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Fayemi Signs Amotekun Bill Into Law

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Ekiti State Governor, Dr. Kayode Fayemi on Monday signed the bill for the establishment of the state Security Network Agency and Amotekun Corps into law.

The House of Assembly on February 14 passed the bill and forwarded it to the governor for his assent after exhaustive points-by-points and clause-by-clause scrutinization of the bill.

The security outfit was initiated by the six South-West governors to tackle the prevailing security challenges facing the region.

Presenting the bill to the governor at the event held at the popular Jibowu Hall inside the Government House, Ado-Ekiti, the state capital, the Speaker of the state House of Assembly, Funminiyi Afuye, said the House had fulfilled its fundamental responsibility of making people-oriented laws that would guarantee adequuate protection of lives and property of the people of the state.

Afuye expressed optimism that the bill when sign into law would stem the tide of kidnapping, banditry, armed robbery and other manifestation of criminalities that have continued to constitute hindrances to people’s normal social and economic life.

He said the homogeneity of Yoruba race, in terms of politics, culture and history made the Amotekun gained traction in the southwest region.

” It is clear that the police are overwhelmed, overstreched and overburdened. This is where the concept behind Amotekun stemmed from. I want to also douse the tension and clarify that it won’t compete with police but will complement it”, he said.

In his remarks at the event witnessed by top government functionaries and traditional rulers, Fayemi warned criminals to steer clear of Ekiti, boasting that “Amotekun Corps will get you wherever you hide”.

The governor said the security outfit would not be politicised but rather strengthen to ensure that criminals within and outside the state had no breathing space.

The governor said the resilience of Ekiti kete and Yoruba race brought the security outfit to full operation, stressing the scenario leading to the formation of Amotekun corps was novel since the advent of democracy in 1999.

“Since the advent of democracy in 1999, this is the first time when Yoruba people will speak with one voice without political or religious considerations”, he said.

Speaking about the event leading to the formation of the corps, Fayemi said: “As a responsible and responsive government,it is our belief that security is significant and we won’t toy with security of lives and property.

“The current challenges of proliferation of small arms, rutial killings, banditry, youth restiveness , cattle rustling , insurgency and terrorism are daunting.

“In tackling some of these menaces, which surfaced in the southwest region, the governors in the zone officially launched Western Nigeria Security Network in Ibadan on Jan 20, 2020 at and the bill that will form the legal framework was passed by the State House of Assembly .

“Let me clarify that Amotekun will help the police to arrest, gather intelligence and information , arrest and prosecution of criminals , tackle illegal mining, land trespass, cattle rustling, destruction of crops, tresspass into farmlands, cultism, highway robbery, among others.

“Amotekun is not a substitute to the existing security networks , but a complement to it. It is not for Ekiti people alone, but for everbody. As long as you are resident in Ekiti, you enjoy the right to be protected , so it is not for the indigenes alone.

“Crime fighting is a collective responsibility. Those perpetrating crimes are living among us and let us be vigilant and help the Amotekun Corps fish out criminals in our midst”, he said.

Fayemi promised that the handlers of Amotekun will be thorough with the issues of recruitment, training and deployment of the operatives , for efficiency and effectiveness of the network.

“The issues of recruitment, training and deployment will be carefully considered. All the operatives will work in areas where they understand better”.

The governor charged the royal fathers to coalesce efforts with the security network to get rid criminal-minided people at the grassroots.

The Chairman, Ekiti State Council of traditional rulers, Oba Adebanji Alabi , described the signing of the bill as epochal in the annal of history of yorubaland and worthy of celebration.

“You could all remember the events leading to kidnapping, banditry, destruction of crops in the southwest . It was like the region was under siege .

“The governor, Dr Kayoe Fayemi and other colleagues championed the course and worked hard to achieve this success despite encumbrances and obstacles.

“But for Amotekun to be a success, it rests on three things, the recruitment, which must be painstakingly done. The Government and the Obas must make sure we have round pegs in round holes.

“Number two is training , they must be properly trained , groomed in the act of security, information and intelligence gathering , how to guard against sabotage among other skills required of them. The third one is good and strategic deployment, so that we won’t have security operatives that will be ineffective and kleptomaniac”, he advised.

