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PenCom To Fine Pfas Over Pensioners’ Delayed Payment, Others

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The National Pension Commission has vowed to sanction Pension Fund Administrators over the spate of delays in the payment of pension benefits, among other related infractions.

The commission stated this in its ‘Revised regulation on the administration of retirement and terminal benefits.’

“A PFA that fails neglects or refuses to enlighten the retiree on the features of Programmed Withdrawal and Retiree Life Annuity to enable the retiree to make an informed decision shall be liable for an administrative sanction of N500,000,” the regulator stated in the revised regulation.

According to PenCom, a situation where a PFA delays the submission of a request for approval to the commission, for the payment of benefits to a retiree/beneficiary for more than 10 working days from the date of submission of relevant documents shall attract a penalty.

Specifically, the PFA will pay an administrative fine of N200,000, and N20,000 for every further day of delay thereafter

Where a PFA delays the payment of retirement benefits for up to five working days after receipt of no-objection from the commission, PenCom said the affected operator would pay an administrative fine of N200,000 and N20,000 for every additional day of delay thereafter.

The regulator stated, “A PFA and/or Pension Fund Custodian that pays retirement benefits without the commission’s prior no-objection shall pay an administrative sanction of N1m.

“This is in addition to refunding either the principal amount so paid or lost investment income thereof, whichever is higher.”

According to PenCom, a PFA that pays an amount in excess of what is specified on the no-objection approval granted by the commission will be liable to refund of the overpaid amount and the investment income lost arising from the transaction, except where the difference is a residual amount or is as a result of the return on investment.

It stated that any PFA that pays an amount lower than that specified on the no-objection approval granted by the commission, would, in addition to paying the differential to the retiree, pay an administrative sanction of N500,000.

“Any PFA that negligently submits to the commission, a request with incorrect information that is likely to result in an accelerated depletion of the RSA balance of a retiree, will pay an administrative sanction of N500,000,” it noted.

It added that the PFA would refund to the RSA both the amount that was overpaid and the lost investment income.

PenCom said any PFA that negligently submits to the commission, a request with incorrect information and later requests the permission of the commission to resubmit the request, would pay an administrative sanction of N1m per RSA.

The regulator said, “Any violation of any provision of this regulation for which no sanction has been prescribed shall attract an administrative sanction of not more than N2m.

“All sanctions in this regulation shall be charged to the operator’s profit and loss account and the burden shall not be transferred to the employees of the operators.”

BIG STORY

How Abisoye Fagade Will Use His Experience And Exposure To Fix National Hospitality And Tourism Institute — By Seun Oloketuyi

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Nigerian entrepreneur and brand strategist Abisoye Fagade is setting out to revitalize the National Hospitality and Tourism Institute, leveraging his extensive experience and exposure to global best practices. With a rich background in media, advertising, and business development, Fagade believes he can turn the institute into a world-class training ground that prepares Nigerian students to excel in the hospitality and tourism industries both domestically and abroad.

As the founder of Sodium Brand Solutions and a leading figure in Nigeria’s media space, Fagade’s understanding of brand positioning and customer-centric service is well-suited to transform the institute’s operations and curriculum. He aims to instill a new culture of professionalism, global competitiveness, and innovation within the institute, ensuring it becomes a vital force in shaping the nation’s hospitality standards.

  • Modernizing Curriculum for Global Competitiveness

Fagade’s first step is to overhaul the institute’s curriculum, introducing practical, industry-relevant courses that reflect current global trends in hospitality and tourism. He plans to bring in seasoned industry experts and form international partnerships to expose students to the skills needed to thrive in a globalized market. This includes collaborations with renowned hotels, tourism agencies, and hospitality schools worldwide, offering students opportunities for internships, exchange programs, and real-world learning experiences.

“Hospitality is about people and experiences, and in today’s world, it is essential to train students to understand both local and international guests,” Fagade said in a recent statement. “We need a curriculum that combines practical skills, cultural sensitivity, and an understanding of global standards.”

