The Nation Newspaper

Category: Pension

  • SUNU Assurances paid N3.28b claims in 2024’

    SUNU Assurances paid N3.28b claims in 2024’

    • Posts N3.59b profit

    Amember of SUNU Group, SUNU Assurances Nigeria Plc,  has paid N3.28 billion in claims, highlighting its commitment to policyholders.

    The company also posted a huge profit after tax of N3.59 billion, reflecting strategic financial management and operational efficiency.

    This result marks a substantial 57.8 per cent increase from the N2.08 billion paid out in 2023, underscoring the company’s dedication to meeting its obligations despite economic challenges.

    The company’s Gross Written Premium (GWP) for 2024 reached N13.03 billion, an increase from N8.16billion in 2023. This growth of N4.87 billion, representing a 59.6 per cent rise, also surpassed the full-year budget of N10.16 billion by an impressive 128.3 per cent.

    Shareholders of the company during the company’s 38th Annual General Meeting (AGM) in Lagos approved key resolutions, including the payment of a dividend for the 2024 financial year.

    A significant resolution was the approval of the declaration of a dividend of 10k per share on 50k ordinary shares for the financial year ended December 31, 2024, which is scheduled for payment on Monday, June 16.

     Chairman of SUNU Assurances, Mr. Kyari Abba Bukar, said the impressive revenue growth was driven by several key factors such as higher business renewals, contributing to portfolio stability and expansion.

    Bukar said other factors are increase in motor insurance premium rates, boosting revenue from this segment, growth in the number of insured vehicles, expanding customer base and favourable foreign exchange movements, positively impacting underwriting results.

    Further key decisions made at the AGM included the re-election of Mrs. Olajumoke Bakare and Hajiya Aisha Abubakar, who retired and were eligible for re-election.

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    The Board of Directors was authorised to fix the remuneration of the external auditors, and the remuneration of the company’s managers. Shareholders also elected their representatives to the audit committee, who will hold office until the next AGM.

    In compliance with Rule 20.8(a) of the Nigerian Exchange Limited, shareholders considered and passed an ordinary resolution granting the company a general mandate to enter into recurrent transactions with related parties for its operations on normal commercial terms. This mandate will commence from the date of the resolution and continue to operate until the next AGM.

    The company’s Managing Director, Mr. Samuel Ogbodu, said: “The approval of the dividend for the 2024 financial year reflects our commitment to delivering value to our shareholders and underscores our robust financial performance.

    “We look forward to building on these achievements and driving sustainable growth in the coming year.”

    A shareholder, William Adebayo, he was satisfied with the dividend.

    He applauded the management team for their hard work and strategic decisions that brought success.

  • CIIN to host Insurance Week on awareness, education

    CIIN to host Insurance Week on awareness, education

    The Chartered Insurance Institute of Nigeria (CIIN) is set to kick off its Insurance Week themed: ‘Insurance for All: Securing Nigeria Future’ on June 28 in Lagos.

    At a virtual meeting at the weekend, CIIN President, Mrs. Yetunde Ilori, said the week would start with a walk, from NEM Insurance Plc Head office, at Obanikoro and terminate at the National Stadium, Surulere.

    The opening ceremony is billed for June 30 at Nigerian insurers Association (NIA) Hall in Victoria Island, followed by a campaign on July 1, at selected secondary schools and Micro Small and Medium Enterprises MSMEs), adding that the following day, there would be an outreach at Sabo Market, Oyingbo Market, Bariga Market, Shoprite and Spar.

    Other events are a Hackathon contest at the College of Insurance and Financial Management (CIFM) in Asese, Ogun State on July 3 and the grand finale on July 4, in Alagomeji, Yaba.

    The celebrations, she pointed out,  would also be held in Ibadan; Abuja; Port Harcourt and Kano.

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    Chairman of the Insurance Week Organising Committee, Eddie Efekoha, implored stakeholders in the industry to support the initiative that is aimed at growing insurance.

    Chairman, Corporate Affairs Managers of Nigeria Insurance Association (CAMCONIA), Segun Bankole, called on his colleagues to be involved in the Week.

    He made this plea at the monthly meeting of the Corporate Affairs Managers of the Nigerian Insurance industry.

    He said the Week will be a platform for the industry to showcase their importance.

