Nelson Ugwuagbo

Nigeria’s pension fund landscape is witnessing a robust investment strategy as Pension Fund Administrators (PFAs) diligently allocate pension fund assets to Federal Government bonds and other eligible securities.

This approach adheres to the guiding principles of pension fund investments set forth by the Pension Reform Act 2014 (PRA 2014). As of August 31, 2023, Nigeria’s total pension assets under management amounted to an impressive N17.29 trillion

Pension fund assets in Nigeria are managed by licensed PFAs and safeguarded by Pension Fund Custodians (PFCs) in line with the provisions of the PRA 2014.

The primary guiding principle of investing pension funds is to ensure safety and maintenance of fair returns, with a prohibition on borrowing or lending pension fund assets.

The allowable instruments for investing pension funds, as outlined by the PRA 2014, include bonds, Sukuk, Treasury Bills, and other securities issued by the Federal Government of Nigeria and the Central Bank of Nigeria (CBN), or their respective agencies.

Additionally, Special Purpose Vehicles and Companies created or owned by the Federal Government of Nigeria are eligible, provided these securities are guaranteed by the CBN or the Federal Government.

Other allowable instruments for investment of pension funds include State Government Securities, Corporate Bonds, Money Market Instruments, Equities, Real Estate Investment Trusts (REITs), Infrastructure Bonds, Private Equity and Venture Capital as well as Open-End and Closed-End Funds.

At the end of August 2023, Nigeria’s pension assets increased by N530.79 billion (3.17%) from June 2023. Out of the net pension asset of N17.29 trillion, N11.47 trillion is invested in Federal Government Securities. This comprises N10.99 trillion in Federal Government Bonds, N211.77 billion in Federal Government Treasury Bills, N11.02 billion in Agency Bonds (Nigeria Mortgage Refinance Company), N154.76 billion in Sukuk Bonds, and N98.55 billion in Green Bonds.
The remaining investments are in money market instruments, corporate debt securities, quoted equities and other asset classes.

In line with global best practice, Federal Government Securities are considered safe and are usually a significant portion of pension fund investments. In Nigeria, Federal Government Bonds are considered the safest investment in the domestic debt market due to their backing by the ‘full faith and credit’ of the Federal Government. They are deemed risk-free, ensuring certainty in interest and principal payments.

Furthermore, the interest income earned from these bonds is tax exempt. Since the establishment of the Contributory Pension Scheme (CPS), the Federal Government has consistently met its obligation to repay pension funds invested in its bonds along with all accrued interests, without any defaults.

It is important to clarify that investments in Federal Government securities are not direct loans to the government; PFAs have the liberty to divest from these securities according to the Regulation on Investment of Pension Fund Assets. It is significant to note that investments in Federal Government bonds are not exclusive to PFAs as other institutional investors also invest in the bonds.

The PRA 2014 underscores that PFAs must manage pension funds in the best interest of retirement savings account holders. All investments in eligible securities and corporate entities are ‘ring-fenced,’ meaning they belong exclusively to the RSA holders and other pension beneficiaries and cannot be appropriated to any individual or related party of the PFA.

To ensure compliance with the PRA 2014, each PFA is required to establish an Investment Strategy Committee and a Risk Management Committee. These committees play a crucial role in formulating internal investment strategies and assessing acceptable risk profiles for investment portfolios, respectively. They are vital components of a comprehensive risk management system that ensures the safety and stability of pension fund investments.

It is noteworthy that pension funds invested in Federal Government bonds have aided in deepening the Nigeria’s financial sector and provided a platform for attaining strategic programmes of Government in the areas of infrastructure and real sector of the economy. It is evident from the vibrant pension industry in Nigeria today that the objectives of the pension reform have been significantly achieved in the areas of accumulation of long-term savings for Nigeria, as well as transparency and efficiency in funds management and benefits administration.

