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Category: Pension

  • Insurance thought leaders chart growth path at IMT 4.0

    Insurance thought leaders chart growth path at IMT 4.0

    Leading industry thought leaders have chart growth path for the insurance industry at IMT 4.0, a West Africa’s leading platform for advancing insurance innovation, policy dialogue, and operational efficiency.

    The fourth edition of Insurance Meets Tech (IMT 4.0) achieved record attendance of leading C-suite leaders as well as a sold-out participation in its youth segment of the conference.

    With the theme: “Innovating for the New Trybe”, the 2025 edition positioned youth, technology, and trust at the centre of insurance’s next growth phase. It marked a defining moment for industry, as ideas and actions converged to set the tone for a trillion-dollar economy.

    Discussions at the conference also centred, among other things, on how to bridge traditional insurance structures with emerging, technology-driven solutions, emphasising digital adoption, innovation, and client-centred experiences.  

    Leading an executive dialogue to discuss the Nigeria Insurance Industry Reform Act (NIIRA) 2025, recently signed into law by President Bola Ahmed Tinubu, was the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, who was represented at the event by the Deputy Commissioner for Insurance (Finance & Administration), Mr Ekerete Ola Gam-Ikon.

    Omosehin stated that the NIIRA 2025, signed into law in July 2025, will foster economic growth by transforming the sector through increased capital, stronger policyholder protection via a Policyholder Protection Fund, digitalisation, microinsurance promotion, and alignment with global best practices.

    He said: “The Act is a warm piece of legislation that provides the blueprint to reset the industry”, he said. “This Act bridges the gap between what family and friends traditionally provide and what insurance should guarantee. Nigerians can now be confident that when something goes wrong, insurance will deliver,” he explained.

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    Omosehin highlighted that NIIRA’s recapitalisation will increase insurers’ capacity to handle risks and retain local businesses, contributing to the nation’s vision of a one trillion dollar economy.

    The Chairman, Nigerian Insurers Association (NIA), Mr. Kunle Ahmed, who is also the MD/CEO of AXA Mansard Insurance Plc, said, “NIIRA 2025 represents a bold step toward strengthening the regulatory framework, enhancing public trust, improving market penetration, and modernising operations within the industry. It reflects the Federal Government’s commitment to deepening financial inclusion and ensuring that insurance becomes a robust pillar in Nigeria’s economic framework, in line with the President’s vision for achieving a $1 trillion economy by 2030.

    “This is not just a legislative victory; it is a shared mission. NIA stands ready to champion a more resilient and customer-centric insurance sector that contributes meaningfully to national development.”

    In her contribution to the discourse on NIIRA 2025, the President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs Yetunde Ilori, said, “The insurance industry is set for unprecedented transformation following the signing of the Act.

    “It introduced critical measures such as stringent capital requirements to ensure the financial soundness of operators, enforcement of compulsory insurance policies to enhance consumer protection, digitisation of the insurance market to improve access and efficiency, zero tolerance for delays in claims settlement, creation of dedicated policyholder protection funds, especially in cases of insolvency, and expanded participation in regional insurance schemes, including the ECOWAS Brown Card System.

    The President of the Nigerian Council of Registered Insurance Brokers, Prince Babatunde Oguntade, who was represented at the conference by Mr. Peter Offiong, Assistant General Manager at Scib Nigeria & Co. Ltd, while stressing the need for immediate implementation of the Act, highlighted NIIRA’s provisions on compulsory insurance, emphasising that digital platforms and collaboration with state agencies will support enforcement.

    He emphasised that brokers remain central to the ecosystem. “Brokers will evolve into digitally empowered advisers who offer customised, transparent services. The Act safeguards their relevance while ensuring consumer adoption of compulsory insurance,” he said.

    The Managing Director, SanlamAllianz Life Insurance, Tunde Mimiko whose organisation was IMT 4.0’s Official Insurer, stressed the need for the industry to build systems that move beyond legacy bottlenecks, strengthen compliance, and foster greater trust with policyholders. He emphasised that such developments are crucial for safeguarding customers and positioning insurance as a key driver of financial security and sustainable growth in Nigeria.

