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NNPC Moves to Avert Industrial Action over Its Pension Scheme

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… As PENCOM Grants 12-Month Window for Compliance

ABUJA-The Management of the Nigerian National Petroleum Corporation (NNPC) on Monday assured members of staff and the general public that it is taking steps to avert a looming industrial action by the Corporation’s arm of the National Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) even as the National Pension Commission has given a twelve-month widow for the Corporation to comply with the Pension Reform Act 2014 as amended.

PENCOM had earlier directed the Corporation to “immediately take all necessary steps to transit to the Contributory Pension Scheme under the PRA”.

In a fresh directive dated 15 September, 2014, PENCOM stated: “In order to accommodate your concerns, the Commission hereby grants the NNPC a transition period of 12 (12) months within which to ensure full compliance with the provisions of the PRA 2014”.

The Corporation appealed to the leadership of the industrial unions to exercise restraint while it embarks on extensive engagement with PENCOM to resolve the issues.

The NNPC noted that since the commencement of the scheme in 2006, the Management and its staff have made a lot of sacrifice to maintain the existing Scheme and any premature cancellation of the Scheme may lead to avoidable labour disaffection across board.

While acknowledging the existence of some funding gaps in the scheme, the Corporation informed stakeholders that measures have since been put in place to steadily bridge the funding deficit which stood at N298 billion in 2010 and has now been provisionally reduced to N85 billion as at June, 2014.

It stated that NNPC is in the process of transferring additional real estate property valued at several billions of naira to the scheme which is currently before the NNPC board for approval.

 

It noted that NNPC Pension Fund Limited has complied with the provisions of the PRA 2014, by transferring assets in equities, bonds, Certificates of Deposits and other marketable securities to the custody of Pension Funds Administrators for management as directed by PENCOM since 2006.

 

“The NNPC Pension Fund has demonstrated its capacity to manage the Scheme successfully by managing pension assets of over N250 billion for over eight years and maintaining an excellent record of administering and paying over 9000 retirees as and when due,” the Corporation said.

The Management called on members of the public not to engage in panic buying assuring further that plans are on top gear to address the situation.

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Inside Tinubu’s Closed-Door Meeting With Opposition Leaders – SDP, IPAC Reveal Details

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The Social Democratic Party (SDP) and the Inter-Party Advisory Council (IPAC) have disclosed details of their recent closed-door meeting with President Bola Tinubu, explaining that the engagement focused on strengthening Nigeria’s democratic process ahead of the 2027 general elections.

The clarification came amid speculation surrounding the meeting, which took place at the Presidential Villa in Abuja after leaders of several opposition parties attended an Iftar dinner hosted by the president earlier in the week.

ALSO READ: NNPC Secures Tinubu’s Approval for $20bn FID on Bonga Deepwater Project

Speaking during a gathering hosted in Abuja by the SDP’s former presidential candidate, Adewole Adebayo on Friday, the party’s National Chairman, Prof. Sadiq Gombe, said the meeting with Tinubu followed an official invitation from the Presidency and lasted about an hour.

According to Gombe, the discussion centred on the need to strengthen Nigeria’s electoral laws and restore public confidence in the country’s electoral process ahead of the 2027 polls.

He explained that the meeting provided an opportunity for party leaders to remind the president of the importance of conducting transparent, free, and credible elections.

Gombe noted that democracy can only thrive when governments listen to the concerns of citizens and ensure electoral processes that guarantee fairness and accountability.

The SDP chairman also expressed concern over growing voter apathy, pointing to the low turnout recorded in the recent Area Council election in the Federal Capital Territory.

He said the Abuja Municipal Area Council election witnessed only about seven per cent voter turnout, which he described as a clear sign that many Nigerians are losing confidence in the electoral system.

Gombe urged the government and members of the National Assembly to take urgent steps to review electoral laws and rebuild public trust in Nigeria’s democracy.

