Following the receipt of approvals from all relevant regulatory authorities, Law Union and Rock Insurance Limited has  rebranded to Tangerine General Insurance Limited (“Tangerine General”).

This development is in line with Law Union & Rock earlier acquisition by Verod Capital Management Limited, through the Verod Capital Growth Fund III.

With the move, the company said, Tangerine General joins other associated companies under the Tangerine Financial Africa (“Tangerine”) brand of companies.

Tangerine is a leading technology and financial services platform in Africa that consistently goes the extra mile to improve the financial security of its customers by merging deep insights and cutting-edge technology.

Tangerine comprises General and Life Insurance companies, a Pension Fund Administrator, a Microfinance Bank; and has immediate plans of entering into other closely related verticals. All the Tangerine companies are executing a coordinated strategy that seeks to provide African consumers and corporates with a comprehensive suite of financial products and services that are aligned with the very specific needs of their day to day lives and business operations. Tangerine provides customers with the opportunity to save, invest, protect and access credit across different channels, while maintaining a consistent standard and emphasis on customer service, digitization and product customization to ensure convenience and satisfaction.

On the other hand, Law Union and Rock has a long and rich operating history in Nigeria, and as a result, the brand has achieved a reverent position, particularly within the insurance sector, where it has come to stand for stability and resilience. Tangerine General is therefore proud to be the beneficiary of such a legacy and intends to continue to honor and build upon this great heritage. The rebrand echoes the very real change occurring within Tangerine General, beginning with the increase of paid-up capital to N10 billion, in line with the position of the National Insurance Commission (NAICOM) regarding the need for improved capitalization and capacity across the Nigerian insurance industry.

Additionally, Tangerine General’s strategy is being redesigned to ensure alignment with the wider direction of all associated companies under Tangerine, which is focused on digitization and retail acquisition as the principal way of improving insurance (and financial services) penetration in Nigeria. The team has also been working on enhancing and expanding product offering, partnerships, delivery channels and operations in line with the new strategic direction.

Speaking on the rebrand, Eric Idiahi, Chairman, Board of Directors, Tangerine General Insurance Limited (formerly Law Union & Rock Insurance Limited), said: “We are excited by the continued progress in our journey towards building a sound, robust and unique financial services group. We eagerly anticipate the formal launch of the Tangerine brand in the near term and are working to realize our vision for all our stakeholders.”

“Tangerine General is one of the leading insurance companies in Nigeria, offering comprehensive protection solutions to individuals and businesses across critical areas of general insurance, reaching over 30,000 customers through multi-distribution channels of agents, brokers and partners across the nation. Tangerine General is part of Tangerine Financial Africa”, he added.

JACOB: My name is Jacob. I retried from the Ministry of Agriculture, Omu Aran Kwara State. My complaint is short payment of monthly pension/salary since September 1, 1998 till date.

ESTHER: Good day ma, I am sending this message on behalf of my father whose name is Kafaru from Osogbo, Osun State. He retired from Ministry of Works and Transport, Osogbo in August 2006. He is yet to receive his federal share gratuity and pension arrears while others in the same category with him have received theirs.

Prior to the directives he was given by the staff on the PTAD helpline, he attached the required documents which includes his bank statements from 2006 to date, his verification among others to the official email address of PTAD via the email folabomiesther@gmail.com. I will be grateful if this can be looked into and the action be expedited so he can get his pension arrears and gratuity on time because he has been on this issue for quite a long time and he is aged now. I look forward to getting a favourable reply from you.

MRS ADETUTU: Dear Omobola, I am writing on behalf of my mother, Mrs Adetutu. This is my fourth time of putting my complaints on The Nation newspaper; it is all about her pension arrears of four years – 2006 to 2010. She has not been paid. She retired from the Federal Ministry of Works in 2005. Her gratuity was paid in February 2007. After which her monthly pension should followed. But she did not get any monthly pension until August 2010, so they owe her four years’ arrears with her other benefits to follow. She was verified in Lagos in 2018. PTAD has all my data computerised with all my complaints, yet after getting back to Abuja they demanded for my statement of bank account again which I sent to them. The worst part of it is that in 2019, they again demanded for another statement of account from 2007 to 2019, making it 13 years’ statement. I sent again and they replied me through my emails address that it was received on February 2020.