     “The insurance Week will provide the various brands in the Nigerian insurance industry to put on display their various offerings and the value they can create for their customers in any part of the country. It is an opportunity to flaunt their brands in a very unique, competitive and cooperative manner while engendering the growth of the insurance industry in the country and possibly, beyond,” he added.

  • NAICOM to release supplementary guidelines on N650b annuity fund

    NAICOM to release supplementary guidelines on N650b annuity fund

    The National Insurance Commission (NAICOM) is set to release supplementary guidelines to protect the over N650billion Annuity Funds of the Contributory Pension Scheme (CPS) being managed by insurance companies..

    A member of Communication and Stakeholder Engagement Sub-Committee, Insurers Committee, Moruf Apampa, who made this known at a post-June 2025 Insurers’ Committee meeting briefing in Lagos, said the supplementary guidelines and other measures taken by NAICOM are geared towards protecting annuitants and other policyholders.

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    Apampa, also the Managing Director, NSIA Insurance Limited, said NAICOM has brought out a supplementary guideline on the business of annuity to build further confidence in the market.

    He said: “The industry regulator is coming up with additional guidelines to ensure that annuitants are actually protected.

     “The commission is taking proactive measures to ensure that no company goes under or annuitants are not paid their normal monthly allowance. This is to ensure no failure occurs. These guidelines will be released soon. NAICOM is coming up with new guidelines that will support the initiative of the government in improving the economy, one of which is the market guidelines.”

  • African brands summit coming

    African brands summit coming

    The best of brands will be honoured at an event on June 25 in Victoria Island, Lagos.

    The event will be celebrating trail-blazer brands that have challenged norms and practices.

    The objective of the event entitled, “African Brands Innovators Summit’((AFRIBIS)’, the spokesman for the organisers, Allied Integrated Promotion, Obinna Ndukwe, said at a press conference, that their objective “is to celebrate visionary firms innovating and delivering customer experiences, creating new markets and opportunities’’.

    He said the summit is supported by African Trade Magazine, African Business Network, International organisation for Standardisation and AUDA-NEPA.

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    His words: “Our focus is to contribute to the reshaping of Africa’s Brands on the global stage and recognise brands that have introduced groundbreaking products and services that have revolutionised their industries.”

    The event would feature keynote, workshop, networking opportunities, he added.

    Chairman, Technical Committee, Olufemi Ajayi, said the event was put together to connect and share ideas with top African brand leaders and drive the growth and innovation of African brands.

    Also, there would be merit awards, a yearly promotion instituted to recognise game-changers and brands that have contributed to reshaping Africa”s image on the global space.

    At the awards, Ajayi added, “We will honour brands that have leveraged digital technologies to derive innovation and growth.”

    He appealed for corporate support to make the ceremony a success.

  • PenCom, OHCSF partner to launch gratuity scheme for federal workers under CPS

    PenCom, OHCSF partner to launch gratuity scheme for federal workers under CPS

    The National Pension Commission (PenCom) and the Office of the Head of the Civil Service of the Federation (OHCSF) are collaborating to establish a Gratuity Framework for civil servants in treasury-funded Ministries, Departments, and Agencies (MDAs) under the Contributory Pension Scheme (CPS).

    This was disclosed in a statement by PenCom following a courtesy visit by the Commission’s Director General, Ms. Omolola Oloworaran, to the Head of the Civil Service, Mrs. Didi Esther Walson-Jack, in Abuja.

    The meeting focused on improving retirement benefits and addressing long-standing issues around pension delays.

    Oloworaran revealed that the proposed gratuity scheme, in line with Section 4(4)(a) of the Pension Reform Act 2014, would cost the federal government an estimated N30 billion annually. She described the initiative as a “modest but impactful” move aimed at resolving persistent delays in pension payments and improving the welfare of retiring federal employees.

    Highlighting previous collaborative successes, the PenCom boss referenced the Federal Executive Council’s approval of a N758 billion bond to clear outstanding pension liabilities under the CPS.

    Oloworaran also announced the rollout of a one-time, comprehensive online enrolment exercise beginning in August 2025, to verify accrued pension rights for all federal workers employed before June 2004.

