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New PENCOM initiatives dominate Stanbic IBTC Pension Managers’ forum

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Describing measures taken by the National Pension Commission (PENCOM) to sustain growth of the Nigerian pension industry as apt, Stanbic IBTC Pension Managers Limited has said the micro pension scheme, multi-fund investment structure and Pension account transfer window, to mention but a few, are among initiatives capable of putting the sector in stronger footing going forward.

 

The company, Nigeria’s biggest pension fund administrator (PFA), spoke against the backdrop of the recent announcement by the industry regulator that the multi-fund structure would become operational from July 1, 2018.

 

Speaking during a media interactive session in Lagos on Monday, May 28, 2018, Chief Executive, Stanbic IBTC Pension Managers Limited, Mr. Eric Fajemisinsaid such reforms and innovations are necessary to maintain the strength and depth of Nigeria’s Contributory Pension Scheme (CPS). The session was one in the series of strategic approaches by the PFA to engage industry stakeholders on ways to strengthen the Nigerian pension industry and boost wider participation by Nigerians.

 

Fajemisin noted that the Retirement Savings Account (RSA) Multi-Fund Investment structure, which replaces the “one-size-fits-all” arrangement that puts all active contributors into one RSA Fund, would resolve the challenge of asset-liability risk management faced by the operators. By aligning the age and risk profile of RSA holders to match the four funds, contributors would have a better chance to earn improved returns on their investments in proportion to their risk appetites.

 

The different categories of the multi-funds structure are Fund 1, Fund 2, Fund 3 and Fund 4. Fund I is targeted at people of 49 years and below who in the quest for higher returns are willing to take more risks. Fund 2 is aimed at people who are aged 49 years and below and still working but are satisfied with moderate returns and levels of risks. Fund 3 targets people 50 years and above but still working and have very low risk appetite. In Fund 4 are retirees who have the lowest risk profile of all categories.

 

Among its other benefits include improved standard of living for the elderly, safety of funds and access to other incentives, such as mortgage facilities and health insurance. In addition are flexible contribution remittances, the opportunity to make withdrawal prior to retirement and the enhancement of financial inclusion in the country.

 

Speaking on the micro-pension scheme,Fajemisin said it would help in deepening asset accumulation in the country, and provide the crucial capital required for investment in critical sectors of the economy. As an initiative designed to cover an estimated 70 percent of Nigeria’s working population in the informal sector, the scheme offers enormous benefits to the society and ensure improved standard of living for the elderly, guarantee the safety of funds and may provide access to other incentives, such as mortgage facilities and health insurance., regardless of challenges associated with its seamless implementation.

 

On the proposed pension transfer window, which allows a RSA holder to switch PFA once a year, the Stanbic IBTC Pension helmsman said it would deepen the democratic space in the pension industry as well as encourage healthy competition, resulting in further transparency and accountability, which would in turn enhance efficiency, innovation and service delivery.

 

Fajemisin also reviewed the 2014 Pension Reform Act and the impact on the CPS. On the enabling law, he said the introduction of more stringent penalties for erring operators and directors, especially as it relates to mismanagement of funds, has engendered greater corporate governance, making it almost impossible to misapply pension funds by anyone. By increasing the contributions of the employer and employee to 10 and 8 percent respectively, Fajemisin said the Act has ensured the availability of more benefits to contributors at retirement. In addition, the Act makes the non-remittance of employees’ contribution by the employer an offence which the regulator can prosecute in court.

 

Amongst its provisions, which expanded its coverage, private sector organizations with just three employees or more are required to register under the scheme; while the law also compels an employer to open a Temporary Retirement Savings Account (TRSA) on behalf of an employee that fails to open a Retirement Savings Account within three months of being employed.

 

The PFA’s Head of Business Development, Mrs. Nike Bajomo, said the company is already reaching out to its over 1.6 million RSA holders nationwide to create awareness about commencement of the multi-fund structure with effect from July 1, 2018. She said the PFA will continue to engage various stakeholders on developments in the industry to ensure the provisions of the CPS are fully harnessed to the benefit of all. Such platforms as the employers’ forum, preretirement seminars, among other initiatives Stanbic IBTC Pensions organises yearly, are fashioned to ensure regular engagement and to drive awareness.