But up till now, nothing has been done. I am 76 years and the time is going, we only have the grace of God after 70. The remaining one is overtime. Please help me out before it is too late. Thank you.

ESUME: My name is Esume. I will like to inform you that the minimum wage of 24 months is not correct. I was paid N103 and the increase monthly is N15,907:34. Kindly help to correct it.

DORATHY: I am Mrs Dorathy. I reported that my name was removed from payroll since May 2018. I was verified and captured on May 31, 2019, but till date, I have not been paid and my name has not been restored to the payroll. That I worked with the then P&T. My date of first appointment is September 22, 1962 and my date of retirement is June 1, 1986. I am an old and frail looking woman with bad sight and has difficulty in moving around. Please, do come to my assistance.

EKONG: Dear Omobola, I thank you for the effort your organisation put in place to help us. I retired fro ALSCON. I spoke with PTAD staff on June 15, 2021 and she asked me to scan and send a document I was given when verified in 2019 which I did. But since then, I have not been able to reach her on her phone again as her number could not be reached. Kindly help me communicate with PTAD so I can get a response from them.

ZAKARI: Dear Omobola, my name is Zakari from Niger State. I am the next of Kin (NOK) who seek for your intervention concerning my late father’s death benefit from PTAD after my verification in 2017. I sincerely appreciate your effort. I received a call from PTAD Staff following your intervention. I was told to forward another statement of account of my late father which I have done that in October last year. But up till now, nothing is happening. Please Omobola, kindly seek audience with the Executive Secretary of PTAD and ask why are they not paying the Next of Kins (NOKs). Thank you.

THE NATION: The newspaper will intervene. Therefore, JACOB, ESTHER, MRS ADETUTU, ESUME,  ZAKARI,  DORATHY, EKONG, should look out for the newspaper next week for responses.

The Pension Transitional Arrangement Directorate (PTAD) has received the sum of £26,505,862.97 million pension funds repatriated from the United Kingdom.

The pension funds had hitherto been under investment with Crown Agents Investment Management Limited (CAIM), United Kingdom.

The Executive Secretary, Dr. Chioma Ejikeme in a statement made available to journalists, the repatriation of this fund was made possible by the approval of President Mohammadu Buhari and series of meetings between PTAD Management, Office of the Accountant-General of the Federation and the Crown Agents Investment Management Limited, United Kingdom.

Read Also: PTAD pledges better service

 

According to the ES, the funds will be used to settle part of the accrued arrears owed to its pensioners worth over N120 billion

She said this development is indeed a very happy and welcome development for Nigeria’s senior citizens and it represents another demonstration of the importance that the Buhari led Federal Government places on the welfare of pensioners.

MRS. AUGUSTINA: My name is Chidi. My mother is Mrs. Augustina. She has not been paid any dime as pension for over 15 years.

Although it is a long story which is partly not the fault of PTAD. But since PTAD has taken over pension payment of pensioners, including my mother and her group in Nigerian Railway Corporation (NRC), Enugu District.

We will like to know when they will start receiving their monthly pension like others? My mother and her group were part of the mass retrenchment in 2005 by former President Olusegun Obasanjo. Many of her colleagues are dead and some incapacitated due to hunger, hardship, trauma, sickness.

Mrs Augustina is alive by the grace of God. Moreso, against the backdrop of the legal dynamics between her group and NRC, Enugu District, which in their excruciating feebleness and available financial support, they won the case.

Please my mother wants to know what is delaying them from receiving their pension.

PTAD: Advise her to scan and send the pensioner’s documents to complaints@ptad.gov.ng stating the pensioner’s complaint. This will enable the department review it. He should also provide his contact phone number to enable us contact him.

NENROT: I am Nenrot, a federal share pensioner from Plateau State, I received N104,411.91 in September 2018. I want to know if the arrear is for the monthly pension, or for the gratuity. Whichever way, when will the other unpaid arrears be paid? Please PTAD help.

PTAD: Advise the pensioner to scan and send his pensioner’s verification acknowledgement slip to complaints@ptad.gov.ng to enable the department review what was paid to him and advise him further. He should provide his contact phone number

MABAWONKU: My name is Mabawonku, a federal and state pensioner. I worked at the Nigeria Educational Research and Development Centre (NERDC) from September 14, 1982 to July 6, 1993.