    The Managing Director, Cornerstone Insurance Plc, Stephen Alangbo on his part emphasised the company’s role as an innovation partner, focusing on digital transformation, customer-centric solutions, and the use of Insurtech to shape the future of inclusive coverage in Africa.

    He highlighted Cornerstone’s commitment to leveraging technology and developing innovative products to meet dynamic market needs, as outlined in their strategy for leading the African insurance industry.

    The event also featured global thought leadership and the conference’s Headline Speaker, Per Lagerström, a former McKinsey partner and the CEO of Yellowspot. He challenged Nigerian insurers to rethink their models, emphasising the human element in innovation. “Insurance is not built on products alone; it is built on behaviour. If we do not understand how people earn, live, and dream, we cannot design solutions they will embrace. Technology gives us the tools, but human insight gives us the answers.”

    In his opening remarks, the convener of the IMT Conference and the Managing Director/CEO of Modion Communications, Mr. Odion Aleobua, called on insurance innovators to build distribution that meets people where they are: online, on mobile, at work, and in communities, while conforming to evolving lifestyles. He called on regulators to adopt regulations that protect consumers without stifling industry innovation.

    He also noted that the high calibre of sponsors, participants, and partners, including the Commissioner for Insurance, regulators, and industry leaders, reflected a collective commitment to shaping a future of innovation and digital adoption within the Nigerian insurance industry.

  • Participants get N404m surplus from Noor Takaful

    Participants get N404m surplus from Noor Takaful

    • Over N11 billion claims paid to participants

    Noor Takaful Insurance Limited, one of the leading composite Takaful insurance firms in Nigeria, has distributed a total of N404.19 million as surplus to participants who did not make claims on their insurance during the 2023 financial year.

    The surplus distribution was announced during the 2023 Surplus distribution and claims celebration ceremony for participants in Lagos.

    It was announced that over 1,000 participants would be entitled to over N400 million as surplus. A total of 15 participants, including individuals, financial institutions, and private and public organisations, received surplus payments at the event.

    Lotus Bank, ARM Group, Trustlub Resources Limited, and MG Vowgas Ltd. Alternative Bank received the lion’s share of the payment, receiving N19.01million, N8.60million; N1. 44million, N1.34million; and N1.28million respectively.

    Other companies or individuals who also received part of the 2023 surplus distribution include Automarket Nigeria Limited, Starlink Internet Services Nigeria Limited, Vanguard Pharmacy, Cardinal Stone, Federal Polytechnic, Ilaro, Globus Bank, Wema Bank/Mezovest Limited, Halden Nigeria Limited & ICA Logistics Ltd, Kaka Ajibola Oladele and i-SOW Investment Limited.

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    Speaking at the occasion, the Chief Executive Officer, National Insurance Commission, represented by the Deputy Director, NAICOM, Dr Julius Odidi, described the surplus distribution event as a statement of the resilience, inclusivity and ethical foundations upon which Nigeria’s takaful industry is being built.

    Odidi stated that celebrating distribution and the fulfilment of claims is a stark reminder of the true meaning of takaful, which entails the principles of trust, fairness, and shared prosperity.

    According to him, these principles are at the heart of takaful and remain central to the progress of Nigeria’s broader insurance sector.

    He explained further that Takaful offers financial protection, dignity, fairness and confidence in the future.

    In her keynote address, the foremost entrepreneur, Ibukun Awosika, explained that driving the Takaful insurance model in a country like Nigeria requires the effort of the institution involved, particularly at a time when conventional insurance has failed to deliver on expectations.

    Awosika described the Takaful model as an equitable business model that rewards each party for its contribution.

    She stressed that the company must intensify its efforts to deepen awareness about the takaful model in a way that will attract interest from Nigerians regardless of their faith.

    She said: “Non-conventional insurance is a sector that needs to grow exponentially because of the market space there, and this model will encourage more people to get into insurance. I was asking how many people you have signed up with right now, and I was told that the number is about 20,000. So, we’re really at the early stage. And what I would challenge the company to do is to invest time in educating the public. As a company, you need to share the model of what you do. You don’t want to be just another insurance company, and you don’t want the door to be shut on it just being called a religious insurance company,” she said.

