Connect with us

News

PenCom Does Not Give Loans to Federal Government, says DG

Published

on

Mrs Aisha Dahiru Umar ,DG Pen Com

 

Mrs. Aisha Dahir-Umar, the Director General of National Pension Commission (PenCom), has described as “totally misleading” widespread reports that the Commission gave a N10 trillion loan to the Federal Government.

She also responded to claims that PenCom was owing Federal Government retirees arrears of pensions as well as insinuations that Pension Fund Administrators (PFAs) are not fulfilling their obligations to retirees with regards to access to their retirement savings.

Mrs. Dahir-Umar, in a media interview at the weekend, said apart from the fact that PenCom is not a bank and does not warehouse or manage pension funds, the Federal Government did not take a loan of N10 trillion from the Commission.

“Investments by the PFAs in the securities of the Federal Government of Nigeria (FGN) are not loans as erroneously portrayed, but investments in securities, through bonds and treasury bills, as approved by the relevant government agencies, in this case the Debt Management Office (DMO) and Securities and Exchange Commission (SEC). They are traded on authorized capital markets. That is, the Nigerian Exchange Limited and FMDQ OTC Securities Exchange,” she explained.

Advert

“Moreover, pension fund assets are not managed by PenCom. I have said it repeatedly that when we say pension assets have grown to N15 trillion, that does not mean PenCom has N15 trillion locked somewhere in its office or bank accounts. Pension fund assets are managed by the licensed PFAs and held in custody by the licensed Pension Fund Custodians (PFCs). The PFAs are responsible for investing pension fund assets in allowable asset classes, including FGN debts instruments. The objectives are safety and fair returns. All these are in line with the provisions of the enabling law, the Pension Reform Act 2014, and the rules issued by the Commission. It is obvious from the above that what is referred to ‘loan to FGN’ is just investment in FGN securities by the PFAs, as is done by other institutional investors such as banks, insurance companies, asset managers, etc.”

Mrs. Dahir-Umar added that it is an international best practice to invest in investible instruments issued or backed by the sovereign authority and that the FGN securities meet the objectives of safety and fair returns.

“The FGN has consistently met its repayment obligations, both principal amount and accrued interest, for all investments in bonds and T-bills to all investors including pension funds. The information is always in the open and accessible on our website, www.pencom.gov.ng,” she said.

The PenCom DG further clarified claims about outstanding benefits to Federal Government retirees.

“The delayed payment of retirement benefits to some Federal Government retirees and deceased employees is because of the inadequate and delayed funding for the payment of Accrued Pension Rights for those who were in service before the Contributory Pension Scheme (CPS) was introduced when PenCom was established in 2004,” she said.

“Payment of the accrued rights is subject to release of funds by the Federal Government. So, it is beyond the powers of the Commission. However, we have been engaging the Federal Ministry of Finance for more funds to be released to settle these liabilities, but it is not a secret that the government itself has budgetary constraints.”

She said all those enrolled under the CPS have been receiving their benefits through their PFAs and there is no unsolved complaint before the Commission.

 

 

 

 

 

 

News

Troops Uncover Illegal Fire Arms Factory in Nasarawa State

Published

on

 

By Yusuf Danjuma Yunusa

Troops from Sector 2 of the Joint Task Force, Operation Whirl Stroke (OPWS), have uncovered and dismantled an illegal arms manufacturing facility in Agwatashi, Doma Local Government Area of Nasarawa State.

The discovery was confirmed in a statement on Monday by Lt. Ahmad Zubairu, Acting Media Information Officer for the JTF OPWS.

While conducting a routine patrol from the Forward Operating Base in Idadu, troops identified a concealed location suspected of housing illegal weapons production. Upon the approach of security forces, several individuals fled the scene.
One suspect, identified as 26-year-old Baba Ogar from Arusu Village in Kokona LGA, was apprehended after attempting to hide in a tree.

Advert

Items Recovered are: six (6) locally fabricated pistols; assorted tools and instruments used for weapons manufacturing; The sum of ₦40,500, and One mobile phone.