    Read Also: PenCom goes tough on pension operators owners, vendors without Pension Clearance Certificate

    The data gathered will enable PenCom to determine liabilities and potentially secure a bond to settle them fully. Verified amounts will be credited directly into retirees’ Retirement Savings Accounts (RSAs), allowing them to earn returns and protecting their pensions from political interference.

    To facilitate the process, PenCom is developing a digital application for enrolment and has requested OHCSF’s support in directing MDAs to comply and submit the required documentation.

    Addressing challenges with uncredited contributions from MDAs not on the IPPIS platform, Oloworaran noted that a new Pension Contribution Remittance System has been introduced. This system mandates the use of approved Payment Solution Support Providers (PSSPs) to ensure accurate remittances.

    Commending PenCom’s efforts, the Head of the Civil Service pledged her full support for the gratuity scheme. “Civil servants have long demanded gratuity. This scheme has my full support,” Walson-Jack stated, promising to issue necessary directives to ensure MDAs’ compliance.

  • PTAD assures NITEL, MTEL pensioners’ of arrears payment

    PTAD assures NITEL, MTEL pensioners’ of arrears payment

    Pension Transitional Arrangement Directorate (PTAD) has reiterated its commitment to retired workers of the defunct Nigerian Telecommunications Limited (NITEL) and its mobile arm, MTEL, under the Defined Benefits Scheme (DBS) of pension benefits payment due to them.

    This followed a protest by the pensioners against the Federal Government to pay their accrued pension rights.

    PTAD’s Head of Corporate Communications, Olugbenga Ajayi, said efforts were being made to offset the 35  months’ arrears owed to this group of pensioners.

    He said the Directorate had done the needful and was awaiting the funds for the payments.

    He said the pensioners were not neglected as their welfare is very important to PTAD management. He urged them to be patient withg the government.

    Meanwhile, thousands of aggrieved retired workers of the defunct NITEL and its mobile arm, MTEL have appealed to the Federal Government to end years of injustice, neglect, and exclusion from pension benefits accorded to their counterparts in other defunct government agencies.

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    Speaking at a press conference in Abuja, the aggrieved pensioners, under the umbrella of the Progressive NITEL-MTEL Pensioners Forum, appealed to the Federal Government, demanding the payment of their pension arrears and inclusion in approved pension increments.

    The spokesperson, Auston Ifedinezi said: “We, the retired workers of NITEL-MTEL are gathered today to publicly express our deep pain and frustration over the ongoing injustices we face, even after decades of dedicated service to our country.

    “Despite being under the same DBS system as other federal pensioners, we are being unfairly excluded from critical entitlements. We are the only defunct agency yet to be fully paid. All other defunct agencies have been fully paid while we are still being owed 35 months’ arrears, which is nearly three years of pension payments, without any communication on when these arrears will be settled.’’

  • Danfulani is NAIC Managing Director/CEO

    Danfulani is NAIC Managing Director/CEO

    President Bola Ahmed Tinubu, has approved the appointment of Yazid Shehu Umar Danfulani as the Managing Director/CEO of Nigerian Agricultural  Insurance Corporation (NAIC ).

    The President also named Abubakar Umar Jarengo, Executive Director, Operations and Babafemi Ayandayo Rasheed, Executive Director, Administration and Finance.

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    A statement by the Deputy General Manager, Corporate Affairs, NAIC, Magdalene Omosimua, said Tinubu’s letter, which conveyed their appointment, was signed by George Akume, Secretary to the Government of the Federation (SGF) on May 22, stating that their appointment takes effect from May 21, for an initial term of four years, in accordance with Section15(a) of NAIC Act law 2004.

    Danfulani has, however, assumed duty in Abuja, pledging to carry out reforms that would enhance inclusiveness in the agricultural sector.

  • Chukwu, others for Supernews confab

    Chukwu, others for Supernews confab

    The Managing Director/CEO, Cowry Asset Management Limited, Mr Johnson Chukwu is the keynote speaker at the SUPERNEWS Nigeria Artificial Intelligence (AI) confab, holding on Thursday, June 19 at Oriental Hotel, 3 Lekki Road Victoria Island Lagos at 10am.

    Chukwu will speak on the theme, Power of AI: Enhancing efficiency and customer satisfaction for better financial services experience.