 

Backed by the experience and expertise of Stanbic IBTC Group, a member of the over 155-year-old Standard Bank Group, Bajomo said the PFA will not relent in providing excellent services to its RSA holders and Nigerians. Stanbic IBTC Pension Managers Limited, she said, has over 1.6 million RSA holders nationwide, with assets under management in excess of N2 trillion. It pays approximately N1.3 billion to over 37,000 retirees monthly and over N279 billion has been paid to retirees since the PFA commenced operations in 2006, Bajomo added.

 

Stanbic IBTC Pension Managers Limited is a subsidiary of Stanbic IBTC Holdings, a member of Standard Bank Group, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for over 155 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.

 

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Why Babangida’s Hilltop Home Became Nigeria’s Political “Mecca”

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Why Babangida’s Hilltop Home Became Nigeria’s Political “Mecca”. By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com

Why Babangida’s Hilltop Home Became Nigeria’s Political “Mecca”.

By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com

 

Former President Goodluck Jonathan’s birthday visit to Gen. Ibrahim Badamasi Babangida (IBB) in Minna (where he hailed the octogenarian as a patriotic leader committed to national unity) was more than a courtesy call. It was a reminder of a peculiar constant in Nigerian politics: the steady pilgrimage of power-seekers, bridge-builders and crisis-managers to the Hilltop mansion. Jonathan’s own words captured it bluntly: IBB’s residence “is like a Mecca of sorts” because of the former military president’s enduring relevance and perceived nation-first posture.

Babangida turned 84 on 17 August 2025. That alone invites reflection on a career that has shaped Nigeria’s political architecture for four decades; admired by some for audacious statecraft, condemned by others for controversies that still shadow the republic. Born on 17 August 1941 in Minna, he ruled as military president from 1985 to 1993, presiding over transformative and turbulent chapters: the relocation of the national capital to Abuja in 1991; the creation of political institutions for a long, complex transition; economic liberalisation that cut both ways; and the fateful annulment of the 12 June 1993 election. Each of these choices helps explain why the Hilltop remains a magnet for Nigerians who need counsel, cover or calibration.

 

A house built on influence; why the visits never stop.

 


Let’s start with the obvious: access. Nigeria’s political class prizes proximity to the men and women who can open doors, soften opposition, broker peace and read the hidden currents. In that calculus, IBB’s network is unmatched. He cultivated a reputation for “political engineering,” the reason the press christened him “Maradona” (for deft dribbling through complexity) and “Evil Genius” (for the strategic cunning his critics decried). Whether one embraces or rejects those labels, they reflect a reality: Babangida is still the place where many politicians go to test ideas, seek endorsements or secure introductions. Even the mainstream press has described him as a consultant of sorts to desperate or ambitious politicians, an uncomfortable description that nevertheless underlines his gravitational pull.

Though it isn’t only political tact that draws visitors; it’s statecraft with lasting fingerprints. Moving the seat of government from Lagos to Abuja in December 1991 was not a cosmetic relocation, it re-centred the federation and signaled a symbolic neutrality in a country fractured by regional suspicion. Abuja’s founding logic (GEOGRAPHIC CENTRALITY and ETHNIC NEUTRALITY) continues to stabilise the national imagination. This is part of the reason many leaders, across party lines, still defer to IBB: he didn’t just rule; he rearranged the map of power.

 

Then there’s the regional dimension. Under his watch, Nigeria led the creation and deployment of ECOMOG in 1990 to staunch Liberia’s bloody civil war, a bold move that announced Abuja as a regional security anchor. The intervention was imperfect, contested and costly, but it helped define West Africa’s collective security posture and Nigeria’s leadership brand. When neighboring states now face crises, the memory of that precedent still echoes in diplomatic corridors and Babangida’s counsel retains currency among those who remember how decisions were made.

Jonathan’s praise and the unity argument.
Jonathan’s tribute (stressing Babangida’s non-sectional outlook and commitment to unity) goes to the heart of the Hilltop mystique. For a multi-ethnic federation straining under distrust, figures who can speak across divides are prized. Jonathan’s point wasn’t nostalgia; it was a live assessment of a man many still call when Nigeria’s seams fray. That’s why the parade to Minna continues: the anxious, the ambitious and the statesmanlike alike seek an elder who can convene rivals and cool temperatures.

The unresolved shadow: June 12 and the ethics of influence.


