Category: Business Day

Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings has launched the Manifold Endowment Plan, an innovative blend of insurance and investment designed for Nigerians who want to protect what matters, grow their wealth, and enjoy peace of mind.

With life cover up to N1 billion, partial maturity pay-outs, and end-of-term bonuses, Manifold is for the modern Nigerian working hard today, planning boldly for tomorrow.

The Manifold Endowment Plan is uniquely designed for Nigerians aged 18 to 64, providing them with flexible policy durations ranging from six to fifteen years. At its core, it integrates death benefits, partial maturity bonuses, and accidental medical coverage, all while offering a structured avenue for individuals and families to plan, protect, and prosper.

The Nigerian insurance sector, though still underexplored, has seen remarkable growth, with industry revenues surging by 147 percent in the first nine months of 2024. Yet, with insurance penetration hovering around just 0.5 percent of GDP, the gap in uptake remains stark.

Stanbic IBTC is tackling this head-on by introducing an offering that speaks to the everyday concerns of middle- and high-income Nigerians who seek value, reliability, and transparency in financial services. Speaking on the launch, Akinjide Orimolade, chief executive, Stanbic IBTC Insurance, noted: ‘The Manifold Endowment Plan is a response to Nigeria’s pressing need for accessible and rewarding insurance solutions. We are not just offering protection; we are empowering Nigerians to build financial resilience while preparing for the future. With Manifold, every premium is an investment in both peace of mind and real financial return.’ Manifold bridges the perception gap often associated with insurance. It assures Nigerians that even if the ‘worst’ doesn’t happen, their money is never wasted. With premiums starting at just ?10,000 monthly, policyholders can earn two 25% bonuses on their premiums while still receiving 100% of their chosen sum assured at maturity.

At its core, the Manifold Endowment Plan aligns with Stanbic IBTC Insurance’s broader mission: to help Nigerians secure today and prosper tomorrow. Whether it’s a young professional saving towards future goals, a parent building generational wealth, or a retiree seeking peace of mind, Manifold offers a tailored and transparent financial solution.

With the Manifold Endowment Plan, Stanbic IBTC Insurance is not only offering Nigerians a way to secure their futures, but it is also redefining what insurance can and should mean in today’s world.

The 80th session of the United Nations General Assembly recently concluded successfully. This was a session of special significance, as it marked the 80th anniversary of the victory in the global anti-fascist war and the establishment of the United Nations. Over the past 80 years, the UN has become the most universal, representative and authoritative intergovernmental international organisation, with the UN-centred international system widely supported by the international community.

Eighty years ago, defeated Japan returned Taiwan to China, which was an indisputable outcome of the global anti-fascist war and a crucial part of the post-war international order. Currently, the Taiwan Democratic Progressive Party (DPP) authorities stubbornly adopt a separatist policy seeking ‘Taiwan independence’, while a small number of countries claim that China’s sovereignty over Taiwan has not been established, openly challenging the authority of the UN and the post-war international order. To clarify the facts and set the record straight, I feel obligated to address several common fallacies on the Taiwan Question.

Fallacy 1: ‘The two sides of the Taiwan Strait are not subordinate to each other.’

Taiwan has belonged to China since ancient times, with clear historical and legal foundations. Numerous historical records and documents detail the early development of Taiwan by the Chinese people. As early as the 12th century, the Chinese government established administrative institutions and exercised jurisdiction in Taiwan. In 1895, Japan forced the Qing government to cede Taiwan and the Penghu Islands to Japan through war. In 1943, the Cairo Declaration issued by China, the United States and the United Kingdom stipulated that all the territories seized by Japan, including Taiwan, must be returned to China. In 1945, the Potsdam Proclamation issued by China, the United States, the United Kingdom and the Soviet Union reaffirmed that the terms of the Cairo Declaration must be implemented.

In August of that year, Japan accepted the Potsdam Proclamation and signed the Instrument of Surrender in September, pledging to ‘faithfully fulfil the obligations laid down in the Potsdam Proclamation.’

Through a series of internationally legally binding documents, China recovered Taiwan both legally and in fact. Although the two sides of the Taiwan Strait have not yet achieved complete reunification, the fact that both the mainland of China and Taiwan belong to one China and that Taiwan is an inalienable part of China has never changed and cannot be changed. This is the true status quo of the Taiwan Strait. Taiwan has never been a country, nor will it ever be in the future.

