Business
The Many corrupt practices of PENCOM DG, Chinelo Anohu exposed + How she allegedly runs PENCOM like a personal property
The director-general of the National Pension Commission (PENCOM) Chinelo Anohu-Amaz has been accused of running the commission like a personal property even as many senior staffers want the president to remove her from office.
The National Pension Commission (PENCOM ) was established by the Pension Reform Act (PRA) 2014 and later PRA 2014 to ensure effective administration of the Nigerian pension industry. It has been empowered by the PRA 2014 to superintend on all pension matters in Nigeria including supervision and regulation of the Contributory Pension Scheme (CPS) and the old Defined Benefits (DB) Scheme as well as the Pension Transitional Arrangement Directorate (PTAD).
The crisis, which has lingered for some time, is now worsening as senior management staff of the organization are no longer comfortable with the leadership of Chinelo Anohu-Amazu, whom they claim has broken every rule in the book since she assumed office as director-general of the organization.
Findings at the commission’s headquarters in Abuja have revealed that besides allegations of conflict of interest and sundry abuses, PENCOM insiders are particularly miffed at the director-general’s continued use of contacts in high places to run roughshod over everyone and every principle of neutral and effective pension administration as a regulator.
They are baffled that this could be going on under the present administration.
It would be recalled that Mrs Anohu assumed headship of the organization in very controversial circumstances, having used her contacts in the Presidency to pressure the National Assembly to reduce the statutory 20 years’ experience for headship of PENCOM to 15 years in order to accommodate her. Industry watchers and lawmakers were scandalized by the open arm-twisting but were handicapped by the powerful pressure her backers brought to bear on the situation.
PENCOM insiders and industry stakeholders insist that her determination to transfer the funds of an active pension fund administrator to another firm, Premium Pension Limited, in which her family has interests, is largely responsible for several unlawful and professionally embarrassing measures the commission has been constrained to take.
The said firm is a family business in which the DG`s mother, Mrs. Virgy Anohu, served two full terms of five years each (10 years), which is the absolute maximum allowed under PENCOM regulations. The DG`s mother was replaced on the Premium Pension board by her elder brother.
Emerging facts indicate that the DG, using a letter she instigated from the sacked managing director of the pension fund company she aims to take over, used the commission to conduct an examination and write a spurious “Draft Target Examination” with which she sought to remove three shareholders of the firm without due process, or fair hearing.
Curiously, the sacked managing director, whose case was ostensibly the basis for the regulator`s intervention, was appointed and remains the chief executive officer of the Premium Pension Limited, a firm in which the DG`s family has substantial interests.
Justice D. U. Okorowo of the Federal High Court in Abuja on August 11, 2011, gave an injunction, which was served on the commission the next day, restraining the DG from taking any action whatsoever based on the spurious draft report. But the DG acted in defiance of the court order. The letter of the attorney-general of the federation and minister of justice, directing PENCOM to obey the court order was also ignored.
The subsequent judgments of 10 July and 18 July 2012, by Justices Okechukwu Okeke and Okorowo, respectively, asking PENCOM to reverse the unlawful actions it had taken in defiance of a subsisting court order and restraining its agents and collaborators, including the EFCC and the Corporate Affairs Commission (CAC), from taking further actions on the matter, were also ignored by the DG.
Meanwhile, the commission has not done anything to resolve the “issues” on the basis of which it allegedly took over the management of the pension fund administrator. That is why we now have the case of an unprecedented five-year intervention by PENCOM without improving the fortunes of the pension funds management company.
Pension insiders and major stakeholders are raising questions for which the DG is not likely to have any satisfactory answers any time soon. Has the commission managed the said firm the DG has been playing games with profitably since it took it over five years ago? Should firms that was doing well and paying dividends to its shareholders carry on for five full years without paying any dividends, or conducting itself as a responsible social citizen simply because the regulator says it is under an `interim management` it set up in defiance of court orders and several letters from the attorney-general of the federation?
Worse still, investigations have confirmed that the DG actually approached some key shareholders in the firm she has been working to take over, urging them to sell their shares to her preferred buyer without success. Thereafter PENCOM , which has become another name for the DG`s whims, has actually been working hand in gloves with a certain Kashim Imam, who has been her desperate collaborator in the take-over bid.
Investigations further revealed that Imam and the DG have repeatedly tried unsuccessfully and unlawfully, to arm-twist the majority shareholders into a position that would readily serve the empire-building aspirations of the DG.
They are alleged to be jointly and severally using the Economic and Financial Crimes Commission (EFCC) to harass and seek to embarrass the lawful owners of the company. Like PENCOM , the EFCC has consistently ignored court orders and letters from the AGF on the matter of unlawful harassment of certain persons after courts of competent jurisdiction have entered all judgments in their favour on the matter. It has ignored the AGF`s several letters demanding for the case file on the matter and has run up a monumental record of abuse of court process on this very issue alone.
The question for many people now is whether the Presidency is also working for and with the controversial and less than scrupulous PENCOM DG. As a PENCOM senior management staff said, “We really don’t know what is going on anymore. The DG is bragging that no one can touch her and the EFCC, or at least some people in the EFCC are aiding and abetting some of the very terrible things going on here. She wants to get us all into trouble; meanwhile none of us here is going to share in all the business interests she is amassing here.”
Efforts by our reporter to reach Mrs. Chinelo Anohu-Amaz for her angle to the report proved futile as letter sent to her office was yet to be responded to as at press time.
Source: -A/Examiner
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
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