COVER
Tension in CAC as Registrar General, Workers Tango

By Prosper Okoye, Abuja
Amidst rising level of unemployment in the country, at least 200 staff of the Corporate Affairs Commission (CAC) may have resigned their appointments in the last three years ahead of due retirement dates to escape possible dismissal, alleged high handedness and other harsh policies of the Commission under the leadership of Alhaji Garba Abubakar, the Registrar General and Chief Executive.
DAILY ASSET investigations revealed that since assumption of office in January 2020, Abubakar, who was hitherto a staff before his appointment has governed the frontline agency with an iron fist leading to mass resignation of the staff out of frustration.
Others were actually forced to resign due to the administrative measures taken by management, investigations revealed.“Due to high handedness, vindictive leadership style and gross incompetence, staff have been resigning from the Commission in droves” a source familiar with the situation maintained.
Obviously embarrassed by the mass resignations, the Registrar General had in June 2021 allegedly issued a circular to staff warning that the Commission would with hold for one year, the terminal benefits of any staff who voluntarily resigned.
As the resignations still continued unabated, Registrar General was said to have issued yet another circular on October 4, 2021, with the title “Notification of Exit from Service” in which he said the Commission would put on hold terminal benefits of staff to dissuade more workers from leaving.
The mass resignations was said to have shrunk the Commission’s workforce to a paltry 1,300 spread across 36 states of the Federation, where it has state offices and the Abuja headquarters.
Abubakar was said to have capitalised on the absence of a governing Board for nearly three years to operate the Commission’s activities on his whims and discretions and in some cases with impunity, it was alleged.
Investigations revealed that in order to pave way for his seemingly dictatorial style of leadership, the Registrar General unilaterally dissolved the staff Union- Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Employees (AUPCTRE), soon on assumption of office.
In its place, he was said to have inspired the formation of a parallel workers union- Senior Staff Association of Statutory Corporations and Government Ownes Companies (SSASGOC) with an Executive Committee loyal to his management team, a source told DAILY ASSET.
And in order to wade off any opposition to the decision, Abubakar is alleged to have placed about 30 executive members of the Union(AUPCTRE) and other staff perceived as antagonistic to his policies on “punitive transfers” to 30 states of the federation, where the Commission has branch offices.
The transfers were said to have been carried out without recourse to staff needs or expertise required in the state offices.
Although the Commission was said to have expended about N50 million to settle transfer allowances for the affected the staff, the expenditure was heavily criticised as some staff considered it inappropriate in the circumstances of the Commission.
After the staff were successfully redeployed, the Registrar General was said to have directed that none of the transferred staff be allowed to proceed on annual leave, bereavement, casual or sick vacation, all in the bid to prevent any form of regrouping by the unionists.
“It is bare faced punishment” one of the affected staff, who didn’t want his name in print, told DAILY ASSET.
The obviously dissatisfied union leaders, had challenged the Commission’s decision to proscribe AUPCTRE in Court and actually obtained judgment.
However, the Registrar General himself a Lawyer was said to have declined compliance with the judgment of Court and instead proceeded to the Court of Appeal, where the matter was said to have been abandoned.
In another alleged act of impunity, a Deputy Director and Head, Department of Department (names withheld) was transferred on the orders of the Chief Executive to Enugu zonal office, barely a week after his assumption of office.
The said staff was subsequently accused of corrupt practices and suspended for six months from office without any evidence neither was due process followed.
It was learnt that the staff had challenged his suspension in Court and obtained favourable judgment at the National Industrial Court and the Commission was ordered to pay all his entitlements and a compensation of N2million.
Rather than comply with the Court Order, the CAC Chief Executive allegedly ordered another “punitive” transfer of the staff to Jalingo office and subsequently appealed against the judgment. However, a source said the Matter too might have been abandoned at the Appeal Court since the trial Court turned down the Commission’s application for stay of execution.
Also, exploiting the absence of a governing Board, the Registrar General is alleged to have unilaterally recruited two Directors (Human Resources and Finance and Accounts) in 2020 even when there was no budgetary allocation for such high level manpower.
In another instance, a Deputy Director, who had passed all prescribed examinations and adjudged competent to be promoted to the next rank of Director of ICT was blatantly told by the Commission’s boss that he would not be promoted. No reasons were advanced for this supposed victimisation, it was also learnt.
The alleged impunity of the Registrar General was capped by the recent suspension of Chairman of the proscribed AUPCTRE Chairman, a Principal Manager on GL14, whose suspension according to the Commission’s rules could only be approved by a governing Board.
Abubakar was also accused of “modern slavery” with the circular of December 25, 2021 in which he directed staff of the Commission not to use mobile phones while on duty.
“By the force of the said circular, staff were mandated to switch off their mobile phones and keep in a designated box until close of work effective January 2022”, a staff said of the situation.
The staff said the “disrespect of staff” and “violation of their rights” had been extended to Directors who reduced to personal staff of the Chief Executive in the daily operations of the Commission.
DAILY sought the response of the Registrar General through a letter dated June 20, to the RG seeking his comments on the specific allegations against him.
The letter was duly acknowledged on June 21, but there was no response from the Commission at the time of this report.
COVER
Veritas Kapital Records N13.6bn Premium in 2025
Veritas Kapital Assurance Plc has reported an eight percent rise in Gross Written Premium to N13.6 billion in the first half of the year.Managing Director of Veritas Kapital Assurance, Dr. Adaobi Nwakuche disclosed this in a statement on Wednesday in Lagos.Nwakuche said the performance reflected strong market presence and effective distribution channels.
She noted that Net Insurance and Investment Income surged by 244 per cent to N5. 2 billion, from N1.52 billion recorded in the full year 2024.According to her, Profit After Tax reached N3.2 billion, already surpassing the company’s total earnings for the full year 2024.“These results affirm the strength of our values-driven model, built on our people’s dedication, a clear strategy, and unwavering focus on customer value,” she said.Nwakuche said Total Assets rose by 11 per cent to N37 billion from N33.1 billion in 2024, showing improved financial health and operational efficiency.She added that shareholders’ funds increased to N15.1 billion from N11.92 billion in 2024, underscoring investor confidence and sound governance.“This performance is the result of disciplined underwriting, investment optimisation, expanded digital capabilities, and strong customer-focused service delivery.“The H1 2025 results go beyond growth. They show Veritas Kapital’s evolving role as a partner in progress, delivering solutions relevant to individuals, businesses, and communities. “Each figure tells a story of protection delivered, promises honoured, and futures secured. We are building trust, not merely growing profits,” Nwakuche said.She added that as Nigeria adapts to new economic realities, Veritas Kapital is charting a course defined by agility, innovation, and intentionality.The company, she said, is investing in digital access, claims responsiveness, and talent development, while reinforcing its core values of integrity, transparency, and service.COVER
FG Disburses N5.12bn Pension Arrears to 90,689 DBS Pensioners