    While congratulating the beneficiaries of the surplus distribution, she expressed optimism that the model would help re-engineer the value system with which corporations and society operate.

    In his opening remarks at the event, the Chairman of Noor Takaful Insurance Limited, Ambassador Shuaibu Ahmed, explained that the distribution of a staggering N1 billion in surplus since inception, including N400 million in surplus for 2023 alone, is not just a milestone but powerful proof that the Takaful system works—for everyone.

     “We are not just celebrating numbers on a balance sheet; we are celebrating trust, partnership, and the very essence of the Takaful model—mutual cooperation and shared prosperity. These numbers are not just statistics but stories of solidarity, fairness, and justice. They show that in Noor Takaful, everyone wins. Our model is not about transferring risk to another; it is about sharing risk with one another. It is about creating a Win–Win partnership where both protection and prosperity are shared,” Ahmed said.

    In his remarks, Vice Chairman, Noor Takaful Insurance Limited, Aminu Tukur whilst emphasizing that the Takaful model-a win-win for all parties, Noor Takaful has paid over 11 Billion Naira on claims and close to 1 Billion since the company started operations in January 2017.

    According to Tukur, the company remains committed to ensuring that participants get their benefits whether through receiving claims when they need it or sharing in risks or rewards.

  • SanlamAllianz Nigeria announces finalists in competition for young writers

    SanlamAllianz Nigeria announces finalists in competition for young writers

    SanlamAllianz Nigeria, in collaboration with Africacomicade, has announced the top 10 finalists in its highly anticipated writing competition for primary and secondary school students between the ages of nine and 15 years.

    After receiving hundreds of entries from talented young writers, the panel of judges has selected the exceptional 10 writers to move on to the final round.

    The Marketing and Corporate Communications Manager, SanlamAllianz Nigeria, Bankole Banjo in a statement made available to jourists stated that the talented young writers have demonstrated exceptional skill, creativity, and passion in their submissions, impressing our judges with their unique perspectives and mastery of language.

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    He said: “The finalists will now compete for the top prizes. We are delighted to announce the top 10 finalists in our writing competition. The quality of submissions was outstanding, and we look forward to seeing these talented young writers’ ideas come to life in an industry-first digital comic series,” he concluded.

    The winning stories will not only receive cash prizes and education insurance packages but will also have their stories converted into comics to further drive insurance education in Nigeria, especially amongst the younger generation. This initiative aims to make learning about insurance fun and engaging for young people. Winners will be announced at a gala event at Odeya Centre, Lagos Island, come October 3, 2025””, he added.

  • ‘NIIRA strengthens insurance framework

    ‘NIIRA strengthens insurance framework

    Experts have said that the newly signed Nigerian Insurance Industry Reform Act has strengthened the ability of the sector to improve its contribution to the nation’s Gross Domestic Product.

    The industry experts who spoke at the insurance and pension journalist conference maintained that the new legislation could position insurance as a key driver of Nigeria’s vision of building a $1 trillion economy.

    Signed into law by President Bola Tinubu in July 2025, NIIRA 2025 is designed to expand insurance penetration and improve industry stability.

    The Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, said that the NIIRA will lead to economic growth, employment generation, and more local retention capacity.

    The Commissioner who was represented by the Director, Legal, Enforcement, and Market Development, NAICOM, Dr Tamis Usman, said one of the key things is the repositioning of the sector in terms of the financial muscle.

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    Stating that NIIRA has introduced two tiers of capital, he said the first is the minimum capital requirement.

    He said: “The minimum capital has been shored up to N10 billion for Life, N15 billion for Non-Life, and N35 billion for Reinsurance. What this translates to is that insurance companies will have more capacity, higher businesses, take care of higher risks and retain local content. This will also lead to economic growth, employment generation, and more retention of local capacity domestication.

