The Nation Newspaper

Category: Business

  • Commission commits to inclusive pension coverage

    Commission commits to inclusive pension coverage

    Director General, National Pension Commission (PenCom), Omolola Oloworaran has disclosed that the commission is committed to ensuring every Nigerian whether formally employed or not, has the opportunity for a secure and dignified old age through pension coverage.

    She noted that, though the formal sector is significant, it represents only a portion of the national workforce as a vast majority of Nigerians earn their livelihoods in the informal sector such as artisans, traders, market men and women, freelancers, creative professionals, agricultural workers, and participants in the gig economy.

    The Director General who was represented by the Head, Corporate Communications Department, PenCom,  Ibrahim Buwai  disclosed this at the annual conference of the Pension Correspondents Association of Nigeria, PenCan in Abuja, with the theme, “Inclusion & Innovations: Bridaing the Pension Gap for Nigeria’s Informal Sector” lamenting that for far too long, many of these individuals have had little or no access to structured pension arrangements.

    According to her, ‘Nigeria’s informal workforce is estimated at between 70 and 80 million people. Under- coverage in this segment means that the promise of retirement security remains a dream rather than a reality for many. The earlier Micro Pension Plan, launched in 2019, recorded modest uptake approximately 200,000 contributors and about one billion naira in assets, which is far below the scale of the challenge.

    “Consequently, PenCom re-engineered the Micro Pension Plan under a new name, the Personal Pension Plan (PPP), to deliver both inclusion and innovation.

    Allow me to highlight five pillars of this initiative. Under the plan are the, Inclusive Eligibility: The PPP opens the door to self-employed persons, informal sector participants, and formal sector employees who wish to make additional voluntary contributions. The eligibility threshold is set at 18 years and above.

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    “Flexible Contributions and Access,  Contributors may make lodgements through approved digital and banking channels. Half of each contribution may be set aside for contingent withdrawal, while the other half builds long-term retirement savings. These flexible rules ensure that informal workers can join the system without being locked out.

    “This is also by recognising the realities of informal work including mobile money, POS, USSD, and digital wallets, the guidelines allow Accredited Pension Agents (APAs) and PFAs to deploy technology-driven solutions that simplify onboarding and contributions. Digitised Administration and Transparency, the PPP emphasises end-to- end digitisation across onboarding, contributions, withdrawals, and customer support. Contributors receive instant acknowledgment of their contributions and have real-time access to their statements,measures designed to build trust and accountability”.

    Oloworaran calls on journalists to partner in the commission’s transformative journey, creating awareness about the PPP, explain it in simple and relatable terms to artisans, traders, and small business owners, and showcase success stories of those who have joined, contributed, and are steadily building retirement security.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    MICHAEL: Dear Omobola, while I commend PTAD for additional token added to my money in my April, 2025 pension, I wish to implore The Nation newspaper to request PTAD to kindly do the needful on nonpayment of my gratuity in which I complained severally but to no avail. Thanks for your good work.

    PTAD: Dear Mr. Micheal, please send your verification slip to our email complaints@ptad.gov.ng to enable us to investigate and respond further. Thank you.

    SAMUEL: Good day, my name is Samuel. I retired on grade level 9, step 5. My monthly pension is N17000 but has been reduced to N9000. Please I will like to know why. I am alive.

    PTAD: Dear Mr. Samuel, please note, according to the record available to us you’re on your rightful pension payment. And for your gratuity from our record, your retirement date was 21/9/1993. Therefore, your gratuity should be paid or has been paid by the state government. However, you can scan and send your bank statement six months before your retirement to date to enable us to investigate and respond further. Thank you

    OSUWA: Good day, my name is Osuwa. This is to remaind PTAD on short payment in my monthly pension. My mates are receiving N30,000 and more but I continue to receive less than N27,000. Kindly help me to correct this.

    PTAD: Dear Mr. Osuwa, kindly be informed, based on the documents you provided during verification, you retired on grade level 8 step 5 and structure HAPSS2003 and you’re on your rightful pension payment.

    ADEREMI: Dear Omobola, my name is Aderemi. The reply of PTAD to my complaint which was published on the March 12, 2025 was correct. Truly PTAD called me and asked me of my account details. The person that called me said that the account did not show my name. He also asked for some other information but I was unable to as my documents were not with me and I didn’t know them offhead. He promised to call the next day but he has not called back.

