News
Relatives Of Deceased Pension Contributors Get N82bn –PenCom

The National Pension Commission has disclosed that about N82.22billion was paid in death benefits to 10,451 relatives (next of kin) of deceased pension contributors in 2024.
This is according to the latest Pension Industry Information Dashboard.
The figure represents a 40.3 per cent increase from the N58.6billion paid in 2023, affirming the growing financial impact of the pension scheme in providing support for families of deceased contributors.
An analysis of the data shows that death benefits have consistently increased over the years.
In 2020, a total of N31.09bn was paid to 6,731 next of kin, while N42.83billion was disbursed in 2021 to 8,327 beneficiaries.
The figure rose to N59.6billion in 2022, covering 10,631 cases, before reaching N58.6billion in 2023 for 9,836 next of kin.
The latest increase in 2024 follows a rising trend in benefit payments, which suggests higher compliance with the Contributory Pension Scheme and growing awareness among contributors about ensuring their next of kin receive entitlements upon their demise.
In addition to death benefits, total pension payouts across various categories remained substantial in 2024.
The monthly programmed withdrawal scheme, which allows retirees to access funds at regular intervals saw a cumulative N114.5billion disbursed as of Q3 2024.
The retiree life annuity system, which ensures a steady income for pensioners, recorded N689.4billion in premium payments.
Meanwhile, lump-sum payments, which grant retirees a portion of their savings upon retirement, stood at N83.73billion, covering 19,481 retirees in 2024.
The number of retirees opting for lump sums has reduced compared to previous years, indicating a preference for structured withdrawals in line with long-term financial planning.
The pension industry continues to grow, with cumulative pension contributions reaching
Public sector contributions accounted for N5.71trillon (52.1 per cent), while private sector contributions stood at N5.25trillion (47.9 per cent).
The industry also recorded a steady increase in Retirement Savings Account registrations, with 10.54million registered accounts as of Q3 2024.
The year saw 118,339 new RSA registrations, reflecting the growing adoption of the scheme and sustained efforts at pension inclusion.
The Micro Pension Plan, which was introduced in 2019 to cater to workers in the informal sector, also saw increased participation.
By Q3 2024, the total number of micro pension registrations stood at 164,031, with savings reaching N967.19million, an increase of N878.07million from 2020.
The figures highlight the growing recognition of pension security among informal sector workers, despite economic challenges.
The report also shows that payments under accrued rights, which cover pension entitlements for Federal Government employees who were part of the old pension scheme before the CPS was introduced in 2004, remained steady.
A total of N61.71billion was disbursed to 14,873 beneficiaries in 2024, ensuring continued financial support for retirees transitioning to the contributory scheme.
Meanwhile, the RSA transfer system, which allows contributors to switch pension fund administrators once a year, has recorded increased activity.
As at Q3 2024, a total of N1.26trillon had been transferred since inception, with 67,146 RSA transfers recorded in 2024.
The figures suggest greater awareness and competition among pension administrators, as contributors seek better returns and service delivery.
Despite steady growth in pension assets and contributions, economic conditions and inflationary pressures continue to influence the pension industry.
News
CAS lauds troops for courage, sacrifices against terrorists

Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, had lauded the courage and commitment of troops of the Nigerian Air Force (NAF) to the ongoing counter-insurgency operations in North East Nigeria.
Abubakar gave the commendation during a morale-boosting visit to the Air Component of Operation HADIN KAI in Maiduguri, Borno.
This is contained in a statement by the Director, Public Relations and Information, NAF, Air Commodore Ehimen Ejodame, yesterday, in Abuja.
The CAS said their sacrifices were etched in the history of the nation, and in the hearts of millions of Nigerians who sleep safer because of the troops’ vigilance.
He emphasised that their bravery and resilience in the face of adversity have not gone unnoticed, saying his visit underscored the vital role airpower plays in neutralising threats and protecting communities.
Abubakar pledged continued investment in cutting-edge technology to empower frontline units.
According to him, the NAF remains steadfast in its mission, guided by leadership, strengthened by unity, and driven by the selfless service of its personnel.
The visit comes at a critical moment, reinforcing the importance of public support for military operations and spotlighting the human element at the heart of national defence.
News
Nigeria Ranks Top In Africa’s Soft Drinks Market