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     Other experts include the  founder/CEO, ZER Consultating Africa, Mrs Adeolu Adewumi-Zer; former Managing Director, Hilal Takaful Insurance Limited, Mrs Thaibat Adeniran; National President, Bank Customers Association of Nigeria (BCAN), Dr Uju Ogubunka, and Head Financial Institutions Ratings, Augusto & Co, Mr Ayokunle Olubunmi.

    1According to the convener of the conference, who is also the Publisher of SUPERNEWS Nigeria, Ngozi Onyeakusi, Chukwu was chosen because of his rich professional background, expertise and knowledge of the financial services sector.

  • PenCom goes tough on pension operators owners, vendors without Pension Clearance Certificate

    PenCom goes tough on pension operators owners, vendors without Pension Clearance Certificate

    Indications have emerged that parent companies, subsidiaries, holding companies and institutional shareholders of pension companies under the Contributory Pension Scheme (CPS) may have not been possessing valid Pension Clearance Certificate (PCC) for their owners and vendors or do not possess one at all.

    This is going by a new circular issued by pension regulator, National Pension Commission (PenCom) to All Licensed Pension Fund Operators (LPFO) titled: Addendum to the Circular on Compliance with the Provisions of the Pension Reform Act 2014 by All Service Providers/Vendors of Licensed Pension Fund Operators

    The Commission in the circular signed by Head, Surveillance Department, A. M. Saleem stated that further to the Circular on Compliance with the Provisions of the Pension Reform Act (PRA) 2014 by all LPFOs, Ref: PenCom/INSP/Surv/2025/843 dated 22 May, 2025, parent companies, subsidiaries, holding companies and institutional shareholders of LPFOs shall possess valid Pension Clearance Certificate (PCC) and ensure that every vendor and service provider engaged by them complies with the requirement of the PCC  a precondition for entering into any Service Level or Technical Agreement.

    PenCom said the requirement for Compliance Attestation shall also cover the categories of entities listed.

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    This addendum is issued to ensure consistent enforcement of the provisions of the PRA 2014 across all entities related to LPFOs, including those engaged under shared services or corporate group arrangements.

    The transition window of six months for implementation of these requirements shall also apply to the categories of entities stated.

    Pension Clearance Certificate (PCC)

    The Commission had in the Third Quarter processed and issued 5,424 PCCs to private sector organizations that met the eligibility criteria.

    A total of N24.09 billion was remitted into the Retirement Savings Accounts (RSAs) of 69,552 employees from these refunds during the period under review.

    This represents a substantial decline of 81per cent in the number of PCCs issued compared to 13,047 in Q2 2024.

    The commission attributed the decrease in applications to the fact that most employers had already secured their PCCs for the year.

    PenCom commenced the issuance of PCC to organisations in 2012 in line with the Pension Reform Act, 2014 (PRA, 2014), which mandates all organisations with at least three employees to participate in the CPS.

    The PCC is evidence of compliance with the PRA 2014 and serves as a prerequisite for all suppliers, contractors, or consultants soliciting any contract or business from the federal government’s ministries, departments, and agencies (MDAs). Accordingly, PenCom issues PCCs to organisations that apply and have fully complied with the requirements.

    In order to qualify for a PCC, the employer must ensure that its employees open retirement savings accounts (RSAs) with any pension fund administrator (PFA) of their choice. Employers must also remit the employer and employee monthly pension contributions to the pension fund custodians (PFCs) no later than seven working days from the payment date of salaries.

    Furthermore, employers with pension schemes which existed before the CPS must transfer pension funds and assets in their custody to licensed pension operators. Finally, employers must provide their staff with a group life insurance policy (GLI) covering at least three times the annual total emoluments of the employees.

  • AM Best assigns B+ rating to Linkage Assurance

    AM Best assigns B+ rating to Linkage Assurance

    Linkage Assurance Plc has been assigned a Long-Term Issuer Credit Rating (ICR) of “B+” by AM Best, a leading global credit rating agency.

    The outlook for the credit rating and the issuer credit profile is stable.

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     AM Best’s rating reflects Linkage Assurance’s strong balance sheet strength, in addition to its adequate performance, favourable business profile, and effective enterprise risk management framework. In a statement, the company: “This development places Linkage Assurance among the select Nigerian insurers evaluated by AM Best, reaffirming its position as a significant player in the country’s insurance landscape. The outlook signifies that, barring unforeseen events, Linkage Assurance is expected to maintain its credit profile.