Also speaking, the National Chairman of IPAC, Dr. Yusuf Dantalle, said political parties used the meeting to raise concerns about aspects of proposed electoral reforms, particularly issues related to indirect primaries and the mandatory electronic transmission of results.

Dantalle explained that the parties appealed to the president to use his influence to encourage legislative review where necessary, noting that reforms should strengthen, rather than complicate, the democratic process.

He expressed optimism that Tinubu would consider the concerns raised and support necessary amendments that would improve the electoral system.

The IPAC chairman also called on the Independent National Electoral Commission (INEC) to strictly adhere to electoral guidelines as preparations for the next election cycle begin.

Earlier in his remarks, Adebayo cautioned political actors against turning the 2027 general elections into a do-or-die contest, stressing that the primary goal of democracy should be the progress and stability of Nigeria rather than personal political victories.

He urged leaders across political parties to encourage citizens to actively participate in the democratic process and ensure that elections are conducted peacefully and transparently.

 

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President Tinubu nominates Taxman Taiwo Oyedele as minister of state for finance

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President Bola Ahmed Tinubu has nominated the arrowhead of the nations new tax reforms, Mr Taiwo Oyedele as the next minister of state for finance, replacing Dr Doris Uzoka-Anite.
Uzoka-Anite will now move to the Ministry of Budget and National Planning, as the Minister of State, her third portfolio in the administration.

President Bola Tinubu and Mr. Taiwo Oyedele during his nomination on Wednesday.

President Tinubu has today conveyed the nomination of Oyedele to the Senate for confirmation in a letter to the Senate President, Godswill Akpabio.
Until President Tinubu nominated him as a minister, Oyedele from Ikaram, Akoko, Ondo State, was the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which overhauled Nigeria’s tax system.
Oyedele, 50, is an economist, accountant and public policy expert.
He attended Yaba College of Technology, where he obtained a Higher National Diploma (HND) in accountancy and finance. He attended Oxford Brookes University and earned a BSc in applied accounting.
He also completed executive education programmes at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.
Oyedele spent 22 years of his working career at PwC, joining in 2001 and rising to become the Fiscal Policy Partner and Africa Tax Leader.
Oyedele is also a professor at Babcock University in Ogun State and a visiting scholar at the Lagos Business School.
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Nigeria deploys 5 man delegation to the US for Rev Jesse Jackson’s Burial

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Nigeria’s President, Bola Ahmed Tinubu has sent a five-person delegation to represent him and the country at the final burial rites of Rev. Jesse Jackson, the American civil rights leader, activist and former presidential candidate.
Jackson passed away at age 84 on February 17, 2026, in Chicago.
Senator George Akume, Secretary to the Government of the Federation, is the leader of the delegation.
Other members are the Minister of State for Foreign Affairs, Bianca Odumegwu-Ojukwu; the Minister of Arts, Culture and Creative Economy, Hannatu Musawa; the Special Presidential Envoy for Global and Pan-African Affairs, Brian Browne; and the Senior Special Assistant, Foreign Affairs and International Relations, Ambassador Sola Enikanolaye.
The delegation will deliver President Tinubu’s message of condolences to the Jackson family.
In an earlier tribute, President Tinubu described Reverend Jackson as a great friend of Nigeria and Africa.
“He was a moral voice and a formidable resistance to apartheid in South Africa. He played a leading role in the campaign for the release from prison of Nelson Mandela and other African National Congress leaders. He won critical support for sanctions against the then apartheid government”, President Tinubu wrote.
The burial programme for the civil rights leader began on February 26, with a lying-in-state at Rainbow PUSH Coalition in Chicago. Services in South Carolina and Washington, D.C., and a lying-in-state at the South Carolina Statehouse were scheduled for March 1-5.
On March 6, a “People’s Celebration” will take place at House of Hope in Chicago, followed by a private homegoing on March 7 at the Rainbow PUSH Coalition.
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