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Contributory Pension Scheme is failing Pensioners says Public Analyst

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...
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Warri-Itakpe train accident: NRC reiterates commitment to safety of passengers.

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...

Practical Phase of Ferry Safety Development Programme for 50 Operators begins in Ajah, Lagos.

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...

A Nigerian Labour leader, dies in Geneva, while attending ILO meeting.

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...

Four persons die in the Warri-Itakpe route train accident.

By Afolabi Oyekunle. Four persons, a male, two females and one infant lost their lives in the Warri-Itakpe train accident, while 24 persons are seriously injured. Permanent Secretary Federal Ministry of Transportation, Engineer Funsho Adeniyi in a statement said preliminary reports indicate that four coaches capsized while one coach derailed.  The Nigerian Railway Corporation  confirmed that the train accident occurred yesterday along the Warri–Itakpe Train Service (WITS) corridor near Agbor, Delta State. A total of 442 passengers were booked on the train, while 40 crew members, security personnel, and third-party service providers were also on board, bringing the total number of persons on the train to 482. NRC said rescue and evacuation operations were immediately activated with the support of the Delta State Government, NEMA, FRSC, the Police, Civil Defence, local authorities, security agencies, and other emergency responders, and were completed by 6:30 p.m. It ...

NRC confirms train incident on Warri-Itakpe route.

By Afolabi Oyekunle. The Nigerian Railway Corporation (NRC) has confirmed  that an incident involving the Warri–Itakpe Train Service (WITS) occurred today. According to a statement by the Managing Director, Dr. Kayode Opeifa, emergency response teams and relevant authorities are currently at the scene attending to the situation and providing necessary assistance. He said the Corporation is closely monitoring developments and a detailed statement will be issued as soon as more information becomes available. Meanwhile, it has been confirmed that three persons lost their lives in the accident. The NRC urges the public to remain calm and rely only on official channels for verified updates.

NRC MD lauds workers efforts in the progress and sustainability of the Corporation.

By Afolabi Oyekunle The Nigerian Railway Corporation’s (NRC) Managing Director, Dr. Kayode Opeifa has acknowledged the efforts of the workers in their strife for the progress of the Corporation and assured that the Management will continue to prioritize their welfare and make the work environment safer and friendly. The Managing Director of the Corporation, Dr Kayode Opeifa  said this while fielding questions from the workers who were led by the two workers unions – the Nigerian Union of Railway Workers, and the Senior Staff Workers Union, at the second Town Hall Meeting, which was held on Thursday, at the Corporation’s Headquarters, Ebute Metta, Lagos.  Dr. Opeifa speaking at the meeting.                  Dr. Opeifa According to the press release by the Chief Public Relations Officer, Nigerian Railway Corporation, Mr. Callistus Unyimadu,  Dr Opeifa lauded their hard work and resilience as their efforts...