I Joined Lagos State civil Service on July 15, 1993 and retired on January 26, 2008 as a director. Lagos State paid their  share of gratuity and pension in 2010 but that of the federal share has not been paid up till date, despite several demands.

I am expecting gratuity and six months pension arrears, from January to July 1993. I did  verification at PTAD’s Lagos office on April 23, 2019, submitted bank statements from 2008 to date as requested by  PTAD through the zonal office, Lagos, including the one showing the gratuity paid by Lagos.

My original pension file has been retrieved from NERDC by PTAD, since November 2017. Despite the conditions met, since 2019, my gratuity and pension arrears have not been paid. Kindly help.

PTAD: The department said his complaint is still under-going review with the rules. However, they assured us that his complaint would be resolved shortly.

MOSES: My name is Ogundele. I will like to inform you that the minimum wage for 24 months is not correct. I was paid N64,304,44. So, the increase monthly is N6,192,19. Some of my colleagues that are on the same grade as me were also short paid. Kindly help see that I am correctly paid.

PTAD: Advise pensioner to scan and send his verification slip and complaint to complaints@ptad.gov.ng

DANLAMI: Thanks, and kudos to your newspaper for your responses to the plight of pensioners. It is very sad that since NITEL verification  of January 2018, former NITEL staff members and I were yet to get their  pension payments.

Please continue to help us in this regard. God bless you abundantly. Kindly help me.

PTAD: Pensioner’s complaint sent to the operation department for their review and further action. Please advise pensioner to provide his contact phone number

ISHOLA: My name is Ishola, a Federal Government pensioner (federal). I received my pension till last December, when I was paid N50,000 and later received message that I have been over paid and that they deducted the over payment, which was supposed to finish April 2021 with some balance to claim but nothing is paid into my account. Help me look into my matter.

PTAD: Inform pensioner that his over-payment recovery has been completed. He was put back on the payroll last month. He is advised to confirm the payment from his bank

IZAH: My name is Izah. The minimum wage increase sent for 24 months is not correct. I was paid N64,306,44 whereas absolute increase monthly is N6,192,19. I have been short paid. kindly help to see that the short payment is amended and paid back me. Thanks.

PTAD: Advise the pensioner to scan and send his pensioner’s verification acknowledgement slip to complaints@ptad.gov.ng to enable the department review what was paid to him. He should provide his contact phone number.

DINNEYA: I retired from Joint Admissions Matriculation Board (JAMB) since October 2020. But my pension has not been paid.

Even when I had attended the verification in March 2021. My landlord has given me quit notice to vacate his house. I cannot feed my children any longer. I am sick and I don’t have money for medical treatment. Please I need your intervention.

PTAD: The department is working to resolve his complaint. However, he can scan his verification slip to our e-mail complaints@ptad.gov.ng to enable us follow-up on it.

By Omobola Tolu-Kusimo

Saudi Arabia gave a first glimpse of the ambition behind the merger of two of its pension and insurance funds with a plan to rival the world’s largest investors, a report by Bloomberg has shown.

The new entity will boast assets of over $250 billion, according to the chief executive officer of Hassana Investment Co, the investment management arm of the kingdom’s General Organisation of Social Insurance.

GOSI, as the fund is known, will combine with the Public Pension Agency in a move that will reduce costs and help increase investment returns, Saad Al-Fadly, CEO of Hassana, said in an interview.

“The merger will strengthen the position of the fund, enhance performance, and position GOSI as one of the top 10 pension plan investors in the world,” he said, in the first public comments to put a figure on the size of the new state investor.

“Scale is a benefit that helps in relationship management, cost management and in negotiations, so it helps in many aspects which will improve returns,” he said.

Saudi Arabia has been taking steps to merge and restructure various entities as it looks to boost efficiency as part of a plan to diversify the economy away from oil. It’s also been building up its sovereign wealth fund to raise its reach and influence. The government has outlined a plan to grow its assets to over $1 trillion by 2025.

