The Nation Newspaper

Category: Pension

  • LASPEC trains 37 LCDAs public servants on pension, retirement

    LASPEC trains 37 LCDAs public servants on pension, retirement

    Many Public Servants are unaware that outdated or incorrect data can cause avoidable delays or challenges in accessing their pension entitlements at retirement.

    The Director- General, Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, spoke at the Sensitisation Programme on the Contributory Pension Scheme (CPS) for public servants in the Local Council Development Areas (LCDAS) on Monday.

    He said the programme brings together public servants from the 37 local council development areas (LCDAs) across the state.

    In his welcome address, the DG said, LASPEC is working closely with Pension Fund Administrators (PFAs) to ensure that every contributor’s record is accurate, up-to-date and reflective of their service history.

    He stated that this is a proactive step toward preventing future difficulties and a reflection of Governor Babajide Sanwo-Olu’s continued commitment to safeguarding the welfare of its public servants both during their service years and in retirement.

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    He pointed out that the state has been recognised as a trailblazer in pension administration in Nigeria over the years.

    He noted that their adoption and implementation of the Contributory Pension Scheme in line with the Pension Reform Act have not only enhanced the financial security of our retirees but also significantly reduced the anxieties associated with post-retirement life.

    He said: “However, we understand that policies are only as effective as the level of awareness and compliance they command. This is why we are here, to bridge the knowledge gap, address concerns and bring everyone up to speed on the latest developments in the pension space.

    “One of the key highlights of this programme is the data recapture exercise, an initiative that cannot be overemphasized. The CPS is one of the most significant reforms in Nigeria’s public service history. By its very design, the CPS shifts the pension burden from the employer alone to a shared responsibility between employee and employer, creating a sustainable model that is both efficient and equitable. For us in Lagos State, this system is not just about monthly deductions and remittances; it is about securing the future of every dedicated Public Servant.

    “It is about ensuring that after years of loyal service, you can retire with dignity, financial stability and peace of mind. Through the CPS, every contribution you make is invested and managed to provide you with a reliable stream of income upon retirement. This is why understanding how your contributions are managed, knowing your PFA and actively engaging in your retirement planning process is absolutely essential”.

    Obilana said it is also important to highlight that the pension landscape is not static.

    “Regulations evolve, policies are fine-tuned and technological innovations are constantly introduced to improve transparency, security and service delivery. As a Commission, we have adopted a proactive approach to ensure that all Public Servants are kept informed and carried along.

    “Some of the recent updates include enhanced processes for the verification and payment of accrued rights, stricter monitoring of PFAs to ensure prompt remittances, improved collaboration with Ministries, Departments and Agencies (MDAs) and the use of digital platforms to simplify pension access.

    “We will not relent in our efforts to strengthen the CPS, improve service delivery and expand our outreach to ensure that no Public Servant is left behind. I must commend my team for organizing this impactful programme”, he added.

  • NCRIB joins Insurance Meets Tech 2025 as institutional partner

    NCRIB joins Insurance Meets Tech 2025 as institutional partner

    Insurance Meets Tech (IMT), West Africa’s leading platform for converging insurance and technology innovations, colloquium and discourse on policy environment and operational efficiencies has announced the Nigerian Council of Registered Insurance Brokers (NCRIB) as an institutional partner for the IMT 4.0 Conference, scheduled for Thursday, September 18, 2025, in Lagos.

    According to Convener of IMT and CEO of Modion Communications, Odion Aleobua in a statement, the collaboration marks a significant alignment between NCRIB’s long-standing legacy of professional excellence in regulating insurance brokerage and IMT’s mission to bridge traditional industry structures with emerging, technology-driven solutions.

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    He said together, both institutions aim to amplify conversations that will redefine the role of brokers in Nigeria’s fast-evolving insurance landscape.