    PTAD: Dear Mr, Aderami, kindly note that we placed several calls to you, but were unable to get through as your phone was not answered. You can reach us via 02094621700 for clarification and resolution. Thank you.

    ANNONYMOUS: Good day, please, save my soul. I have no other hope. I have not received my                   pension. The late payment  of my monthly pension is now becoming a regular occurrence and this is not good for PTAD’s image.

    PTAD: Dear PTAD PENSIONER, please send your verification slip to our email complaints@ptad.gov.ng to enable us to investigate and respond further. Thank you.

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    KOLADE: Dear Omobola, my name is Kolade. Kindly look into the issue of N32,000 minimum wage for us who are still on old pension payment.

    PTAD: Dear Kolade, Please be informed that the N32,000 increment will be paid to every pensioner except for some agencies like PHCN, Peoples Bank, NICON Insurance, Nigerian Reinsurance, NITEL, PTI AND Assurance Bank.  Thank you.

  • PTAD disburses N3.9 billion arrears to 91,146 eligible pensioners

    PTAD disburses N3.9 billion arrears to 91,146 eligible pensioners

    The Pension Transitional Arrangement Directorate (PTAD) has completed the payment of N3.9billion arrears to 91,146 eligible pensioners under the Defined Benefit Scheme (DBS)., the Executive Secretary , Tolulope Odunaiya, has said.

    This payment according to her, is part of the N32,000 increment approved by President Bola Ahmed Tinubu.

    Odunaiya reaffirmed the Federal Government’s commitment to settling outstanding arrears and improving Pensioners’ welfare under the Renewed Hope Agenda of President Tinubu.

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    Giving a breakdown of payment in a statement made available to journalists, she stated  that N1.9 billion was paid to 59,865 pensioners under Parastatals Pension Department while N830 million was paid to 12,976 Pensioners under Civil Service Pension Department

    She disclosed that 9,689pensioners under Police Pension Department received N620 million while 8,616 pensioners under Customs, Immigration, and Prisons Pension Department received N551million.

  • SUNU Assurances shareholders approve N9b Recapitalisation Plan

    SUNU Assurances shareholders approve N9b Recapitalisation Plan

    Shareholders of SUNU Assurances Nigeria Plc have unanimously approved a comprehensive recapitalisation programme that will enable the company raise up to N9 billion to meet the new Minimum Capital Requirement (MCR) for non-life insurers under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

    The approval was granted at the company’s Extraordinary General Meeting (EGM) held on Tuesday in Lagos, which recorded an impressive physical turnout of shareholders.

    The resolutions empower the Board of Directors to raise capital through a mix of rights issues, private placements, public offers or any other fundraising structure, subject to regulatory approval. The board was also authorised to increase the company’s share capital as required, allot new shares, trade untaken rights, engage advisers, and register all changes with the Corporate Affairs Commission.

    Speaking at the meeting, Chairman of the Board, Mr. Kyari Abba Bukar, said the recapitalisation was necessitated by the NIIRA 2025 regime, which raised the MCR for non-life insurers from N3 billion to N15 billion, with a compliance deadline of July 30, 2026.

    “As at September 30, 2025, the company requires N9 billion to close the gap. This makes it imperative that we take decisive action to strengthen our capital base,” he said.

    Bukar added that the recapitalisation would enhance SUNU’s balance sheet, deepen underwriting capacity, attract fresh investment and reinforce market presence. He also disclosed that the company plans to address its free-float deficiency on the Nigerian Exchange (NGX) as part of the capital-raising exercise.

    He noted that SUNU has maintained strong dividend consistency for the past four years and has continued to grow shareholder value.

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    Speaking to journalists after the meeting, Bukar stated: “We will go in full force using a combination of rights issue, public offer, private placement or strategic investment. The goal is to meet NAICOM’s requirement ahead of the July 2026 deadline.”

    Managing Director/CEO, Mr. Samuel Ogbodu, revealed that the SUNU Group, which currently holds 83% equity, intends to reduce its stake to 70% to enable more Nigerian investors participate in the company.

    “This EGM was crucial for transparency and shareholder involvement. We now have full authority to proceed with the capital raise,” Ogbodu said.

    He added that SUNU’s share price, which once rose to N11 and now trades between N4.70 and N5.70, is expected to double within six months based on the company’s growth plans.