    “The second layer is the Risk-Based Capital. This is not a one-size-fits-all. It is time for operators to provide capital that matches the level of their risk exposure. What the regulator is expected to do is to determine that, for an underwriter to underwrite any level of business, you must have a certain level of capital threshold in relation to your risk exposure. What that translates to is that, apart from what we are seeing in terms of that, yes, the company can write, it also translates to building confidence in the insurance sector, and I am sure that for the company to be able to underwrite this kind of business, it has the financial capability to do it.”

    Usman asserted that with the NIIRA 2025, companies will be able to pay claims, saying, “The role of the regulator is to make sure that operators pay claims. And that will now boost the trust in the insurance sector.

    ”Another thing that the new Act is encouraging is simplicity of operations. In this case, even the Proposal Form should be as simple as possible for the prospect to be able to understand what he/she is going into.

    “The law also provides that before the commencement of your policy, you must issue a policy document called terms of contract. This was not captured in the previous legal instruments. The law says the policy document must be in simple and clear terms that anybody can see, read and understand. This alone will build trust and boost public confidence in the insurance sector”, he noted.

    The Director-General, Nigerian Insurers Association, Mrs Bola Odukale, in her comments said that the NIA was going to ensure implementation of NIIRA.

    “One thing is to have a law; another thing is to get those laws implemented. If implementation is not strong enough, it is just as good as papers in which we have all those laws written. This is where NIA comes in terms of implementation. We, as NIA, our members, the operators, our first responsibility is to ensure the implementation of these laws as the regulator begins to come up with different regulations around the different aspects of the act.

    “One of the ways we will also ensure that implementation happens is that we are well aware of self-regulation in this industry. How much are we willing to push ourselves to do? How much are we truly willing to ensure that we follow through with the dictates of those acts so that indeed we can enjoy the benefits that are in those acts? That is the first thing. Of course, when you talk of awareness creation, a lot of people know that indeed, there is NIIRA out there. But for the insurance public, just a few of them know that there is one act out there. What do we need to be doing?  We are going to be working with our members to ensure that we create awareness in this market.

    ”If you look at NIIRA very well, there are various opportunities that are embedded in that act, in terms of, for example, compulsory insurance. A tanker on the road is meant to have insurance; the petrol stations are meant to have insurance; buildings under construction need to have insurance; there is insurance for containers. All of these are things / that are compulsory for the benefits of everybody, both to the industry and much more to the insuring public, to ensure that there is protection for the risk we are exposed to.”

    Odukale added that NIA would be working with its members to create awareness about the law and its impact.

    ”In the course this week, we are going to have a webinar that we are planning to educate our members in terms of underwriting, building under construction or public liability in terms of the liability we are exposed to. In terms of product development, we will continue to research. We will continue to work with our members to ensure that actions are taken, not only talking.

    ”We are working with our members to ensure timely claims payment because if obligations are not met as they come due, the confidence of the people will continue to be eroded in the industry,” she concluded.

    A panelist at the conference who is the Executive Director, Business Operations, emPLE Life Assurance, Mr Makanjuola Tubi on his part said capturing value from the reforms by reaching the underserved population was crucial to enhancing the contributions of insurance and pension to the Gross Domestic Product of the country.

    ”Regulation has been done and it is now time to enforce and strengthen both the insurance and pension industry. There is a large opportunity of uncaptured market that is there for the taken. Some of the things that we as operators need to quickly latch on to are how do we take advantage of this untapped market?

    ”A lot was said about the informal sector, which is contributing about 60 per cent to the country’s Gross Domestic Product (GDP). If we don’t have that sector actively playing in the insurance and pension, then we can see why the contribution to the GDP is where it is today. So, as operators, essentially, we need to look for creative ways to expand and increase financial inclusion because opportunities are really there”, he added.

  • STI set for 30th AGM next week

    STI set for 30th AGM next week

    Sovereign Trust Insurance Plc has announced that the company’s 30th Annual General Meeting will be held on Thursday, September 25, 2025 in Lagos.

    This is coming just after the underwriting firm secured the approval of the National Insurance Commission, NAICOM and Nigerian Exchange Limited (NGX), respectively.

