The Nation Newspaper

Category: Pension

  • Stanbic IBTC Insurance unveils Manifold Endowment Plan

    Stanbic IBTC Insurance unveils Manifold Endowment Plan

    Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings has launched the Manifold Endowment Plan, an innovative blend of insurance and investment designed for Nigerians who want to protect what matters, grow their wealth, and enjoy peace of mind.

    With life cover up to N1 billion, partial maturity payouts, and end-of-term bonuses, Manifold is for the modern Nigerian working hard today, planning boldly for tomorrow.

    The Manifold Endowment Plan is uniquely designed for Nigerians aged 18 to 64, providing them with flexible policy durations ranging from six to fifteen years. At its core, it integrates death benefits, partial maturity bonuses, and accidental medical coverage, all while offering a structured avenue for individuals and families to plan, protect, and prosper.

    Speaking on the launch, Akinjide Orimolade, Chief Executive, Stanbic IBTC Insurance said the Nigerian insurance sector, though still underexplored, has seen remarkable growth, with industry revenues surging by 147per cent in the first nine months of 2024. Yet, with insurance penetration hovering around just 0.5per cent of GDP, the gap in uptake remains stark.

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    He noted that Stanbic IBTC is tackling this head-on by introducing an offering that speaks to the everyday concerns of middle- and high-income Nigerians who seek value, reliability, and transparency in financial services.

    He said: “The Manifold Endowment Plan is a response to Nigeria’s pressing need for accessible and rewarding insurance solutions. We are not just offering protection; we are empowering Nigerians to build financial resilience while preparing for the future. With Manifold, every premium is an investment in both peace of mind and real financial return.

    “Manifold bridges the perception gap often associated with insurance. It assures Nigerians that even if the “worst” doesn’t happen, their money is never wasted. With premiums starting at just N10,000 monthly, policyholders can earn two 25per cent bonuses on their premiums while still receiving 100% of their chosen sum assured at maturity.

    At its core, the Manifold Endowment Plan aligns with Stanbic IBTC Insurance’s broader mission: to help Nigerians secure today and prosper tomorrow. Whether it’s a young professional saving towards future goals, a parent building generational wealth, or a retiree seeking peace of mind, Manifold offers a tailored and transparent financial solution””, he added.

  • Brittania-U, others get N180 billion claims

    Brittania-U, others get N180 billion claims

    Insurance companies have paid over N180 billion claims to restore businesses and compensate for loss of lives in the country in the first nine months of 2025.

    A major chick of the claim costing N82.5 billion was paid to Brittania-U, a Nigerian indigenous petroleum company.

    This marks a major feat for the nation’s insurance industry.

    Brittania-U operates in the Ajapa marginal field and owns the FPSO Britannia UI, which experienced a significant fire incident in July 2024 of which its claim was filled.

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    Speaking at the 2025 Annual Seminar for Insurance Journalists in Abeokuta, Ogun State, the Commissioner for Insurance, National Insurance Commission (NAICOM), Segun Omosehin said these payments were a feat and a testament that insurance companies actually pay genuine claims, as against public misunderstanding about capacity of insurance in Nigerians.

    Using N1,500 to a US dollar, Omosehin disclosed that the company had earlier filled a N108 billion ($72m dollars) claims to the insurance industry, which was later adjusted to N82.5 biillion and was dispatched accordingly.

    He stated that the company had earlier paid N255 million, equal to $170,000 dollar as premium to underwrite the business, a figure that underscores the relevance of risks pooling in protecting business and entities.

    He, however, said the N180 billion include big-ticket payments to policyholders who encountered losses during the period, aside other pockets of smaller claims paid by insurance operators in the country.

    He stressed that the commission has maintained a hardline stance on any operator who refused to pay genuine claims in the country.

    Claims payment is a priority for us in the commission and we are pursuing it with all the commitments it requires, he said.

  • Prestige grows gross written premium by 51%

    Prestige grows gross written premium by 51%

    Prestige Assurance Plc has recorded a 51 percent growth in its gross written premium for the 2024 financial year, reflecting resilience in a challenging operating environment.

