B y Afolabi Oyekunle. June 12 is a significant day in Nigeria, to mark democracy and commemorate the historic 1993 Presidential election annulled by the Military regime of General Ibrahim Babaginda.  To millions of people, the peaceful election was won by Chief Moshood Kashimawo Abiola,but was annulled by the military regime. Unfortunately Chief Abiola lost his life while in detention. Since the annulment of the June 12 election, Nigerians have seen several civilian governments despite some challenges that threaten democracy such as insurgency, rigging of elections and religious bigotry. Speaking on Democracy in the country so far, a committed, versatile politician, the Executive Vice Chairman of Agbado-Oke Odo LCDA, Honourable Yusau Kehinde Shobayo while speaking to FocusNews said the country is progressing vast under democracy and many people have realised there is no alternative to it, and advised the people to continue to believe in it. Honourable Yusau ...

By Afolabi Oyekunle The National Pension Commission says Nigeria’s pension assets have risen to over ₦32 trillion, equivalent to 10.4% of Gross Domestic Products. PenCom Director-General Omolola Oloworaran said this in Abuja while receiving a delegation from Kenya’s Retirement Benefits Authority for a four-day study visit. Pencom DG Omolola Oloworaran Represented by the Director of the Surveillance Department, Abdulrahaman Muhammad Saleem, the Director General highlighted the remarkable growth recorded under Nigeria’s CPS since its introduction. She said growth in pension assets over the years reflects the sustained success of the country’s pension reform implemented since 2004. She said the industry’s growth has been driven by consistent regulatory reforms, stronger governance standards and enhanced supervisory mechanisms designed to protect contributors’ funds and improve retirement outcomes. The Director General described the Federal Government’s recent settlement of ...

By Afolabi Oyekunle A 𝘗𝘶𝘣𝘭𝘪𝘤 𝘗𝘰𝘭𝘪𝘤𝘺 𝘈𝘯𝘢𝘭𝘺𝘴𝘵 & 𝘎𝘰𝘷𝘦𝘳𝘯𝘢𝘯𝘤𝘦 𝘚𝘵𝘳𝘢𝘵𝘦𝘨𝘪𝘴𝘵, 𝗦𝗵𝗮𝘁𝗮𝗺𝗶 𝗧. 𝗕𝘂𝗺𝗯𝗮 has faulted the inconsistent in the Contributory Pension Scheme.  He said under the scheme, the senior citizens are being systematically impoverished by a financial model that fails to account for macroeconomic volatility. He posited that while the National Pension Commission (PenCom) frequently celebrates the growth of total pension assets, now exceeding ₦30 trillion, the purchasing power of the individual retiree is being aggressively eroded. "The system may have eliminated the long physical queues of the old Defined Benefit era, but it has replaced them with a quiet, digitized destitution."   Consider the empirical flaws currently affecting our retirees: • 𝗧𝗛𝗘 𝗡𝗘𝗚𝗔𝗧𝗜𝗩𝗘 𝗥𝗘𝗔𝗟 𝗥𝗘𝗧𝗨𝗥𝗡𝗦: In the recent fiscal cycle, many Pension Fund Administrators (PFAs) reported returns on Fund II (the default fund f...

Afolabi Oyekunle. In view of the recent train accident along Warri- Itakpe route in which five persons lost their lives and many with serious injuries, the Managing Director of Nigeria Railway Corporation, Dr. Kayode Opeifa has reiterated the commitment of the Corporation to safety of passengers. Dr. Kayode Opeifa while speaking on TVC channel gave further information on the accident.   NRC MD. Dr. Kayode Opeifa According to him a total of 482 persons were on board: 442 passengers. 40 crew members and support personnel. He confirmed that about 40 persons sustained injuries, while approximately 25 of the injuries are classified as serious traumatic injuries. while some injured victims have already been discharged, and others remain under medical care. Dr. Opeifa assured that NRC has commenced contact tracing using passengers manifests and ticketing records. The Corporation pledged transparency throughout the investigation process. He assured that NRC and...

By Afolabi Oyekunle. The Lagos State Water Authority (LASWA), in partnership with Interferry, has successfully launched the practical phase of the Ferry Safety Development Programme (FSDP), beginning with its first in-person training session held at the Caverton Marine Ferry Building Facility in Badore, Ajah, Lagos. The session, led by the Programme Coordinator, Engr. Ukeme Sunday, brought together 50 participants for an immersive learning experience focused on ferry design and construction, vessel safety standards, maintenance practices, and operational best practices within the maritime industry. Participants at the program. A key highlight of the programme was a hands-on technical session facilitated by Caverton Marine’s General Manager, Mr. Mohammed Ibrahim, who shared over four decades of experience in ferry design and construction. Drawing from his extensive industry expertise, he provided participants with valuable insights into vessel construction standards, mainten...

By Afolabi Oyekunle. A Nigerian labour leader, Comrade Domingo Michael Adeleke, has died  while attending the 114th session of the International Labour Organisation (ILO)  Conference in  GENEVA, Switzerland —  Adeleke, Chairman of the Lagos State Joint Negotiating Council (JNC), died on Tuesday in Geneva after a brief illness. The Nigerian delegation to the 114th Session of the International Labour Conference (ILC) in Geneva and the labour movement were thrown into mourning following his death. He was in Switzerland as part of Nigeria’s delegation to the conference when he reportedly became ill and was later taken for medical attention. He subsequently passed away. The development was confirmed by an official of the Nigeria Labour Congress (NLC), who described Adeleke as a committed trade unionist dedicated to the welfare of workers. “It is with deep sorrow that the Nigeria Labour Congress and the entire trade union movement in Nigeria, especially the 202...