    The company’s Spokesperson and Head, Corporate Communications & Investor Relations, Mr. Segun Bankole, made this known at a press parley with newsmen in preparation for the AGM.

    He said: “The journey to getting the 2024 Accounts of the company approved by the industry’s primary regulatory authority has been quite an experience and there is every reason to be thankful for a successful outcome at the end of the day.

    “The lessons learnt from the whole process cannot be undermined just as the company is committed to operating under very ethical and professional standards as far as the industry is concerned”.

    He noted that despite the improved macroeconomic climate and challenges introduced by the adoption of the new financial reporting standards, STI recorded a landmark year in 2024.

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    “This has been driven largely by strategic execution, prudent risk management, and operational resilience. Insurance revenue surged by 109.3per cent, rising from N19.3 billion in 2023 to N40.4 billion in 2024. This growth shows an increased market penetration and the positive impact of the company’s reengineering initiatives.

    “In fulfilling its commitment to policyholders, the company paid a total of N4.3 billion in claims compared to the claims payout of N3.3 billion in the prior year”. 

    The Managing Director of Sovereign Trust Insurance Plc, Mr. Olaotan Soyinka, reiterated the company’s unwavering commitment to creating value to both shareholders and stakeholders alike.

    “The path through the adoption of the International Financial Reporting Standard (IFRS17) was not without its challenges, but with the perseverance and doggedness of every member of staff, we were able to overcome and succeed as a team”.

  • Cornerstone Insurance unveils Cici

    Cornerstone Insurance unveils Cici

    Cornerstone Insurance Plc has unveiled an innovative AI-powered virtual assistant named Cici.

    The Deputy Chief Technology Officer Cornerstone Insurance Plc Oluwarotimi Adediji, at the unveiling ceremony in Lagos, said Cici was designed to enhance customer engagement, provides instant responses to  insurance inquiries and improves the overall service experience for clients.

    He submitted that interaction with Cici – the AI Virtual Assistant Platform can be done via a WhatsApp number.

    According to him, Cici possesses capabilities such as; answering customer questions about insurance products; buy Insurance; assist with claims guidance; provides policy details and premium information and offers 24/7 customer interaction- context-aware and conversational intelligence real-time policy lookup.

    Other capabilities he stated are claims assistance; fraud detection; continuous learning from user interactions- Integration with internal systems; multilingual and omnichannel support.

    The Managing Director/CEO, Cornerstone Insurance Plc, Stephen Alangbo on his part said the evolution of their chatbot from a static knowledge base to a Generative AI-powered solution reflects their commitment to redefining customer engagement in the insurance industry.

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    Je said: “With Cici, we have moved beyond pre-set answers to deliver intelligent, context-aware conversations that are fast, accurate, and personalised. This transformation not only enhances the customer experience but also improves operational efficiency, scalability, and compliance. At Cornerstone Insurance Plc, we see technology like Cici as a vital partner in making insurance simpler, smarter, and more accessible for everyone.”

    Head, Digitisation and Projects Cornerstone Insurance Plc Jafar Elamah, while speaking on the benefits CIci would bring to the company noted that it would improve customer experience; delivers fast, accurate and personalised answers to policyholders and prospects.

    He maintained that it would also bring about operational efficiency; reduces call center load and improves first-contact resolution rates.

    He submitted that there would be scalability which would amount to easy expansion to cover new products, services, or regulatory updates.

    “It would ensure responses are based only on verified content. Cost optimisation; automates repetitive queries, reducing support costs and agent workload. The objective is to make insurance more accessible, responsive, and customer-focused,” he noted.

    The Group Head Marketing & Corporate Communications Cornerstone Insurance Plc Cordelia Ekeocha, said the AI-powered solution would be expanded to provide services through the three major languages in Nigeria – Hausa, Yoruba, and Igbo.

    She urged the public to leverage the platform in accessing their insurance needs.

