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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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Had FFK Faced Mehdi Hassan, Nigeria Would Have Spoken With Fire 

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AHMAD GUMI: CLERIC OF BLOOD, FACE OF HATE 

Had FFK Faced Mehdi Hassan, Nigeria Would Have Spoken With Fire 

By Mohammed Bello Doka

 

 

 

In politics, timing is everything. In diplomacy, character is everything. And in moments of national importance, leadership must be entrusted to individuals who possess not only experience but courage, intellect and an unshakable commitment to the nation they represent.

 

It is for this reason that the appointment of Chief Femi Fani-Kayode as Nigeria’s Ambassador to a foreign nation stands out as one of the most consequential diplomatic decisions in recent years.

 

Chief Femi Fani-Kayode, better known in the South as “FFK” and in the North as “Sadauki”, is one of the most brilliant, experienced, accomplished, vocal, respected, educated, profound, intellectual, patriotic, disciplined, well-read, historically literate, versatile, forceful, persuasive, sophisticated, cosmopolitan, charming, eloquent, courageous and resilient men in Nigerian politics and he has paid his dues and proved his worth over the last 35 years in politics and political discourse.

 

 

In each role he has played he has excelled and succeeded even when he was in opposition.

 

 

His friends value him as a great and loyal defender and his traducers and political adversaries fear and respect him because when he goes to war he is utterly relentless, takes no prisoners and literally spits fire.

 

 

 

How I wish it was him that was interviewed by Mehdi Hassan of Al Jazeera and not the young and inexperienced Daniel Bwala because he would have not only humbled Hassan but also done Nigeria proud.

 

 

 

He played Bwala’s present role in the Presidential Villa 23 years ago as President Olusegun Obasanjo’s spokesman and not only brought the then President’s domestic enemies to their knees but also had a series of very hot exchanges with foreign Government officials like America’s Under-Secreatary of State for Africa Jendaye Fraser and the White House over the Charles Taylor issue and Liberia.

 

 

 

Tinubu decision to appoint him as an Ambassador for our nation was a wise one because he will fight for and protect the interests of Nigeria and the Nigerian community whetever he goes and will never sell his soul or bow to foreign imperialist interests.

 

 

 

His appointment is not about just rewarding loyalty for the key role he played in Tinubu’s presidentiel campaign organisation as Director of New Media and Special Operations in 2023 and the staunch support he has given the President over the last three years but also about putting a square peg in a square hole.

 

 

 

If you want to put Nigeria first Sadauki is the one to do it.

 

 

If he runs the Nigerian Mission in the country that he is sent to in the same way he ran the Ministry of Culture and Tourism and the Ministry of Aviation when he was Minister to each of them one after the other twenty years ago he will do very well and both our nation and whichever nation he is posted to itself will benefit from his efforts.

 

 

 

History teaches that diplomacy is most effective when nations deploy individuals who possess both intellect and courage.

 

 

 

As the American statesman Henry Kissinger once noted, “Diplomacy is the art of restraining power.”

 

 

 

To do so successfully requires deep historical awareness and strategic clarity—qualities that have long defined Fani-Kayode’s political career.

 

 

 

Sending a politically seasoned voice like FFK to any nation that is a key partner to Nigeria signals that Bola Ahmed Tinubu intends to strengthen Nigeria’s diplomatic posture with confidence.

 

 

Throughout more than three decades in the political arena, Fani-Kayode has remained one of the most resilient and outspoken figures in Nigerian public life despite numerous challenges which would have broken and destroyed lesser men.

 

 

Regardless of all that was thrown at him he continues to pull through and come out victorious which is why many refer to him as the “Akanda Eledumare” and the “Ayanfe Oluwa” which mean “the strange one of God” and “the beloved of the Lord”.

 

 

There appears to be a divine dimension to his life that makes him unstoppable and irrepressible even though his enemies are legion.

 

 

 

 

 

One wonders what sets him apart and makes him so different.

 

There is no doubt that his education played a part in it and this set him apart from most.

 

 

 

He never went to school in Nigeria but was educated from the age of eight in England starting off at Holmewood House School in Kent, one of the UK’s best and most famous Preparatory schools, after which he attended the famous Harrow School just outside London which is, together with Eton College, an institution that is the exclusive preserve of high society in the UK, one of the two best private schools in that country where only the ruling elite, the rich, the well-to-do, the famous and only a tiny proportion of those in British high society can afford or even qualify to attend.

 

 

No less than eight British Prime Ministers, including the great Sir Winston Churchill, and countless British cabinet ministers attended Harrow and so did many leaders, diplomats and top politicians from many foreign countries.