    President and Chairman of the Governing Board of NCRIB, Prince Babatunde Oguntade who will be speaking at the conference, expressed his enthusiasm for the partnership, stating, “Insurance brokers remain the trusted bridge between insurers and the public, and in a time of rapid change, our relevance depends on how well we adapt, innovate, and lead – Insurance Meets Tech provides the strategic platform for such engagement and collaborations. As an institution, we are committed to ensuring that brokers are not only part of the conversation but are central to shaping the future of insurance in Nigeria and across Africa.”

    “By partnering with IMT 4.0, we are reinforcing our mission to deepen professionalism, transparency, and client-centered innovation in the brokerage sector.”

    Aleobua commented that NCRIB’s decision to join forces with IMT 4.0 is a statement of intent that signals to the industry that brokers are ready to lead from the front in driving the integration of technology, creativity, and consumer trust into the very fabric of Nigerian insurance.

    This partnership will ensure the broker’s voice is amplified in conversations that matter.

    NCRIB joining other critical stakeholders in the Nigerian insurance landscape, including NAICOM and CIIN, as institutional partners is pivotal step in building a truly multi-stakeholder platform for the industry, through Insurance Meets Tech, he stressed.

  • ‘Nigerians under 40 accounted for 82.48% of CPS contributors in Q2’

    ‘Nigerians under 40 accounted for 82.48% of CPS contributors in Q2’

    Nigerians under the age of 40 accounted for 82.48per cent of contributors under the Contributory Pension Scheme (CPS), The Nation has learnt.

    Besides, gender data shows an increase in number of women in the scheme indicating increased inclusion of women.

    According to the National Pension Commission in a report obtained by the newspaper, 105,993 new Retirement Savings Account (RSA) holders’ registrations reflected strong youth participation in the CPS, with individuals under 40 accounting for 87,427 registrations or 82.48 percent.

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    This trend highlights growing pension awareness among younger Nigerians and supports the long-term sustainability of the scheme, the report stated.

    Meanwhile, mid-career workers aged 40 to 49 contributed 14,231 registrations representing 13.43 percent, while enrolment dropped notably among those above 49, indicating lower first-time participation in older age groups and reaffirming the importance of targeting younger workers to expand coverage.

    The gender data shows 60,820 male representing 57.38 percent and 45,173 female or 42.62 percent registrations, pointing to a narrowing gender gap and increased inclusion of women.

    These demographic patterns signal a positive shift in CPS participation, driven by youth engagement and improving gender balance.

    Sustaining this momentum will require continued outreach, digital engagement, and partnerships focused on youth and women, the report read.

  • PTAD clarifies complaints on revised implementation of Consequential Pension Adjustment

    PTAD clarifies complaints on revised implementation of Consequential Pension Adjustment

    The Pension Transitional Arrangement Directorate (PTAD) has issued a response to complaints and enquiries raised by pensioners and other stakeholders regarding the 20 per cent and 28 per cent pension increases for 2024, which were implemented in August 2024 following a circular from the National Salaries, Incomes and Wages Commission (NSIWC) dated July 8, 2024.

    The Executive Secretary, Tolulope Odunaiya explained that the changes in pensioners’ monthly pensions are as a result of the reimplementation of the Consequential Pension Adjustment (CPA), in accordance with directives from NSIWC in July 2024.

    She stated that to provide context, in May 2021, PTAD had implemented the approved CPA following the increase in the National Minimum Wage of April 2019, based on a circular from NSIWC dated April 28, 2021.

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    Odunaiya said upon receiving the circular, PTAD promptly implemented the pension adjustment and paid the accumulated arrears for two years, using budgeted funds and savings.

    She said: “The implementation of the CPA and the arrears was calculated using Pension Pay Bands, as recommended by the Technical Sub-Committee (TSC) for pensions in line with the 2019 National Minimum Wage. The TSC’s recommendation aimed to improve the welfare of pensioners at the lower end of the pension scale.

