Business
Sanwo-Olu moves to stop Tinubu, other ex-govs, deputies’ pensions
Former governors and deputies including Bola Tinubu, Babatunde Fashola and Akinwunmi Ambode, may no longer enjoy pensions if plans to repeal the Public Office Holder (Payment of Pension Law 2007) sail through.
The Lagos State Governor, Babajide Sanwo-Olu, gave the hint on Tuesday when he announced his intention to repeal the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension and other entitlements to former elected governors and their deputies.
The governor made this known on Tuesday while presenting the 2021 budget to the Lagos State House of Assembly.
He said the bill for that purpose would be sent to the state assembly.
“Mr. Speaker and Honourable members of the house, in the light of keeping the costs of governance low and to signal selflessness in public service, we will be sending a draft executive bill to the House imminently for the repeal of the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension and other entitlements to former governors and their deputies,” Sanwo-Olu said.
According to the Lagos Pension Law approved by former Governor Bola Tinubu in 2007, a former governor will enjoy the following benefits for life: Two houses, one in Lagos and another in Abuja; even as property experts estimate such a house in Lagos to cost about N500 million and that in Abuja to cost about N700 million.
Other entitlements include: Six brand new cars, replaceable every three years; furniture allowance of 300 per cent of annual salary to be paid every two years; and a pension of N2.5 million monthly amounting to about N30 million pension annually.
The former governor will also enjoy security details, free medicals including for his immediate families.
Other benefits are house maintenance worth 10 per cent of his annual pension; 30 per cent car maintenance; 10 per cent entertainment; 20 per cent utility, and several domestic staff.
Should the new arrangement succeed in Lagos, it would only be following a similar step taken by the Kwara State in 2018 when the state House of Assembly passed an amendment bill halting payment of pensions to former governors, deputy governors, and other political office holders after their tenure.
Former governors and their deputies from almost in all the 36 states of the federation enjoy similar jumbo pay.
A recent report by Blueprint newspaper catalogues a number of states where such largesse in the name of pensions for political office holders after leaving office is ‘legitimised’.
For instance, the report states in Rivers State, the law provides 100 per cent of annual basic salary for ex-governor and deputy; one residential house for former governor to be located anywhere of his choice in Nigeria; one residential house anywhere in Rivers state for the deputy; three cars for the ex-governor every four years; and two cars for the deputy every four years.
Furniture allowance for the governor is 300 per cent of annual basic salary every four years en bloc; as well as 10 per cent as house maintenance allowance.
In Akwa Ibom, the law provides for N200 million annual pension to ex governors and deputies. They enjoy a pension, for life, equivalent to the salary of the incumbent governor and deputy governor respectively.
Similarly, they are entitled to new official car and utility vehicle every four years; one personal aide and provision of adequate security; a cook; chauffeurs and security guards for the governor at a sum not exceeding N5 million per month and N2.5 million for the deputy governor.
There is also free medical service for governor and his spouse at an amount not exceeding N100 million for the governor per annum and N50 million for the deputy governor.
Also, there is a five-bedroom mansion in Abuja and Akwa Ibom and allowance of 300 per cent of annual basic salary for the deputy governor.
The ex-governor also takes a furniture allowance of 300 per cent of annual basic salary every four years in addition to severance gratuity.
The Kano State Pension Rights of Governor and Deputy Governor Law 2007 provides for 100 per cent of annual basic salaries for former governors and their deputies, with a furnished office as well as a six-bedroom house, ‘well-furnished’ four-bedroom for deputy, plus an office.
The former governor is also entitled to free medical service along with his immediate families within and outside Nigeria where necessary. It is same for deputy.
Two drivers are also part of the former governor’s entitlement and a driver for his deputy; and personal staff below the rank of a Principal Administrative Officer and a PA not below grade level 10. There is a provision for a 30-day vacation within and outside Nigeria.
In Gombe, there is N300 million executive pension benefits for the ex-governor.
The Zamfara version of the law, signed in 2006, gives former governors pension for life; two personal staff; two vehicles replaceable every four years; two drivers; free medicals for the former governors and deputies as well as their immediate families in Nigeria or abroad.
The law also gives the former governors a four-bedroom house in Zamfara and an office, free telephone and 30 days paid vacation outside Nigeria.
In Sokoto, former governors and deputy governors are to receive N200 million and N180 million respectively, being monetisation for other entitlements which include domestic aides; residence and vehicles; that could be renewed after every four years.
Section 2 (2) of the Sokoto State Grant of Pension, Governor and Deputy Governor, Law, 2013, states that “the total annual pension to be paid to the governor and deputy governor, shall be at a rate equivalent to the annual total salary of the incumbent governor or deputy governor of the state respectively.”