Diverse portfolio

The GOSI and PPA merger, which was announced last week, will create a fund that not only holds large stakes in Saudi companies, but also has a global portfolio that includes shares worth $204 million in AstraZeneca Plc and $171 million in HSBC Holdings Plc.

Domestic assets include a combined $8.7 billion holding in Saudi National Bank and a $4.3 billion stake in Al Rajhi Bank, according to data compiled by Bloomberg.

Their portfolios also include real estate and bonds. The funds will conduct a review of investment strategy as part of the merger process, Al Fadly said. “Returns have been really good, and we hope that will continue,” he said, declining to give specifics.

Hassana has meanwhile joined a consortium of investors with EIG Global Energy Partners of the U.S. and China’s Silk Road Fund that are paying $12.4 billion to acquire a 49% stake in Aramco Oil Pipelines Co.

The largest public pension fund in the world is currently Japan’s Government Pension Investment Fund, with assets of $1.7 trillion, according to data provider Global SWF. The 10th largest fund — the New York State Common Retirement Fund — has assets of $255 billion.

By Omobola Tolu-Kusimo

The Pension Transitional Arrangement Directorate (PTAD) is poised to improve its services to pensioners, the Executive Secretary, Mrs. Chioma Ejikeme has said.

Ejikeme, in a conversation with The Nation, reiterated the readiness of the Directorate to ensure that pensioners under the Defined Benefits Scheme (DBS) received their pension entitlements.

Explaining why payments are sometimes delayed, she stated that  it was as a result of technical hitches.

She said: “Delayed payment to pensioners is due to technical hlitches, scheduling of payment in the office of the Accountant-General and delay of funds from the Central Bank of Nigeria (CBN).

“I have raised the issue with the Accountant-General to ensure pensioners are given priority when funds are available and we have been assured that there will be no more delay.”

On the payment process by the Directorate, she said: “Due to complaints about late payments, we seek to explain our payment process to all pensioners.The first step is for us to carry out a biometric verification of pensioners and computes a payroll to be approved by the Executive Secretary on or before the 15th of every month.

“We then move on to step two where the payroll is uploaded into Government Integrated Financial and Management Information System (GIFMIS) payment system managed by the Office of the Accountant-General of the Federation (OAGF). Step 3 would be for CBN to release the funds required for the payments to the OAGF. Step 4 is for us to pay pensioners their due payment on or before 25th of every month.”

She stressed that the Directorate has been addressing pensioners’ complaints that bother on issues such as non-payment of monthly pension, short payment of pension and gratuity, removal of name on pension payment voucher, non-payment of harmonised pension arrears, irregular payment of federal pensions and non-receipt of pension after retirement, among others.

“Pensioners are mainly the elderly persons made up of fathers, mothers, uncles and ex-service men and our aim to treat them with dignity.

“We must do everything to make their lives easy. Pension payment should not be a pain, it must be a pleasure. So, we must try and make pension payment a highly pleasurable exercise.’’

 

By Omobola Tolu-Kusimo

Teachers must get the National Assembly’s nod before they can extend their retirement as announced by President Muhammadu Buhari five months ago, The Nation has learnt.

The National Pension Commission (PenCom) made this known during the training for Pension Desk Officers in Lagos.

Some teachers at the training enquired to know their fate on the announcement of the president.

The president approved a special salary scale and new retirement age for teachers in commemoration of the World Teachers Day.

He increased the number of service years for the teachers from 35 to 40 and retirement age from 60 to 65.

Over the years, teachers have continued to agitate, among others, an increase in their retirement age, welfare and salaries.

An official of the Pencom Contribution Bond and Redemption Department, Aliu Sanni, said the commission was awaiting the gazette before the teachers could extend their age or service year.

He said: “The teachers have to hold on for the declaration of the president to become law and be gazette.

As it, teachers, whose salaries are on IPPIS, will still stop when they attain 60 or 35 years in service and procedure for pension payment will begin.

“But after the gazette, any teacher who feels like extending his or age can still work if he or she still gains employment. It has happened before to some university lecturers. Some of the them had retired before the age extension was gazetted and we processed their accrued right.

“But some of them went back to the job and they were accepted to spend additional five years. Meanwhile, their accrued right has already been paid to their Retirement Savings Account (RSA). All we did was to pay the difference of the five additional years because they still had contributions in their RSA when they came back,” he added.

