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Private Sector rejects proposed Pension contribution hike, warns of job losses

The Organized Private Sector of Nigeria (OPSN) has cautioned the Federal Government and the National Pension Commission (PenCom) against plans to increase mandatory pension contributions, warning that the proposal could undermine job creation, suppress wage growth and threaten business sustainability.

The OPSN, comprising the Manufacturers Association of Nigeria (MAN), the Nigeria Employers’ Consultative Association (NECA), the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the Nigerian Association of Small and Medium Enterprises (NASME), the Nigerian Association of Small Scale Industrialists (NASSI), and 25 other sectoral employer associations, described the proposal as a potential ‘Greek gift’ to Nigerian workers.

The warning follows comments by PenCom Director-General, Omolola Oloworaran, on plans to increase mandatory pension contributions and introduce an additional annual contribution equivalent to three per cent of employers’ total wage bills.

While acknowledging the need to strengthen Nigeria’s pension system, the OPSN argued that introducing additional statutory payroll costs amid prevailing economic challenges would place further strain on employers and workers alike.

According to the group, Nigeria’s current mandatory pension contribution of 18 per cent-comprising 10 per cent from employers and eight per cent from employees-is broadly comparable to the 18.8 per cent average mandatory contribution rate among OECD countries.

It insisted that any proposal to increase the contribution rate must be backed by comprehensive actuarial evidence demonstrating that the current rate is inadequate and that higher contributions would not negatively affect employment, wages, compliance or business survival.

Speaking on behalf of the group, Director-General of NECA, Adewale-Smatt Oyerinde, faulted the timing of the announcement, saying it was premature to signal an increase while stakeholder consultations were still underway.

‘The OPSN supports efforts aimed at strengthening Nigeria’s pension system and improving retirement outcomes for workers. However, announcing that contribution rates will increase while consultations are still ongoing risks prejudging the outcome of the process and reducing subsequent stakeholder engagements to a mere formality,’ he said.

Oyerinde stressed that previous pension reforms followed extensive consultations involving government, employers and organised labour, adding that any future review should emerge from credible economic assessments and transparent social dialogue.

The Director-General of MAN, Segun Ajayi-Kadir, warned that manufacturers are already grappling with soaring energy costs, high interest rates, exchange-rate volatility, multiple taxes and weak consumer demand.

According to him, imposing additional employment costs could force businesses to freeze recruitment, delay salary reviews, reduce workforce numbers, suspend expansion plans or pass the increased costs to consumers through higher prices.

‘The proposed increase may directly raise employee contributions, but its broader consequences could include weaker wage growth, fewer employment opportunities, job losses and higher prices,’ he said.

Also expressing concern, NACCIMA Director-General Sola Obadimu said the proposal contradicts ongoing government efforts to improve the business environment through economic reforms.

He argued that introducing new statutory financial obligations at a time businesses are struggling to recover could erode the gains of recent fiscal and tax reforms.

Similarly, Director-General of NASSI, Ifeanyi Oputa, warned that micro, small and medium-sized enterprises (MSMEs) would bear the heaviest burden.

He noted that many small businesses are already operating on thin margins amid rising operating costs, adding that higher pension obligations could force more businesses into informality and weaken compliance with the pension scheme.

The OPSN urged the Federal Government to focus on tackling inflation, preserving workers’ purchasing power and creating a more enabling environment for businesses before considering any increase in pension contributions.

It also called for a comprehensive economic and employment impact assessment, genuine stakeholder consultations and greater consideration of the proposal’s implications for investment, job creation, inflation and enterprise sustainability.

The group maintained that while it supports reforms aimed at improving retirement security, sustainable pension reforms must strike a balance between protecting workers’ future benefits and preserving the businesses and jobs that fund the pension system.

‘A strong pension system cannot be built on weakened enterprises, declining formal employment and rising business closures,’ the OPSN said, warning that any reform that increases employment costs without addressing current economic realities would ultimately amount to a ‘Greek gift’ to Nigerian workers.

Rising private sector governance can elevate SL’s investment appeal

Stronger corporate governance across Sri Lankan companies can help rebuild the country’s credibility with global investors, speakers told the Sri Lanka Institute of Directors (SLID) Corporate Director Summit yesterday, arguing that boardroom standards have become a determinant of national investment competitiveness as much as corporate

performance.

Opening the Summit under the theme ‘Future-Ready Sri Lankan Directors: From Compliance to Sustainable Growth,’ speakers said future boards would be judged less by compliance with governance codes than by their ability to respond quickly to disruption, challenge management, and earn the confidence of long-term investors.

