Nigerian Govt begins to give out pension-backed loans to over one million Retirees
Nigerian Govt begins to give out pension-backed loans to over one million Retirees
The Nigerian Consumer Credit Corporation (CREDICORP) has finalised plans to extend pension-backed loan facilities to more than one million retirees across the country.
This initiative aims to broaden access to government-backed credit beyond the active workforce, aligning with the ongoing economic reforms focused on financial inclusion and support for all demographics, including senior citizens.
Speaking at the official launch of the programme in Abuja on Thursday, CREDICORP’s Managing Director and CEO, Uzoma Nwagba, highlighted the importance of integrating retirees into Nigeria’s consumer credit system.
“This programme ensures that our senior citizens are not left behind,” Nwagba said.
“We’re creating a structure where retirees can access low-interest, pension-backed loans to meet essential needs such as medical care, home improvements, small businesses, or supporting their families.”
The new credit facility builds on the consumer credit initiative introduced by President Bola Tinubu in 2024, which was initially designed for working Nigerians facing challenges in meeting urgent financial needs while relying on their future earnings.
According to Nwagba, the expansion to retirees will be delivered in partnership with Leadway Trustees, a subsidiary of the Leadway Group, and Optimus Bank.
The programme, themed “Empowering Retirement with Consumer Credit,” aims to offer tailored financial products that are both sustainable and secure for retirees, using annuity income as a reliable repayment source.
Nwagba said it would address the challenges head-on by leveraging pension income, offering retirees tailored low-interest loans that are both secure and sustainable.
He said, “For a start, we are targeting one million retirees but as time goes one, we will be expanding it. Annuitants are the backbone of Nigeria’s progress, yet they’ve been sidelined in the credit ecosystem.
“This programme changes that narrative. By partnering with Leadway Trustees’ expertise in pension management, we’re delivering a credit solution that is safe, affordable and transparent.This is consumer credit redefined inclusive, equitable and empowering.”
News
Former President sentenced to five years in prison by Court
Former President sentenced to five years in prison by Court
South Korea’s former president Yoon Suk Yeol was on Friday sentenced to five years in prison for obstruction of justice.
The Seoul Central District Court found that the 65-year-old conservative, with the help of the presidential security service, had tried to prevent his own arrest and deleted multiple documents related to the investigation against him.
Yoon shocked the nation by imposing martial law on December 3, 2024, amid a budget dispute with the opposition, plunging the country into a political crisis.
He justified the drastic measure as necessary to protect South Korea’s democratic order and accused the left-leaning opposition of being infiltrated by communists with ties to China and North Korea, though he provided no evidence for these claims.
In a separate trial, prosecutors have sought the death penalty for Yoon on charges of incitement, with a verdict expected on February 19.
While the death penalty remains legally in force in South Korea, it has not been carried out for nearly 30 years.
Yoon’s actions previously alarmed international investors and led to withheld investments, damaging the reputation of South Korea as a political and economic model for the region.
Since last summer, South Korea has been led by President Lee Jae Myung, a left-leaning centrist and long-time political rival of Yoon. (dpa/NAN)
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JUST IN; Imam that famously shielded 262 Christians from death during Plateau attack is dead
JUST IN; Imam that famously shielded 262 Christians from death during Plateau attack is dead
The Imam of Nghar village, Abubakar Abdullahi in Barkin Ladi Local Government Area of Plateau State, who famously sheltered 262 Christians during communal violence, has passed away.
The Imam’s Son Saleh Abubakar, confirmed the development to Daily Trust on Friday, saying that the cleric died on Thursday night at the Plateau Specialist Hospital in Jos.
The Son said, his father “died ten days after he was admitted” in the hospital.
“He was initially diagnosed with a heart problem. He’d go for check-ups and return. His health hadn’t been stable since the heart disease diagnosis.”
Imam Abubakar died at the age of 90. He is survived by 19 children – 12 sons and seven daughters.
Tecall that in June 2018, during violent, faith-based communal clashes that affected 10 villages in Barkin Ladi, Imam Abubakar sheltered 262 Christians in his mosque and residence until the violence subsided, saving them from certain death.
His courage earned him widespread recognition, including the International Religious Freedom Award presented by the United States Department of State in 2019.
The late cleric will be laid to rest on Friday (today) in Nghar village after the Juma’at prayers.
News
Ex–Chief of Army Staff files N1.5 billion defamation suit against rtd Major General, others
Ex–Chief of Army Staff files N1.5 billion defamation suit against rtd Major General, others
A former Chief of Army Staff, retired Lt.-Gen. Faruk Yahaya, has filed a defamation suit against retired Maj.-Gen. Danjuma Ali-Keffi, Arise Broadcasting Limited and Sahara Reporters Media Group.
The Court documents indicate that Yahaya instituted the action on Wednesday, at the Federal Capital Territory (FCT) High Court, Abuja, following the expiration of a demand notice served on the defendants.
The spokesperson for Yahaya, retired Brig.-Gen. Sani Usman, a former Army spokesperson, made this known in a statement on Friday in Abuja.
In the suit, the retired army chief was seeking, among other reliefs, formal retractions and public apologies over publications he described as false and malicious, as well as monetary damages of N1.5 billion and N600 million respectively.
“The claimant contended that the publications and broadcasts unjustly linked him to allegations of terrorism financing, illegal mining and banditry, which he said injured his reputation, character and integrity.
“The matter had been duly filed before the FCT High Court, Abuja, and the defendants had been served to enter appearance in line with the rules of court,” Usman disclosed. (NAN)
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