Fallacy 2: ‘China’s sovereignty over Taiwan has not been established.’

Shortly after the victory in the War of Resistance Against Japan in 1945, the Nationalist government led by Chiang Kai-shek launched a civil war. Under the leadership of the Communist Party of China, the Chinese people won the civil war, ultimately overthrowing the ‘Republic of China’ government led by Chiang Kai-shek. Some members of the Nationalist regime retreated to Taiwan, and with interference from external forces, the two sides of the Taiwan Strait entered a prolonged state of political confrontation.

On October 1, 1949, the Central People’s Government of the People’s Republic of China (PRC) was established, and the PRC government became the sole legitimate government of China. This was a change of government within the same international legal entity of China, with no change to China’s sovereignty or inherent territory. The PRC government naturally enjoys and exercises China’s sovereignty in full, including sovereignty over Taiwan. Fallacy 3: ‘UN General Assembly Resolution 2758 does not establish the One-China principle.’

Resolution 2758 fully embodies the One-China principle. On August 20, 1971, before the resolution was put to a vote, the Chinese government issued a statement emphasising, ‘There are not two Chinas in the world; there is only one China, the People’s Republic of China. Taiwan is an inalienable part of Chinese territory and a province of China, which was returned to the motherland at the end of World War II. This is an indisputable fact.’ On October 25, 1971, the 26th session of the UN General Assembly adopted Resolution 2758, which decided to ‘restore all the rights of the People’s Republic of China, recognise the representatives of its government as the only legitimate representatives of China to the United Nations, and expel forthwith the representatives of Chiang Kai-shek from the place which they unlawfully occupy at the United Nations and in all the organisations related to it.’

Resolution 2758 politically affirmed and consolidated the One-China principle: there is only one China in the world, Taiwan is a part of China, and the PRC government is the sole legitimate government representing all of China. Following the resolution’s adoption, UN official documents consistently refer to Taiwan as ‘Taiwan, Province of China’. These facts are indisputable and unchallengeable.

Fallacy 4: ‘UN General Assembly Resolution 2758 does not determine Taiwan’s status.’

Resolution 2758 and the One-China principle that the Resolution embodies impose a universal binding force on all subjects of the international community through the UN Charter, bilateral diplomatic treaties, and fundamental principles of international law.

In diplomatic practice, the resolution’s authority is reflected in the correct Taiwan-related positions, policies, and actions of the UN General Assembly, UN specialised agencies, and many UN member states. These collectively form an important international legal and moral foundation for handling Taiwan-related questions. The One-China principle, framework, consensus and related institutional arrangements supported by the resolution have become principles and common knowledge followed by all countries, as well as a solemn commitment by countries with diplomatic relations to respect China’s sovereignty and territorial integrity. The claim by a few countries that ‘Taiwan’s status is undetermined’ challenges the authority of the UN, defies the post-war international order, and is an absurd and dangerous attempt to reverse history.

Fallacy 5: ‘Now is the time for the UN to recognise Taiwan.’

According to Resolution 2758, China’s representation in the UN naturally includes Taiwan as part of the whole of China. This is entirely consistent with the international legal principle that ‘one sovereign state can only be represented by one central government.’ There is only one seat for China in the UN, and the PRC government is the sole legitimate representative of China in the UN. There is no issue of ‘two Chinas’ or ‘one China, one Taiwan’.

The Taiwan authorities have repeatedly pushed for farcical attempts to achieve ‘meaningful participation’ or ‘re-entry’ into the UN, trying to challenge the authority of Resolution 2758, but all ended in failure. Resolution 2758 clarifies that ‘China’ in the UN Charter refers to the People’s Republic of China, imposing an obligation on all UN member states to avoid raising the so-called issue of Taiwan’s representation in the UN system. Taiwan has no basis, reason or right to participate in the UN or other international organisations exclusive to sovereign states. On this matter of principle, there is no grey area or room for ambiguity.