    This approach significantly reduced the percentage of pensioners receiving less than N10,000 monthly, from 27 per cent to 2 per cent, while increasing the number of pensioners receiving up to N30,000 monthly, from 32 per cent to 48 per cent.

    “After the implementation, PTAD received various complaints from pensioners and pension unions regarding the accuracy of the implementation. In response to these concerns, PTAD sought clarification from NSIWC about the implementation model. NSIWC’s response, via a letter dated 8th July 2024, clarified that the 2019 CPA should be applied based on Grade Levels, using the specific figures provided for each Grade Level. The letter also exempted defunct, commercialized, and privatized agencies from the increment, except for those who retired under the listed Salary Structure outlined in the circular”, she noted.

    The PTAD ES further stated that following this clarification, PTAD engaged with pension union executives and relevant stakeholders to communicate these changes and ensure a smooth implementation.

    “The revised approach was adopted in the August 2024 monthly pension payments. As expected, some pensioners who previously benefited from the Band-based method saw their pensions change due to the switch to the Grade Level method, resulting in a reduction for some and an increase for others.

    “It is important to note that the 2024 20 per cent /28 per cent pension increment was calculated using the Grade Level-adjusted 2019 CPA figures whose salary structure was enumerated in the circular. Therefore, the adjustment depends on the re-computed 2019 CPA, now based on Grade Levels”.

    She reminded all stakeholders that it is a government agency tasked with implementing government policies and directives, while also reaffirming that the welfare of pensioners remains her utmost priority, in line with the Directorate mandate under the Pension Reform Act (PRA) 2014 and its day-to-day operations.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    Dear Mr. AMBROSE, please send your verification slip to our email complaints@ptad.gov.ng to enable us to deal. Thank you.

    OJO: Our Dear Sister, I am one of Heritage bank’s customers at Ado Ekiti. I am one of those who were not paid their pension since May. I sent a message to you with all my particulars. Please, I am waiting for your help. Ojo from Ado Ekiti.

    PTAD: Dear Mr. Ojo we are not in receipt of your new bank statement from UBA as we discussed with you and your daughter on the phone. Thank you.

    MABAWONKU: My name is Mabawonku, a federal/State pensioner. I worked at the Nigeria Educational Research and Development Council (NERDC) from September 14, 1982 to July 6, 1993. Thereafter, I joined the Lagos State government on July 15, 1993 and retired on January 28, 2008 as a Director. Despite several demands in writing, calls and physical presence the gratuity has not been paid. I did physical verification with PTAD at Lagos in 2019. On request, I have sent my verification certificate and bank details from 2008 till date to PTAD. With all the conditions met since 2019, still my gratuity of 11 years and pension arrears of six months (January to July 1993) has not been paid. The Nation newspaper through you (Omobola) should please help me. Thank you.

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

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    AKAGBOSU: Good day, my name is Akagbosu. My complaint is on nonpayment of monthly pension for several months now. I am the eldest child and next of kin to Mrs Akagbosu, the complainant. She retired as a staff of NIFOR, since March 10, 1994. She received her monthly pension up to October 14, 2016. But after this payment, no money has come in for her till date. She has not received any monthly pension payments due to her, while her colleagues are all getting theirs. She did PTAD verification in Benin City on May 29, 2019. She complained severally at the PTAD Benin City office on different of which she was given complaint form to fill and also attached all necessary documents needed, alongside for follow up and also do ‘I AM ALIVE’ capturing, all to no avail. This nonpayment of her monthly pension benefits has worsened her conditions badly, and presently she is battling partial stroke/hypertension and eyes sight diseases. Kindly use your good office to intercede for her to ensure that she is restored on payroll for her to be getting her monthly benefits and also backlogs of arrears are paid to her promptly. Thanks for your anticipated response.

    ADEGEBO: Good day, thank you for the good job you are doing to help pensioners to get their entitlements. I am Dr Adegebo.