 

 

 

After finishing at Harrow he attended some of the top universities in the world, including London University (SOAS) and Cambridge University (Pembroke College) where he did so well.

 

 

 

As a matter of fact his great grandfather, Rev. Emmanuel Adelabi Kayode, attended Furrough Bay College which at that time was part of Durham University and graduated with an MA (Hons.) in Theology in 1893. His grandfather Justice Adedapo Kayode attended Cambridge University (Selwyn College) where he studied law and graduated in 1922. His father Chief Remilekun Fani-Kayode attended Cambridge University (Downing College) where he studied law and graduated in 1943. Sadauki himself graduated in law at Cambridge University (Pembroke College) in 1984 whilst his daughter Folake Fani-Kayode graduated from Durham University in 2009.

 

No African family has an uninterrupted streak of 116 years of Oxbridge-level university graduates except for the Fani-Kayode’s which is something that both his family and every patriotic Nigerian should be proud of.

 

 

It therefore makes perfect sense that a man from such a distinguished pedigree and intimidating lineage and that has such an extraordinary intellectual heritage should represent Nigeria on the international stage.

 

 

 

There is also his role in the debate on Gaza which made him a hero in the eyes of millions of people in the Global South both amongst Christians and Muslims.

 

 

 

He spoke out consistently about what he described as the genocide being committed against the Palestinians and he was prepared to put his life and career on the line for this cause even though most Nigerian leaders and politicians refused to say what he was saying publicly out of fear of the Zionist lobby and the Jewish state.

 

 

 

His sense of patriotism is unquestionable and nothing reflects this better than his series of essays written against Kemi Badenoch, the leader of the British Opposition Conservative Party and his write up against one Ben Llewelyn-Jones, who at that time was the Deputy British High Commissioner to Nigeria, when the former consistently sought to insult and denigrate Nigeria and the Nigerian people and the latter attempted to interfere in our internal affairs by making statements in support of Peter Obi and his Obidients in the 2023 presidential elections.

 

 

 

Sadauki successfully put them both in their place and when American Senator Ted Cruz, President Donald Trump, Congressman Tim Riley and other American politicians began to peddle the false narrative and fake gospel of Christian genocide and persecution in Nigeria Sadauki, a devout Christian himself, rose to the challenge and more than any other Nigerian wrote about the issue in a series of essays pointing out the fact that as many Muslims were being killed as Christians by the terrorists in our country and that Christians were not being persecuted by our Government and are in fact faring better when it comes to positions in the security apparatus and governance under Tinubu than they did in the previous administration.

 

 

 

He also spoke out boldly against President Trump and his administration when they accused the Government of South Africa of indulging in genocide against the white minority population in their country and pointed out the fact that South Africa, like Brazil, was a shining example of a successful multi-ethnic, multi-religious and multi-cultural nation that was treating its white minority population with the greatest respect. Few Africans said a word to defend South Africa at the time even though they knew that Trump was wrong but Sadauki did so without thinking twice.

 

 

 

He is clearly a strong Pan-Africanist and a believer in the importance of the African Union, African solidarity, the BRICS coalition and the Global South alliance comprising of China, Russia, South Africa, India, Saudi Arabia, Turkey and other emerging world powers.

 

 

This is commendable and it reflects his courage and disdain for those that display ignorance, disdain and contempt for our nation and people and that seek to denigrate and misrepresent us.

 

 

 

Sadauki is not the type that bows and quivers before Westerners like so many other Nigerian leaders and politicians but rather takes pride in his Nigerian culture, race, heritage and identity and is prepared to defend us and speak for us no matter whose ox is gored and who is involved.

 

 

 

In an increasingly competitive global environment, Nigeria requires diplomats capable not only of negotiation but also of defending national interests with conviction.

 

 

 

If the energy, eloquence and intellectual fire that have defined Fani-Kayode’s political life accompany him to the country to which he has been posted, his tenure may well become one of the most consequential chapters in Nigeria’s modern diplomatic engagements.

 

 

 

I wish him well and I thank God that he is back in the saddle of public office after so many years.

 

 

What more could any of us ask of this great and noble son of Nigeria?

 

 

This is undoubtedly the quality of personnel and leaders that we need on the international stage.

 

I hope and pray that in his endeavours and during the course of his work he meets with Mehdi Hassan in a debate and prove to him and the rest of the world that Nigeria still has men that can not only match them but that can also remove their trousers in any verbal encounter. Bwala put us to shame but FFK can redeem us before the eyes of the world.