The One-China principle has become an international consensus, with 183 countries, including Nigeria, establishing diplomatic relations with China based on this principle. In 1971, when China and Nigeria established diplomatic relations, Nigeria solemnly pledged in the Joint Communiqué: ‘The Government of the Federal Republic of Nigeria recognises the Government of the People’s Republic of China as the sole legitimate government representing the entire Chinese people.’ Since then, the One-China principle has been firmly supported by successive Nigerian governments, serving as the cornerstone for the healthy and stable development of China-Nigeria relations.

The Nigerian government requested the Taiwan authorities to relocate its trade office to Lagos from Abuja in 2017, strictly restricted official interactions between Nigerian government officials and Taiwan, and reiterated that the Taipei trade office in Nigeria is a non-diplomatic commercial entity that does not represent any government.

In September 2024, during President Bola Ahmed Tinubu’s state visit to China, Nigeria reiterated in the Joint Statement: ‘Nigeria firmly adheres to the One-China principle, recognises that there is only one China in the world, that the Government of the People’s Republic of China is the sole legitimate government representing the whole of China, and that Taiwan is an inalienable part of Chinese territory. Nigeria opposes any form of ‘Taiwan independence’, opposes interference in China’s internal affairs, and firmly supports the Chinese government’s efforts to achieve national reunification.’

China highly appreciates the Nigerian government’s firm stance on the Taiwan Question. Nigeria’s political resolve and firm stance align with the fundamental interests of the Nigerian nation and people, the purposes and principles of the UN Charter, and the global landscape of one China. Currently, the China-Nigeria comprehensive strategic partnership continues to deepen, with friendly cooperation becoming a model for China-Africa cooperation and Global South collaboration. China is willing to strengthen strategic communication and practical cooperation with Nigeria, promote the early implementation of a zero-tariff policy for 100% of tariff lines on products, enhance collaboration under the framework of the Global Governance Initiative, and jointly build a China-Nigeria community with a shared future.

We hope that all peace-loving countries and peoples will stand on the side of historical justice, uphold the purposes and principles of the UN Charter, safeguard the authority of UN General Assembly Resolution 2758, firmly oppose the deliberate distortions by the Taiwan authorities and a few countries, and take concrete actions to support the Chinese people’s just cause of defending national sovereignty and territorial integrity and achieving national reunification.

The White House has announced a 20-point proposal it says could immediately halt Israel’s devastating war on Gaza, which has killed more than 66,000 Palestinians and left much of the enclave in ruins. Under the plan, fighting would stop at once if both sides agree. All captives held in Gaza – alive or dead – would be returned within 72 hours, while Israel would release Palestinian prisoners in exchange. The proposal also outlines a post-war political framework: Gaza would be temporarily administered by a Palestinian technocratic government with no role for Hamas. Israel, in turn, would pledge not to annex the territory. The full text of the proposal, published by Al Jazeera, sets out the following points:

Gaza will be a deradicalised terror-free zone that does not pose a threat to its neighbours.

Gaza will be redeveloped for the benefit of the people of Gaza, who have suffered more than enough.

If both sides agree to this proposal, the war will immediately end. Israeli forces will withdraw to the agreed upon line to prepare for a hostage release. During this time, all military operations, including aerial and artillery bombardment, will be suspended, and battle lines will remain frozen until conditions are met for the complete staged withdrawal.

Within 72 hours of Israel publicly accepting this agreement, all hostages, alive and deceased, will be returned.

Once all hostages are released, Israel will release 250 life sentence prisoners plus 1,700 Gazans who were detained after October 7th 2023, including all women and children detained in that context. For every Israeli hostage whose remains are released, Israel will release the remains of 15 deceased Gazans.

Once all hostages are returned, Hamas members who commit to peaceful co-existence and to decommission their weapons will be given amnesty. Members of Hamas who wish to leave Gaza will be provided safe passage to receiving countries.

Upon acceptance of this agreement, full aid will be immediately sent into the Gaza Strip. At a minimum, aid quantities will be consistent with what was included in the January 19, 2025, agreement regarding humanitarian aid, including rehabilitation of infrastructure (water, electricity, sewage), rehabilitation of hospitals and bakeries, and entry of necessary equipment to remove rubble and open roads.

Entry of distribution and aid in the Gaza Strip will proceed without interference from the two parties through the United Nations and its agencies, and the Red Crescent, in addition to other international institutions not associated in any manner with either party. Opening the Rafah crossing in both directions will be subject to the same mechanism implemented under the January 19, 2025, agreement.