    I retired in May 2008 on consolidated salary from Oyo State Civil Service. Duly completed gratuity and pension documents were sent to PTAD before my retirement date to enable it to pay federal government portion of my retirement package. I was not placed on monthly pension until 27 months after my retirement. Up till today, my gratuity and 27 months of pension arrears are yet to be paid. I have participated in all verification exercises carried out at Ibadan by PTAD and on each occasion resubmitted my pension documents including my bank statements. PTAD officials would promise to take action on my outstanding entitlements but PTAD has not paid me. A friend of mine in Abuja visited their office more than six times on my behalf in 2020/2021. PTAD confirmed they were in possession of all my necessary documents and I should expect payment soon. Yet no payment made to me. My entitlement had been outstanding since 2008, 16 years ago. I hope PTAD will rise up to its responsibility and pay my outstanding entitlements. I am about 80 years of age.

    ADAJI: Dear Nation newspaper, help me request PTAD to pay me my gratuity which they informed me through The Nation newspaper publication of Wednesday June 15, 2022 that my gratuity had been computed for payment. I have waited patiently for the alert but to no avail. I wrote severally to that effect but till date, they have not let me know the cause of the delay. Recently, I received a call from PTAD precisely July 11, 2024 through telephone number requesting for my account details for payment of my gratuity which I did. Yet, till date, I have not received alert. I called severally through the line but they refused to pick my calls. I don’t understand the game at all. Please, help me relay my message to PTAD. Thanks for your good work. My name is Adaji from Kogi State.

    THE NATION: The Newspaper will intervene by sending your complaint to PTAD. Therefore, AKAGBOSU, ADEGEBO and ADAJI, should watch out for the pension page on Wednesdays for response from PTAD and subsequently every Wednesday for pension news.

  • PenCom dismisses NLC allegations on pension fund mismanagement

    PenCom dismisses NLC allegations on pension fund mismanagement

    The National Pension Commission (PenCom) has rejected allegations by the Nigeria Labour Congress (NLC) over the management of workers’ pension funds and the non-inauguration of its governing board, describing the claims as “incorrect and misleading.”

    NLC President Joe Ajaero had accused PenCom of excluding workers and employers from decisions on pension fund investments, operating without a board, and engaging in unauthorised spending. 

    The union gave PenCom a two-week ultimatum to inaugurate its board and provide a detailed status report on pension contributions. It also restated its demands in a follow-up letter dated August 13, 2025.

    In a statement signed by its Acting Director of Corporate Communications, Ibrahim Garba Buwai, PenCom reassured contributors that pension assets remain “safe and secure.”

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    The commission clarified that it does not directly invest funds but regulates and supervises licensed Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) that handle investments.

    “It is therefore incorrect to suggest that contributors and employers are kept in the dark,” the statement read. “There is no evidence that funds are in jeopardy. The allegations appear unfounded as the commission operates transparently and in line with the law.”

    Addressing the board issue, PenCom noted that while the Pension Reform Act (PRA) 2014 provides for a governing board, the appointment of its members is solely the prerogative of the President, subject to Senate confirmation. It added that the NLC itself is among the 10 institutions represented on the board once constituted.

    On claims of unauthorised spending, PenCom explained that all budgets are approved by the National Assembly as required by law, even when a board is not in place. It stressed that procurement and financial activities are carried out in line with the Public Procurement Act 2007.

    Reaffirming its willingness to engage with organised labour, PenCom highlighted the NLC’s historic role in shaping pension reforms and urged continued collaboration as the Federal Government moves to resolve the pending board appointments.

  • FBS Re grew yearly insurance revenue by 85% in 2024

    FBS Re grew yearly insurance revenue by 85% in 2024

    FBS Reinsurance Limited (FBS Re) has again recorded improved financial performance across major indices in the 2024 financial year approved at a recent Annual General Meeting.

