News
Retirement under present scheme a death trap – NLC
*Says, nations pension scheme pauperizes workers at retirement
By Francesca Hangeior.
The Nigeria Labour Congress, NLC, has raised the alarm, claiming the present pension scheme is pauperising workers at retirement.
According to NLC, retirement under the present scheme may have become a death sentence for many retirees and this has many consequences for behaviour of workers in active service.
President of NLC, Joe Ajaero, who raised the alarm in a remark at a retirement summit in Abuja, with the theme “Challenges, Strategies, Prospects and Opportunities at Retirement in Nigeria”, faulted the alleged over N360 billion pension arrears owed by the federal government to its retirees.
He said “The pension scheme, as it currently stands in Nigeria, unfortunately falls short of its fundamental purpose; to provide for workers in their old age. The medium for storing Pensions which is the Naira has maintained an unstable value and has kept depreciating over the years. It is only a stable platform that can truly serve as a solid store of value that can sufficiently maintain the value of contributions when workers retire.
“Pensions are meant to offer security and peace of mind, ensuring that retirees can enjoy their golden years without financial stress and in good health. However, the reality for many of us is starkly different.
“It is worrying that most of retired members encounter not just health challenges but many others leading to untimely deaths because of the character and nature of our Pension scheme which pauperises them financially at retirement.
“Retirement under the present scheme may therefore become a death sentence for many and this has many consequences for behaviour of workers in active service.
”The federal government it is alleged owes nearly N260 billion in pension arrears, with federal parastatals accounting for an additional N40 billion. Some states have arrears stretching up to eight years. In the private sector, reports indicate that many companies are in arrears of up to three years, deducting contributions from workers’ salaries without remitting them to the respective Pension Fund Administrators (PFAs).
“In 2021, PENCOM according to its fourth quarter 2021 report, appointed recovery agents realised from 36 defaulting employers N984.23 million, representing N406.42 million as principal contribution and N577.87 million as penalty. The Micro-Pensions designed for the informal sector remain inadequately activated, further complicating the financial security of our informal economy workers.
”The non-contributory Pensions funds are still subject to severe lootings by those who are supposed to manage them without consequences. The Maina and the former Accountant General issues are still very fresh in our minds.
“As usual, people get away with all manners of mind-boggling heist in our nation. We had wished that the various statutory agencies saddled with the responsibility of protecting workers are alive to their responsibilities. These challenges create an atmosphere of fear and uncertainty for the average worker approaching retirement in Nigeria.”
News
Covenant, ABU Emerge Top In Nigeria as 2025 world university ranking released
Covenant University (CU) has again been listed as Nigeria’s overall best university in Times Higher Education (THE) 2025 Rankings.
In the 2025 rankings, the Ahmadu Bello University, Zaria came second, displacing the University of Ibadan which occupied the position for the 2024 ccrankings.
The Times Higher Education World Rankings is a comprehensive global ranking of universities published annually.
The 2025 rankings THE said it ranked more than 2,000 institutions from 115 countries and territories.
Globally, Oxford holds on to the top spot for the ninth consecutive year, bolstered by significant improvements in industry engagement and teaching. MIT rises to second place, overtaking Stanford, which drops to sixth.
The ratings were done based on 18 carefully calibrated performance indicators that measure an institution’s performance across five areas: teaching, research environment, research quality, industry, and international outlook.