    Executive Director, Mr. Elie Ogounigni, reaffirmed SUNU Group’s commitment to the Nigerian market, saying:

    “When SUNU gives its word, we keep it. We are in 17 countries, and we intend to ensure full compliance and support SUNU Nigeria through this recapitalisation.”

  • PenCom embarks on customer satisfaction survey

    PenCom embarks on customer satisfaction survey

    The National Pension Commission (PenCom) has commenced the 2025 Annual Customer Satisfaction Survey for active contributors and retirees under the Contributory Pension Scheme (CPS).

    The commission made this known while calling on the public and all stakeholders to participate in the survey.

    In a statement, PenCom said the survey, which began on November 3, 2025, will run until December 17.

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    The survey, the commission said, is designed to assess customer satisfaction, brand awareness, and pension literacy among Retirement Savings Account (RSA) holders and retirees under the scheme.

    PenCom encourages all active contributors and retirees to kindly complete the survey.

    The link for the survey can be found on the commission’s website and on social media handles.

  • Leadway Assurance announces Adebisi Lamikanra as first female Board chairperson

    Leadway Assurance announces Adebisi Lamikanra as first female Board chairperson

    Leadway Assurance, Nigeria’s leading insurance company, has announced the appointment of Mrs. Adebisi Lamikanra as the new Chairperson of the Board, following the tenure expiration and formal retirement of General (Rtd) Martin Luther Agwai, who has admirably served as Board Chairman since November 2016.

    In a statement made available by the company, Mrs. Lamikanra is a Chartered Accountant and Fellow of the Institute of Chartered Accountants of Nigeria (ICAN).

    According to the company, she brings nearly four decades of exceptional leadership and advisory experience to the role.

    The statement read: “She was a Partner at Andersen Nigeria and made history as the first female Partner at KPMG Nigeria, where she retired as Head of Advisory Services and Lead for the African Region Advisory Practice.

    “Her career has been defined by strategic consultancy to leading local and multinational organisations across sectors. A proud alumna of the University of Lagos and the Lagos Business School, she has also honed her leadership skills through advanced executive programs at Harvard Business School, INSEAD University, and the Kellogg School of Management.

    “Mrs. Lamikanra currently serves on the boards of Standard Chartered Bank Nigeria, Evercare Hospital Lekki, and Nestle Nigeria, where her governance acumen and cross-sector insights continue to shape corporate excellence”.

    Speaking on the appointment, the outgoing Chairman, General (Rtd) Martin Luther Agwai, expressed his confidence in Mrs. Lamikanra’s leadership, stating, “It has been a profound honour to serve Leadway Assurance, a company that continues to define trust and innovation in Nigeria’s financial services sector. As I pass the baton, I take pride in the enduring culture of excellence we have built together. Mrs. Lamikanra’s appointment represents a seamless continuation of this legacy; her integrity, professionalism, and wealth of experience will ensure that Leadway continues to grow stronger and advance firmly into its next chapter of success.”

    The company further stated that under General Agwai’s stewardship, Leadway Assurance achieved significant milestones, including restructuring into a holding company, expanding across West Africa, and solidifying its position as one of the West Africa’s most trusted financial services institutions.

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    “His tenure will be remembered for stability, innovation, and a commitment to governance excellence. His exit, after his successful tenure, reinforces Leadway’s penchant for uploading good governance principles”.

    Meanwhile, speaking on her appointment as the first female Board Chairperson of the Company, Mrs. Lamikanra expressed gratitude and optimism about the company’s future.

    “I am deeply honoured to assume this responsibility at such a pivotal moment in Leadway Assurance’s journey. The organization’s legacy of trust and innovation, built over five decades, continues to inspire confidence in Nigeria’s financial ecosystem”, she said.

    She expressed gratitude to her predecessor, Gen (Rtd.) Martin Luther Agwai, recognizing his outstanding leadership and mentorship skills in steering the affairs of the Board during his tenure as the Board Chairperson.

    She further called on the Board, management, and all stakeholders to collaborate and work together in strengthening the Leadway legacy, driving sustainable growth, advancing digital transformation while reinforcing Leadway’s role as a catalyst for financial inclusion and economic development.

    Mrs. Lamikanra’s appointment signals a continuation of this legacy, blending experience, foresight, and the dynamism required to navigate Nigeria’s evolving financial landscape. Her leadership is expected to strengthen further the organisation’s culture of excellence, innovation, and sustainable growth.

