pension increases given to retirees under the Defined Benefit Scheme (DBS) to those under the Contributory Pension Scheme (CPS) to improve their monthly payments. The Director General, PenCom, Omolola Oloworaran, made the request during a courtesy visit to Governor Sanwo-Olu. She points out that currently, only DBS retirees are paid pension increases in […]

todayMay 8, 2025 7

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Economy

Nigeria Customs Commences Form M Automation on B’Odogwu Portal

By Oluwakemi Kindness The Nigeria Customs Service (NCS) on Monday announced the successful commencement of the pilot phase for processing Form M through the B’Odogwu (Unified Customs Management System) in all Commands of the Service. This initiative represents another bold step in the Service’s technology-driven reforms to modernise trade procedures and enhance operational efficiency. The NCS in a statement says following it’s approval to integrate the Form M process into […]

todayMay 5, 2025 9 3

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Economy

PenCom To Recover N1.3bn Unpaid Pension Contributions from Newspaper Organisations

By Oluwakemi Kindness The National Pension Commission (PenCom) says newspaper organisations are owing over ₦1.3 billion in unpaid pension contributions for journalists. This is disclosed by the Director General of PenCom, Omolola Oloworaran, when she led a delegation to the Nigerian Press Council in Abuja. A statement by the commission says Oloworaran expressed concerns over widespread non-compliance with the Pension Reform Act 2014 (PRA 2014) among media establishments. Consequently, PenCom […]

todayApril 29, 2025 12 12

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Economy

CBN Revises Documentation Requirements For PAPSS Transactions

By Oluwakemi Kindness The Central Bank of Nigeria (CBN) has announced a significant review of the documentation requirements for transactions conducted through the Pan-African Payment & Settlement System (PAPSS) in Nigeria. According to a statement by the Bank on Monday, this initiative is part of CBN’s ongoing commitment to foster seamless intra-African trade, financial inclusion, and operational efficiency for Nigerians engaging in cross-border payments within Africa Launched by Afreximbank in […]

todayApril 29, 2025 8 3

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Economy

Federal Government Set To Pay Arrears Of Wage Award

By Oluwakemi Kindness The Federal Government on Monday says it is set to pay the outstanding five months N35,000 wage award arrears to federal government workers. The Office of the Accountant General of the Federation (OAGF) made this known in a statement issued in Abuja by the Director Press, Bawa Mokwa. The OAGF explaines that the Federal Government had earlier paid five months wage award to federal government employees in […]

todayApril 28, 2025 13 3

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Economy

PenCom, NERC Crack Down on GENCOs, DISCOs Over Pension Arrears

By Oluwakemi Kindness The National Pension Commission (PenCom) has sought the intervention of the Nigerian Electricity Regulatory Commission (NERC) to compel electricity Generation Companies (GENCOs) and Distribution Companies (DISCOs) to remit outstanding pension contributions owed to their employees. PenCom’s Director General, Ms. Omolola Oloworaran, stated this when she led a delegation to seek NERC’s intervention in addressing the non-compliance by 16 electricity companies. According to a statement by the commission, […]

todayApril 28, 2025 14 4

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Economy

Liquidation Dividend: NDIC pays ₦46.6bn To Depositors Defunct Heritage Bank

By Oluwakemi Kindness The Nigeria Deposit Insurance Corporation (NDIC) has declared the first tranche of liquidation dividends of ₦46.6bn from the proceeds of sales of the defunct Heritage bank's assets and recovery of debts owed to the defunct institution. Liquidation dividend represents amount paid by the Corporation to depositors of a closed bank, in excess of the maximum insured limit, from the proceeds of sales of assets and recovery from […]

todayApril 28, 2025 24 5

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Economy

Ondo State to Explore Pension Funds For Infrastructural Development

By Oluwakemi Kindness Ondo State government says it is exploring opportunities to leverage pension funds for infrastructural development in the state. Governor Lucky Aiyedatiwa, made this known when he received a delegation from the National Pension Commission (PenCom) led by the Director General, Omolola Oloworaran in Akure. A statement by the Commission on Thursday says the PenCom delegation visited the Governor to discuss critical pension reforms aimed at improving welfare […]

todayApril 17, 2025 25 5

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Economy

FAAC Shares N1.578trn As March 2025 Allocation

By Oluwakemi Kindness The Federal Government, States and the Local Government Councils have shared the sum of N1.578 trillion, being March 2025 Federation Account Revenue. The revenue was shared at the April 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja;. The total revenue of N1.578 trillion comprised statutory revenue of N931.325 billion, Value Added Tax (VAT) revenue of N 593.750 billion, Electronic Money Transfer Levy (EMTL) revenue of […]

todayApril 16, 2025 16 5

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