Gaza will be governed under the temporary transitional governance of a technocratic, apolitical Palestinian committee, responsible for delivering the day-to-day running of public services and municipalities for the people in Gaza. This committee will be made up of qualified Palestinians and international experts, with oversight and supervision by a new international transitional body, the ‘Board of Peace,’ which will be headed and chaired by President Donald J Trump, with other members and heads of State to be announced, including Former Prime Minister Tony Blair. This body will set the framework and handle the funding for the redevelopment of Gaza until such time as the Palestinian Authority has completed its reform program, as outlined in various proposals, including President Trump’s peace plan in 2020 and the Saudi-French proposal, and can securely and effectively take back control of Gaza. This body will call on best international standards to create modern and efficient governance that serves the people of Gaza and is conducive to attracting investment.

A Trump economic development plan to rebuild and energize Gaza will be created by convening a panel of experts who have helped birth some of the thriving modern miracle cities in the Middle East. Many thoughtful investment proposals and exciting development ideas have been crafted by well-meaning international groups, and will be considered to synthesize the security and governance frameworks to attract and facilitate these investments that will create jobs, opportunity, and hope for future Gaza.

A special economic zone will be established with preferred tariff and access rates to be negotiated with participating countries.

No one will be forced to leave Gaza, and those who wish to leave will be free to do so and free to return. We will encourage people to stay and offer them the opportunity to build a better Gaza.

Hamas and other factions agree to not have any role in the governance of Gaza, directly, indirectly, or in any form. All military, terror, and offensive infrastructure, including tunnels and weapon production facilities, will be destroyed and not rebuilt. There will be a process of demilitarization of Gaza under the supervision of independent monitors, which will include placing weapons permanently beyond use through an agreed process of decommissioning, and supported by an internationally funded buy back and reintegration program all verified by the independent monitors. New Gaza will be fully committed to building a prosperous economy and to peaceful coexistence with their neighbors.

A guarantee will be provided by regional partners to ensure that Hamas, and the factions, comply with their obligations and that New Gaza poses no threat to its neighbors or its people.

The United States will work with Arab and international partners to develop a temporary International Stabilization Force (ISF) to immediately deploy in Gaza. The ISF will train and provide support to vetted Palestinian police forces in Gaza, and will consult with Jordan and Egypt who have extensive experience in this field. This force will be the long-term internal security solution. The ISF will work with Israel and Egypt to help secure border areas, along with newly trained Palestinian police forces. It is critical to prevent munitions from entering Gaza and to facilitate the rapid and secure flow of goods to rebuild and revitalize Gaza. A deconfliction mechanism will be agreed upon by the parties.

Israel will not occupy or annex Gaza. As the ISF establishes control and stability, the [Israeli military] will withdraw based on standards, milestones, and timeframes linked to demilitarization that will be agreed upon between the [Israeli military], ISF, the guarantors, and the Unites States, with the objective of a secure Gaza that no longer poses a threat to Israel, Egypt, or its citizens. Practically, the [Israeli military] will progressively hand over the Gaza territory it occupies to the ISF according to an agreement they will make with the transitional authority until they are withdrawn completely from Gaza, save for a security perimeter presence that will remain until Gaza is properly secure from any resurgent terror threat.

In the event Hamas delays or rejects this proposal, the above, including the scaled-up aid operation, will proceed in the terror-free areas handed over from the [Israeli military] to the ISF.

An interfaith dialogue process will be established based on the values of tolerance and peaceful co-existence to try and change mindsets and narratives of Palestinians and Israelis by emphasizing the benefits that can be derived from peace.

While Gaza re-development advances and when the PA reform program is faithfully carried out, the conditions may finally be in place for a credible pathway to Palestinian self-determination and statehood, which we recognize as the aspiration of the Palestinian people.

The United States will establish a dialogue between Israel and the Palestinians to agree on a political horizon for peaceful and prosperous co-existence.

Nigerian striker Victor Osimhen was the hero at Rams Park on Tuesday night as his penalty fires Galatasaray to a 1-0 victory over Premier League champions Liverpool in the UEFA Champions League.