Minor International Group CEO Dillip Rajakarier said every company that strengthens governance standards contributes to rebuilding Sri Lanka’s investment case, arguing that boardroom quality has become a competitive advantage rather than merely a compliance requirement.

‘Every board in this room that raises its governance standards is not just protecting your own shareholders, but you are collectively rebuilding Sri Lanka’s investment case,’ he said.

Rajakarier said investors now look beyond whether companies have governance codes and instead assess how boards perform when organisations face crises. They examine whether independent directors exercise genuine oversight, whether risk committees have the authority to challenge management, and whether board discussions encourage constructive debate rather than reinforce consensus.

He argued that boards must develop an adaptive capability that allows organisations to respond quickly to strategic shocks, saying speed has become a governance issue rather than solely a management responsibility. Drawing on Minor International’s acquisition of NH Hotels and its response during the COVID-19 pandemic, he said board structures should enable timely decisions while preserving rigour.

Echoing the investor perspective, LYNEAR Wealth Management Co-Founder and Managing Director Dr. Naveen Gunawardane said institutional investors first assess whether a company is investable before considering valuation.

He said investors scrutinise the composition of boards, directors’ industry expertise, their commitment of time and, above all, whether independent directors genuinely protect minority shareholder interests.

Dr. Gunawardane questioned the practice of directors serving on numerous boards, warning that excessive appointments could undermine effectiveness and raise doubts about directors’ ability to devote sufficient attention to each company. He also argued that independence should be judged by conduct rather than designation, particularly where boards oversee dominant shareholders and related-party transactions.

While acknowledging the importance of board diversity, Dr. Gunawardane said institutional investors ultimately place greater emphasis on competence, commitment, and genuine independence than on meeting numerical diversity targets.

Extending the discussion beyond shareholder oversight, Safesea Group Founder and Chairman Dr. S.V. Anchan said boards must incorporate geopolitical developments, technological disruption, and organisational resilience into their governance frameworks.

Drawing on the global shipping industry, he said geopolitical tensions can disrupt trade, supply chains, and financing long before their economic consequences appear in conventional data, making geopolitical risk a boardroom responsibility rather than an external concern.

Dr. Anchan said governance should facilitate timely decision-making instead of delaying action through excessive procedures and committee structures. While artificial intelligence (AI) can strengthen forecasting and operational efficiency, he said technology cannot replace human judgement, accountability, and leadership in times of crisis.

He added that future-ready boards should invest equally in people and technology while building resilient operating models capable of responding rapidly to unexpected disruptions.

Former Maldives President Mohamed Nasheed said sustainability has become a governance and business imperative rather than a corporate responsibility exercise, arguing that investors increasingly allocate capital to companies that manage environmental and social risks effectively.

‘Sustainability improves long-term profitability, reduces business risk, and strengthens resilience,’ he said, adding that it also helps companies attract investment, talent, and customer confidence.

For Sri Lanka, Nasheed said embedding sustainability into business strategy presents an opportunity to build globally competitive enterprises capable of attracting responsible investment while supporting long-term economic prosperity.

Opening the summit, SLID Summit 2026 Chair Charaka Perera said directors must adapt to AI, geopolitical uncertainty, climate change, and changing stakeholder expectations, while SLID Summit 2026 Technical Chair Sutheash Balasubramaniam said the discussions would be distilled into a boardroom insights handbook to help directors navigate emerging governance challenges.

Joining a subsequent panel discussion moderated by Janashakthi Group (JXG) CEO Ramesh Schaffter, Turkish Ambassador to Sri Lanka Dr. Semih Ltf Turgut said boards must prepare for an increasingly unpredictable global environment where geopolitical developments, technological disruption, climate change, and shifting political realities can rapidly reshape business conditions.

He said directors need a global outlook, strategic foresight, and the ability to interpret geopolitical developments and their implications for business, while remaining committed to ethical governance, sustainability, and long-term value creation.

Dr. Turgut added that these principles apply equally to corporate boards, public institutions, and policymakers as organisations navigate an era of heightened uncertainty.

2027: Tinubu will record landslide victory in Ondo, says Oke

Former governorship candidate in Ondo State, Chief Olusola Oke, SAN, has expressed strong confidence that the Incumbent President Bola Ahmed Tinubu will secure a landslide victory in the state during the 2027 presidential election.

Oke, a prominent chieftain of the ruling All Progressives Congress (APC), said that the achievements of the Tinubu administration, coupled with the party’s widespread acceptance in the state, have also positioned the President for an overwhelming electoral mandate.