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Business

PenCom Bars Operators From Engaging Service Providers Not Complying With Pension Act

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By Sola Alabadan

The National Pension Commission (PenCom) has barred all Licensed Pension Fund Operators (LPFOs), comprising Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) from transacting with service providers and vendors that do not remit pensions for their employees as evidenced by a Pension Clearance Certificate issued by the commission.
The pension operators have been given a grace period of six months to comply with this new directive aimed at expanding coverage of the Contributory Pension Scheme (CPS) in Nigeria,
Section 2 of the Pension Reform Act 2014 mandates all employers in the public and private sectors, including Federal, State, and Local Governments, to participate in the Contributory Pension Scheme and remit pension contributions no later than seven working days after salary payments.
However, PenCom lamented that in spite of the continuous engagement and enforcement measures, a significant number of employers remain non-compliant with this legal obligation.
This development made PenCom intensified its regulatory actions by appointing Recovery Agents to audit defaulters, recover outstanding contributions, and enforce sanctions.

To further strengthen enforcement, improve compliance, and broaden pension coverage, the commission directed all pension operators to ensure that any vendor or service provider they engage presents a valid Pension Clearance Certificate (PCC) issued by the Commission as a condition for entering into or renewing Service Level or Technical Agreements.

The pension operators are also mandated to ensure that investments are made only with companies and financial institutions that require PCCs from their own vendors and service providers.

Every Counterparty is required to execute a Compliance Attestation, confirming that it enforces the PCC requirement across its vendor network, and this attestation must be updated annually and included in the pension operator’s investment documentation.

Besides, counterparties are to submit valid PCCs from their own vendors/service providers before engaging in any investment transaction with the pension operators, including those involving commercial papers, bond issuances, and bank placements.

PenCom further directed the pension operators to integrate these requirements into their internal policies, vendor selection processes, due diligence procedures, governance, and investment risk assessment frameworks.

Based on the new directive, the Parent Companies, Subsidiaries, Holding Companies and Institutional Shareholders of pension operators are required to possess valid Pension Clearance Certificate and ensure that every vendor and service provider engaged by them complies with the requirement of the PCC as a precondition for entering into any Service Level or Technical Agreement. The requirement for compliance attestation is also applicable to the categories.

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Business

Sanlam, Allianz Merger Expected In Nigeria

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Sanlam and Allianz have sparked speculation in Nigeria’s insurance industry following a wave of coordinated digital communication activities indicating an imminent completion of the expected merger of the operations in Africa’s largest economy.
The firms, which have already merged operations in 27 African countries, including Ghana and Rwanda, under the SanlamAllianz banner, are now widely believed to be ramping up their alliance in Nigeria as the next significant step in their partnership.
Recent posts on both companies’ digital platforms featuring their logos side-by-side and joint thematic messaging have drawn attention across financial and business circles. The coordinated activity mirrors pre-merger patterns observed in other African markets where their collaboration was subsequently formalised.
In 2022, Sanlam and Allianz announced the formation of a strategic joint venture covering 27 African markets. The move was intended to combine Sanlam’s local market depth with Allianz’s global scale and technical expertise, creating a formidable pan-African financial services entity with ambitions to lead in life and general insurance, asset management, and health insurance.
The partnership has taken concrete shape in countries like Ghana, where existing operations have been unified and rebranded under the SanlamAllianz name. The goal has been to offer more relevant, inclusive, and tech-forward financial solutions for individuals and businesses in these markets.
Nigeria is the continent’s most populous nation and its largest economy, yet despite recent progress, its insurance penetration remains under 1%. In 2023, the industry crossed the ₦1 trillion gross written premium mark for the first time, indicating untapped potential and growing consumer interest in financial protection.
Given these dynamics, analysts say Nigeria is a natural next step in the SanlamAllianz expansion journey. The presence of both logos in coordinated messaging has been read as a signal of intent. Both brands already operate in Nigeria, and a merger of local operations would represent a formidable alliance and substantial consolidation.
Market observers believe such a move could raise the bar in Nigeria’s insurance industry, fostering more robust competition, improved product design, and greater consumer trust in formal financial services. It would also align with both firms’ broader objective of promoting financial inclusion and building long-term resilience across African economies.
At a time when several global brands are reassessing their African strategies, Sanlam and Allianz’s continued commitment affirms their vote of confidence in Nigeria’s long-term prospects. This potential merger could not only reshape the insurance landscape but will also evidently become a significant catalyst and signal to the global investment community that Nigeria remains a viable and valuable market.

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Business

Ghana’s Delegation In Nigeria To Marine Cargo Sector

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Commissioner for Insurance, Olusegun Omosehin received delegates from Ghana's Marine Cargo Technical Committee on a study tour of Nigeria's marine cargo sector at his office in Abuja recently. The delegation was led by Mr. Fred Asiedu-Darteh of Ghana Shippers' Authority.

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