Business
NSITF did not “reject” 40% deduction of employers’ contributions by finance ministry.
The Nigeria Social Insurance Trust Fund (NSITF) has explained that the Fund did not at any time “reject” 40 % deduction of Employers’ contributions by Finance Ministry as erroneously reported in a section of the press.
“The NSITF has no such powers as the management of the Fund is fully aware of the circular on Presidential Directive on 50% Automatic Deduction from Internally Generated Revenue of Federal Government Owned Enterprises”
What the Managing Director of the NSITF, Maureen Allagoa stated in her New Year message is a reiteration of an appeal earlier made to the former Minister of Labour and Employment, Simon Lalong on 3rd October 2023 for a review of the inclusion of the NSITF in the Fiscal Responsibility and Finance Act of 2020 in view of its special status as a non-treasury funded agency, holding contributors money in trust.
For the avoidance of doubt, this is what the Managing Director’s statement released on New Year Day stated:
“The NSITF stands at the threshold of social and economic change, and poised to overcome its challenges as the custodian of social security.
“Amidst our accomplishments, we are grappling with challenges impeding the fulfillment of our mandate, one of which is the deduction of 40% amounting to N1.4bn from employer contributions by the Ministry of Finance as an operating surplus in line with the Fiscal Responsibility and Finance Act of 2020, despite the fact that the NSITF is not a revenue-generating agency.
“The NSITF is a tripartite agency holding funds-contributions in trust for the benefits of employees under the ECS and without an operating surplus. The NSITF is also not treasury-funded and does not draw from the Consolidated Revenue Fund of the Federation and therefore seeks for a review and removal from the schedule of the Fiscal responsibility Act.”
Speaking further on the Fund’s agenda for the New Year, Allagoa said that the poverty reduction agenda of the Tinubu administration has a direct bearing on the mandate of the NSITF.
“The NSITF will tap into areas of the ILO Convention 102 on old age benefits, unemployment and family benefits as well as expand the agency’s corporate social responsibility programmes on skills acquisition and empowerment in line with the Eight Point Agenda of the Tinubu administration.
She added that the Fund will create new branches and service centres in 2024 to expand social services to the doorstep of all Nigerians in line with the social inclusion standards of the ILO Convention 102, adding that the agency will consolidate its 2023 achievements while expanding the percentage of the population protected by social security scheme.
“We are expanding our operations into the informal sector and other unreached areas in dire need of our services so as to save more people from lacerating social conditions.
“We will create new branches to this end as well as build service delivery centers to be activated in select regions as pilot, in the first quarter of 2024. The focus is to reach Nigerians in the remote hinterland while reducing commuting distance for our staff members.”
Business
Reps pass bill to give foreign investors Nigerian citizenship
The proposed legislation titled , “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to include Citizenship by Investment as one of the classes of Citizenship in Nigeria, provide for the Acquisition of Nigerian Citizenship by Qualified Foreign Investors who meet Specified Investment Thresholds and for Related Matters (HB. 2059)” was sponsored by the, Benjamin Kalu, the deputy speaker and some other lawmakers.
The House of Representatives has passed a bill to give foreign investors Nigerian Citizenship for second reading.
The proposed legislation titled , “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to include Citizenship by Investment as one of the classes of Citizenship in Nigeria, provide for the Acquisition of Nigerian Citizenship by Qualified Foreign Investors who meet Specified Investment Thresholds and for Related Matters (HB. 2059)” was sponsored by the, Benjamin Kalu, the deputy speaker and some other lawmakers.
Business Day reports that the bill Is among the constitutional amendment bills which the Green Chamber is considering.
In the explanatory memorandum of the Citizenship by Investment Bill, it seeks to alter the Constitution of the Federal Republic of Nigeria, Cap C23 Laws of the Federation of Nigeria 2004 to introduce a new class of citizenship known as Citizenship by Investment.
The proposed alteration aims to attract foreign direct investment by granting Nigerian citizenship to individuals who invest in the Nigerian economy above a specified financial threshold or in strategic sectors critical to national development.
Business
FG Directs MAN, NECA, FRCN to Review 10% Financial Reporting Levy
Oduwole said the timeline for the suspension would not exceed 60 days, adding that the government is committed to addressing the concerns raised by the private sector.
The Federal Government has temporarily suspended the implementation of 10 percent financial reporting levy imposed on public interest enterprises by the Financial Reporting Council, for the next two months.
This was in response to the requests by the private sector’s operators – the like of the Manufacturers Association of Nigeria (MAN), and the Nigeria Employers’ Consultative Association and Manufacturers Association of Nigeria (NECA) calling for the suspension of the FRCN Act, which imposes on non-listed entities. a 10 percent penalty on unpaid dues for every month of default, accumulating until full payment.
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, announced the government’s decision at a Ministerial Consultative Meeting on the Financial Reporting Council Annual Dues for Public Interest Enterprises, yesterday in Abuja.
Oduwole emphasized that the government directed the Financial Reporting Council to pause in the implementation of the new annual dues.
She explained: ” A suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly.
A pause is an administrative process simply to review, in line with what we discussed .
”Oduwole said the timeline for the suspension would not exceed 60 days, adding that the government is committed to addressing the concerns raised by the private secto
“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate.
“We are going to set up a technical working group comprising the FRC and the organised private sector who have formally written in, and this will be reviewed,’ she added.
Business
Police Investigates over N270m Thefts in UBA
CSP Benjamin Hundeyin, the command’s public relations officer, disclosed that the suspects conspired to illegally divert funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations.
The Lagos State Police Command is questioning four officials of the United Bank for Africa (UBA) for alleged thefts of £138,924 (over N270 million) from international airlines’ accounts.
CSP Benjamin Hundeyin, the command’s public relations officer, disclosed that the suspects conspired to illegally divert funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations.
The fraud was uncovered when the bank detected unauthorized transactions and alerted the police.
The arrested officials include Shuaib Oluwatobiloba Olaleye, 27, who was arrested on March 12, 2025, in Ogun State, with a Toyota Camry 2012/2013 recovered from him. Oladunjoye Adegoke, 33, was arrested on March 13, 2025, in Victoria Island, Lagos, with a Toyota Camry (Pencil Light) recovered.
Austin Alfred, 38, Supervisor of the bank’s Trade Services Department, and Jude Uzobuaku, 36, a processor in the same department, were also arrested for facilitating the illegal transfer of funds to foreign accounts.
Police investigations revealed that the stolen funds were initially funneled into an account belonging to one of the suspects before being distributed to multiple other accounts to evade detection. Authorities are now working to identify additional accomplices and recover the remaining funds.
The suspects are in custody and will face prosecution as the investigation continues.
The police have urged the public to report suspicious financial transactions, reiterating their commitment to tackling economic crimes.
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