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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

Lightning has reportedly killed a Catholic priest identified as Rev. Fr. Faustinus Ukenongo Gundu in Benue State.

According to eyewitness reports, Gundu, an albino, was struck by lightning and died on the spot on Thursday.

The incident happened at his church in Jootar Mbaterem in Mbayenge Ward of Ukum Local Government Area.

Gundu was said to be the Parish Priest in charge of St. Joseph Catholic Church Jootar until his reported sudden death

An eyewitness, Emberga T. Joseph, posted in a popular Facebook group, Benue News Link Makurdi: “Black Thursday. Thunder lightning killed Rev FR. GUNDU (ABINO) Benue state Ukum LGA. Rest in peace.”

Another eyewitness, Aga Linus, wrote on his Facebook page: “Just in, Thunder strike and killed the parish priest in charge of Jootar in Ukum LG Rev. Fr Gundu. May your soul rest in peace Rev.”

Similarly, Olikita Ekani, a former media aide to the immediate past governor of the state, Samuel Ortom, also posted about the incident on his Facebook page.

He wrote, “Just in: Rev. Fr. Gundu slumps to death as thunder hits Jootar.

“Until his demise today, Rev fr. Faustinus Ukenongo Gundu (fondly called Albino) was the Parish Priest of St. Joseph Catholic Church Jootar, Ukum LGA of Benue State.

“May his soul rest in perfect peace!”

Scores of parishioners and other mourners flooded the comment sections of posts about the incident with farewell notes to the Catholic priest.

The immediate past chairman of the governing board, Niger Delta Development Commission (NDDC), Lauretta Onochie, has stated that the presidential candidate of the Labour Party, Peter Obi, will “never be declared” the president of Nigeria.

Onochie made the statement on Wednesday via her social media page.

Obi, on Wednesday, had asked President Bola Tinubu to reveal his true identity to Nigerians amidst his certificate saga at the Chicago State University.

Onochie, who Tinubu recently sacked as the NDDC boss, wrote: “Go home, Peter. You will never be declared president of our great nation.

Apart from the simple fact that you came a distant third, you don’t deserve to lead our nation. Your temperament and disposition are not the attributes needed to lead a diverse nation such as Nigeria.”

“You failed Anambra. You can’t even lead the south-east! Under your nose, the South-east became a war zone.

“A once vibrant economy built on hard work was destroyed. Lives and properties are ruined. Shelf your desperation. Your ambition is beyond what you deserve. It will never come to pass.”

Onochie criticised the former Anambra State governor’s media address on the identity of Tinubu, labelling the move as the “most idiotic request.”

On Obi’s request to Tinubu, the Delta-born politician stated:

“This is the most idiotic request, Nigerians have had the misfortune of hearing from one, whose advisers are people with mental health issues.

“How can you allow yourself to be used to question the identity of a man, who has been in the limelight since his youth?

“How can you come low to the level of your gullible followers to begin this late in the day, to question the identity of a man who was checked by our security operatives and cleared twice to govern the most successful and cosmopolitan state in Nigeria, Lagos?

“If you can come on national TV to question the identity of a man who was cleared by all our security operatives to become a Senator of the Federal Republic of Nigeria, that’s enough justification and validation for your resounding rejection at the polls in 2023.”

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.

President Bola Tinubu has appointed Ola Olukoyede as the Executive Chairman of the Economic and Financial Crimes Commission (EFCC).

Ajuri Ngelale, the presidential spokesperson made this known in a statement on Thursday.

Olukoyede is billed to serve for a term of four years, upon confirmation by the senate.

Below are key things to know about the new EFCC boss:

Olukoyede was born in Ikere-Ekiti on October 14, 1969.

The new anti-graft agency chair is an indigene of Ekiti State.

He is an alumnus of Lagos State University; University of Lagos; Institute of Arbitration ICC – Paris, France and University of Harvard (Kennedy School of Executive Education).

He is an experienced lawyer specialised in compliance management, corporate intelligence, and fraud management.

Olukoyede has extensive experience in the operations of the EFCC, having previously served as Chief of Staff to the Executive Chairman (2016-2018).

He is a Pastor of the Redeemed Christian Church of God (RCCG).

He served as EFCC Secretary under former President Muhammadu Buhari from 2018 to 2023.

The House of Representatives has screened and confirmed the presidential designates to the Board and Management of the Niger Delta Development Commission (NDDC).

LEADING REPORTERS gathered that the designates, led by Chiedu Ebie as Chairman and Dr. Samuel Ogbuku as Managing Director/CEO, appeared before the House ad-hoc committee mandated to conduct the screening on Thursday.

In her remarks, the Chairman of the House Committee on NDDC, Hon. Erhiatake Ibori-Suenu, charged the designates to justify the confidence reposed in them by President Bola Tinubu.

“Now, more than ever before, the NDDC needs visionary leaders with integrity to drive the discharge of the commission’s mandate, to translate to tangible impact on the lives of the people and communities in the Niger Delta,” she said.

The screening exercise featured presentations by Ebie and Ogbuku, who shared details of their respective career trajectories and vision for the commission.

Subsequently, the Deputy Minority Leader of the House, Hon. Ali Isa, moved the motion for the designates to take a bow in deference to the fact that the Senate had similarly screened and confirmed them, and also in consideration of the fact that some of the designates are former parliamentarians.

The motion was seconded by Deputy Leader of the House, Hon. Abdullahi Ibrahim Halims, and unanimously carried by the committee.

Consequent on the ad-hoc committee’s resolve to confirm all the designates, the National Assembly is expected to immediately transmit its resolution to the Presidency, having effectively fulfilled Section 2 (2) (a) of the NDDC Act, which prescribes that the nominees must be screened and confirmed by the Senate in consultation with the House of Representatives.

The designates confirmed include:

Boma Iyaye, ED, Finance & Admin (Rivers)
Victor Antai, ED, Projects (Akwa Ibom)
Ifedayo Abegunde, ED, Corporate Services (Ondo)
Senator Dimaro Denyanbofa (Bayelsa)

Abasi Ndikan Nkono (Akwa Ibom)
Rt. Hon. Monday Igbuya (Delta)
Chief Tony Okocha (Rivers)
Hon. Patrick Aisowieren (Edo)
Kyrian Uchegbu (Imo)
Otitio Atikase (Ondo)
Chief Dimgba Eruba (Abia)
Rt. Hon Orok Otu Duke (Cross River)
Hon. Nick Wende (North Central)
Hon. Namdas Abdulrazak (North East)
Senator Dr. Ibrahim Gobir (North West)

The House leader, Hon. Prof. Julius Inhovbere, charged the designates to be just and fair to all the communities in the Niger Delta, and to be guided by the fear of God and respect for the constitution in the discharge of their duties.

“Nigerians expect to be proud of your achievements. You all owe the duty to Nigerians to perform.” Justice for all is justice for one, and justice for one is justice for all.”, he said.

Controversial media personality Daddy Freeze has taunted Nigerian pastors for being silent over Big Brother Naija All Stars winner Ilebaye Odiniya’s offer to pay N12m tithe to her church from the N120 million prize she won from the show.

He said despite many clerics condemning the reality show and tagging it “immoral”, none of them had spoken against the offer by the winner to give part of the prize money to her church.

The OAP said many Nigerian clergymen worship mammon.

On his Instagram page, Daddy Freeze wrote, “Many pastors say Big Brother na immoral show… Ilebaye bring N12m tithe from N120m prize money, everybody quiet.