    The underwriting firm generated a gross written premium of N22.47 billion in 2024, compared to N14.87 billion in 2023.

    Profit after tax also rose significantly to N3.236 billion, up from N1.310 billion in the previous year.

    On the company’s financial position, shareholders’ funds rose by 21 per cent to N19.37 billion in 2024, up from N15.93 billion in 2023.

    Total assets also grew by 36 percent, closing the year at N38 billion compared to N27.9 billion a year earlier.

    Prestige Chairman, Mrs. Funmi Oyetunji made this known while presenting the 2024 financial report at the 55th Annual General Meeting (AGM) of the firm in Lagos.

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    She attributed the strong performance to improved underwriting discipline, prudent investment management, and the dedication of management and staff. She also said the results reflect the resilience of their people’s unwavering commitment to meeting the evolving needs of policyholders.

    Despite the improved topline numbers, she noted that underwriting performance was affected by the difficult operating environment, recording a figure of N128 million from N619 million in 2023.

    To address this, Oyetunji explained that the company had introduced several initiatives, including revising policy terms especially on Goods-in-Transit cover to keep risk exposure within manageable limits. Pre-loss survey exercises are also being prioritized for Fire and Engineering risks, where claims are more prevalent. Additionally, marine cargo superintending has been strengthened to ensure safe handling of shipments and minimize losses.

    However, Oyetunji announced that the company would not be recommending dividend payments for the 2024 financial year.

    She explained that the decision was driven by the need to consolidate funds in preparation for the insurance industry recapitalization exercise.

    She said: “The Board remains committed to a policy of regular dividend payments to our shareholders in appreciation of their continued faith in the company. We are optimistic that dividends will resume after the recapitalization,” she assured.

    “Looking ahead, we will focus on sustainable long-term growth by strengthening underwriting operations, enhancing product innovation, and maintaining robust claims-paying capacity”, she added.

  • Insurers to host 250 delegates for WAICA Confab in Lagos

    Insurers to host 250 delegates for WAICA Confab in Lagos

    The Nigerian Insurance Industry is set to host no fewer than 250 foreign and local delegates for the 2025 West Africa Insurance Companies Association (WAICA) Education Conference to provide strategic platform for deliberations on the impact of climate change on the insurance industry, as well as actionable strategies to safeguard the future of insurance education and practice.

    The conference is scheduled to take place from Sunday, 12 October to Wednesday, 15 October 2025 at the Grand Ballroom of Eko Hotel & Suites, Victoria Island, Lagos, Nigeria.

    This year’s conference, organized by the Nigerian Insurers Association (NIA) with the theme “The West African Insurer in the Face of Climate Change,” will bring together insurance practitioners, regulators, policymakers, and thought leaders representing countries across the West African sub-region.

    Member countries of WAICA, namely Nigeria, Ghana, Sierra Leone, Liberia, and The Gambia, will be represented, making the conference a truly regional platform for knowledge exchange, networking, and collaboration.

    Speaking yesterday at a press briefing on the upcoming conference held at the Insurers House, Victoria Island, Lagos, the Chairman, Local Organising Committee (LOC), 2025 WAICA Education Conference, Mrs. Ebelechuwu Nwachukwu said it is particularly important for African insurers to engage in robust discussions on climate change.

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    She stated that as the continent faces unique vulnerabilities such as extreme weather events, flooding, drought, and agricultural disruptions that directly impact businesses, communities, and livelihoods.

    She said: “For insurers, these challenges translate into rising claims, increased risk exposures, and the urgent need for innovative products and risk management strategies. By coming together at the WAICA conference, African insurers not only strengthen their collective preparedness but also position themselves to engage competitively with their global counterparts in shaping sustainable insurance practices and climate resilience solutions.