Preliminary investigations indicate that the facility served as a production hub supplying firearms to criminal networks operating within and beyond the region.
The apprehended suspect is currently in custody. Investigations are ongoing to track down his fleeing accomplices.

The Force Commander of OPWS, Maj.-Gen. Moses Gara, commended the troops for their professionalism, vigilance, and sustained operational efforts that led to the discovery. He urged them to maintain momentum and continue employing intelligence-driven operations to dismantle criminal networks across the Joint Operations Area.

Continue Reading

News

NNPC Ltd Commends Chevron Nigeria Ltd on Successful Awodi-07 Discovery

Published

on

 

The Nigerian National Petroleum Company Limited (NNPC Ltd) has congratulated Chevron Nigeria Limited (CNL), operator of the NNPC Ltd/CNL Joint Venture, on the successful completion of the Awodi-07 appraisal and exploration well located in the shallow offshore western Niger Delta.

The Awodi-07 well was drilled as part of the Joint Venture’s ongoing efforts to further delineate and unlock hydrocarbon potential within its asset portfolio. Drilling operations commenced in late November 2025 and were concluded in mid-December 2025, with all activities executed safely, efficiently, and in strict compliance with approved operational and regulatory standards. Following the completion of comprehensive testing, logging, and data acquisition, the well was safely secured, bringing the programme to a successful close.

Results from the well are highly encouraging, confirming a significant presence of hydrocarbons across multiple reservoir zones. This outcome represents a notable milestone for the NNPC Ltd/CNL Joint Venture,on strengthening confidence in the underlying asset and reinforcing the prospectivity of the area. The success of Awodi-07 further highlights the effectiveness of disciplined exploration, sound technical evaluation, and the strong operational collaboration between NNPC Ltd and its Joint Venture partner.

Commenting on the achievement, the Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, commended Chevron Nigeria Limited for its operational excellence, technical competence, and consistent delivery of value.

Advert

He stated: “The success of the Awodi-07 well further reinforces the strength of the NNPC Ltd/CNL Joint Venture and our shared commitment to responsibly growing Nigeria’s hydrocarbon reserves. This achievement aligns squarely with our strategic priorities of increasing production, enhancing national energy security, and delivering sustainable value for the Nigerian people.”

Also speaking on the milestone, the Executive Vice President, Upstream, NNPC Ltd, Mr. Udy Ntia, described the Awodi-07 results as a clear demonstration of the value of sustained collaboration, technical rigour, and a stable, enabling operating environment.

According to him: “This discovery underscores the importance of disciplined exploration programmes, strong partnerships, and the positive impact of the reforms introduced under the Petroleum Industry Act. We look forward to working closely with Chevron Nigeria Limited to mature this opportunity and progress it towards timely development and monetisation.”

NNPC Limited and Chevron Nigeria Ltd work together under a joint venture agreement to operate several oil and gas fields in Nigeria’s Niger Delta. In this partnership, Chevron owns 40 per cent of the assets, while NNPC Limited holds the remaining share. The arrangement allows both companies to combine resources, expertise, and investment to develop Nigeria’s oil and gas resources more effectively.

Through this collaboration, the partners aim to increase oil production to about 146,000 barrels per day, which would support government revenue, create jobs, and contribute to the country’s energy supply.

Signed:
Andy Odeh
Chief Corporate Communications Officer
NNPC Ltd
26th January 2026

Continue Reading

News

Ganduje, Barau Raise Governor Yusuf’s Hands Into APC

Published

on

 

Governor of Kano State, Abba Yusuf, has officially rejoined the All Progressives Congress (APC).

Governor Yusuf made the declaration at the Coronation Hall of the Kano Government House.

The declaration was made in the presence of the former National Chairman of the APC, Abdullahi Ganduje; Deputy President of the Senate, Senator representing Kano South; the Minister of State for Housing and Urban Development; among other dignitaries.

Advert

He noted that his return is firmly anchored on working more closely with the federal government under the leadership of President Bola Tinubu.

Those who raised Governor Yusuf’s hand were the immediate former Governor of Kano State and former APC National Chairman, Abdullahi Umar Ganduje, and Deputy Senate President Barau I. Jibrin.

 

Continue Reading

Trending