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Economic hardship: Massive contingency withdrawals hit micro pension funds
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At the backdrop of heightened economic hardship subscribers to the micro-pension scheme have began to draw down on their contributions through contingency withdrawals.
The micro-pension plan, MPP, was created by the National Pension Commission to encourage low income group, mainly self employed and informal sector workers, to have a pension savings for their old age.
Financial Vanguard findings from pension data show that the contingent withdrawals by micro pension contributors in 2023 skyrocketed by 245.2 per cent to N21.4 million from N6.2 million recorded in 2022.
Also, the number of contributors that made contingent withdrawals increased by 68.4 per cent to 64 in 2023 from 38 recorded in 2022.
Contingent withdrawals is that portion of the Retirement Savings Account, RSA, balance made available for withdrawal to ease financial pressures or needs of the micro pension contributor before his/her retirement.
The sharp rise in contingency withdrawals is coming at the backdrop of underperformance being recorded in the low income pension category, with the target enrollments completely off plan.
The scheme, one of the most strategic financial inclusion measures of the Federal Government packaged and implemented by the National Pension Commission, PenCom, had envisaged to enroll about nine million registrants by 2023, however only 114,382 contributors were registered as at end of 2023.
The data also show that total pension contributions to the micro pension stood at N680.2 million as at December 2023.
Consequently, as the economic hardship continues to bite harder, some micro pension contributors are taking advantage of the contingent withdrawal option of the plan to withdraw from their pension savings.
Meanwhile, quarterly breakdown of the withdrawals in 2023 show that micro pension contributors withdrew N2.98 million in Q1’23.
The figure went up by 3.7 per cent to N3.09 million in Q2’23 and in Q3’23, the figure further increased by 238.5 per cent to N10.46 million, but dropped in Q4’23 to N4.87 million, a 53.4 per cent decline.
Experts’ insight
Speaking on the development, Executive Director of the Center for Pension Rights Advocacy, Mr. Ivor Takor, stated that the rise in the withdrawals of pension savings could continue except government fixes the economy for the better.
He said: “The contingency plan is just part of encouragement for the contributors to know that if they are passing through any challenge, they can withdraw from the contingency plan.
“And the economy, like all of us know, is so bad, so the contributors cannot have that money standing there and they are dying of hunger or sickness.
“What the government can do is to fix the economy and do things well so that people will begin to have a meaningful life because even those of us who are working you cannot be having challenges and you have money in your savings account and you will not go for it. It is expected anyway, and the trend could continue. It can only improve and get better when the situation and welfare of citizens is better.”
Also speaking, Managing Director of Achor Actuarial Services, Mr. Pius Apere stated that the MPP is designed to bring the self employed members of the public into the pension system with a view to safeguarding them from retirement age poverty.
Apere said: “The government must do all within its power to turn the economy around for the better to prevent further withdrawals from pension savings. An average Nigerian must have one form of pension scheme or the order; formal or informal and the micro pension plan can help us to include more Nigerians in the financial safety net. Micro pension can be made a big deal in Nigeria”.
According to the Director-General, PenCom, Mrs. Aisha Dahir-Umar, “The implementation of the micro pension plan will improve the standard of living of the informal sector participants at retirement and reduce dependence on extended family for support at retirement.”
She noted that the self-employed people and workers in the informal sector could reap financial and economic protection by participating in the plan, as the initiative will provide income at old age and inculcate a savings culture through highly protected and regulated investment.
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SERAP presses FG over $460m CCTV project beneficiaries
The Socio-Economic Rights and Accountability Project has urged the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, to immediately disclose the identities of all local contractors, subcontractors, consultants and vendors that benefited from payments made under the controversial $460m Abuja CCTV Project.
SERAP’s demand followed recent disclosures by the Federal Ministry of Finance in response to contempt proceedings initiated by the organisation over alleged non-compliance with a Federal High Court judgment delivered in May 2023.
In a letter dated May 15, 2026 and signed by the Permanent Secretary of the Federal Ministry of Finance, R.O. Omachi, the ministry stated that records from the Ministry of Police Affairs showed that “while local subcontractors may have been engaged, there is an absence of detailed subcontracting records identifying specific local companies that received funds directly from the Chinese loan.”