    In the year under review, the company recorded growth in insurance revenue to N50.9 billion, up from N27.5 billion in 2023.

    Chairman of the Board of Directors, FBS Re, Bala Zakariyau announced the results at the company’s fourth Annual General Meeting held in Abuja.

    He said the company recorded a Gross Written Premium of N48.9 billion, a 56 per cent increase from N31.4 billion in 2023.

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    Zakariyau stated that the Company has once again recorded improvements in financial performance, particularly in the light of strong macroeconomic headwinds of 2024.”

    He added that investment income rose sharply by 148 percent, from N1.9 billion in 2023 to N4.7 billion in 2024, reflecting the quality of the chosen business model and the strength of its asset base.

    He noted that with profit for the year closing at N10.07 billion, shareholders at the meeting approved a dividend payout of N600,000,000.

    He said: “In just four short years, through prudent resource management, strategic investments, and the unwavering dedication of our team, the company has established an enviable position in the Nigerian insurance industry.”

    “Cash and cash equivalents, along with Financial Assets, experienced significant growth of 81.4 per cent, increasing from N33.5 billion in 2023 to N60.8 billion in 2024. This reflects enhanced liquidity and stronger investment performance.

    “The company’s Technical Reserves increased by 132 per cent, from N15 billion to N35 billion, driven mainly by increased underwriting volumes and a prudent reserving strategy in response to adverse claims experience in some sections of the markets.

    “Shareholders’ Funds grew by 31 percent, from N28.5 billion in 2023 to N37.5 billion in 2024, underscoring a strengthened capital position and improved profitability”.

    Looking ahead, the Chairman said FBS Re will continue to initiate efforts to expand its regional and continental footprint, also prioritise operational efficiency and customer centricity to capitalise on the expected rapid growth trajectory being projected in the immediate markets.

    Despite broader uncertainties, the chairman affirmed that FBS Re maintains a positive and stable outlook for its business landscape in the near term, he maintained.

  • STI records 45 per cent in revenue in Q2 2025

    STI records 45 per cent in revenue in Q2 2025

    Sovereign Trust Insurance Plc has shown a consistent rise in its revenue generation in the unaudited second quarter result released on the floor of Nigerian Exchange Limited (NGX).

    The firm generated a total N34billion in the second quarter of 2025, compared to the sum of N23.5billion that was recorded in the same period in 2024, representing a growth rate of 45per cent.

    This was made known in a statement signed by the Deputy General Manager, Corporate Communications & Investor Relations, Segun Bankole.

    According to him, the second quarter performance indicates that the underwriting firm is very much on course with meeting the aspirations of its various shareholders in the days ahead.

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    He said: “Investments Return for the second quarter grew from N446.4million in the same corresponding period in 2024 to N1billion in the same period in 2025, representing a 130per cent growth rate.

    “Profit before Tax also increased by 36 per cent from N1.1billion in the second quarter of 2024 to N1.5billion in the same corresponding period of 2025, while Profit after Tax increased by 20per cent from N941.6million to N1.3billion in the second quarter of 2025.

    “The company’s total assets grew by 14 per cent moving to N27.7billion in the second quarter of the year as against N24.4billion that it was in the same corresponding period of 2024.

    “The total liabilities witnessed a 20 per cent surge from N10.1b in June of 2024 to N12billion in June 2025 while Total Equity of the Company grew by 10 per cent from N14.3billion in the second quarter of 2024 to N15.7billion in the same corresponding period of 2025.

    “Meanwhile, basic earnings per share, (kobo) increased by 42 per cent from 7 kobo in the second quarter of 2024 to 10 kobo in the same period of 2025. Undoubtedly, the firm is poised to continue in its growth trajectory and is doing all to ensure that the shareholders and stakeholders are delighted at every point in time”, he added.

  • Leadway health HMO gets HMO of the year award

    Leadway health HMO gets HMO of the year award

    Leadway Health HMO has won the Health Maintenance Organisation (HMO) of the Year award at the Nigerian Healthcare Excellence Awards (NHEA) for the third consecutive year.