University of Oxford
Massachusetts Institute of Technology
Harvard University
Princeton University
University of Cambridge
Stanford University
California Institute of Technology
University of California, Berkeley
Imperial College London
Yale University
Top ranked Nigerian universities
1. Covenant University
2. Ahmadu Bello University
3. Landmark University
4. University of Ibadan
5. University of Lagos
6. Bayero University
7. Federal University of Technology Akure
8. Federal University of Technology, Minna
9. University of Benin
10. University of Ilorin
11. University of Nigeria Nsukka
12. Ekiti State University
13. Federal University of Agriculture, Abeokuta
14. Federal University of Technology, Owerri
15. Federal University Oye-Ekiti
16. Ladoke Akintola University of Technology
17. Lagos State University
18. Nnamdi Azikiwe University
19. Obafemi Awolowo University
20. University of Port Harcourt
21. Usmanu Danfodiyo University, Sokoto
22. Abia State University
23. Akwa Ibom State University
24. Alex Ekwueme Federal University, Ndufu-Alike
25. Ambrose Alli University
26. Baze University
27. Bells University of Technology
28. Benson Idahosa University
29. Bowen University
30. Delta State University, Abraka
31. Evangel University, Akaeze
32. Federal University of Petroleum Resources, Effurun
33. Godfrey Okoye University
34. Lagos State University of Education
35. Lagos State University of Science and Technology
36. Nasarawa State University, Keffi
37. Niger Delta University
38. Nile University of Nigeria
39. Osun State University
40. Rivers State University
41. Thomas Adewumi University
42. University of Cross River State
43. University of Maiduguri
44. Veritas University, Abuja
News
Court dismisses SERAP’s suit against NASS budget
By Francesca Hangeior
Justice James Omotosho of the Federal High Court sitting in Abuja has dismissed a suit by the Incorporated Trustees of the Socio-Economic Rights and Accountability Project, SERAP, challenging the powers of the National Assembly to amend its budget in the 2024 Appropriation Act.
Justice Omotosho ruled, among others, that SERAP lacked the locus standi to institute the suit.
The judge upheld the argument of Dr. Sheriff Adesanya, who represented the 1st Respondent (the Senate President), that the interest of SERAP and that of the 20 concerned citizens it represented, was no greater than that of the general public.
Furthermore, Justice Omotosho agreed with Dr. Adesanya (of Abiodun Adesanya & Co) that the plaintiff’s claims were without merit.
He dismissed the case in its entirety.
SERAP, through Andrew Nwankwo of Eko Akete Chambers, had contended that the National Assembly’s unilateral increase of its budget allocation from ?197 billion to ?344 billion contravened Section 81 of the Constitution, the Code of Conduct for Public Officers, and democratic principles, particularly the separation of powers.
The organization sought a declaration that the budgetary increase was unconstitutional and requested orders compelling the National Assembly to adhere to constitutional procedures by re-presenting any amended appropriation bills to the President for approval before enactment.
Apart from arguing that the Plaintiffs had no standing to initiate the suit, Dr. Adesanya also defended the procedural validity of the National Assembly’s budgetary actions, Saying SERAP failed to show that the lawmakers’ action was procedurally irregular.
The lawyer had told the court that “It is respectfully submitted that the presumption of regularity enjoyed by the National Assembly’s Act must be rebutted by the Plaintiffs.
“Apart from speculative claims by the Plaintiffs that the altered appropriation bill was not forwarded to the President after amendment by the National Assembly, there is no evidence (assuming such alteration necessitated representation to the President) to support this assertion.”
News
Nigeria prosecutes 100 terror financiers in 2 years —Tinubu
By Francesca Hangeior
President Bola Tinubu, yesterday, announced that Nigeria has successfully prosecuted over 100 terrorist financiers in the past two years as part of its ongoing fight against financial crimes and terrorism financing.
This effort aims to disrupt the financial networks supporting terrorist groups such as Boko Haram and Islamic State West Africa Province, ISWAP, ultimately safeguarding communities and fostering a secure environment for development.
The announcement was made by Secretary to the Government of the Federation, SGF, Mr. George Akume, who represented Tinubu at the National Anti-Money Laundering, Combating Terrorism Financing and Counter Proliferation Financing Compliance Summit held in Abuja.
He said: “By taking away the funds, resources and material support behind Boko Haram and ISWAP, we are denying them the ability to inflict terror on our communities and citizens.
“We have made progress to tackle the threats of terrorism and other violent crimes through the gallant action of our frontline troops and our security agencies.
“Through the efforts of the office of the national security adviser and the attorney-general of the federation, we have prosecuted and convicted over 100 terrorist financiers in the last two years.
“It is an approach that we are utilising as a fundamental component of our national strategies to combat serious criminal offences.”
Hafsat Bakari, Chief Executive Officer of Nigerian Financial Intelligence Unit, NFIU, who also spoke at the summit, highlighted the importance of collaboration among various stakeholders, including political leaders, financial institutions, law enforcement agencies, and international partners.
“The fight against financial crimes is not one that any single entity can win alone. It requires the collective strength and commitment of our political leaders, regulators, financial institutions, law enforcement and security agencies, and international partners,” Bakari stressed.
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