Reacting in a letter dated May 23, 2026, and signed by its Deputy Director, Kolawole Oluwadare, SERAP expressed concern over what it described as delayed and partial compliance with the court order.
“We are concerned that although the judgment was delivered in May 2023, the Ministry only released some information after we commenced contempt proceedings and served a Notice to Show Cause in January 2026,” SERAP said.
According to the organisation, “Nigerians still do not know the exact names of local contractors for the project.
“The absence of this information raises serious concerns about record-keeping, transparency and accountability, and whether the project was implemented in a manner consistent with the public interest.”
SERAP recalled that Justice Emeka Nwite of the Federal High Court, Abuja, had on May 15, 2023 ordered the Ministry of Finance to disclose the total amount paid under the $460m Abuja CCTV loan, the identities of local and Chinese contractors who received the funds, the implementation status of the project, and details relating to the N1.5bn reportedly paid for the Code of Conduct Bureau headquarters project.
The organisation stated that the information released so far amounted to only partial compliance with the judgment.
“The details provided amount to only partial compliance with Justice Emeka Nwite’s judgment. Key questions remain unanswered, and further clarification is needed to ensure full and effective compliance with the judgment,” SERAP stated.
It warned that failure to provide the outstanding details within 48 hours would lead to the continuation of contempt proceedings against the ministry.
“We would be grateful if the requested details are provided within 48 hours of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall proceed with our contempt proceedings against the Federal Ministry of Finance for failure to fully and effectively comply with the judgment of the Federal High Court,” the letter added.
SERAP acknowledged that the ministry had provided some information regarding the Chinese loan drawdown, counterpart funding arrangements and records relating to equipment deliveries connected with the project.
However, the organisation said critical issues remained unresolved, particularly concerning 6,035 items reportedly not delivered under the project.
“There is still no explanation regarding the missing 6,035 items as part of the status of implementation of the project. It remains unclear whether the items were subsequently delivered, whether payment was made for them, whether the contractor defaulted, whether Nigeria suffered any financial loss, and whether any steps were taken to recover public funds,” SERAP said.
The organisation also questioned the operational status of the CCTV infrastructure.
“The ministry lists items reportedly delivered in 2013.
However, it has failed to clarify how many cameras were installed, if any; where they were installed; whether the cameras are currently operational; and whether the project delivered value for money,” it said.
SERAP stressed that the project, which was financed through public borrowing, required full transparency.
“For a project financed through public borrowing, debt Nigerians continue to repay, full transparency over all beneficiaries, foreign and domestic, is essential. Nigerians have the right to know how public funds were spent, who received them, and what was delivered in return,” the organisation stated.
The group further noted that compliance with court judgments was fundamental to the rule of law and democratic accountability.
“Government agencies cannot selectively comply with judicial orders or release partial information while withholding records central to public accountability,” SERAP said.
The organisation linked the demand for accountability to the prevailing insecurity across the country, particularly in Abuja.
“The urgency of full disclosure is heightened by the continuing security crisis across Nigeria, including persistent insecurity in Abuja, where the project was specifically intended to strengthen surveillance, public safety, and emergency response,” it stated.
According to SERAP, Nigerians deserve to know whether the massive investment in the CCTV project translated into improved security outcomes.
“Residents of the Federal Capital Territory and several states, including Benue and Oyo, continue to face abductions, violent crime and other serious threats to safety, while communities across the country grapple with widespread insecurity and loss of lives.”
“Against this backdrop, Nigerians are entitled to know whether the Abuja CCTV project was fully delivered, whether it became operational, whether the infrastructure is functional, and whether the huge public investment achieved the promised security outcomes,” the organisation said.
SERAP also disclosed details contained in the ministry’s response, including that the Federal Government received $399.5m from the Export-Import Bank of China for the National Public Security Communication System project, popularly known as the Abuja CCTV Project.
The ministry reportedly stated that the funds were drawn in 10 instalments between March 2011 and December 2013, while the Federal Government contributed an additional $70.5m as counterpart funding, representing 15 per cent of the total project cost of $470m.
According to SERAP, the ministry further disclosed that the naira equivalent of the counterpart funding was N10.68bn at an exchange rate of N150 to one dollar, including a one per cent Central Bank of Nigeria commission.