Generally, pension funds around the world invest in a diverse range of assets. In Chile, from where Nigeria adopted the CPS, Government bonds account for the highest investments using pension funds.

Similarly, Pension asset managers in many countries prioritise investments in defensive assets, including fixed interest securities such as bonds and treasury bills. These assets offer stable income at a lower risk level, which suit the moderate risk appetite of pension funds. Consistent with the investment culture in Nigeria’s pension landscape, countries such as Singapore, Korea and India have invested 90% of their pension funds in defensive assets, mostly Government bonds. Asset allocation decisions are made to achieve safety and fair returns.

In summary, the strategic investment of pension funds in Federal Government securities demonstrates a prudent approach by PFAs, aligning with the overarching goal of ensuring the safety and fair returns for the retirement savings account holders and other pension beneficiaries

The Jigawa State Police Command has said it arrested 14 suspected animal rustlers, drug dealers, and vandals.

Spokesman of the command DSP. Lawan Shiisu Adam confirmed the arrest in a statements gathered by Leading Reporters

He said the suspects were arrested in a different raid conducted in various local governments across the state.

He said the raids are part of the command’s efforts to flush out criminals who have been terrorizing the peaceful atmosphere of the state.

According to him, “On 01/10/2023 at about 1200hrs, the patrol team attached to Jahun Police station, while on patrol duty along Gujungu road, arrested four people with animals strongly suspected to be stolen.

“Also on 04/10/2023 at about 1700hrs, policemen attached to M/Qatari Police station conducted a raid at’ Yankanwa black spot Maigatari LGA, where four (4) suspects have been arrested with Fifty-three (53) tabs of Exol and Two (2) wraps of dry leaves suspected to be Indian hemp.”

He explained that other arrests include wiring cables and motorcycle thieves in the Dutse and Gumel local governments respectively.

DSP. Shiisu said the suspects confessed to the crimes and have been taken to court for prosecution.

He, therefore, urged the residents to support security agencies’ efforts by providing useful information that may lead to the arrest of criminals in the state.

Some motorists along the Mowe-Ibafo area have expressed concerns over the rising cases of corpses being dumped along the Lagos-Ibadan Expressway.

The motorists expressed fear of disease outbreak and the security threat that such recurring issue may pose to them.

On the Mountain Top University axis of the road observed that there was a corpse with burnt scars wrapped in a blue fabric and tied with rope dumped along the roadside.

It was also gathered that there was another corpse dumped opposite the university on Tuesday while there was a similar case recently.

A motorist who spoke with our correspondent on condition of anonymity for fear of being interrogated by the police urged security agents to beam their searchlight on the area.

 “I think the corpse was dumped overnight but I cannot ascertain it because it was the odour oozing from that axis that attracted attention to it. It means that this place is not safe, especially at night,” he said.

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Another motorist who identified himself simply as Rasheed, noted that the decomposing corpse posed a threat to road users if not evacuated quickly.

 “The odour coming from the dead body is not good at all and it can cause health issues if not urgently taken away,” he said.

When contacted, the Police Public Relations Officer, Ogun State Command, Omolola Odutola, advised residents to always report such incidents to the Divisional Police Officer in their area while noting that she had informed the nearest police point for necessary action.

“When they observe such a situation, they should report to the nearest police station. The police cannot act when they are not informed, so people should endeavour to always inform their DPO of such issues. The problem is that most times we may not be aware of a missing person unless their family comes to report such,” she said.

When contacted for possible action on evacuating the body, the Chairman, Obafemi-Owode Local Government Area, Lanre Ogunsola, asked our correspondent to send a message but he had yet to respond to the message as of the time of filing this report.

A Rivers’ woman identified as Hope Nwala is on the run after allegedly bathed her husband, Ekelediri Nwankwo Nwala with a hot groundnut oil over a minor disagreement.

The incident happened at Okehi community in Etche Local government Area of Rivers State.