No honest appraisal can skip the hardest chapter: the annulment of the 12 June 1993 election (judged widely as free and fair) was a rupture that delegitimised the transition and scarred Nigeria’s democratic journey. Political scientist Larry Diamond has repeatedly identified June 12 as a prime example of how authoritarian reversals corrode democratic legitimacy and public trust. His larger warning (“few developments are more destructive to the legitimacy of new democracies than blatant and pervasive political corruption”) captures the moral crater that followed the annulment and the years of drift that ensued. Those wounds are part of the Babangida legacy too and they complicate the reverence that a steady stream of visitors displays.

Max Siollun, a leading historian of Nigeria’s military era, has observed (provocatively) that the military’s “greatest contribution” to democracy may have been to rule “long and badly enough” that Nigerians lost appetite for soldiers in power. It’s a stinging line, yet it helps explain the paradox of IBB’s status: the same system he personified taught Nigeria costly lessons that hardened its democratic reflexes. Today’s generation visits the Hilltop not to revive militarism but to harvest hard-won insights about managing a fragile federation.

What sustains the pilgrimage.
1) Institutional memory: Nigeria’s politics often suffers amnesia. Babangida offers a living archive of security crises navigated, regional diplomacy attempted, volatile markets tempered and power-sharing experiments designed. Whether one applauds or condemns specific choices, the muscle memory of governing a complex federation is rare and urgently sought.

2) Convening power: In a season of polarisation, the ability to sit warring factions in the same room is not small capital. Babangida’s imprimatur remains a safe invitation card few refuse it, fewer ignore it. That convening power explains why movements, parties and would-be presidents keep filing up the long driveway. Recent delegations have explicitly cast their courtesy calls in the language of unity, loyalty and patriotism ahead of pivotal elections.

3) Signals to the base: Visiting Minna telegraphs seriousness to party structures and funders. It says: “I have sought counsel where history meets experience.” In Nigeria’s coded political theatre, that signal still matters. Outlets have reported for years that many aspirants treat the Hilltop as an obligatory stop an unflattering reality, perhaps, but a revealing one.

4) The man and the myth: The mansion itself, with its opulence and aura, has become a set piece in Nigeria’s story of power, admired by some, resented by others, but always discussed. The myth feeds the pilgrimage; the pilgrimage feeds the myth.

The balance sheet at 84.
To treat Babangida solely as a sage is to forget the costs of his era; to treat him only as a villain is to ignore the architecture that still holds parts of Nigeria together. Abuja’s relocation stands as a stabilising bet that paid off. ECOMOG, for all its flaws, seeded a habit of regional responsibility. Conversely, June 12 remains a national cautionary tale about elite manipulation, civilian marginalisation and the brittleness of transitions managed from above. These are not contradictory truths; they are the double helix of Babangida’s place in Nigerian memory.

Jonathan’s homage tried to distill the better angel of IBB’s record: MENTORSHIP, BRIDGE-BUILDING and a POSTURE that (at least in his telling) RESISTS SECTIONAL ISM. “That is why today, his house is like a Mecca of sorts,” he said, praying that the GENERAL continues to “mentor the younger ones.” Whether one agrees with the full sentiment, it accurately describes the lived politics of Nigeria today: Minna remains a checkpoint on the road to relevance.

The scholar’s verdict and a citizen’s challenge.
If Diamond warns about legitimacy and Siollun warns about the perils of soldier-politics, what should Nigerians demand from the Hilltop effect? Three things.

First, use influence to open space, not close it. Counsel should tilt toward rules, institutions and credible elections not kingmaking for its own sake. The lesson of 1993 is that subverting a valid vote haunts a nation for decades.

Second, mentor for unity, but insist on accountability. Unity cannot be a euphemism for silence. A truly patriotic elder statesman sets a high bar for conduct and condemns the shortcuts that tempt new actors in old ways. Diamond’s admonition on corruption is not an abstraction; it’s a roadmap for rebuilding trust.

Third, convert nostalgia into institutional memory. If Babangida’s house is a classroom, then Nigeria should capture, publish and debate its lessons in the open: on peace operations (what worked, what failed), on capital relocation (how to plan at scale), and on transitions (how not to repeat 1993). Only then does the pilgrimage serve the republic rather than personalities.

At 84, Ibrahim Babangida remains a paradox that Nigeria cannot ignore: a man whose legacy straddles NATION-BUILDING and NATION-BRUISING, whose doors remain open to those seeking power and those seeking peace. Jonathan’s visit (and his striking “Mecca” metaphor) reveals a simple, stubborn fact: in a country still searching for steady hands, the Hilltop’s shadow is long. The task before Nigeria is to ensure that the shadow points toward a brighter constitutional daybreak, where influence is finally subordinated to institutions and where mentorship hardens into norms that no single mansion can monopolise. That is the only pilgrimage worth making.