Osimhen smashed home from the spot in the 26th minute after Dominik Szoboszlai struck Baris Alper Yilmaz in the face inside the box. The goal not only sealed a famous win for the Turkish champions but also saw Osimhen become the first Nigerian to reach 10 goals in the Champions League proper, surpassing Obafemi Martins.

Liverpool manager Arne Slot opted for a surprising line-up, deploying Dominik Szoboszlai at full-back and pushing Jeremie Frimpong further forward, while Mohamed Salah was left on the bench. Despite dominating possession, the Reds failed to break down a disciplined Galatasaray side, with Hugo Ekitike and Florian Wirtz seeing efforts saved by Ugurcan Çakir.

At the other end, Osimhen’s pace unsettled Virgil van Dijk and Ibrahima Konaté, and the hosts pressed with relentless energy, buoyed by a raucous Istanbul crowd.

The defeat marked back-to-back losses for Liverpool in Europe, raising concerns for Slot, who admitted his side’s performance was as troubling as the result.

For Galatasaray, the win ended a dismal run of one victory in their previous 18 Champions League group games and none in their last seven European ties.

Coach Okan Buruk’s men showed grit and passion to revive their European campaign and hand their fans a night to remember.

The New board of the National Oil Spill Detection and Response Agency (NOSDRA) has pledged to reposition the agency for the task of rebuilding damaged ecosystems, restoring public confidence and preserving the environment in the affected communities.

The board made this pledge at its inaugural meeting in Abuja recently. The meeting, which was attended by the management of NOSDRA, marked a significant milestone in the agency’s efforts to reposition itself for improved performance, regulatory efficiency, and environmental protection.

The board, reconstituted by President Bola Tinubu, is expected to provide oversight and leadership as NOSDRA works to strengthen its capacity to manage oil spill incidents and enforce environmental regulations across the country. Edward Omo-Erewa, chairman of the NOSDRA board, who presided over the meeting, said the new board would focus on restoring public trust in the agency, improving internal governance, and enhancing collaboration with key stakeholders.

‘We recognize the critical role NOSDRA plays in safeguarding Nigeria’s environment and the health of its people. This board will work to restore public confidence, rebuild damaged ecosystems, and ensure a culture of compliance and transparency,’ the chairman said.

He outlined the board’s three strategic priorities, including strengthening communication and governance within the agency, implementing the National Oil Spill Contingency Plan, and rebuilding public trust through stakeholder engagement. Omo-Erewa urged board members to uphold the highest standards of professionalism and integrity, adding that the board was committed to repositioning NOSDRA in line with its Establishment Act of 2006.

Chukwuemeka Woke, Director General of NOSDRA, reaffirmed the agency’s commitment to working in close partnership with the newly appointed board members.

He emphasized that their collaboration would be key to enhancing operational efficiency, strengthening regulatory enforcement, and building upon the agency’s previous achievements

‘We are prepared to engage with the board in a robust and transparent manner to ensure the agency delivers on its mandate,’ Woke said, urging urged all staff members to remain diligent and focused in carrying out their responsibilities, emphasizing that their collective efforts are essential to building a stronger and more effective agency. Woke also thanked President Tinubu for what he described as a timely and strategic move in reconstituting the board, stating that the agency was eager to work with the new Board to achieve greater results.

President Bola Tinubu will deliver a nationwide address on Wednesday at 7 a.m. to mark Nigeria’s 65th Independence Day anniversary.

Bayo Onanuga, special adviser to the president on information and strategy, said on Tuesday via X that all television, radio, and electronic media platforms should hook up to the Nigerian Television Authority (NTA) and the Federal Radio Corporation of Nigeria (FRCN) for the broadcast. This will be Tinubu’s third Independence Day address since assuming office on May 29, 2023. His predecessors have used the October 1 broadcast to reflect on the country’s journey since independence from Britain in 1960 and to outline key policy directions.

The president is expected to speak on national unity, economic reforms, and the administration’s priorities for the coming year.

On Monday, the federal government announced the cancellation of the traditional Independence Day parade. Instead, October 1 has been declared a public holiday.

Lord Marland, the Chairman of the Commonwealth Enterprise and Investment Council (CWEIC), has said that the current tariff war being unleashed by the United States of America against the rest of the world is a great opportunity for the Commonwealth trade, which has 56 member nations.

