Category: Pension

  • Brokers position to maximise $490b AfCFTA market

    Brokers position to maximise $490b AfCFTA market

    As Nigeria joins other 54 African countries to march on a single trade under the African Continental Free Trade Area (AfCFTA) to harness the $490 billion market, insurance brokers are positioning to maximise the benefits.

    Many questions and concerns have, however, been raised by brokers who are interested in participating in the soon to be launched African single market during the Enlightenment Workshop for the Insurance Brokers, organised by the Nigerian Insurance Industry Committee on AfCFTA (NII-AfCFTA).

    One of the concerns was what would be the insurance regulatory framework across Africa, bearing in mind that some African countries’ insurance regulators do not regulate their brokers as much as Nigerian brokers are.

    Others concerns are whether or not the continental practitioners need a fresh licence from the regulator, National Insurance Commission (NAICOM) and trade association, Nigerian Council of Registered Insurance Brokers (NCRIB); the regulatory perspective to advertisement of insurance brokers across the continent; whether there would be joint regulation on insurance industry across the countries; whether the insurance industry is ready for AfCFTA and how prepared are other countries.

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    Director Trade in Service, Investment, IPR and Digital Trade AfCFTA Secretariat, Emily Mburu-Ndoria while responding to questions said each countries domestic regulations stand under AfCFTA.

    Under the AfCFTA, every nation domestic regulations will prevail, but there would be mutual recognitions between countries.

    According to her, the agreement would not stall members countries from having their regulations, but would help strengthen regulations to align with international best practices.

    She urged insurance brokers to position themselves for the benefits to be provided by the agreement.

    Chairperson, Nigerian Insurance Industry Committee on AfCFTA, Mrs. Ekeoma Ezeibe, submitted that the World Trade Organisation (WTO) Protocol signed in 1995 may have opened up some parts of the insurance sector in Nigeria 100 per cent, adding that what this means is that operators may not negotiate their way out of the situation even if an interest state party wishing to come into Nigeria to carry out some aspect of insurance business had not opened up their side as wide as theirs.

    She noted that the law of reciprocity might not avail insurance practitioners an opportunity for cover.

  • PTAD, NHIA partner on healthcare access for pensioners

    PTAD, NHIA partner on healthcare access for pensioners

    The Pension Transitional Arrangement Directorate (PTAD) will soon improve access to healthcare for Defined Benefit Scheme (DBS) pensioners, especially the vulnerable group, The Nation has said.

    This would be made possible with the Directorate’s partnership with the NHIA.

    PTAD Executive Secretary, Tolulope Odunaiya, who stated this during a visit to the Director-General, NHIA, Dr. Kelechi Ohiri, said the collaboration marked a crucial step in the history of PTAD.

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    Odunaiya said the pilot health insurance scheme for select pensioners is a laudable initiative, and would include more beneficiaries.

    She extended the PTAD’s appreciation for the NHIA’s support and collaboration in the Pilot Scheme of the health insurance coverage for selected pensioners.

     Ohiri expressed his appreciation for the partnership and emphasised that investing in accessible healthcare is essential for progress.

    He said: “With 2.7 million new enrollees last year, NHIA’s initiatives are making a significant impact, and partnerships like this will further strengthen its reach.

    “PTAD’s request to expand the pilot phase reflects its dedication to the well-being of pensioners, ensuring they receive not only financial support but also quality healthcare in retirement.

    “This development highlights the vital role of inter-agency collaboration in advancing national social welfare goals.’’

  • IWD: emPLE offers free insurance to female entrepreneurs

    IWD: emPLE offers free insurance to female entrepreneurs

    As part of its activities to mark the International Women’s Day, emPLE has launched the “Empower HER” campaign to offer free one-year ShopProtect insurance to female entrepreneurs.

    Chief Marketing Officer, emPLE, Labisi Adesokan, said: “Female entrepreneurs are the backbone of our economy, yet many operate without a safety net.

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    “Through the ‘Empower HER’ campaign, we are taking real action to support them because protecting their businesses means protecting their future. ShopProtect is more than insurance; it’s a promise of stability and confidence in the face of uncertainty.

