News
Tinubu Govt Dispels Plan to Illegally Access Workers’ Pension, Savings
The Bola Tinubu administration has addressed circulating rumors about an alleged plan to access the salaries and pension contributions of Nigerian workers for infrastructure development.
This clarification follows reports earlier this week that suggested the government was planning to tap into pension and life insurance funds for such purposes.
Finance Minister and Coordinator of the Economy, Wale Edun, firmly denied these claims, emphasizing that the government will not engage in any illegal activities concerning workers’ savings and pensions.
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“It has come to my notice that there are stories making rounds that the Federal Government plans to illegally access the hard-earned savings and pension contributions of workers,” Edun stated. “Nothing could be further from the truth.”
Edun underscored the stringent regulations governing the pension industry, noting that there are clear rules and limitations on how pension funds can be invested.
“The pension industry, like most of the financial industry, is highly regulated. There are rules, there are limitations about what pension money can be invested in and what it cannot be invested in,” he said. “The Federal Government has no intention whatsoever to go beyond those limits and go outside those bounds which are there to safeguard the pensions of workers.”
Clarifying the nature of the discussions that sparked the rumors, Edun explained that the conversations were merely informational and no approvals for any actions were sought. “Merely for noting; merely for information, no approval was sought for any action whatsoever,” he explained.
“What was discussed was an ongoing initiative drawing in all the major stakeholders in the long-term savings industry to see how, within the rules, these funds could be used maximally and most effectively to drive investment in key growth areas such as infrastructure, housing, and providing Nigerians with affordable mortgages.”
Edun reassured the public that there is no intention to compromise the safety or returns of pension funds. “There’s no attempt or no consideration to provide less safe investments for pension funds or even insurance funds or any investment funds that are made available,” he said.
“No attempt whatsoever to increase the risk, no attempt whatsoever to lower the returns that would otherwise be earned.”
He highlighted the federal government’s capacity to provide guarantees to unlock funding necessary for economic growth, job creation, and poverty alleviation.
“The Federal Government possesses the ability to provide guarantees where such are needed in order to unlock funding that would lead to growth, creation of jobs, and the alleviation of poverty,” Edun stated.
In conclusion, Edun framed the discussions as part of an ongoing challenge for the financial industry to find innovative solutions that safeguard long-term savings while promoting economic growth.
“It is an ongoing conversation, a challenge, a test for the best and the brightest in the financial industry to come up with solutions that, whilst safeguarding the long-term savings, do provide an avenue that can help to boost growth in the economy.”
News
Court Remands P-Square’s Brother, Ex-Manager Jude Okoye IOver Alleged N1.3B, $1M, £34,000 Fraud
By Kayode Sanni-Arewa
The Economic and Financial Crimes Commission (EFCC) has taken Jude Okoye, the elder brother and former manager of the defunct music duo P-Square, to court over alleged money laundering involving ₦1.38 billion, $1 million, and £34,537.59.
Jude Okoye, along with his company Northside Music Ltd, was arraigned before Justice Alexander Owoeye of the Federal High Court in Lagos on Wednesday, facing a seven-count charge related to financial crimes.
One of the charges states: “That you, Jude Okoye Chigozie and Northside Music Ltd, sometime in 2022 in Lagos, within the jurisdiction of this Honourable Court, did directly acquire a landed property known as No 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos worth ₦850,000,000.00 (Eight hundred and fifty million naira) only, which money you knew or reasonably ought to have known forms part of proceeds of unlawful acts, thereby committing an offence contrary to Section 18 (2)(d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Another charge alleges that Jude Okoye and his company used a Bureau de Change operator to convert $1,019,762.87 (One million nineteen thousand, seven hundred and sixty-two dollars, eighty-seven cents) domiciled in Access Bank Plc into naira and remitted the funds into various accounts with the intent to conceal the source of the money, in violation of the Money Laundering Act.
Jude Okoye pleaded “not guilty” to the charges.
Following his plea, EFCC counsel Larry Peters Aso applied for a trial date and requested that the defendant be remanded in a correctional facility pending trial.
However, defence counsel Inibehe Effiong informed the court of a pending bail application and urged the court to keep Okoye in EFCC custody until the application is heard.
The prosecution opposed the request, citing congestion in EFCC facilities and urging the court to remand him to a correctional centre instead.
Justice Owoeye subsequently adjourned the case to February 28 for a bail hearing and fixed April 14 for trial commencement.
The judge also ordered that Jude Okoye be remanded at the Ikoyi correctional facility pending the determination of his bail application.
By Kayode Sanni-Arewa
Prince Funso Ayeni, an Ikole born philanthropist and politician has donated the sum of N1,000,000 for the support of one Esther Fisayo Aluko Medical needs.
Fisayo Aluko, an Indigene of Ikole LGA part of Ekiti State is currently in need of fund running to millions of Naira to carry out a kidney transplant.
Prince Funso Ayeni made his support known via a Whatsapp platform created for the Indigenes of the LG.
“Good afternoon great citizens,
I am Prince Funso Ayeni (PhD)
I am deeply touched by the condition of Esther Fisayo Aluko, a young lady from Ikole Ekiti, battling kidney issue.
On behalf of myself, my family, and the entire Funso Ayeni Foundation (FAF), I have donated ₦1,000,000 (one million naira) towards her medical treatment ( receipt attached).
“I also appeal to our brothers and sisters from Ikole Local Government, both in and out of government, to rally their contacts and resources to support this urgent cause.
“Together, we can give Esther a chance to live a healthy life again.
By Kayode Sanni-Arewa
The naira is exchanging for ₦1,498 to 1 US Dollar at the parallel market (black market) in Nigeria.
This means that for every one dollar, you can get the equivalent in naira of ₦1,498 on February 26, 2025.
The black market rate signifies the value at which individuals can trade their dollars for naira outside the official or regulated exchange channels.
Note that the Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government
Today’s February 26 exchange shows that the naira has improved against the dollar, as it strengthened compared to what it traded on Tuesday, February 25, when the naira exchanged ₦1,499.
The value of any nation’s currency is determined by aggregate supply and demand.
The forces of supply and demand are themselves influenced by a number of factors, including interest rates, inflation, capital flow, and money supply.
The most common method to value currency is through exchange rates. The two main exchange rate systems are fixed rate and floating rate systems.
Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics
Court Remands P-Square’s Brother, Ex-Manager Jude Okoye IOver Alleged N1.3B, $1M, £34,000 Fraud
Funso Ayeni donates N1m, appeals to citizens to support Fisayo Aluko medical needs
Naira again falls against Dollar – February 26
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