According to reports, Mrs Hope Nwala poured the hot groundnut oil on her husband while he was asleep.

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It was gathered that the couple had been having some domestic squabbles before the tragic incident.

The victim, Mr. Nwankwo who is still battling for life said he told his wife’s younger sister to leave their house for dressing indecently, which his wife refused.

He added that while he went to sleep his wife attacked him and bathed him with hot oil.

“I had told my wife’s younger sister to leave my house because of the way she has started dressing, and the way she occupies my matrimonial bed even when I am around, no young guy will tolerate such behaviour, but my wife has refused the younger sister to leave the house.

“I also saw my wife alone with one tall black guy in the shop I rented for her, not that he is in for business, he followed my wife and sister here and there, with all these, I gave that her younger sister two thousand naira transport to go home so that I can actually understand what is going on in my house, but my wife got upset, while I went to bed to sleep, she used boiled groundnut oil on me, then start hitting me with harmer,” he said.

Although the State Police Command is yet to comment on the matter at press time, but we gathered, the incident has been reported to the Okehi Divisional Police Headquarters in Etche

The National Primary Health Care Department Agency (NPHCDA) says 20 persons have been confirmed dead of the 156 cases of Diphtheria in the State.

The Executive Director and Chief Executive Officer of the Agency, Dr Faisal Shuaib, who is also Co-Chair of the Federal Task Team on Diphtheria, made the disclosure during an assessment visit to Kaduna on Wednesday.

Shuaib said they were at the Barau Dikko Teaching Hospital, Kaduna, to assess the situation of the diphtheria outbreak that affected part of the State.

According to Shuaib, Kaduna is ranked among the seven states with the highest number of diphtheria, saying that they were at the Barau Dikko Teaching Hospital, where mild to moderate cases are being attended to before being admitted to the infectious disease hospitals.

The Executive Director noted that since March, when the diphtheria outbreak was detected in Kaduna, 156 cases and about 20 deaths were recorded.

He said, “There is also a need for the media to step up in creating awareness and providing useful information to the public about the existence of the disease.”

He stressed the need for patients to be presented early, assuring that diphtheria is a preventable disease.

He said that about 80 per cent of those afflicted by the disease did not present themselves for vaccination.

He noted that vaccines were the most powerful tools against vaccine-preventable diseases.

While acknowledging the state government’s efforts in combating the disease, he encouraged the people to wear nose masks, especially when visiting health facilities.

He hailed the efforts of the Chief Medical Director of the Barau Dikko Teaching Hospital and the State’s Primary Health Care Board

The elder brother, who was caught by neighbours, said he buried the boy alive after their mother directed him to punish the boy for stealing N1000.

Ayoung boy has been rescued by some concerned citizens in Apamisede area of Lokoja, the Kogi State capital.

In a video obtained by Leading Reporters, the young boy was seen being tortured and buried alive by his elder brother who claimed he was instructed by the boy’s mother to punish the erring boy.

The elder brother, who was caught by neighbours, said he buried the boy alive after their mother directed him to punish the boy for stealing N1000.

The elder brother was heard in the video speaking pidgin said, “He thief money. The last time he went to thief money, We dey ask am where he put the money, and I no know how much he thief oo but he said nah N1000. The last time he stole, nobody beat ham, and nobody touched Ham.

“Nobody send, nah my mother talk say make I punish am,” the elder boy added.

A source privy to the incident added that the matter had been reported to the Police Force, D Division, Lokoja

An 18-year-old pregnant housewife, Khadija Adamu, whom the police arrested in Bauchi State for allegedly beating her five-year-old step-daughter to death for defecating on her body, has said she regrets her action.

She said it was not an intentional act but one aimed at correcting the child for wrongdoing.

“How can I kill a child who was like my child? Even though she was my co-wife’s baby, she was also my daughter because she was my husband’s child. What happened was just a mistake and not a deliberate intention to kill,” she said.