    According to the company, the three-time achievement affirms Leadway Health HMO’s position as a consistent leader in delivering innovative, accessible, and customer-focused healthcare solutions across Nigeria.

    Chief Executive Officer, Leadway Health HMO, Dr. Tokunbo Alli, said in a country where fewer than one in 10 people have access to health insurance, we recognise the immense responsibility we carry.

    He said: “Through our investment in digital innovation, operational efficiency, and inclusive health plans, we are not only improving access to quality care but also setting new benchmarks for service excellence within the industry. This recognition reflects the trust our customers place in us and the unwavering dedication of our team and partners who make our vision a reality every day.

    “Receiving the HMO of the Year award for the third consecutive year is a deeply meaningful milestone for us at Leadway Health HMO. It is more than an accolade; it is a resounding validation of our commitment to transforming healthcare delivery in Nigeria, Africa, and the world at large.

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    “We will continue to scale our hospital partnerships, enhance claims transparency, and leverage technology to deliver even more accessible, affordable, and customer-centric healthcare solutions. This award strengthens our resolve to be at the forefront of Nigeria’s health transformation journey—driving meaningful change, one life at a time.”

    Alli further said Leadway Health HMO’s triple win comes at a time when trust and performance in the HMO sector are under scrutiny.

    With a growing population, rising healthcare costs, and a national goal of achieving Universal Health Coverage (UHC) by 2030, the company’s performance positions it as a crucial stakeholder in driving Nigeria’s health transformation agenda, he stressed.

  • REX Insurance launches e-platforms for motor insurance

    REX Insurance launches e-platforms for motor insurance

    Rex Insurance has unveiled its new digital platforms designed to revolutionise the way motor insurance is accessed and purchased.

    The platforms, comprising an E-portal and website, allow customers to purchase Rex Insurance motor insurance policies with ease and transparency.

    These platforms have been optimised for speed, simplicity, and security, enabling real-time policy issuance, digital payments, and instant policy document delivery.

    Managing Director/CEO, Rex Insurance Limited, Mrs. Ebelechukwu Nwachukwu, reaffirmed the company’s focus on customer satisfaction and regulatory adherence.

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    To further our mission of protecting individuals and their assets, “Rex Insurance is simplifying the process for vehicle owners to obtain this mandatory policy, ensuring they meet all legal obligations, she said.

    She explained that the motor insurance products available for purchase digitally include Third Party Motor, private and commercial; Third Party Fire & Theft, private and commercial; Motor Comprehensive private and commercial; Royal Auto Bronze; Royal Auto Silver; and Motor Trade. And within minutes, payment is completed, and your insurance certificate is sent to you via email.

    In this era dominated by digital technology, convenience and accessibility are crucial, noted Mrs. Nwachukwu, adding that by establishing digital channels for selling our motor insurance products, ‘’we are not only giving customers more options and flexibility but also empowering our sales team to better meet the needs of their clients’’.

    She also said some key features of the digital platforms include seamless onboarding for individual and corporate customers, 24/7 policy issuance and instant renewal options, Integrated payment gateways for quick and secure transactions.

    Chief Digital Information Officer, Rex Insurance, Mr. Adeyinka Aderombi said: “The future of insurance sales is digital—where customers expect seamless, intuitive, and instant purchasing experiences. Our website is more than a sales channel—it’s a smart, data-powered engine that simplifies complex decisions, helping customers find the right coverage in minutes. it’s the new frontline of customer engagement.

    “By integrating real-time underwriting and instant policy issuance, we’re turning what used to take days into a matter of clicks and every digital transaction on our platform is built with robust safeguards, ensuring customer data is protected at every step. At Rex Insurance, we have combined cutting-edge technology with unwavering commitment to privacy and compliance.’’.