    “Lagos State, Nigeria’s commercial hub and one of Africa’s most vibrant megacities, was carefully selected as the host destination of the conference for its unique blend of business dynamism, cultural heritage, and world-class hospitality infrastructure. With its strategic role as a financial hub, Lagos provides an ideal environment for fostering cross-border collaboration and knowledge exchange among West Africa’s insurance community. On Sunday, 12 October 2025, the WAICA 2025 conference will begin with a Cocktail Welcome Reception at the Insurers House, Victoria Island, in Lagos.

    “The Minister of State, Ministry of Finance, Dr. Doris Uzoka-Anite, has confirmed to deliver the keynote address at the Opening Ceremony of the conference on Monday, 13 October 2025, while Mr. Olusegun Omosehin, Commissioner for Insurance, National Insurance Commission (NAICOM) is the Chief Host.

    “The Local Organizing Committee (LOC) for the 2025 WAICA Education Conference has assembled an array of eminent local and international insurance industry leaders, dignitaries, and technical experts who will speak on and critically dissect the theme and various sub-themes of the conference. These include Dr. Abiba Zakaria, Ag. Commissioner of Insurance, Ghana; Mr. Wole Oshin, Group Managing Director, Custodian Investment Plc; Mr. Bockarie Kaloko, Deputy Minister of Finance, Republic of Sierra Leone; and Ms. Tola Adegbayi, MD/CEO, Mutual Specialist.

    She continued: “Following the paper presentations, three panel sessions will be held and chaired respectively by Mr. Sunday Thomas, Former Commissioner for Insurance, NAICOM; Alhaji Mohammed Kari, Former Commissioner for Insurance (NAICOM)/Wazirin, Bauchi; and Ms. Olamipo Adeola, Head, Corporate Communication & Branding, Scib Nigeria & Co. Ltd.

    “The LOC have put in place adequate arrangements for the transportation and security of foreign delegates and other participants at the conference to ensure a seamless and safe experience throughout their stay in Lagos.

    “The 2025 WAICA Education Conference promises to be a landmark event, reinforcing regional cooperation and highlighting the critical role of insurers in responding to climate challenges while offering delegates a unique opportunity to experience the dynamism of Lagos”, she noted.

  • ‘Insurers, PFAs to strategise informal sector cover’

    ‘Insurers, PFAs to strategise informal sector cover’

    An expert has challenged operators in the insurance and pension sectors to come up with strategies that will bring the full informal sector under insurance and pension coverage.

    The expert, Mr. Olatunde Amolegbe, who is the Managing Director/Chief Executive Officer, Arthur Stevens Asset Management Limited, challenge the operators at the Annual Conference of Insurance and Pension journalists in Lagos, with the theme: “Strengthening Pension and Insurance Framework for Better Economy” noted that the informal sector constitutes about 70 million Nigerian working population.

    He identified the two sectors as key sub-sectors of the financial services industry of the economy that have capacity to accumulate long term investible funds.

    He however, regretted that both sectors for years, have been suffering from under development due to lack of public confidence and trust as well as poor awareness of the value of the sectors on the part of the public. Highlighting the underdeveloped nature of the two sectors, Amolegbe said pension and insurance coverage remained low, observing that only 26.3 percent of Nigerian workers had access to pension plan and health Insurance in 2023 largely due to the high number of informal sector workers in the country.

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    “Approximately 92 percent of Nigeria’s employed population works in the informal sector, voluntary Micro pension scheme adoption has been low as of December 2024. Micro pension registration was barely 172.936 six years after the introduction of the scheme, for the inclusion of the informal sector”.

    On insurance performance he said “Nigeria’s insurance penetration remains largely low at less than 1.0 percent compared to South Africa ‘s 11.54 percent, Namibia’s 7.41 percent Morocco’s 4.10 percent, Kenya’s 2.25 percent and the global average of 6.8 percent,” he observed.

    To address the problem, he said the operators’ first step towards capturing the informal sector into insurance and pension fold was to rebuild their confidence and trust towards the sector.

    He said this was necessary because without regaining their confidence they could not be captured into pension and insurance nets because they would not want to put their money where they could not easily access it.

    He also urged operators of the two sectors to device simple and different system of enrolling the informal sector operators into the system using modern technology.