He spoke on Thursday while reacting to comments credited to a former State Commissioner for Energy and Mineral Resources, Mr Razaq Obe, who warned that unresolved grievances arising from the APC’s recent primary exercise could cost the party victory in both the National Assembly and presidential elections in the state.

Speaking during a television interview, Obe argued that dissatisfaction among party members over the conduct and outcome of the primaries could have far-reaching electoral consequences if not addressed.

‘If it’s not addressed, the cascading effect might not even impact the National Assembly election alone, but the presidential election in Ondo State,’ Obe had said.

Responding, Oke dismissed the concerns, insisting that the APC remained united and firmly committed to delivering victory for President Tinubu in 2027.

He said there was no credible political threat to the President’s re-election bid in the state, noting that party leaders and members had already begun mobilisation across the state’s 18 local government areas.

‘The statement credited to Engr. Razaq Obe that President Tinubu and the APC may not win the 2027 election is completely at variance with the popularity of both the party and the President in Ondo State,’ Oke said.

He added that such comments portrayed the state chapter of the APC in a negative light and undermined the efforts of party leaders working to ensure Tinubu’s re-election.

According to him, disagreements following party primaries are common in every political contest and should not be interpreted as a sign of weakness within the APC.

‘The only dominant political party in Ondo State is the APC. In every contest, particularly primary elections, there are always post-primary disagreements among aspirants. That has nothing to do with the strength of the party or its preparedness for the 2027 elections.

‘With the current state of the APC in Ondo State, President Bola Ahmed Tinubu will record a landslide victory in the state in the 2027 election,’ he said.

The senior lawyer urged party members to refrain from making statements capable of bringing the APC into disrepute or creating unnecessary divisions ahead of the general election.

Soldier declared wanted for selling military uniforms to terrorists, others

A Nigerian Army Private, Mohammed Yusuf Amutu has been declared wanted over his alleged involvement in the illegal sale and supply of military uniforms to terrorists and other criminal elements.

Amutu, who was with Nigerian Army Ordnance Corps (NAOC) was said to have absconded from his unit on 3 June 2026.

He was declared wanted in a statement issued by Major Oluwatope Dorcas Aluko, Assistant Director, Army Public Relations, Headquarters Nigerian Army Ordnance Corps on Thursday.

According to the statement, Amutu soldier was serving at the Nigerian Army Ordnance Kits Factory before he absconded.

‘Consequently, he has been declared wanted by the appropriate military authorities, while intensive efforts are underway to locate and apprehend him to face a full investigation and appropriate disciplinary action in accordance with extant military laws.

‘The Nigerian Army Ordnance Corps wishes to state unequivocally that it has zero tolerance for misconduct, indiscipline, or any act capable of compromising the operational effectiveness, integrity and reputation of the Nigerian Army or threatening national security.

‘Any personnel found to have aided terrorists, criminals or other non-state actors through the unauthorized sale, diversion or distribution of military uniforms, accoutrements or other controlled items will be subjected to the full weight of military and civil laws, the Army spokesperson said in the statement.

The Army also appealed to members of the public to support efforts to apprehend the deserter by providing credible information that could lead to his arrest.

It directed that such information should be reported immediately to the nearest military formation or any security agency.

‘The Headquarters Nigerian Army Ordnance Corps reassures Nigerians of its unwavering commitment to accountability, professionalism and the protection of military assets.

‘The Corps will continue to strengthen internal control measures and ensure that every allegation of misconduct is thoroughly investigated while those found culpable are held fully accountable,’ the statement concluded.

’Our focus is to develop agribusiness infrastructure’

The National Agricultural Land Development Authority (NALDA) said it is strengthening and enhancing infrastructure to support the growth of agribusinesses.

Reflecting on his two years in office, the Executive Secretary of the agency, Mr Cornelius Adebayo told journalists in Abuja that agriculture is a highly ‘profitable business’ with the right infrastructure.

Adebayo stated that NALDA opted not to compete with existing agencies that distribute farm inputs adding that the agency has identified agricultural infrastructure as the crucial element needed to revolutionise the sector.

He contended that without well-developed farmland, efficient mechanisation, reliable irrigation systems, adequate storage facilities, and accessible roads, tractors, fertilisers, and superior seedlings alone cannot achieve the desired results.

He said instead of heavily investing in input distribution, the agency is prioritising land development, mechanization centers, and organized farming communities to support commercial agriculture adding that the strategy aligns with President Tinubu’s emphasis on infrastructure as a catalyst for economic growth across sectors.

At the heart of this vision lies the Renewed Hope Mega Farm Estate initiative, a flagship programme aimed at creating modern farming communities across the nation.