    “The ‘Empower HER’ campaign underscores emPLE’s commitment to financial inclusion and security, reinforcing its role in supporting small businesses and driving long-term economic resilience.’’

  • Leadway Group champions creativity among artists

    Leadway Group champions creativity among artists

    Leadway Group is sponsoring this year’s edition of the +234Art Fair for the second consecutive year.

    Themed “Championing Patronage in Nigerian Art,” the +234Art Fair 2025 seeks to elevate Nigeria’s burgeoning art sector by providing a platform that supports emerging artists and encourages a deeper appreciation for art collections.

    On sponsorship,  Head, Corporate Services, Leadway Holdings, Aishat Bello-Garuba, said the fair would feature paintings, photography, and sculptures.

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    She said: “Known for its dedication to excellence, Leadway Group has emphasised that this sponsorship reflects the brand’s broader mission to celebrate Nigerian heritage, empower local talent, and strengthen the country’s art industry. By supporting initiatives like the +234Art Fair, Leadway is playing a climactic role in shaping Nigeria’s cultural identity and vibrant creative ecosystem.”

    She reiterated the company’s commitment to encouraging artists and driving the growth of the nation’s art sector.

    “We recognise the immense value of Nigeria’s creative industry in shaping our cultural identity, driving innovation, and contributing to economic growth.

    “Following the resounding success of the inaugural +234Art Fair in 2024, we are delighted to continue our partnership, ensuring this platform remains a stage for artistic expression and community engagement. We eagerly anticipate the extraordinary talent that this year’s edition will showcase.

    “At Leadway, we believe that art is not just a reflection of culture but a powerful force for unity and progress. This platform is a celebration of our deeply rooted identity and the boundless potential of our artists.”

  • UNDP ends training in Nigeria

    UNDP ends training in Nigeria

    The United Nations Development Programme (UNDP) has trained participants with the knowledge and skills necessary to develop and implement effective inclusive insurance strategies at its “Train the Trainers” programme.

    In a statement, the Head, Corporate Communication/Brand Management, Nigeria Insurers Association (NIA), Joke Adeyemi, said the programme aimed at promoting inclusive insurance practices in Nigeria, was held for four months, in partnership with the College of Insurance and Financial Management (CIFM). The programme brought together selected trainees from the National Insurance Commission (NAICOM), the Nigerian Insurers Association (NIA), and representatives from various insurance companies.

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    Director of Operations, Mr. Lanre Ojuola lauded the initiative, noting its significance in enhancing the insurance industry’s capacity to deliver innovative solutions that benefit underserved populations.

    The programme is part of the UNDP’s Insurance and Risk Finance Facility, which seeks to build capacity within the insurance industry to promote financial inclusion and reduce vulnerability.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    Lawrence: I am a Nitel/Mtel pensioner. I did my verification on September 3, 2018, but I am yet to be put on payroll.

    I have written several emails and been to the PTAD office in Race Course, Lagos for more than 20 times, only to be told that my documents are okay.

    Instead of PTAD to pay me my pension, there is a message they send to me every quarter of the year, yet nothing is done.

    PTAD: Mr. Lawrence Adesola Olukogbon has incomplete documents. He has only an appointment letter in our database, which indicates his first date of appointment is June 1, 1985, and on his pension form he indicated it was 1977, while his retirement date was 1991.

    If we consider his first appointment date and his retirement, he only served government for six years, therefore he is not eligible for pension under DBS. However, if he has other career documents he can forward them to PTAD for review and resolution.

    OLIYE: Good day, I am a CSPD pensioner. I retired from the Federal Ministry of Education. I have not yet received my 20 percent pension arrears and 32 pension arrears.

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    PTAD: We are aware of the non-payment of 20 per cent and 28 per cent increase of this pensioner’s benefit. He is among those that are yet to be paid.

    Please be informed the arrears are paid in batches, the N32 increment will also be paid as soon as the funds are available.

    ADEKUNLE: Dear Omobola, some NITEL, MTEL and I retirees did our verification since January 20I8 and we are yet to get our due pension from PTAD. We are about 48 and our names have been forwarded to PTAD since 2020, but PTAD said we should exercise patience. I received a five years’ pension in 2007, 2009, and 2010. Kindly help us.