    He said operators of pension sector should begin to think how to establish micro PFAs and operate such firms in areas where micro people live.

    He urged insurance operators to use the opportunity of publicity created by the NIIRA 2025 to promote financial literacy among young Nigerians and make people have feelings for savings through insurance and pensions.

    Highlighting statistics on the performance of the two sectors between 2020 and 2024 Amolegbe said: “The pension and insurance sectors have recorded substantial growth, positioning them as critical pillars for economic stability and capital market deepening. Total pension assets reached over N23 trillion in 2025, equivalent to approximately 8.6 percent of GDP. Between 2020 and 2024, public sector contributions rose by 71.7 percent to N5.89 trillion, while private sector contributions grew by 65.7 percent to N5.42 trillion. In the fourth quarter of 2024 alone, contributions totaled N342.23 billion, with total Assets under Management standing at N22.51 trillion. Retirement Savings Account registrations rose by 14.8 percent over five years to 10.58 million accounts, and the Micro Pension Plan attracted N1.06 billion in cumulative contributions, highlighting the untapped potential of the informal sector”, he stated.

    He noted that the insurance industry achieved a 56 percent increase in gross written premiums in 2024, reaching N1.562 trillion, with the non-life segment accounting for N1.1 trillion and the life segment N470 billion. Industry assets rose by 46.1 percent to N3.9 trillion, while market capitalisation climbed 41 percent to N1.2 trillion. Net claims paid totaled N622 billion, with growth driven by fire, oil, gas, and group life products. He however noted that penetration remained below 1 percent far behind regional peers such as South Africa, Namibia, Morocco, and Kenya. He highlighted benefits of pension as driving long term investment, reducing poverty level among the elderly, promoting social stability and reducing dependency on family and government.

    NHe also highlighted insurance benefits as mitigating financial risks, and enabling businesses to invest and grow with confidence, promoting economic stability by compensating losses from unforeseen events and attracts foreign investment by offering risk coverage, boosting capital inflows among other benefits.

  • AIICO is Outstanding Insurance Company of the Year

    AIICO is Outstanding Insurance Company of the Year

    AIICO Insurance Plc, a trailblazer in Nigeria’s insurance industry, has bagged the Outstanding Insurance Company of the Year award at the 2025 MARKETING EDGE Brands & Advertising Excellence Awards held in Lagos.

    This recognition marks the third consecutive year that AIICO has been celebrated at the prestigious event, reinforcing its stature as a leading composite insurer that continues to define excellence in the marketplace.

    In 2023, AIICO was named “Insurance Company of the Decade”, followed by another top industry honour in 2024, before emerging this year’s Outstanding Insurance Company of the Year.

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    The organisers of the award noted that AIICO’s selection was based on its sterling performance and the remarkable positive impact it continues to make on the Nigerian financial services industry.

    The company’s consistency in delivering value to customers, while driving innovation and service excellence, has positioned it as a brand of choice across generations.

    Speaking on the recognition, Head of Marketing and Communications, at AIICO Insurance Plc, Mr. Segun Olalandu said the recognition affirms their strength and relevance in the marketplace.

    At AIICO, we will not rest on our oars. We remain intentional about delighting our customers, meeting their needs, and surpassing their expectations with innovative solutions and superior service. This latest award further strengthens AIICO’s long-standing reputation as a trusted brand and a consistent leader in Nigeria’s insurance sector, he said.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    ADEREMI: Dear Omobola, my name is Aderemi. The reply of PTAD to my complaint which was published on the March 12, 2O25 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 offhand. 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.

    ALFRED: Good afternoon, madam. This is to report the deduction N9,000 from the pension allowance since September 2024 till date. I did not take a loan neither do I owe any debt to PTAD. My monthly pension allowance has been N36,000 for over 20 years. I had complained in writing on December 2, 2024 and sent a reminder on February 3, 2025 but got no response from PTAD office. Please help me to recover this money.