  • Leadway Group drives dialogue on new tax reforms

    Leadway Group drives dialogue on new tax reforms

    Leadway Group, one of Nigeria’s leading non-banking financial services providers, is driving strategic discourse to equip individuals and businesses with valuable insights into new tax policy changes, highlighting their implications and outlining actionable strategies for compliance while maximising opportunities under the updated laws.

    The engagement, titled “Understanding the New Tax Reforms and Implications,” was moderated by Group Head of Tax at Leadway Holdings, Yetunde Fadipe.

    The interactive webinar session, featuring Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele attracted participation from over 520 individuals and businesses.

    The plenary emphasised the need to simplify Nigeria’s complex tax environment, broaden the tax base, enhance transparency, and alleviate the burden on compliant taxpayers.

    The speakers shared insights about key reforms that directly affect small and medium-sized enterprises (SMEs), digital businesses, and individuals.

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    Additionally, the session shared key compliance strategies to promote long-term financial sustainability.

    The Managing Director/CEO, Leadway Pensure, Olusakin Labeodan reinforced Leadway’s leadership in shaping national conversations.

    He said: “As a group, our role extends beyond simply providing financial services. We recognise the importance of empowering individuals, businesses, households, and the broader economy to utilise financial tools and policies for creating sustainable livelihoods. By bringing together platforms like this, we ensure that our stakeholders are not only well-informed but also equipped to succeed in an increasingly complex and dynamic regulatory environment.

    Speaking during the webinar, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Oyedele, explained that the reforms will put more money in the pockets of individuals, reduce the cost of doing business, and remove the barriers that make small companies uncompetitive.

    “This means individuals will have more disposable income, and businesses can reinvest in growth rather than being weighed down by multiple taxes.”

    He further emphasised the government’s focus on fairness and inclusivity.

    “These reforms are not just about raising revenue; they are about creating a simpler, more transparent, and equitable tax system. If we get compliance right, we can unlock growth for businesses, strengthen the economy, and build public trust in the system”, he noted.

    Fadipe on her part, highlighted Leadway’s role in driving clarity on such pressing issues.

    “At Leadway, we recognise that reforms are only as effective as the understanding of those they affect. Our objective with this session was to break down the complexities of the new tax law and equip businesses and individuals with practical insights they can act on. We believe knowledge is the first step towards compliance and opportunity”, she added.

  • Guinea Insurance revenue grows by 36.6 per cent to N2.84 billion in 2024

    Guinea Insurance revenue grows by 36.6 per cent to N2.84 billion in 2024

    Guinea Insurance Plc has witnessed a growth in its Gross Premium Written by 35.6per cent, rising from N2.17 billion in 2023 to N2.94 billion in 2024.

    According to the company, this is driven by growth across key business lines and improved product penetration.

    Insurance Revenue rose by 36.6 per cent, increasing from N2.08 billion in 2023 to N2.84 billion in 2024.

    Investment strategies and effective financial management generated remarkable results, with Investment and other Income climbing 76.4 per cent, from N765.20 million in 2023 to N1.35 billion in 2024.

    Profit Before Tax rose sharply by 81 per cent, moving from N499.21 million in 2023 to N904.41 million in 2024, while Profit After Tax increased by 96 per cent, from N477.55 million to N936.55 million, underscoring operational efficiency and disciplined cost control.

    Shareholders’ Funds also saw substantial growth of 49.3 per cent, rising from N3.49 billion in 2023 to N5.22 billion in 2024, establishing a stronger financial foundation for future expansion and stability.

    Meanwhile, the company held its 67th Annual General Meeting virtually, where shareholders reviewed the company’s performance over the past year and set a clear path for its next phase of growth and transformation.

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    During the meeting, Mr. Temitope Borishade presided over deliberations on a range of ordinary and special business matters. As part of the ordinary business, shareholders ratified his appointment as Chairman of the Board.

    They also confirmed the appointments of Mrs. Bernice Izilen Okosun, Mrs. Ijeoma Pearl Okoro, and Dr. Nkemakonam Chukwukaondinaka Okeke as Directors. Furthermore, in line with corporate governance best practices, Mr. Samuel Onukwue was re-elected to the Board following his retirement by rotation.