  • Embracing Digital Tools and Sustainable Practices

As digital transformation sweeps across industries, Fagade envisions the National Hospitality and Tourism Institute embracing technology to improve training and services. By integrating digital tools, software applications, and e-learning platforms, he intends to make training more accessible and interactive, preparing students to use the tech solutions that are becoming essential in hospitality management.

Additionally, Fagade places a strong emphasis on sustainability, which has become a focal point in global tourism. His strategy includes training students on eco-friendly practices, resource management, and sustainable tourism models that protect Nigeria’s cultural and natural heritage. “Our institute should set an example, showing that Nigeria can offer world-class tourism that respects our environment and our traditions,” Fagade noted.

  • Expanding Opportunities Through Global Collaborations

To ensure the institute reaches international standards, Fagade plans to develop exchange programs and collaborative initiatives with leading hospitality institutions in Europe, Asia, and the Americas. These programs will enable Nigerian students to gain exposure abroad and learn from established markets, bringing back valuable insights and experiences that can be adapted to the local industry. This global perspective, he believes, will create a pool of Nigerian hospitality professionals who are both globally informed and deeply rooted in their own cultural identity.

  • Long-Term Vision: Establishing a National Legacy

Abisoye Fagade’s mission is not merely about modernizing an institution but about fostering national pride and economic growth. He believes that Nigeria’s tourism sector holds significant potential to diversify the economy, and a well-trained workforce is key to making that vision a reality. “Our people are the heart of Nigeria’s hospitality,” he said. “We are known for our warmth and welcoming spirit. By enhancing our standards, we can ensure our tourism industry is a leader in Africa and an inspiration worldwide.”

As he undertakes this ambitious journey, Fagade’s leadership and forward-thinking approach are expected to transform the National Hospitality and Tourism Institute into a beacon of excellence, establishing a legacy that will elevate Nigeria’s status on the world tourism map.

 

Seun Oloketuyi

Founder /Chairman Advisory board

Best of Nollywood Awards

Writes from Lagos

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BIG STORY

President Tinubu Appoints Bwala, Fagade, Olopade, Others DGs, SA

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President Bola Tinubu has approved the appointments of three Nigerians as directors-general of various agencies and one special adviser on “Public Communications and Media.”

The new appointees are:

(1) Mr. Olawale Olopade — Director-General, National Sports Commission

(2) Dr. Abisoye Fagade — Director-General, National Institute for Hospitality and Tourism

(3) Dr. Adebowale Adedokun — Director-General, Bureau of Public Procurement

(4) Daniel Bwala — Special Adviser, Media and Public Communications (State House)

Olopade, the new Director-General of the National Sports Commission, is a seasoned sports administrator with many years of experience in the sector. He previously served as commissioner for youth and sports in Ogun State and chaired the local organizing committee for the 2024 National Sports Festival.

Dr. Abisoye Fagade, the new Director-General of the National Institute for Hospitality and Tourism, is a marketing communications expert and the founder and managing director of Sodium Brand Solutions.

Dr. Adebowale Adedokun, the new head of the Bureau of Public Procurement, was formerly the Director of Research/Training and Strategic Planning at the bureau before his appointment.

Daniel Bwala, the Special Adviser on “Public Communications and Media,” is a lawyer and a well-regarded public affairs analyst.

The President urges the newly appointed officials to carry out their duties with dedication, patriotism, and excellence.

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JUST IN: Super Eagles Qualify For 2025 Africa Cup Of Nations

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Nigeria’s Super Eagles have officially qualified for the 2025 Africa Cup of Nations with two games remaining in the qualification series.

With 10 points, the Super Eagles have secured a top-two finish in their group, especially after Libya’s unexpected 1-0 victory over Rwanda in Kigali.

The team will next face Benin Republic’s Cheetahs in Abidjan on Thursday, before concluding their campaign against Rwanda at home.

Neither Rwanda (5 points) nor Libya (4 points) can surpass Nigeria in the standings, ensuring their qualification.

The 35th edition of the Africa Cup of Nations will be held in Morocco from December 21, 2025, to January 18, 2026.

The Super Eagles, three-time African champions, reached the final in the last edition hosted in Côte d’Ivoire.

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