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PenCom Does Not Give Loans to Federal Government, says DG

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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.

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“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.

 

 

 

 

 

 

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Scrap Dealers Begin 15-Day Strike, Blame Chinese, Foreign Firms for Market Crisis

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The National Association of Scrap and Waste Dealers Employers of Nigeria has commenced a 15-day nationwide warning strike over what it described as the devaluation of its members’ businesses by Chinese and other foreign companies operating in Nigeria.

The association announced the commencement of the strike on Thursday, saying its members were withdrawing their services to draw the attention of the Federal Government and relevant authorities to what it described as unfair practices threatening the survival of the scrap and waste recycling industry.

The Vice President of the association, Aminu Hassan Soja, popularly known as Sarkin Karafan Kasar Hausa, disclosed the decision while addressing journalists in Kano on Thursday.

Hassan said members of the association were losing between ₦2 million and ₦3 million on every truckload of scrap materials as a result of what he alleged were activities of Chinese and other foreign companies in the sector.

According to him, the situation had significantly affected the prices of scrap materials and was making it increasingly difficult for Nigerian-owned businesses to remain viable.

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The association’s vice president further alleged that some foreign operators were involved in practices that were affecting the quality of construction materials produced from recycled metals.

Hassan specifically alleged that 12-millimetre iron rods were being presented or processed as 10-millimetre rods, a development he linked to concerns over the quality of building materials and the reported collapse of buildings in different parts of the country.

He said the alleged practices were taking place despite existing laws and regulations governing the production and marketing of construction materials in Nigeria.

The association’s leader expressed concern that foreign companies were allegedly operating as though there were no effective laws regulating their activities in the country.

Hassan said the decision to embark on the 15-day strike followed efforts by the association to draw the attention of relevant authorities to the challenges facing its members.

He said the association had written to relevant government agencies as well as security agencies to formally notify them of the warning strike and its implications.

According to him, the association has a membership of more than two million people across the country, stressing that its members had complied with the directive to withdraw their services.

Hassan described the association as one of the largest employers of labour in the country outside the agricultural sector, saying the activities of its members contribute significantly to employment and the recycling economy.

He said the strike was therefore intended to compel the authorities to address the concerns raised by the association and protect local operators in the scrap and waste business.

Soja says the association’s leadership had information that some individuals could attempt to act as saboteurs from within the association.

Hassan urged members to remain united and adhere to the directive throughout the 15-day warning strike, while calling on government agencies to intervene in the issues raised by the association.

He said the association remained open to dialogue with the Federal Government and other stakeholders, but insisted that the concerns of its members must be addressed to prevent further losses and protect businesses operating in the sector.

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Kaduna Court Dismisses El-Rufai Trial Judge Recusal Application, Orders Accelerated Hearing

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Governor El Rufai

 

The Kaduna State High Court has dismissed an application seeking the recusal of Justice Darius Khobo from the trial of former Kaduna State Governor, Mallam Nasir Ahmed El-Rufai.

The court, in its ruling last week on the application, held that the applicant had not waived his right to complain of alleged bias by his conduct.

Justice Khobo, however, ruled that the multiple processes filed by the applicant before the Court of Appeal and the Kaduna State High Court constituted an abuse of court processes.

The court also held that the applicant failed to establish a likelihood of bias against him.

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The court formulated three issues for determination in resolving the application.
On whether the applicant had waived his right to complain of bias by his conduct, the court resolved the issue in favour of the applicant, holding that the right had not been waived by mere conduct.

However, in the second issue, whether the applicant had abused the processes of the court, the court ruled in favour of the respondent, finding that the multiple processes filed before the Court of Appeal and the State High Court constituted an abuse of court process.

The third issue, which concerned whether there was a likelihood of bias against the applicant, was also resolved in favour of the respondent, with the court holding that the applicant failed to prove such likelihood.

In its final analysis, the court held that the application for recusal lacked merit and consequently refused and dismissed it.
The court directed that the trial on the substantive charge should continue on a day-to-day basis, as practicable in the circumstances.

It further ordered that the defendant remain in the custody of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, pending the continuation of the trial.

The case was adjourned to October 12 and 13, 2026, for accelerated hearing.

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Chinese, Nigerian workers celebrate Mid-Autumn Festival

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Chinese and Nigerian workers at a project site in Nigeria have celebrated the Mid-Autumn Festival with storytelling, poetry, traditional food and discussions aimed at promoting cultural understanding between the two countries.

The celebration, organised by the project team, brought Chinese and Nigerian colleagues together under the theme of cultural exchange, with participants sharing traditions and beliefs associated with the moon in their respective societies.

The event featured lantern displays, mooncakes, poetry recitals and presentations on the history and customs of the Chinese Mid-Autumn Festival.

Chinese staff introduced their Nigerian colleagues to traditional stories associated with the festival, including the legend of Chang’e flying to the moon and the story of Wu Gang and the cassia tree.

They also explained customs such as moon-gazing, eating mooncakes, displaying lanterns and solving riddles.
A major focus of the presentation was the Chinese cultural understanding of the festival as a time for family reunion.

The Chinese team explained that, even when family members are separated by distance, the full moon provides a symbolic connection as people look at the same moon and share thoughts and blessings with their loved ones.

The Nigerian participants said the emphasis on family togetherness resonated with values deeply rooted in Nigerian communities.

Sharing Nigerian moon traditions

The cultural exchange continued with a session in which Nigerian colleagues shared stories and traditions surrounding the moon in different Nigerian communities.

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Participants spoke about local beliefs linking the moon with harvest, love, time and seasonal changes, while others explained how the moon has traditionally featured in communal gatherings and storytelling.

One of the Nigerian participants observed that full-moon nights in some communities are occasions for gathering, singing, dancing and storytelling, drawing parallels with the Chinese Mid-Autumn Festival.

The observation attracted laughter and applause from the participants, who noted the similarities between the two cultures despite their geographical distance.

Chinese staff also discussed the place of the moon in Chinese poetry and folk traditions, with participants agreeing that the shared appreciation of the moon provided a common cultural connection.

Poetry brings colleagues together

The celebration also featured a Chinese poetry session during which Nigerian colleagues were introduced to poems by renowned Chinese poets Su Shi and Li Bai.

The participants recited lines from Shui Diao Ge Tou and Jing Ye Si, with Chinese colleagues explaining the meanings of the verses and helping their Nigerian counterparts with pronunciation.

Particular attention was given to the famous sentiment wishing that loved ones would live long enough to share the beauty of the same moon despite being separated by distance.

The participants described the message as a universal expression of love, friendship and longing that transcends cultural boundaries.

Mooncakes symbolise friendship

The celebration ended with the presentation and sharing of mooncakes, a major traditional food associated with the festival.

Chinese staff explained that the round shape of the mooncake symbolises reunion and completeness before inviting their Nigerian colleagues to taste different varieties, including lotus seed, red bean and mixed-nut fillings.

For some of the Nigerian participants, it was their first experience of eating mooncakes.

One participant described the experience as more than tasting a new food, saying the gesture reflected the care and thoughtfulness of the project team.

The organisers said the celebration provided an opportunity for Nigerian colleagues to experience Chinese culture while enabling Chinese staff to learn more about Nigerian traditions.

They said such activities could strengthen mutual understanding, friendship and cooperation between Chinese and Nigerian workers.

The project team said it would continue to use traditional festivals and other cultural activities as platforms for people-to-people exchanges, with the aim of deepening China-Nigeria relations at the community and workplace levels.

The celebration, they added, demonstrated how cultural traditions can provide a bridge between people from different backgrounds and promote greater understanding and cooperation.

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