 

 

 

 

 

 

(Mohammed Bello Doka, the author of this essay, is the publisher of Abuja Network News and can be reached via [email protected])

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Sunday Igboho Hails IBD Dende’s Exceptional Generosity and Loyalty

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Sunday Igboho Hails IBD Dende’s Exceptional Generosity and Loyalty

By Adeyemi Obadimu

 

 

A prominent Yoruba nation activist, Sunday Igboho, has publicly commended renowned businessman and philanthropist, Ibrahim Egungbohun, popularly known as IBD Dende, for what he described as extraordinary generosity and unwavering support during one of the most challenging periods of his life.

 

 

Speaking about his experience following his release from detention in the Benin Republic, Igboho disclosed that IBD Dende reached out to him immediately to inquire about his welfare and next destination. According to him, when he explained that he was planning to travel to Germany and that the cost of flight tickets for himself and his wife amounted to ₦6 million, Dende requested his bank details.

 

 

In a remarkable show of goodwill, Igboho revealed that Dende transferred ₦20 million to his account far above the stated travel expenses with the reassurance that the extra funds could assist with other pressing needs.

 

 

Igboho further recounted that upon his eventual return to Nigeria, despite ongoing financial restrictions, IBD Dende was the first person he met. At that meeting, the businessman reportedly provided an additional ₦10 million to enable him host visitors and manage immediate responsibilities, particularly as his bank account remains frozen.

 

 

The activist also expressed profound gratitude to former Oyo State Governor, Rasheed Ladoja, whom he credited for resolving issues between him and President Bola Ahmed Tinubu.

 

 

Describing Dende as a man of rare loyalty and compassion, Igboho stated that anyone who harbours ill feelings toward the businessman “is under a curse,” emphasizing the depth of gratitude he holds for the support he received.

 

 

The development has sparked conversations across social and political circles, further highlighting IBD Dende’s reputation as a philanthropist and influential figure known for standing by associates in difficult times.

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BUA Chairman Abdul Samad Rabiu Records Africa’s Biggest Wealth Surge, Net Worth Hits $11.2bn

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BUA Chairman Abdul Samad Rabiu Tops Africa’s Wealth Gains in the 2026 Forbes Rankings as His Fortune Jumps 120% to $11.2 Billion, Rising to 3rd Place; Aliko Dangote Remains No.1

 

Billionaire Industrialist, Philantropist, and Chairman of BUA Group, Abdul Samad Rabiu, has emerged as Africa’s biggest wealth gainer in the 2026 Africa’s Richest People ranking published by Forbes, after his net worth rose sharply over the past year.

 

According to the latest Forbes list, Rabiu’s wealth surged 120 percent to $11.2 billion, representing the largest increase recorded among the continent’s billionaires in the latest ranking. The jump moves Rabiu, who is Nigerian, to third place among Africa’s richest individuals, up from sixth position a year ago.

 

The rise in Rabiu’s fortune was driven largely by the strong performance of BUA Cement, his flagship publicly listed company, whose shares surged by 135 percent over the past year. The rally significantly outpaced gains in the broader Nigerian Exchange, which has itself recorded strong growth amid improving investor confidence.

 

Forbes estimates Rabiu’s net worth at $11.2 billion, placing him behind luxury goods tycoon Johann Rupert, whose fortune is estimated at $16.1 billion, and Africa’s richest man Aliko Dangote, who retains the top position with an estimated $28.5 billion.

 

Rabiu’s rise underscores the growing influence of Nigeria’s industrial sector and the expanding footprint of BUA Group, which has built major operations across cement manufacturing, food processing, sugar refining, infrastructure, mining and energy.

 

The latest Forbes ranking also highlights a broader surge in wealth across Africa’s billionaire class. The continent’s 23 billionaires now hold a combined net worth of $126.7 billion, representing a 21 percent increase from the previous year, as major equity markets rallied and regional currencies stabilised.

 

Nigeria remains one of the continent’s leading centres of billionaire wealth, accounting for four individuals on the list, including Dangote, Rabiu, telecommunications magnate Mike Adenuga, and energy investor Femi Otedola.

 

Forbes said the 2026 ranking was calculated using stock prices and exchange rates as of March 1, 2026, with privately held companies valued using comparable industry benchmarks.

 

Rabiu’s leap in the ranking reflects not only the strong performance of BUA Cement but also the broader momentum of Nigeria’s capital markets and the continued expansion of large scale industrial enterprises across Africa’s largest economy.

 

Analysts say the development signals growing investor confidence in African manufacturing and infrastructure driven businesses, sectors that are increasingly central to the continent’s economic transformation.

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