The organisation also noted that the principal contractor for the project was identified as ZTE Corporation of China, with payments made through the Bank of China, Shenzhen Branch.
“According to the ministry, several equipment items, including GOTA phones, data cards, PC servers, LED monitors, cables and related communications infrastructure were delivered. Inventory records show 61,970 units delivered out of 68,005 expected, leaving 6,035 units outstanding,” SERAP stated.
The ministry also reportedly clarified that the N1.5bn mobilisation payment for the Code of Conduct Bureau headquarters project was not part of the Chinese loan arrangement.
SERAP urged the Federal Government to fully implement the court judgment by publishing the names of all Nigerian companies, subcontractors, consultants and vendors involved in the project, disclosing the amount paid to each entity and the nature of work performed, and releasing certificates of completion alongside a detailed account of the undelivered project items.
News
Coup trial: Detained officers’ wives warn against convictions without evidence
Wives of detained military officers facing alleged coup-related charges have appealed to President Bola Tinubu to ensure fairness and transparency in the ongoing military trial, warning against the conviction of suspects without credible evidence.
The plea was contained in a letter addressed to the President on Friday and titled, “A Humble Appeal for Fairness, Transparency, and Justice in the Ongoing Military Trial.”
The correspondence from spouses of the detained officers was exclusively obtained by The PUNCH.
The signatories are Shafa’atu Ali Agbo, Fatima Dauda, Josephine Enemona, Nana Aisha, Zara Abba, Helen Sunday, Khadija Aminu, Aisha Abubakar, Aisha Yusuf, Hauwa’u Aliyu, Firdausi Ibrahim and Zuzu Igbaseimokumo.
In the letter, the women acknowledged Tinubu’s approval for the commencement of the military trial, describing it as “an important step toward accountability, clarity, and the pursuit of justice.”
They, however, expressed fears that the process could be tainted by bias, coercion and institutional prejudice.
“As citizens, we understand the importance of discipline within the armed forces and the sensitive responsibility placed upon the military in safeguarding national security.
“We also recognise that allegations relating to mutiny, coup plotting, or acts capable of undermining military authority are grave matters that must never be treated lightly.
“However, it is precisely because of the seriousness of these allegations that the process through which justice is pursued must itself remain just, transparent, impartial, and free from every appearance of prejudice,” the letter read.
The wives recalled past controversial military trials in Nigeria, saying some later became subjects of “national reflection and regret.”
It added, “From past allegations of ‘phantom coups’ to disputed dismissals and prolonged detentions of officers, many Nigerians have witnessed instances where prosecution appeared, in the eyes of the public, to drift dangerously toward persecution.”
The women also raised concerns over the prolonged detention of the accused officers and allegations of inhumane treatment.
According to them, reports suggesting that confessional statements may have been obtained under coercion had further heightened public anxiety over the integrity of the proceedings.
“The prolonged detention of the accused officers, the reports of inhumane treatment, and concerns that the case relies heavily on statements allegedly obtained under coercion and severe pressure have raised serious questions in the minds of many Nigerians,” the letter added.
They argued that justice must not only be done but must also be seen to be done, stressing that the credibility of the trial would depend on the fairness of the process and the independence of the tribunal.
“No individual should be condemned without credible and independently verifiable evidence.
“No confession extracted through fear, torture, or inhumane treatment should become the foundation upon which lives, careers, and families are destroyed. Justice loses its moral authority the moment it appears predetermined,” they wrote.
The wives urged Tinubu, as Commander-in-Chief, to ensure that the proceedings do not become “another painful chapter” in Nigeria’s history.
“We pray that under your leadership, Nigeria will continue to move toward a future where no citizen fears persecution disguised as prosecution, and where the law remains stronger than suspicion, fear, or institutional pressure,” the letter concluded.
The arrest of the indicted officers was first announced on October 4, 2025, by the then Director of Defence Information, Brig Gen Tukur Gusau, who disclosed that 16 officers were taken into custody for alleged breaches of military regulations and acts of indiscipline.
However, an interim investigation later suggested the existence of a clandestine network of officers allegedly coordinated by a senior Army officer, which had begun preliminary planning for a coup.