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

    RUFIANA: Good day, I am Rufina. My complaint is about short payment of my pension arrears since two years ago

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

    UKPONG: Dear Omobola, my name is Ukpong. My complaint is nonpayment of my pension since I was verified on February 10, 2017 at INEC Office, Calabar. I wrote to the Executive Secretary PTAD and I was advised to send original stamped and signed BVN print out and Letter of indemnity which I did since October 2023. But since then I have not collected my pension. Kindly assist me in order to alleviate my suffering. Thank you.

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

    AWOSOJI: Good day, my name is Awosoji. I will like to know why PTAD did not include N32,000 inside our monthly payment of April and May which is our right as federal government pensioners.

    PTAD: Dear Awosoji, please be informed that N32,000 will be added to every pensioner under DBS as soon as the fund for that purpose is made available except for some agencies like PHCN, PEOPLES BANK, NICON INSURANCE, NIGERIAN REINSURANCE, NITEL, PTI AND ASSURANCE BANK.  Thank you.

  • Five things to know about old pension scheme

    Five things to know about old pension scheme

    What does PTAD stand for?

    PTAD is an acronym for Pension Transitional Arrangement Directorate. PTAD is a wholly treasury funded extra-ministerial agency under Federal Ministry of Finance, responsible for the management of pensions under the old pension scheme (Defined Benefit Scheme-DBS) for pensioners who did not transit to the new Contributory Pension Scheme (CPS) which is currently in effect in Nigeria.

    What is the difference between Defined Benefit Scheme (DBS) and Contributory Pension Scheme (CPS)?

    The Defined Benefit Scheme (DBS) is the pension scheme that was in effect in Nigeria until 2007 when it was replaced with the Contributory Pension Scheme (CPD) as stipulated in the Pension Reform Act (PFA) 2004 and 2014.

    Under the DBS, the total pension obligation is borne by government as against the CPS where the accumulated pension at retirement is based on a pension plan in which an employer/employee contribute in varying percentages to build a retirement fund for an individual.

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    Under the CPS, the pension fund exists from the onset and payments can be made as at when due unlike the DBS which is wholly dependent on government treasury for funding.

    Who are pensioners under PTAD DBS?

    Any federal public sector employee entitled to retirement benefits that retired on or before the June 30, 2007 and has worked in any of the pension groups below falls under PTAD management. The Pension Groups (Departments) under PTAD (in accordance with Section 43 (3) of the Pension Reform Act) include Civil Service Pension Department (CSPD); Police Pension Department (PPD); Customs, Immigration and Prisons Pension Department (CIPPD); Treasury Funded Parastatals Pension Department (PaPD); and Pension Support Services Department (PSSD).

    What of state pensioners?

    There are also some state pensioners who are entitled to federal share. To be a state pensioner with federal share, a retiree must have been in employment for one of the regions of Nigeria before 31st day of March 1976 and retired before the 31st day of March 2011.

     Public sector employees irrespective of when they retired are however NOT under PTAD’S jurisdiction. The categories of persons mentioned in Section 291 of the Constitution of the Federal Republic of Nigeria (as amended) are Judicial officers of the Supreme Court & Court of Appeal; Members of the Armed Forces; and The intelligence and secret services of the Federation.

    What is approved retirement age?

    The Federal Government approved the 35 years of pensionable service or 60 years of age for retirement whichever that comes earlier. Public sector employees irrespective of when they retired are however not under PTAD’s jurisdiction. They are Judicial Officers of the Supreme Court and Court of Appeal; Military; and The Intelligence and Secret Services of the Federation.

  • PenCom to redesign Micro Pension Plan beyond 200,000 contributors

    PenCom to redesign Micro Pension Plan beyond 200,000 contributors

    • Plans name change to Personal Pension Plan

    Only 200,000 workers out of 80million informal sector workforce have been captured under Micro Pension Plan since its launch in 2019.

    This has triggered the regulatory authority, the National Pension Commission (PenCom) to redesign the plan, with a new tittle named, ‘Personal Pension Plan’

    The commission expects it to increase the uptake of micro pension and deepen financial inclusion in the informal sector.