    PTAD: We contacted this pensioner on 08050772683 to provide his verification slip or BVN as the account number he provided (6050283692) is not in our record. But he said he was not at home to provide it.

    EKEKPOROH: My name is Ekekporoh. My complaint is about the non-payment of pension arrears. I was paid some arrears in August 2024 and December to January 2025.

    PTAD: We aware of the non-payment of 20 per cent ad 28 per cent of this pensioner, he is among those who are yet to be paid. Please be informed the arrears are paid in batches and the N32 increment will also be paid as soon as the fund are available.

    ONIPEDE: Good day, my name is Onipede. I am a severance retiree of the February 2007 batch. We were paid short gratuity and the monthly pension from the inception was wrong payments till date. This made the increments and amendments have no effect on our monthly pension.

    Also, the Federal Government’s circular of ‘Consequential Adjustment in Pension Arising from the Implementation of National Minimum Wage’ with effective from April 18, 2019 has not been effected for NIPOST retirees.

    Early this year, your office released a communiqué that the anomalies would be corrected by March 2024. But to our surprise, it was not done till date.

     Why is this so? Also, why did the core ministries’ retirees receive 45 per cent more than NIPOST. This is even as parastatals like Power Holding Company of Nigeria (PHCN), NITEL and others are receiving better pensions. I want to know what type of parastatal is NIPOST.

    PTAD: Kindly provide us with the hardcopy of your bank statement from retirement till date to enable us process your complaint of non-payment of gratuity.

    Also note that you are required to attach a complaint letter addressed to the Executive Secretary and note that we are reviewing and re-computing the Back End Computation.

  • DBS outstanding liabilities in excess of N88b, says PTAD ES

    DBS outstanding liabilities in excess of N88b, says PTAD ES

    • PenCom lauds efforts

    The outstanding pension liabilities of pensioners under the Defined Benefit Scheme (DBS) are in excess of N88 billion, the Executive Secretary of PTAD, Tolulope Odunaiya, has said.

    She made this known on Monday when she visited the Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, at the commission’s headquarters in Abuja.

    The PTAD Executive Secretary acknowledged the support and guidance provided by PenCom to PTAD over the years, as the industry regulator.

    She congratulated the Commission on the progress they had made towards settling accrued liabilities under the Contributory Pension Scheme (CPS).

    Odunaiya hoped the Directorate could continue to count on PenCom’s support as PTAD embarked on the next decade of transformative pension administration.

    Oloworaran lauded the efforts of PTAD in the management of pensions under the DBS.

    The PenCom boss, who acknowledged the crucial role being played by PTAD in pension management, affirmed that the meeting was an opportunity to deepen collaboration between the two organisations in the pension industry.

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    Similarly, PTAD is looking to foster collaborations with the Niger State Pension Board.

    Odunaiya spoke about this when she hosted the Commissioner for Finance, Niger State, Mr Lawal Maikano and Director-General of the state Pension Board, Mr Nasiru Said.

    Maikano appreciated the Executive Secretary and her Senior Management Team emphasised the importance of a healthy collaboration of both parties on the pensioners’ welfare nationwide.

    He commended the Directorate for implementing instruments which have aided the administration of pension to DBS retirees nationwide, particularly the “I am Alive Confirmation Solution”, stating that it has been completed by DBS retirees in Niger.

    He said: “We want to have a positive impact on the lives of Niger state pensioners as much as possible.

    “We also reaffirm the state’s willingness to enhance collaborations with the Directorate.’’

    The ES commended the delegates for their government’s achievements in the pension administration and affirmed the directorate’s willingness to collaborate with them.

  • PenCom directs PFAs to open more branches, centres

    PenCom directs PFAs to open more branches, centres

    The National Pension Commission (PenCom) has mandated Pension Fund Administrators (PFAs) to open more branch offices and centres across the country to enable them to attend to the problems of pensioners or face sanctions, which include a huge fee of N10milion, PenCom has said.

    The directive takes effect from August 1.

    This was contained in a circular by PenCom with reference number: PENCOM/lNSP/ClR/SURV/2025/2186 dated February 3 to Licensed Pension Fund Administrators and Custodians with subject: “Revised Circular on the operations of branch offices and service centres by licensed Pension Fund Administrators’’.