MERCY: My name is Mercy. This is a reminder to you of my late husband’s unpaid benefit. He died on October 5, 2019.

The savings account is with First Guaranty Pension Limited.

Please, I am really suffering with my children. The aviation authority threw me out of the quarters since April 3, 2020. I am appealing to you in God name to help me. You are my last hope. May God continue to bless you for your kindness.

PENCOM: You are required to provide your late husband’s RSA PIN to enable the commission properly investigate your complaint.

ANTIGHA: I just retired from the Nigeria Television Authority (NTA) but no verification from PenCom because of COVID-19. My PFA has refused to attend to me. Kindly help.

PENCOM: The National Pension Commission recently developed an online enrolment application for retirees and it is in the process of being deployed for activation.  For update on actual activation date, you are requested to frequently visit your pfa and pension desk officer.

AJETOMOBI: I lost my sister to the cold hand of death on February 16, 2016. Her pension manager was Legacy Pension and we have been going there to claim her contribution since she was not pensionable. She worked at Secondary Education Board, Abuja for about five years.

We submitted the documents for over a year ago. But anytime we go there, they kept telling us that they were doing one verification or the other. It’s been frustrating.

Please we need your help. Kindly assist us.

PENCOM: You are required to provide your late sister’s RSA PIN to enable the commission investigate your complaint.

BLESSING: Dear Omobola, my name is Blessing and I am the next of kin to my late husband, Okolie. He worked at the Nigeria College of Aviation, Zaria. His date of first appointment is November 19, 2002. He died on July 11, 2018. He was on Grade Level 15/5 and his PFA was First Guarantee Pension Limited.

I want you to help me get his benefit. I am suffering with five children and no house to stay. Aviation authority have sent me out of the house since August 3, 2019.

I am appealing to the newspaper to help me and the children. I have no job. You are my last hope. Please help me.

PENCOM: You are required to provide your late husband’s RSA PIN to enable the commission  investigate your complaint.

ABUBAKAR: My name is Abubakar. I was with a private international organisation where I served for five years and contributed to Premium Pension. I later joined a government institution with Leadway Pension as my PFA for 12 years. How can I get back my contribution from Premium Pension?

PENCOM: From the above, the complainant has two retirement savings accounts. He is advised to  write to the National Pension Commission so that the issue of multiple registration can be resolved. He should also attach relevant documents such as the registration slip from the two pension fund administrators.

ADODO: My name Adodo.The approval of payment of my retirement benefits is not forthcoming for more than two months. My PFA kept on telling me that PenCom was yet to give approval.

Kindly find out the reason for the delay.

PENCOM:The complainant is hereby advised to provide his RSA PIN as well as indicate if it is programmed withdrawal or annuity that is being sort for.

ANONYMOUS: I want to remain anonymous. My PFA is Premium Pension Limited. My problem: On  September 16, 2020, I received a text message that says: ‘’Please be informed that people have received approval from PenCom regarding your pension benefit payment. Contact 09-4615700 for further information.

The following day, another text message came as follows: “Dear member, kindly disregard the SMS received on approval from PenCom. This was sent in error. We apologise for any inconvenience caused as a result of this.’’

Please help me because the benefits are overdue to be paid.

PENCOM: Kindly ignore messages on pension payments, claiming they are from the Commission, PenCom does not contact individuals; only Pension Fund Administrators are allowed to contact retirees to notify them on such related issues. Kindly furnish the Commission with your PIN for further investigations to be conducted.

EYO: My name is Eyo. I am on Grade Level 12 at the Nigeria Immigration Service. I retired on November 25, 2019. My PFA is Premium Pension Limited.

Please, nothing is written about Premium, my pension administrator in your newspaper. One year, after I retired, my benefits are not yet ready.

PENCOM: Information from our database indicate that both your Accrued Rights and Pension Contributions have been paid into your Retirement Savings Account. You may liaise with your PFA to check the status.

EKANEM: My name  is ASP Ekanem (rtd). I want to inform you that I applied for transfer which I did this month. But NPF Pension has not paid me. What am I to do to get my money? Kindly help me.

PENCOM: You are required to provide your PIN, previous PFA and the new PFA to enable the Commission resolve your complaint.