    The Director-General, PenCom, Ms Omolola Oloworaran, made this known at the 2025 Annual Conference of the Nigerian Association of Insurance and Pension Editors, with the theme, “Strengthening Insurance and Pension Frameworks for Better Economy.”

    Micro Pension Plan is an arrangement under the Contributory Pension Scheme (CPS) that allows the self-employed and persons working in organisations with less than three employees to make financial contributions towards the provision of a pension for their retirement or upon incapacitation.

    Oloworaran who was represented by Head, Corporate Communications, PenCom, Mr. Ibrahim Buwai, averred that the majority of the Nigerian workforce is in the informal sector.

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    She said: “Let’s talk about this issue of expanding the CPS towards increasing financial inclusion to grow the informal sector. Even though the data out there puts the Nigerian labour force between 70 million to 80 million, the consensus there is that the labour force out there largely resides in the informal sector.

    “How we bring the informal sector under the scheme is made even more important in a country like Nigeria, in order to strengthen the social safety net is not that strong.

     Pension is what will come in handy to achieve that. The plan was launched in 2019 by PenCom), but unfortunately, it has not gained much traction as it has only about 200,000 contributors registered under that plan with an asset of about a billion naira, which is very insignificant.

    “What we are engaged in doing now is looking at totally redesigning that product. And in the next few weeks, we are going to come out with a newly branded micro pension plan now called Personal Pension Plan. We recognise the issues with the product.

     One of the key element of the product is that it is going to be stratified to recognise various segments of the sector. The new plan will be tailored towards the entire sector to cover Artisans, professionals, entertainers, sportsmen, amongst others.

    “But the most important thing is to address the challenges especially around onboarding. I am happy because even the keynote speaker mentioned technology-enabled onboarding, so that is part of what we are looking at. We will put technology in place so that onboarding can be as simple as going to the POS to withdraw or lodge money,” Ms Oloworaran said.

    The PenCom DG also disclosed that with the increase in FinTech, the regulators were considering a Super Agent model for the onboarding in close collaboration with Pension Fund Administrators (PFAs).

    On the deployment of pension fund to economic development, PenCom said it is one area it was focusing on.

    “At the moment, we are renewing impetus to ensure that pension funds are invested in infrastructure, private equity etc. This is a two-pronged approach. Apart from the issue of economic development, we are also concerned about the real returns on investment for the benefit of the retirees and contributors. This is to ensure that the real purchasing power of retirees is well protected”, she added.

  • Stanbic IBTC Pension, Access Pensions lead industry registration of 105,993 new workers

    Stanbic IBTC Pension, Access Pensions lead industry registration of 105,993 new workers

    • Veritas Glanvills, NLPC, others in bottom

    A total of 105,993 new Retirement Savings Accounts (RSAs) have been registered by the 18 existing licensed Pension Fund Administrators (PFAs) in the first quarter of 2025, with Personal Identification Numbers issued across various sectors.

    Leading the registrations is Stanbic IBTC Pension Managers Limited which recorded 27,582 workers under the Contributory Pension Scheme (CPS), representing 26.02 percent of the total, This was shown in a report released by the National Pension Commission (PenCom).

    According to the report, number of registrations reflects sustained growth in onboarding, supported by regulatory oversight and increased stakeholder sensitisation.

    Next to Stanbic IBTC Pension is Access Pensions Limited with 24,511 registrations or 23.13 percent.

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    Together, the two PFAs accounted for 49.15 percent of all new RSAs.

    Coming third is Leadway Pensure, fourth is Premium Pension, and fifth is Trustfund Pensions with 8,267 (7.80 percent), 7,518 (7.09 percent), and 6,449 (6.08 percent) registrations respectively.

    Collectively, the top five PFAs contributed 70.12 percent of total registrations, highlighting continued industry concentration.

    PFAs with lower registration volumes, such as Veritas Glanvills, Tangerine APT,

    NLPC, Norrenberger, and Radix, contributed only marginally, pointing to ongoing challenges in market visibility and outreach.

    The Q1 2025 registration trend reveals a competitive upper tier and a fragment, treport read.