  • STI preaches caution at Ember month

    STI preaches caution at Ember month

    Sovereign Trust Insurance Plc has called on Nigerians to be safety-conscious during this  ‘ember’ months so as to safeguard lives and properties.

    The Managing Director, Olaotan Soyinka in a statement, said the possession of insurance policies should not be a reason for carelessness by holders of such policies.

    He stated that while it is generally known that accidents are common during the ‘ember’ months as a result of increased activities during the period with people rushing to meet up with their goals as the year rounds up.

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    He advised that even in the midst of such activities; people should still exercise caution so that we do not get involved in unnecessary mishaps that could have been averted.

     He said: “While it is not in dispute that insurance helps to mitigate against risks, it should not be taken as a licence to throw caution to the wind and be careless. Rather, insurance should be seen as a respite in case of the unforeseen and inevitable.

    ‘‘It is widely known that cases of motor crashes, fire outbreaks and other perils are usually on the increase during the last months of the year, hence the need for caution to be exercised by all and sundry so as to prevent such misfortunes””, he added.

  • Linkage Assurance launches Mobile App to deepen digital insurance access

    Linkage Assurance launches Mobile App to deepen digital insurance access

    As part of its strategic commitment to enhance customer experience and expand digital access to insurance services, Linkage Assurance Plc has launched its new mobile application, now available for download on both iOS and Android platforms.

    The Linkage Assurance App offers Nigerians a seamless, secure, and convenient way to purchase, verify, and manage motor insurance policies anytime, anywhere. With just a few taps, users can obtain genuine motor insurance certificates, renew existing policies, and access instant customer support—all from their mobile devices.

    Speaking on the innovation at the official launch in Lagos , the Managing Director/CEO of Linkage Assurance Plc, Mr Daniel Braie described the launch as a major milestone in the company’s ongoing digital transformation journey.

    He said: “Our goal is to make insurance simple, transparent, and accessible to everyone. The Linkage Assurance App demonstrates our commitment to customer-centric innovation and our vision of deepening insurance penetration through technology.

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    “The App features secure payment integration, a real-time policy management dashboard, and 24/7 customer assistance, ensuring that policyholders enjoy a smooth, convenient, and trustworthy digital experience”.

    “While the current version focuses on motor insurance, the company noted that plans are already underway to expand the App’s functionality to include other product lines—such as general, retail, and corporate insurance solutions—in future updates”, he noted.

    Industry observers note that the rollout of the Linkage Assurance App highlights the growing importance of digital innovation in Nigeria’s insurance sector, as firms adapt to evolving customer expectations and the need for speed, convenience, and accessibility in financial services.

    The company emphasized that the App will not only enhance convenience for existing customers but also help attract new users, particularly among younger, tech-savvy Nigerians who prefer mobile-enabled financial solutions.

    Consumers can now download the Linkage Assurance App from the Google Play Store or Apple App Store to experience a smarter and more convenient way to stay insured.

    Linkage Assurance Plc is one of Nigeria’s leading insurance companies, providing innovative risk management and financial protection solutions across motor, fire, marine, engineering, agriculture, general business, oil & gas, and other specialized lines. The company remains committed to delivering excellent customer service, digital innovation, and sustainable value creation for all stakeholders. AM Best, a global credit rating agency, has assigned Linkage Assurance Plc a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating.

  • Firm to host exclusive property investment showcase in Lagos

    Firm to host exclusive property investment showcase in Lagos

    Brithomes, a London-based property wealth management firm headquartered in Marylebone, Central London, has announced an exclusive partnership with leading UK real estate developer, London Square, to host a high-level private investment showcase in Lagos.

    The event, themed “International Property Investment for Legacy and Wealth Planning,” is scheduled for Tuesday, November 25, 2025, at The Capital Club, Victoria Island.

    Speaking ahead of the engagement, Managing Director of Brithomes, Mr. Olatunji Akinboh, said the showcase is curated for high-net-worth individuals, diaspora investors, private wealth managers, and institutional partners. 

    He said the initiative aims to deepen conversations around global diversification, legacy planning, and cross-border wealth preservation.

    Akinboh explained that the showcase will feature a dual-format structure comprising an indoor briefing session and an outdoor networking dinner, reflecting the premium brand identity of both Brithomes and London Square.