Lord Marland stated this during his recent visit to Nigeria for a meeting with CWEIC Nigeria strategic partners, top Nigerian businesses and government officials.

Marland noted that the tariff war is a great opportunity for Commonwealth trade because it was made up of 56 nations that speak a common language with a fairly similar trade outlook.

According to him, ‘Suddenly you have one of the biggest consumers in the world putting tariffs on that trade so that it is no longer free trade. ‘It gives a great opportunity for those who support free trade. And that is why people will turn and look to their friends, many of them in Commonwealth countries, for trading.’

Marland further pointed out that The Bahamas is currently keen for direct trade links with Nigeria and Ghana.

‘We will facilitate their introductions so that they can buy direct from Nigeria rather than going through the United States of America,’ he said. He added that Canada is looking for new markets and renewing friendships.

He also gave credit to African Governments for expanding free trade with the establishment of the African Continental Free Trade Area (AfCFTA).

‘The first thing that I say is the amazing speed AfCFTA was signed. It is a great credit to the African nations that they cooperated so quickly to sign that agreement. ‘AfCFTA is the way that trade has got to go. If you believe in free trade, you have to commit to it.

‘But it is for the members of AfCFTA to really make sure that happens because this is their opportunity now to build relationships with a whole lot of other countries flying the flag of free trades.

‘Free trade has shown through history that it has lifted people out of poverty. That it is a boost to the economies; that it has created and sustained a transparent society for business.

‘And that is why it can be very important for Africa to push hard to ensure that the barriers to trade are reduced and relationships are established very strongly with those that believe in that concept,’ Lord Marland said.

Small businesses in Nigeria, from bustling market stalls to family-run beauty salons, have long grappled with unreliable and costly internet access.

Airtel Nigeria’s new SmartConnect 5G router, launched this month, aims to address these challenges with a budget-friendly device designed to deliver faster, more stable connectivity for the country’s vital small and medium enterprises (SMEs).

Priced at N25,000, the SmartConnect package includes the router, a SIM card, and 30 days of unlimited data. Monthly plans start at N25,000 for 50 Mbps or N45,000 for 100 Mbps, offering speeds that rival more expensive fibre options often unavailable outside major cities. The device, an Outdoor Unit (ODU) mounted externally, captures stronger signals than traditional indoor routers, a critical feature in crowded urban areas or remote regions where walls and structures weaken reception.

Nigeria’s SMEs, which make up over 96 percent of businesses and contribute nearly half of the nation’s GDP, often face connectivity hurdles that disrupt digital payments, inventory management, and online marketing.

A 2025 survey by the Cherie Blair Foundation highlighted that 45 percent of women entrepreneurs in developing markets, including Nigeria, cite unreliable or unaffordable internet as a major barrier. Traders relying on WhatsApp or Instagram to reach customers are particularly vulnerable to network fluctuations.

The SmartConnect’s design addresses some of these pain points. Its ability to connect multiple devices simultaneously suits small shops, fintech startups, or hospitality businesses running point-of-sale systems, security cameras, and smartphones. A built-in battery pack provides five to six hours of power backup, a practical feature in a country plagued by frequent outages. The router also switches to 4G LTE when 5G signals are weak, ensuring usability even in areas with limited 5G coverage, which Airtel began rolling out in 2023.

While the pricing undercuts many broadband alternatives, the SmartConnect’s success hinges on Airtel’s ability to scale its 5G network, which remains patchy outside urban centers. Nigeria’s broadband penetration, at 48.01 percent as of July 2025, lags behind the government’s 70 percent target by 2030.

The router’s all-in-one approach, bundling hardware, installation, and data, marks a shift from traditional telecom models focused solely on data plans. For small businesses with limited technical expertise, this could simplify adoption.

The Federal Capital Territory (FCT) Command of the Nigeria Security and Civil Defence Corps (NSCDC) has deployed 4,500 personnel across Abuja to ensure a peaceful and hitch-free celebration of Nigeria’s 65th Independence anniversary.

Olusola Odumosu, commandant of the FCT Command, announced the deployment in Abuja on Monday, explaining that the operation was designed to safeguard lives, property, and critical national assets before, during, and after the October 1 celebrations.