Each estate will span at least 5,000 hectares, bringing farmers together in organised clusters instead of isolating them in remote rural areas.

This model takes inspiration from agricultural systems in developed countries, where large-scale farming clusters simplify the provision of infrastructure, mechanisation, extension services, financing, and security.

The Executive Secretary said that pilot projects are underway in Ekiti, Kwara, Bauchi, and Plateau states adding that discussions are also ongoing with Enugu, Edo, and Bayelsa states to ensure all geopolitical zones benefit.

He, however noted that the programme requires cooperation with state governments for land allocation noting that the agency develops land for local communities, not for commercial ownership.

‘The beneficiaries of this programme are your indigenous people. NALDA is not taking the land to go into personal business. We are developing it and onboarding the citizens of that area for collective prosperity,’ he said.

He noted that Nigeria is grappling with food insecurity issues, necessitating a multifaceted approach to mitigate this critical issue. In response, the authority has embarked on extensive agricultural initiatives, each encompassing approximately 1,000 hectares. These comprehensive projects integrate agricultural infrastructure development with food production, aiming to expedite food supply and bolster national food security.

Investment in greenhouses

The authority’s strategy includes the Green Hope Project, combining open-field farming with conventional and high-tech greenhouses. Phase one is operational in Giri, Abuja, and Shagamu, Ogun State, supplying vegetables to Abuja and Lagos. Thirty greenhouses already operation in Lagos, with another 50 planned. Abuja has 20 greenhouses and expects an additional 60.

Each greenhouse cluster is surrounded by open-field farms for year-round vegetable production. The Green Hope Project prioritises empowering women. NALDA has created about 38 large horticulture sites nationwide, each at least five hectares.

The program aims to benefit about 4,000 women initially, expanding to all federal constituencies and local government areas. It seeks to decentralize vegetable production, lower transportation costs and post-harvest losses, enhance access to fresh produce, and create sustainable income opportunities for women nationwide.

Subsidised fertiliser sales flagged off at N20,000

Bauchi State Governor Bala Mohammed has flagged off the 2026 wet season farming programme and launched the sale of subsidised fertiliser at N20,000 per bag as part of his administration’s commitment to transforming agriculture into the main driver of economic growth and food security in the state.

The governor also announced the commencement of the payment of N500,000 start-up grants to 1,250 youths and women who completed practical agricultural and agribusiness training under the state’s empowerment programme.

The ceremony, held on Tuesday in Bununu, Tafawa Balewa Local Government Area, brought together farmers from the state’s 20 local government areas, government officials, traditional rulers and other stakeholders in the agricultural sector.

Speaking at the event, Governor Mohammed described agriculture as the backbone of Bauchi State’s economy and the most effective tool for creating jobs, reducing poverty and improving rural livelihoods.

He said his administration has consistently placed agriculture at the centre of its development agenda since assuming office in 2019 through deliberate investments, institutional reforms and strategic partnerships aimed at transforming the sector from subsistence farming to commercial agriculture.

CSE breathes after CBSL keeps rates steady

The Colombo stock market ended a three-session losing streak to close yesterday in the green buoyed by the Central Bank of Sri Lanka’s monetary policy decision to hold rates steady.

The ASPI ended up 0.02% or 3.83 points at 21,149.56 but the S and P SL20 ended down 0.21% or 12.39 points at 5,932.62.

Turnover was over Rs. 3.5 billion on over 91.1 million shares traded. Foreign investors were net sellers on a net outflow of Rs. 241 million.

First Capital Research said investor sentiment remained positive following the Central Bank of Sri Lanka’s decision to maintain policy interest rates, supporting buying interest despite the mixed performance of the benchmark indices.

Both HNW and retail investor participation remained high during the session, contributing to overall market activity. The main positive contributors to the ASPI were SEYB, LION, PKME, CARG, and SEMB.X.

The real estate management and development sector led the daily turnover with a share of 65%, amid higher number of crossings seen in ONAL, followed by the banking, and diversified financials sectors collectively contributing 15%.

Angara issues rules for program to aid learners, coaches in contests

Education Secretary Sonny Angara has issued the guidelines for the pilot implementation of a program that will give targeted financial aid to students and teacher-coaches participating in national and international competitions endorsed or acknowledged by the Department of Education (DepEd) for the school year 2026-2027.

The program is called the Government Assistance and Subsidies-Training and Upgrading Knowledge for Learners, Teachers, and Achievers in Schools (Gas-Tuklas).

It’s backed by an allocation of P100.8 million under the 2026 General Appropriations Act, according to a DepEd statement issued on Thursday.