According to the report, the alleged plot involved surveillance of key national assets, including the Presidential Villa, Armed Forces Complex, Niger Barracks in Abuja and major international airports, with October 25, 2025, scheduled as the planned date for the operation.
Those reportedly in custody include Brig Gen M. A. Sadiq, Col M. A. Ma’aji, Lt Col S. Bappah, Lt Col A. A. Hayatu, Lt Col P. Dangnap, Lt Col M. Almakura, Maj A. J. Ibrahim, Maj M. M. Jiddah, Maj M. A. Usman, Maj D. Yusuf, Capt I. Bello, Capt A. A. Yusuf, Lt S. S. Felix, Lt Cdr D. B. Abdullahi, Sqn Ldr S. B. Adamu and Maj I. Dauda.
The alleged plot, according to findings, targeted senior government officials, including President Tinubu and Vice President Kashim Shettima.
The appeal comes barely two weeks after a Federal High Court in Abuja admitted as exhibits the extra-judicial statements of six persons standing trial over an alleged plot to overthrow the Tinubu government, as the court commenced a trial-within-trial to determine whether the statements were voluntarily made.
Justice Joyce Abdulmalik admitted the statements and video recordings during proceedings aimed at resolving objections raised by the defendants over the admissibility of the evidence.
The defendants had earlier challenged the statements, alleging that they were obtained through coercion, torture, inducement and in violation of provisions of the Administration of Criminal Justice Act and the Anti-Torture Act.
The Federal Government is prosecuting retired Maj-Gen Mohammed Ibrahim Gana; retired Navy Capt Erasmus Ochegobia Victor; police inspector Ahmed Ibrahim; Presidential Villa electrician Umoru Zekeri; Bukar Kashim Goni; and a Zaria-based Islamic cleric, Sheikh Abdulkadir Sani, on charges bordering on treason, terrorism and conspiracy to stage a coup.
At the previous proceedings, the court played a video recording in which Sani allegedly told investigators that he warned the suspected plotters that the coup plan “would fail” and that members of the group would eventually betray themselves.
Following objections by defence lawyers to the admissibility of the defendants’ statements, Justice Abdulmalik ordered a joint trial-within-trial to determine whether the statements were voluntarily made.
News
Nigeria-Vietnam Relations Growing in Trade and Investment — Amb. Bako
Nigeria’s pioneer Head of Mission to the Socialist Republic of Vietnam, Ambassador Sani Bako, has stated that diplomatic relations between the two post-colonial states, which began as political solidarity 50 years ago, have evolved into a partnership delivering results in trade, investment, and cultural exchange.
The partnership deepened with the establishment of resident missions. Nigeria opened its Embassy in Hanoi, the administrative capital, in 2007, and Vietnam reciprocated by opening an Embassy in Abuja in the same year.
Reflecting on the 50th anniversary of Nigeria-Vietnam relations, which took effect on 25th May 1976, Ambassador Bako noted that the volume of trade between the two countries stood at $1 billion as of 2024.
“Vietnam currently exports electronics, garments, textiles, and other consumer goods to Nigeria, while importing crude oil, cashew nuts, and several raw materials,” he said. “Interestingly, the trade balance favours Nigeria.”
He stressed that the time has come for economic ties between both countries to evolve into a partnership that would lead to technology transfer, manufacturing, and agricultural investment. He added that Vietnam has expertise in modern agriculture that Nigeria could leverage.
Ambassador Bako, who is the Chairman of the Nigeria-Vietnam Trade and Cultural Association (NVETCA), added that the association is facilitating private sector engagement to deliver visible partnerships in farming, manufacturing, and other ventures that will strengthen economic ties in the near future.
He recalled that President Bola Ahmed Tinubu, in a recent meeting with Vietnamese Ambassador Bui Quoc Hung, emphasized that Nigeria is open for business with Vietnam. “Vietnam is a partner we want to grow with,” the President stressed.
Ambassador Bako also noted that Ambassador Hung has called on Nigeria to address lingering visa obstacles affecting officials and business travelers. He pointed out that a 2019 visa waiver agreement reached by both countries has not been fully implemented, adding that resolving this would be critical to sustaining momentum in bilateral relations.
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