By Tony Obiechina, Abuja
The Federal Government has released funds for the disbursement of N5.12 billion in pension arrears to 90,689 Defined Benefit Scheme (DBS) pensioners under the Pension Transitional Arrangement Directorate.This was contained in a statement by the Head of Corporate Communications of PTAD, Olugbenga Ajayi.
He said that the directorate had finalised the disbursement of the money. The Nigeria Customs Service, the Nigeria Immigration Service, and Prisons Pension Department (CIPPD) pensioners are 8,626, received N276,032, for one-month arrears; the Police, Pension Department (PPD) pensioners are 9,681, received N619,584, for two months as arrears. The Civil Service Pension Department (CSPD) pensioners are 12,773, received N408,736, for one-month arrears, and the Parastatals Pension Department (PAPD) pensioners are 59,609, received N3,814,He said that the payment reaffirms the administration’s commitment to ensuring that pensioners receive their due entitlements in line with the Renewed Hope Agenda of President Bola TinubuAccording to the statement, the approvals align with the President’s Renewed Hope Agenda.“This move shows President Tinubu’s strong commitment to senior citizens’ welfare and marks a new era in DBS pension management,” said PTAD, Executive Secretary, Tolulope Odunaiya.Among the key measures is the immediate implementation of an extra budgetary allocation to enforce new pension rates for DBS pensioners.The President also endorsed the adoption of a proposed pension harmonisation policy, which will be incorporated into the 2026 pension budget. Additionally, health insurance coverage for all DBS pensioners has been approved, ensuring access to essential healthcare services.The proposed reforms include a new pension rate of N32,000 and incremental increases of 10.66% and 12.95% for pensioners from defunct and privatised agencies. Other components of the reform package include harmonisation of pension rates across all DBS pensioners and their enrolment into the National Health Insurance Scheme (NHIS).In June, PTAD announced the successful disbursement of N8.6 billion in pension arrears to 148,625 eligible DBS pensioners across various sectors. The payments reflect the implementation of the N32,000 pension increment approved by President Tinubu in 2024.PTAD had previously settled arrears related to the first pension increment of 20% to 28%, which came into effect in January 2024.COVER
NAF Offensive Decimates 592 Terrorists, Destroys 372 Assets in Eight Months

By David Torough, Abuja
The Nigerian Air Force (NAF) has killed no fewer than 592 terrorists and destroyed 372 enemy assets in Borno within the last eight months, surpassing the total operational gains recorded in 2024.A statement by NAF’s spokesman, Air Commodore Ehimen Ejodame yesterday said the Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, said this during a courtesy visit to Gov.
Babagana Zulum of Borno. Abubakar said the offensive had destroyed 206 technical vehicles and 166 logistics hubs in deep hostile territory, with coordinated day-and-night strikes from Gonori to Rann, Dikwa to Damboa, Azir to Mallam Fatori.He said the offensive had been boosted by the deployment of A-29 Super Tucano aircraft capable of precision and night missions, Mi-171 helicopters for medical evacuation and logistics, and enhanced intelligence, surveillance and reconnaissance platforms for round-the-clock target tracking.He added that a new Mi-35 gunship was expected to further intensify close-air support for ground troops in the theatre.“Backed by an upgraded fleet and precision night-strike capabilities, NAF aircraft executed 798 combat sorties, clocking over 1,500 operational flight hours in the Air Component of Operation Hadin Kai.“This year, our air war is faster, sharper, and more surgical.“We are taking out high-value targets, crippling their logistics, and hunting down every cell that threatens the peace of the North-East,” he said.The CAS also praised the “Borno Model” of combining community-driven non-kinetic measures with decisive military action, saying it had proven effective in the counter-insurgency campaign.He also inspected facilities at the NAF Base, met with aircrew and ground personnel, and received operational briefings.He reaffirmed the NAF’s commitment to precision air power, intelligence-led operations, and inter-agency collaboration to protect Nigerians.In his response, Gov. Zulum praised the NAF for its sustained air support in degrading terrorist capabilities and protecting communities.According to him, the NAF has been a steadfast partner in their fight against insurgency.“Your operations have saved countless lives and allowed our communities to begin rebuilding.“The people of Borno recognise your sacrifices and stand firmly behind you,” he said.