By Omobola Tolu-Kusimo

The Pension Transitional Arrangement Directorate  (PTAD) has issued a Certificate of Non-Indebtedness to AIICO Insurance Plc.

The certificate clears the underwriter of any claim of non-remittance of pension assets.

This was affirmed at a meeting held to hand over redeemed properties ceded by the company in 2017 in lieu of legacy funds and assets of pensioners to PTAD.

This process is subsequent upon confirmation of receipt of the full payment from AIICO and completing all reconciliation.

The Executive Secretary, PTAD, Mrs. Chioma Ejikeme, represented by Godwin Iheabunike, said: “In acknowledgement of the payments made by AIICO Insurance Plc, PTAD has issued a Certificate of Non-Indebtedness to AIICO Insurance Plc and will update relevant institutions of this development soon.

She added: “We thank AIICO Insurance Plc for her commitment towards the liquidation of this liability within the shortest period of time. My congratulations go to the MD/CEO and his team for this uncommon accomplishment. I call on other insurance underwriters holding on to legacy funds and assets to do the needful as a matter of urgency. This will enable the Directorate to meet its obligation to pensioners.”

The Managing Director, AIICO Insurance, Mr Babatunde Fajemirokun, praised the PTAD leadership for working with the AIICO team.

By Omobola Tolu-Kusimo

No fewer than 21,000 retirees of the Federal Government Treasury Funded Ministries, Departments and Agencies (MDAs) are set to be verified online for onward payment of their pension benefits by the National Pension Commission (PenCom).

Although the retirees quit service between last year and this year, the commission has not been able to conduct the physical pre-retirement enrolment due to the COVID-19 pandemic.

Consequently, the commission developed an online enrolment application to stop the disruption of validation and determination of the accrued pension liabilities of the would-be retirees for the government budgetary purposes.

PenCom Commissioner, Technical, PenCom, Anyim Nyerere state this at the Pension Desk Officers (PDOs) workshop on Online Enrolment Application in Lagos.

He added that the commencement of the online enrolment would start  soon.

He explained that it is an norm within PenCom to conduct physical yearly retirement verification and enrolment on the MDAs scheduled for retirement within the next fiscal year.

He said: “This exercise is aimed at validating and determining the retirees’accrued pension liabilities for budgetary allocation by the Federal Government. PenCom regrets their inability to conduct this physical annual pre-retirement enrolment exercise due to the Global COVID-19 pandemic. The need to observe the necessary safety measures as directed by the government thus becomes inevitable.

“The PDOs and the public within the pension industry will appreciate the challenges in not conducting the physical pre-retirement enrolment exercise. Hence, the commission’s  desire to ensure that this exercise must be done so as not to affect the validation and determination of the accrued pension liabilities of the would-be retirees for the government budgetary purposes.”

“The commission has developed the Online Enrolment Application with the capabilities to register, verify and enrol prospective retirees and provide the guidance note accordingly which will help to compute the retirees’ retirement benefits. This nouveau application, which will be hosted on the Commission’s website. We urge prospective retirees to log on to register with their details on the Retiree Registration Module (RRM),” he noted.

On roles of the MDAs he said: “The MDAs will be required to upload the list of potential retirees who have not been enrolled before (All Employees who have retired but missed previous enrolment must be listed); MDAs would upload the full name and signature specimen of its authorized signatories; MDAs will assist Retirees who cannot do online registration on their own,” he submitted.

“It is on this note that the roles of the PDOs in the Online Enrolment Application becomes very germane. The workshop, therefore, is necessary in order to; expose the PDOs to these newly developed Online Enrolment Application procedures for the verification of the prospective retirees; PDOs will guide prospective retirees on how to complete the information on the Online Enrolment Application Form; and equally ensure that the retirees’ information submitted by the MDAs are accurately completed in line with the online enrolment guidance notes.

“The workshop will also help equip the PDOs with the requisite knowledge on how the Retiree Registration Module operates for the smooth implementation of the Online Enrolment Application. Necessary safeguards and modalities have equally been put in place for this exercise and we hope the PDOs will strictly comply with the provisions of the guidance notes on the enrolment for the conduct of the upcoming nationwide pre-retirement verification and enrolment exercise” Nyerere said.