 

Why Babangida’s Hilltop Home Became Nigeria’s Political “Mecca”.
By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com

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Ajadi Celebrates Juju Legend Femolancaster’s 50th Birthday in the UK

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Ajadi Celebrates Juju Legend Femolancaster’s 50th Birthday in the UK

Ajadi Celebrates Juju Legend Femolancaster’s 50th Birthday in the UK

Nigerian Juju music legend, Otunba Femi Fadipe, popularly known as FemoLancaster, is being celebrated today in London as he clocks 50 years of age.

Ambassador Olufemi Ajadi Oguntoyinbo, a frontline politician and businessman, led tributes to the Ilesa-born maestro, describing him as a timeless cultural icon whose artistry has enriched both Nigeria and the world.

“FemoLancaster is not just a musician, he is a legend,” Ambassador Ajadi said in his birthday message. “For decades, his classical Juju sound has remained a reminder of the beauty of Yoruba heritage. Today, as he turns 50, I celebrate a cultural ambassador whose music bridges generations and continents.”

While FemoLancaster is highly dominant in Oyo State and across the South-West, his craft has also taken him beyond Nigeria’s borders.

FemoLancaster’s illustrious career has seen him thrill audiences across Nigeria and beyond, with performances in the United Kingdom, Canada, United States of America, and other parts of the world. His dedication to Juju music has projected Yoruba traditional sounds to international stages, keeping alive the legacy of icons like King Sunny Ade and Chief Ebenezer Obey while infusing fresh energy for younger audiences
He further stressed the significance of honoring artistes who have remained faithful to indigenous music while taking it global. “In an era where modern sounds often overshadow tradition, FemoLancaster stands as a beacon of continuity and resilience. He has carried Yoruba Juju music into the global space with dignity, passion, and excellence,” he added.

Ajadi Celebrates Juju Legend Femolancaster’s 50th Birthday in the UK
The golden jubilee celebration in London has drawn fans, friends, and colleagues, who all describe FemoLancaster as a gifted artist whose contributions over decades have earned him a revered place in the pantheon of Nigerian music legends.

“As FemoLancaster marks this milestone,” Ajadi concluded, “I wish him many more years of good health, wisdom, and global recognition. May his music continue to echo across generations and continents.”

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Gospel Songstress Esther Igbekele Marks Birthday with Gratitude and Celebration

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Gospel Songstress Esther Igbekele Marks Birthday with Gratitude and Celebration By Aderounmu Kazeem Lagos

Gospel Songstress Esther Igbekele Marks Birthday with Gratitude and Celebration

By Aderounmu Kazeem Lagos

 

Lagos, Nigeria — The gospel music scene is aglow today as the “Duchess of Gospel Music,” Esther Igbekele, marks another milestone in her life, celebrating her birthday on Saturday, August 16, 2025.

Known for her powerful voice, inspirational lyrics, and unwavering dedication to spreading the gospel through music, Esther Igbekele has become one of Nigeria’s most respected and beloved gospel artistes. Over the years, she has graced countless stages, released hit albums, and inspired audiences across the world with her uplifting songs.

Today’s celebration is expected to be a joyful blend of music, prayers, and heartfelt tributes from family, friends, fans, and fellow artistes. Sources close to the singer revealed that plans are in place for a special praise gathering in Lagos, where she will be joined by notable figures in the gospel industry, church leaders, and admirers from home and abroad.

Speaking ahead of the day, Igbekele expressed deep gratitude to God for His mercy and the opportunity to use her gift to touch lives. “Every birthday is a reminder of God’s faithfulness in my journey. I am thankful for life, for my fans, and for the privilege to keep ministering through music,” she said.

Gospel Songstress Esther Igbekele Marks Birthday with Gratitude and Celebration
By Aderounmu Kazeem Lagos

From her early beginnings in the Yoruba gospel music scene to her rise as a celebrated recording artiste with a unique fusion of contemporary and traditional sounds, Esther Igbekele’s career has been marked by consistency, excellence, and a strong message of hope.

As she adds another year today, her fans have flooded social media with messages of love, appreciation, and prayers — a testament to the profound impact she continues to make in the gospel music ministry.

For many, this birthday is not just a celebration of Esther Igbekele’s life, but also of the divine inspiration she brings to the Nigerian gospel music landscape.

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