According to Odumosu, the deployment covers specialized units including the Female Strike Force, Arms Squad, Operation Adakasu, Critical National Assets and Infrastructure (CNAI), as well as the Chemical, Biological, Radiological, Nuclear and Explosives (CBRNE) unit.

He noted that personnel have been strategically stationed at vulnerable locations and soft targets such as shopping malls, recreational centres, prayer grounds, markets, motor parks, amusement parks, the City Gate, the Three Arms Zone, government buildings, and other sensitive areas housing national assets.

The commandant disclosed that undercover operatives have already been positioned across the city for covert operations and surveillance to forestall emergencies or unforeseen circumstances.

He added that ‘black spots’ like uncompleted buildings suspected to harbour criminal elements have also been placed under watch.

‘All hands must be on deck. I will not tolerate any form of security breach. Area Commanders and Divisional Officers must ensure their presence is felt in their respective jurisdictions,’ Odumosu directed.

While charging his officers to conduct themselves professionally and work in synergy with other security agencies, he warned against harassment, intimidation, or accidental discharge during operations.

He assured FCT residents of a secured environment throughout the festivities, emphasizing that their cooperation is equally important.

‘My personnel are ready to ensure a peaceful celebration, but you also have a part to play by being vigilant and reporting suspicious movements or individuals to security agencies,’ he said.

Odumosu further warned criminals and vandals to steer clear of critical infrastructure, stressing that covert operatives are spread across the capital city and would not hesitate to apprehend offenders.

The FCT NSCDC boss wished residents of the FCT a joyous 65th Independence Day, urging them to remain hopeful about Nigeria’s future while praying for the peace and prosperity of the nation.

In Nigeria, it is a legal requirement for employers to deduct and remit both Pay-As-You-Earn (PAYE) tax and pension contributions on behalf of their employees. However, a disturbing trend is emerging where some employers deduct these amounts from employees’ salaries but fail to forward them to the relevant authorities. This unethical and illegal practice not only violates the law but also jeopardises employees’ financial security and tarnishes the integrity of businesses.

By law, employers must deduct 8 percent of an employee’s salary as a pension contribution and add their own 10 percent, remitting a total of 18 percent to the Pension Fund Administrator (PFA) within seven working days of salary payment. Similarly, PAYE tax deductions must be remitted to the State Internal Revenue Service (SIRS) by the 10th day of the following month. These statutory obligations are clear and non-negotiable.

Yet, some employers either divert these funds for other purposes or simply neglect to remit them altogether. This malpractice is not only unethical but also criminal, with serious consequences for both employees and employers.

For employees, the failure to remit pension contributions can have devastating effects. Pension funds are meant to provide financial security after years of dedicated service. Discovering, often years later, that these contributions were never actually paid into their pension accounts can lead to severe financial hardship and emotional distress. It is a betrayal of trust that no worker should have to endure. Similarly, unremitted PAYE taxes prevent employees from obtaining their Tax Clearance Certificates (TCC), documents essential for loan applications, securing contracts, accessing grants, and even some travel visa processes. The ripple effects of this breach extend far beyond the pay cheque.

Employers who fail to remit these statutory deductions expose themselves to harsh penalties. For PAYE, they face a 10 percent penalty plus commercial interest rates on the amounts not remitted. The Pension Commission (PenCom) imposes a 2 percent monthly interest on outstanding pension contributions. Beyond the financial penalties, such practices damage an employer’s reputation and can trigger legal action, audits, and loss of business confidence.

To safeguard both employees and the company, transparency and accountability must be prioritised. Employers should ensure timely and complete remittance of all statutory deductions. Meanwhile, employees should be proactive by regularly checking their pension statements and requesting confirmation of tax remittance from their employers. Providing your employer with your correct PAYER ID and pension number is essential to facilitate accurate processing.

Accountants and HR professionals play a pivotal role in addressing this issue. It is their duty to advise management on the legal and ethical implications of non-remittance. They must ensure that the company complies fully with its obligations to avoid penalties and protect employee interests.

Finally, employers owe more than just salaries; they owe integrity and a commitment to their employees’ financial futures. When employers deduct but fail to remit, it is a breach of trust with far-reaching consequences. Employees must remain vigilant, and professionals must advocate for compliance. Only through collective responsibility can we uphold fairness, transparency, and financial security within Nigeria’s workforce.