    He said the programme highlights include: “London Square Portfolio Presentation: A curated display of prime and off-plan residential developments across London.

    “Brithomes Advisory Session: Insight-driven discussions on wealth continuity, succession planning, and international property acquisition.

    “Private Consultations: One-on-one strategic meetings between investors and senior representatives of both organisations.

    “Executive Outdoor Dinner: An exclusive networking platform intended to foster collaboration and long-term investment relationships.

    Akinboh reaffirmed Brithomes’ commitment to supporting African investors with access to international real estate opportunities.

    “Our goal is to empower African investors with direct access to high-value international real estate while helping them plan for long-term wealth continuity and legacy. This event reflects our commitment to bridging global markets and ensuring our clients are positioned for sustainable prosperity,” he said.

    He added that the event aims to showcase global real estate opportunities relevant to African and diaspora investors, enhance strategic engagement with property and finance experts, and strengthen Brithomes’ role as a trusted international property wealth advisory firm. 

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    The partnership will also expand collaboration with family offices, portfolio managers, and institutional advisors.

    Brithomes, which operates across the UK, UAE, Saudi Arabia, Spain, Portugal, and Nigeria, specialises in building and managing cross-border property portfolios designed for wealth preservation and generational legacy planning.

    Dr. Princess Oghene, Media Consultant for GAH Elite Club Magazine, described the collaboration as a reflection of the growing appetite among African investors for structured and secure global assets.

    “This collaboration demonstrates the increasing sophistication of African investors seeking long-term global assets. Platforms such as this provide the access and structured pathways required for wealth preservation across generations,” she said.

    She added that the forthcoming showcase will equip African and diaspora investors with tailored international real estate opportunities and facilitate strategic engagement with senior UK property and finance experts.

  • Reps threaten arrest of BOA MD, ARCN DG over N1.2tr agric intervention probe

    Reps threaten arrest of BOA MD, ARCN DG over N1.2tr agric intervention probe

    The Chairman of the House Committee on Nutrition and Food Security, Hon. Chike Okafor, on Tuesday threatened to issue bench warrants for the arrest of the Managing Director of the Bank of Agriculture (BOA), Ayo Sontinrin, and the Director-General of the Agricultural Research Council of Nigeria (ARCN), Dr. Abubakar Adamu Dabban.

    Okafor made the threat during the resumed investigative hearing on the alleged misuse of N1.2 trillion allocated for agricultural interventions, warning that failure to appear at the hearings would compel the Committee to invoke its parliamentary powers.

    “The Committee held its maiden investigative hearing on April 8, 2025, with the Central Bank of Nigeria (CBN) in attendance, followed by a second session on June 16, 2025, with both the CBN and participating financial institutions (PFIs) present,” he said. “While some organizations have honored our invitations and provided verifiable records to show non-involvement, others have either ignored us or offered flimsy excuses. This is unacceptable.”

    The BOA had cited the appointment of a new MD as its reason for non-attendance, but Okafor rejected this excuse, noting that the bank is an ongoing institution and the change in leadership does not absolve it of the responsibility to appear before the Committee.

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    The Committee also demanded documents and correspondence between Prospect Micro-Finance Bank and the CBN concerning a discrepancy in disbursed agricultural funds. The bank’s MD, Mr. Isaac Inwang, had claimed that N14.6 million was disbursed to 30 poultry farmers, with N6 million recovered and held pending further CBN instructions.

    The CBN, however, contended that N15.5 million was disbursed and accused the bank of breaching guidelines by retaining recovered funds for over three years.

    Okafor directed the Micro-Finance Bank to submit the requested documents on Wednesday, November 19, and to provide clarifications on observed breaches.

    Meanwhile, the Committee cleared the National Agricultural Seeds Council (NASC) of any wrongdoing. Its DG, Alhaji Fatuhu Muhammed, confirmed that the agency did not participate in the implementation of the Anchor Borrowers Programme, a position corroborated by the CBN. The Chairman commended the DG for cooperating with the Committee.

    Recall that on July 1, 2025, the House mandated its Committees on Nutrition and Food Security, Agricultural Production and Services, Agricultural Colleges and Institutions, and Finance to investigate alleged mismanagement of federal agricultural interventions outside the Federal Ministry of Agriculture and Food Security.