Business
Naira strengthens as official, parallel market rates align further
Naira strengthens as official, parallel market rates align further
The Nigerian Naira remained stable against the US Dollar on Tuesday, December 9, 2025, with trading data showing continued convergence between the official exchange rate and the parallel market. The trend follows sustained monetary reforms and improved foreign exchange inflows.
According to figures from the NAFEM window, the Naira opened at an average of ₦1,450.92 per dollar, maintaining its recent trading band between ₦1,450 and ₦1,460. Market analysts attribute the stability to rising foreign inflows and the US Federal Reserve’s dovish monetary stance, which has weakened the dollar globally.
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In the parallel market, currency dealers in Lagos and Abuja priced the dollar at around ₦1,490 (selling) and ₦1,475 (buying). Data from street platforms, including Aboki Forex, indicates that the gap between official and black-market rates has narrowed to roughly ₦40, signalling reduced arbitrage and improved efficiency in the FX ecosystem.
Experts say the Central Bank of Nigeria (CBN) has helped steady the currency through ongoing reforms and gradual reserve buildup. Anticipated US Fed rate cuts later this month are also boosting investor confidence in Nigerian assets, helping keep exchange-rate volatility low as the year closes.
Naira strengthens as official, parallel market rates align further
Insurance
NAICOM Hails Continental Re for 2025 CEO Roundtable on Insurance Recapitalisation
NAICOM Hails Continental Re for 2025 CEO Roundtable on Insurance Recapitalisation
The National Insurance Commission (NAICOM) has praised Continental Reinsurance Plc for hosting the 2025 CEO Roundtable, describing the forum themed “Recapitalization & Beyond: Rethinking Risk, Capacity and Collaboration for a Resilient Insurance Sector” as timely and critical to transforming the Nigerian insurance industry.
The high-level event, held in Lagos, brought together chief executives of major insurance companies across the country to deliberate on the future of the sector amid the ongoing recapitalisation exercise.
Delivering a goodwill message on behalf of the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, the Deputy Commissioner (Technical), Dr. Usman Jankara, said recapitalisation would reposition Nigerian insurers for stronger competitiveness, particularly under the African Continental Free Trade Area (AfCFTA).
According to him, recapitalisation is the bedrock for sustainable growth, as it will strengthen solvency, enhance underwriting capacity, enable insurers to retain more risks locally, build investor confidence, attract capital, stimulate mergers and acquisitions, and drive regional expansion.
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Jankara noted that Continental Re’s initiative aligns with NAICOM’s reform agenda, which prioritises improved capacity, stronger financial resilience and innovation across the sector.
Reiterating the new minimum capital requirements—₦10bn for life insurers, ₦15bn for non-life companies, and ₦35bn for reinsurers—he stressed that the thresholds were designed to build institutions capable of underwriting large transactions and competing across African markets.
In his lead presentation, the Managing Director of Financial Derivatives Company Limited, Mr. Bismark Rewane, described recapitalisation as a transformative lever for driving economic growth, strengthening climate resilience, boosting capital market development, and improving claims-paying capacity. He added that it would enable underwriting of complex risks, promote consolidation, enhance investor confidence and support innovation and technology adoption.
Managing Director of Continental Reinsurance Plc, Dr. Fatai Lawal, said the theme of the roundtable captures both the challenges and opportunities ahead for the industry. He noted that the forum was convened to help industry leaders assess progress, exchange insights and develop strategies for building a stronger, more resilient sector.
NAICOM Hails Continental Re for 2025 CEO Roundtable on Insurance Recapitalisation
Business
Dangote urges wealthy Nigerians to invest in industries, not luxury cars, private jets
Dangote urges wealthy Nigerians to invest in industries, not luxury cars, private jets
Africa’s richest man, Aliko Dangote, has called on wealthy Nigerians to redirect funds currently spent on luxury cars and private jets into industrial investments that can generate jobs and foster sustainable economic growth.
In a widely shared interview, the Dangote Group chairman warned that the country’s elite have increasingly prioritized lavish spending over productive ventures. “If you have money to buy a Rolls-Royce, you should take that money and put up an industry in your locality or anywhere there is need,” Dangote said.
He expressed concern over the number of private jets parked at local airports, arguing that the resources tied up in such assets could instead create employment opportunities.
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Dangote highlighted Nigeria’s growing population, with an estimated 7.8 million births annually, stressing that both government and private sector actors must invest in infrastructure, power, and productive businesses.
Acknowledging the country’s high taxes, he maintained that businesses must still meet their obligations. “For a company like ours, the tax we pay is too much, but we don’t mind… What we are asking for is an enabling environment, but we too must do our civic duties,” he said.
He also urged Nigerians to prioritize domestic investment over foreign capital, noting that attracting investment depends on good policy and rule of law. “We should stop calling for foreign investors because there’s no foreign investor anywhere. What attracts investment is good policy and rule of law,” Dangote added.
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