Nigeria’s soft drinks and beverage market continues to show strong growth potential, making it the leading consumer of soft drinks in Sub-Saharan Africa, according to the German Mechanical Engineering Industry Association.
A statement by the VDMA disclosed during a press conference held in Lagos ahead of drinktec 2025, that Nigeria consumed over 53 billion litres of soft drinks in 2024, placing it well ahead of other African countries such as Ghana and South Africa.
Despite challenges such as inflation and a weakening naira, Nigeria’s growing population, rising urbanisation, and expanding middle class are key factors driving demand in the beverage sector.
Bottled water led the segment with 48.7 billion litres sold in 2024, a figure projected to rise by 27% to 62 billion litres by 2028.
Carbonated soft drinks followed with 3.4 billion litres, expected to reach 4.4 billion litres by 2028, while energy drinks are forecasted to grow by 30% over the same period. Juices, though relatively small, are also on an upward trajectory.
“The Nigerian beverage market is expanding quickly due to increasing accessibility and affordability,” VDMA stated, citing data from Euromonitor International.
Set to take place in Munich from 15 to 19 September 2025, drinktec is the world’s leading trade fair for the beverage and liquid food industry.
VDMA, a key exhibitor and technical partner for the event, revealed that Nigerian participation is expected to be strong, especially as the country anticipates economic recovery.
News
Soyinka Slams NBC Over Ban On Eedris Abdulkareem’s Protest Song

Nobel Laureate, Prof. Wole Soyinka, has condemned the recent ban placed on a song by Nigerian musician, Eedris Abdulkareem, describing the development as a return to the culture of censorship and a threat to the right to free expression.
Abdulkareem had waxed a song titled “Tell Your Papa” which criticized President Bola Tinubu’s administration.
In a statement issued from New York University, Abu Dhabi, yesterday, Soyinka criticised the action and its wider implications, saying it echoed past attempts to stifle artistic and socio-political commentary in Nigeria.
“Courtesy of an artist operating in a different genre – the cartoon – who sent me his recent graphic comment on the event, I learnt recently of a return to the culture of censorship with the banning of the product of a music artist, Eedris Abdulkareem,” Soyinka said in the piece posted on PM news.
He expressed irony in suggesting that the ban did not go far enough, stating, “It is not only the allegedly offensive record that should be banned – the musician himself should be proscribed. Next, PMAN, or whatever musical association of which Abdulkareem is member, should also go under the hammer.”
Soyinka noted that he had not listened to the banned song but stressed that the issue transcends content and concerns a fundamental democratic principle.
“It cannot be flouted. That, surely is basic. This is why I feel that we should look on the bright side of any picture and thus recommend the Aleshinloye cartoon – and others in allied vein – as an easy-to-apprehend, easy-to-digest summation of the wisdom of attempting to stifle unpalatable works of art or socio-political commentary,” he said.
He also pointed out the irony that censorship often benefits the targeted artist.
The ban is a boost to the artist’s nest egg, thanks to free governmental promotion. Mr. Abdulkareem must be currently warbling his merry way all the way to the bank. I envy him,” he added.
The literary icon warned that such censorship was not only counterproductive but also dangerous to democratic development.
“We have been through this before, over and over again, ad nauseum. We know where it all ends. It is boring, time-wasting, diversionary but most essential of all, subversive of all seizures of the fundamental right of free expression,” Soyinka said.
He warned that the ban creates “a permissive atmosphere of trickle-down power,” where state authorities feel emboldened to clamp down on dissent.
Soyinka’s statement also touched on broader issues of impunity and mob violence in Nigeria, lamenting the recent lynching of 19 youths in Edo State.
“My heart goes out to friends, colleagues and families of victims and traumatised survivors of this senseless slaughter. Our thirst for justice must remain unslaked,” he said.
Referencing the 2022 killing of Deborah Samuel in Sokoto, Soyinka criticised the culture of impunity, saying, “Identified killers were set free to gloat, and paste their photos on the Social Media… in full daylight glare, in the presence of both citizen voyeurs and security forces.”
He called for accountability, warning that “as long as the culture of impunity is given the sheerest strain of legitimacy in any given cause, such gruesome assaults on our common humanity will continue to prevail.”
Soyinka concluded by urging the relevant regulatory body to reverse what he described as a “petulant irrationality,” warning that any government that only tolerates praise-singers “has already commenced a downhill slide into the abyss.”