‘President [Ferdinand] Bongbong Marcos [Jr.] believes that we should not allow any talent to be left behind just because of a lack of support,’

‘Through Gas-Tuklas, we aim to lessen the burden for our learners and teacher-coaches so that they can focus on improving themselves and giving honor to the country,’ he added.

The program covers the following:

students in public and private elementary and secondary schools

students under DepEd-recognized Alternative Learning System modalities

officially designated teacher-coaches who provide direct coaching and training

Those from low-income households will be given priority.

The program supports participation in individual and team competitions, including academic, sports, creative and cultural, and other related and interdisciplinary competitions.

Subject to approval, availability of funds, and applicable government rules, the assistance may cover registration fees, training and preparation expenses, travel expenses, and boarding and lodging.

The actual amount of assistance to be approved will depend on the allowable expenses, competition requirements, availability of funds, and applicable government rules.

Applications, which are open throughout the school year 2026-2027, will undergo review and endorsement at the school, Schools Division Office, and Regional Office levels before final validation and approval or disapproval by the DepEd Central Office through the Government Assistance and Subsidies Service (GASS).

Applicants must submit the required documents to their respective school heads at least 45 working days before joining the competition.

The list of competitions endorsed or acknowledged by DepEd will be posted and periodically updated on the official DepEd website.

Competitions not included in the published list may be submitted to GASS for evaluation.

Through the pilot implementation, DepEd will gather implementation data, policy insights, and operational evidence to guide policy refinement and future decisions on the possible expansion of Gas-Tuklas as a national support mechanism for learners and teacher-coaches across all regions.

PSEi tumbles anew, peso retests record low

The local stock market saw sustained profit-taking activities from investors, while the peso matched its record low after closing at 61.75 against the dollar amid escalating tensions between the United States and Iran.

The bellwether Philippine Stock Exchange index (PSEi) fell by 1.04 percent or 65.95 points to finish at 6,267.85.

The broader All Shares index likewise tumbled by 0.53 percent or 18.23 points, settling at 3,421.35.

First Metro Securities said the local bourse extended its decline on continued de-risking amid a second straight session of foreign outflows and a deterioration in global risk sentiment.

It said offshore investors turned net sellers, unloading P654.99 million while accounting for roughly half of total activity.

Total turnover value slipped to P6.49 billion from the previous day’s P7.94 billion.

RCBC chief economist Michael Ricafort cited as among the factors affecting the decline in the PSEi for the second straight trading day was the upcoming wage hike in Metro Manila that could lead to higher overall inflation due to higher prices of goods and services.

Ricafort said the decline of the peso also affected investor sentiment.

Ricafort, however, said yesterday’s decline is considered a healthy downward correction after gaining for four straight trading days.

Sectors were mixed, with mining and oil taking the biggest leap at 1.3 percent, while services suffered the largest drop at 3.01 percent.

Data from the Bankers Association of the Philippines showed the peso closed slightly weaker than Tuesday’s 61.745 finish. Wednesday’s close matched the peso’s record low of 61.75 per dollar, last recorded on May 19.

During the session, the peso opened at 61.73, which also marked its strongest level of the day, before weakening to 61.75, matching its record intraday low.

Jonathan Ravelas, senior adviser at Reyes Tacandong and Co., said the peso remained under pressure after the greenback strengthened further as rising oil prices heightened concerns over inflation.

Senator assures AIG Jimoh of support in battle against insecurity

The Senator representing Lagos Central district, Wasiu Sanni Eshilokun, has assured the Assistant Inspector of Police in charge of Zone 2, AIG Olohundare Moshood Jimoh, of support.

He pledged his continued partnership on policing efforts across Lagos and Ogun states.

The Senator, who chairs the Senate Committee on Marine Transport, visited the Zonal Headquarters in Onikan, Lagos, alongside members of his entourage.

According to him, the visit was to strengthen collaboration on public safety and security, commending AIG Jimoh for his professionalism and commitment to protecting lives and property.

He þpraised police officers for maintaining law and order despite ongh9oing security challenges. He urged them to remain steadfast in their duties, assuring them of his continued backing.

Responding, AIG Jimoh thanked the Senator for the visit, describing it as a demonstration of confidence in the Nigeria Police Force and an encouragement to officers making sacrifices to safeguard the country.

The AIG said Zone 2 was committed, under the leadership of Inspector General of Police (IGP) Olatunji Rilwan Disu, to strengthening community policing and sustaining peace across Lagos and Ogun states. He added that the zonal command would continue working with stakeholders to ensure a safer environment for residents.