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Oyo State adopts contributory pension scheme for civil servants
Oyo State Governor Seyi Makinde has initiated the Contributory Pension Scheme for civil servants, a move praised as a significant policy shift. This decision places Oyo among the Federal Capital Territory and six other states, including Edo, Ekiti, Kaduna, and Lagos, that have implemented the pension law. Previously, Oyo was one of 23 Nigerian states yet to operationalize this legislation. The Chairman of the Oyo State Pensions Board, Tunji Adekunle, announced that the scheme will apply to officers employed in the Oyo State Civil Service from January 1, 2025, with full implementation beginning on July 1, 2026. The contribution structure involves a 12 percent contribution from the Oyo State Government as the employer and 8 percent from employees, totaling 20 percent, which exceeds the statutory minimum of 18 percent prescribed by the Pension Reform Act. The government has also committed to paying accrued pension benefits immediately upon the scheme's commencement and has directed all Ministries, Departments, and Agencies to submit comprehensive lists of employees recruited from January 1, 2025, to ensure a smooth rollout. The Contributory Pension Scheme, enacted in 2004, replaced the unsustainable Defined Benefit Scheme, leading to a significant increase in Nigeria's pension assets, which reached N31.32 trillion as of May 31, according to the National Pension Commission.
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馃嚦馃嚞Punch Nigeria路1 hour ago
Beta Glass reports N37.5 billion revenue, reconstitutes board, plans technology investment
Beta Glass Plc announced a first-quarter revenue of N37.54 billion, attributing it to strong operational performance and asset utilization. The company also reconstituted its Board of Directors, appointing four new non-executive directors: Nitin Kaul, Olusola Carrena, Bolaji Olatunbosun Osunsanya, and Boye Olusanya. The Chairman of the Board, Dr. Vitus Ezinwa, stated that the new board composition would support the company's long-term strategy, aiming to accelerate sustainable growth, strengthen shareholder value, and enhance regional supply chain resilience. Chief Executive Officer Alex Gendis emphasized continued focus on operational efficiency, innovation, and strategic partnerships. An independent socio-economic impact report by Deloitte estimated Beta Glass contributed over N1 trillion to Nigeria鈥檚 economy in the past decade. The company plans further investments in manufacturing technology and climate-related initiatives, including furnace infrastructure upgrades to improve thermal efficiency and reduce emissions, as part of its strategy for operational efficiency and sustainable manufacturing. Shareholders, like Williams Adebayo, expressed satisfaction with the dividend declaration and earnings retention plan, as well as youth skills empowerment initiatives.
馃嚦馃嚞Punch Nigeria路2 hours ago
Victor Boniface first to report for Bayer Leverkusen pre-season training
Bayer Leverkusen forward Victor Boniface was the first player to report for the club's pre-season training ahead of the 2026/27 campaign. Boniface returned to his parent club after a loan spell at Werder Bremen. After fitness assessments, the Nigerian striker will join teammates for a pre-season training camp in Blankenhain, Germany, from August 1 to 7. Boniface had a strong debut season in 2023, scoring 21 goals and providing nine assists in 34 appearances, helping Bayer Leverkusen secure their first Bundesliga title. He also won four Bundesliga Rookie of the Month awards. However, injuries affected his performance in the 2024/25 season, where he managed 11 goals and one assist in 27 appearances. Concerns about recurring knee problems and failed transfer moves to Al-Nassr and AC Milan due to medical issues were also noted. During his loan at Werder Bremen, Boniface failed to score in 11 appearances due to injuries and fitness issues. Sporting director Simon Rolfes expressed confidence that Boniface can regain his form. Leverkusen will start their 2026/27 Bundesliga season on August 29 against SV Elversberg.
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