    Under special business, shareholders granted approval for the company to raise additional capital when necessary, in line with the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025).

    Speaking on the events of the AGM, the Board Chairman, Mr. Temitope Borishade stated that the resolution is designed to give the company the flexibility to strengthen its capital base, comply with upcoming regulatory benchmarks, and strategically position itself to compete more effectively and take on larger, more complex businesses as the insurance industry continues to evolve.

    He said: “Our 2024 results reflect not only the resilience of our business model but also the collective commitment of our stakeholders and workforce. With shareholders now granting approval to raise capital in line with NIIRA 2025, the company is prepared to implement its carefully crafted recapitalisation plan. This will enhance our ability to compete, scale operations, and seize opportunities to grow bigger and deliver greater value to all stakeholders.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    ADEREMI: Dear Omobola, may the Almighty God continue to bless you. The reply of PTAD to my complain which was published on March 12, 2O25 was correct. Truly, PTAD called me and asked for my account details which I gave. The caller said the account did not show my name. He also asked of BVN number but l was unable to tell him because l do not know it offhand. He promised to call the next day but he has not called back till date. My name is Aderemi.

    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 day, my name is Alfred. I would like to report the deduction of N9,000 from my pension allowance since September 2024 to date, May 2025 (a 9-month period.) I didn’t take a loan and don’t owe any debt to PTAD. My monthly pension allowance has been N36,000 for over 20 years. I have written complained on December 2, 2024. I even sent a reminder on February 3, 2025 but got no response from PTAD office. Please help me to recover my 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: Hello, my name Rufina short payment of mw pension aqqears 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.

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    UKPONG: Dear Omobola, my name is Ukpong. My complaint is nonpayment of pension since I was verified on February 10, 2017 At INEC Office, Calabar Cross River State. 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. Yet, I have not been paid. Kindly assist me in order to alleviate my suffering. Thanks

    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, I would like to know why PTAD did not include N32000 in my monthly payment. (April and May). This is our right as Federal Government pensioners.

    PTAD: Dear Awosoji, please be informed that N32,000.00 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.

  • PTAD gets presidential approval for N32,000 pension increment, others

    PTAD gets presidential approval for N32,000 pension increment, others

    • House of Rep committee conducts oversight function

    The Pension Transitional Arrangement Directorate (PTAD) has secured presidential approval for the inclusion of critical pension-related items in the 2026 budget proposal for pensioners under the Defined Benefit Scheme (DBS).

    These include funding for the full implementation of the N32,000 pension increment, settlement of unfunded pension liabilities, the proposed pension harmonisation policy, and health insurance coverage for Defined Benefit Scheme (DBS) pensioners.

    The Executive Secretary of PTAD, Tolulope Odunaiya made this known when she welcomed the House of Representatives Committee on pensions on an official oversight function to its headquarters in Abuja.

    The engagement, led by the Committee Chairman, Honourable Jallo Hussaini Mohammed, provided an avenue for the Committee to assess PTAD’s operations and review its budget performance for 2024 as well as the first half of 2025.

    In her welcome address, she expressed gratitude to the Committee for its consistent support and collaboration with the directorate.

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    While giving an overview of the Directorate’s budget performance, she enumerated the key achievements of the directorate on the successful implementation of the 20/28per cent pension increment into its September 2024 pension payroll and full settlement of the accrued arrears.

    She further stated that there is continuous arrears payment of the N32, 000, 10.66 per cent and 12.95per cent pension increments with the available savings made from successive balance of funds in the pension sub-head after paying the monthly pension.

    While reaffirming PTAD’s steadfast commitment to DBS pensioners, she acknowledged the invaluable partnership and oversight role of the National Assembly in strengthening pension administration in Nigeria.

    She also highlighted key challenges facing the directorate and sought the committee’s support in addressing them.

    In his response, Honourable Jallo Hussaini Mohammed commended PTAD for its notable strides in enhancing pension payments and improving service delivery.

    He assured that the Committee would continue to work closely with PTAD to ensure the welfare of DBS Pensioners remained a national priority.