“I am also a mother, and I am currently four months pregnant with my second child. How can I possibly kill another child? What happened was that this girl defecated on her body, and I felt that at her age, she shouldn’t have done that, so I used a USB cord to beat her with it. It was not as if I had any intention of killing her.

“I didn’t know she would die. I only wanted to correct her. She didn’t die that day I beat her, it was the next day that she died, and I felt very sad and unhappy that she had died.

“I asked for leniency because everyone has forgiven me. I asked the Police to pardon me if not for anything but for the baby I am carrying in my womb since what I did was not deliberate,” she added.

Leading Reporters gathered that the Bauchi State Commissioner of Police, Auwal Muhammad while parading the suspect before journalists at the Command’s Headquarters on Tuesday, said that the suspect, a resident of the Kandahar area, a suburb of Bauchi metropolis in the State, was arrested following serious injuries she inflicted on the minor.

He said that the incident happened on September 28, 2023, at about 9.25 pm, one Abdulaziz Adamu, male (38), of Kandahar area Bauchi, reported at A’ Divisional Police Headquarters that on the same date at about 4.00 pm, Khadija Adamu, female (18) of the same address beat up her stepdaughter named “Hafsat Garba” female (5). As a result, she sustained serious injuries to her body.

“Upon receipt of the report, a team of detectives led by DPO swung into action, rushed to the scene and moved the victim to Abubakar Tafawa Balewa University Teaching Hospital, Bauchi, for medical attention, where she was certified dead by the medical doctor.

“Preliminary investigation revealed that the suspect beat up the victim as a result of alleged pass-stool that spoiled her clothes, and she sustained various degrees of injuries on her body,” he said.

Speaking on the incident, the Commissioner of Police described the incident as a case of wickedness, calling on women to be careful how they discipline children when they err.

Muhammad said: “The case of envy and rivalry among wives is bad. We should try as much as possible to reduce it. This is an act of wickedness because you are not the biological mother of the five-year-old child; she stooled in her trousers, and then you beat her, and it caused her death.

“This is really, very sad. This is really very disturbing, causing the life of a five-year-old girl to be lost. A child that doesn’t know her left from her right. Just to correct her, you beat her to a stupor, and she died. It is really very sad. This should serve as a lesson to other women of like minds.”

The Governor of Nasarawa State, Abdulahhi Sule has recalled how he was advised to shut down Goshen Camp of the Living Faith in Masaka, Nasarawa State for asking Chrisitians to vote Christian candidates in the last general elections in the state.

The governor made this assertion while delivering a speech at the just concluded 2023 Peace And Development Submit for Young University Students in Abuja, on Tuesday.

Prior to the 2023 general elections, Leading Reporters recalled that Bishop Abioye, who is the Vice President of Living Faith Church Worldwide, had called on Christians to vote for candidates of their faith.

“If anybody tells you now that there is no religion in politics, they are deceiving you. Don’t hide it, vote for your faith. Till tomorrow, I will vote for my faith. I won’t vote for someone who will slaughter me.” Abioye said.

Speaking during the summit, Gov Sule maintained that contrary to people’s advice, he refused to order the arrest of the Bishop.

He said, “Indeed, for those of you who remember, we have most of the major religious organizations in Nasarawa State, like the Goshen City at Kilometer 36, which is presided by the respected Bishop David Abioye, who once released a video just before the elections asking: why can’t a Christian be a governor in Nasarawa State.

“He then urged Christians to vote only for Christian candidates.

“Some people came and advised me, let us check whether that church has paid their taxes, otherwise close the church.

“They said let us send security to arrest him (Bishop Abioye) for making those kinds of statements, but I said no.

On Monday, 2nd October 2023, the Governorship Election Tribunal Petition, (OEPT) chaired by Justice Ezekiel Ajayi delivered in judgement, declaring David Ombugadu of the PDP the rightful winner of the March 18 elections, nullifying Sule’s victory at the polls.