    Consequently, PFAs must ensure that their staff members at the Service Centre are graduates, full-time employees of the PFA, and not contract staff or temporary staff of the parent.

    PFAs shall no longer locate their service centres in banking or business halls of their parent, subsidiary or shareholders’ companies.

    A branch office can only be co-located in the premises of the parent, subsidiary or shareholders of the PFA, only if the entrance to the branch office is different with distinct demarcations, separating the two offices and visible signage.

    Similarly, a PFA is required to open a branch office in any state where it has up to 10,000 funded Retirement Savings Accounts (RSAs).

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    According to the circular, a PFA shall be required to open at least one service centre in a different location within the state where it has up to 20,000 funded RSAs.

    Notwithstanding, a PFA shall open a service centre in a state where it has up to 2,000 funded RSAs.

    A PFA managing RSAs of employees of state governments that are implementing the Contributory Pension Scheme (CPS) shall open a service centre where it has up to 1,000 funded RSAs.

    Also, the Lead PFA managing the Contributory Defined Benefits Scheme (DBS) of a state government shall open a branch office in the state capital. However, every PFA shall have branch offices in, at least, two states in each geo-political zone of the country.

    The circular further read: “The commission has observed the need for greater presence of licensed Pension Fund Administrators (PFAs) across the country to meet the increasing demand for pension services by the public. The commission has also observed the need for more efficient service delivery by PFAs at their branches.

    “To address this issue, the Commission has issued new minimum requirements for the operation of branch offices as well as service centres which were not covered under the previous circular issued by the Commission

    PenCom added that the circular on the operations of branch offices and service centres by LPFAs is to give effect to the provisions of Section 72 of the PRA 2014, which provides, “subject to the approval of the Commission, a PFA or Pension Fund Custodian (PFC) may open or close any of its branch offices anywhere within or outside Nigeria’’.

    Operational services would take care of pension and benefits administration and customer support.

    Pension and benefits administration covers registration and enrolment of contributors, records update, collection of contribution schedules, among others, while benefits administration covers collection of benefits payment applications and requests for accessing equity contributions for residential mortgages.

    Customer support includes attending to complaints and enquiries, RSA statements rendition, verification/enrollment of employees/retirees of treasury funded Ministries Departments and Agencies (MDAs), data recapture.

  • NAICOM gives licence to CHI Life

    NAICOM gives licence to CHI Life

    The National Insurance Commission (NAICOM) has issued a licence to CHI Life Assurance.

    Speaking during the presentation at the commission’s heaquarters in Abuja, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, urged the CHI Life Assurance executives to make a positive impact in the industry.

    He assured them of NAICOM’s commitment to creating an enabling environment for operators to thrive.

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    Omosehin emphasised the importance of compliance with regulations and advised the new management to seek clarification from NAICOM. He charged the Directors of CHI to fulfill their roles, as they would be held accountable by the Commission.

    Deputy Commissioner Technical, Dr. Usman Jankara highlighted key areas of focus in adhering to regulations.

    He said they include compliance, capital requirements, effective risk management mechanism, anti-money laundry guidelines, market conduct, and inspection.

  • College of Insurance advances learning, talent development

    College of Insurance advances learning, talent development

    Experts have emphasised the importance of equipping learning and development professionals with the skills for effective administration and leadership in the industry.

    They underscored the critical role of professional development in driving organisational success.

    The professionals spoke at the  third Learning and Development confab of the College of Insurance and Financial Management (CIFM) where stakeholders converged to discuss the theme, ‘’Nurturing Excellence: Unlocking human potential through effective talent management’’.

    President, Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Ilori, highlighted the importance of collaboration and feedback. She called for input on how the institution could better serve the industry.

     Chairman, college Board, Mr. Akinjide Orimolade, represented by Mrs. Arusiuka Adetutu, stressed the importance of equipping learning experts with relevant skills. He stated that people remain the greatest assets in the corporate world.

    “We will continue to engage in thought-provoking discussions, share best practices, and explore cutting-edge strategies for talent management. Let us work together to nurture excellence, unlock human potential, and drive success in our organisations, he said.

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    Also, the Rector of the College, Dr. Chizoba Ehiogu, highlighted the relevance of the conference theme.

    She said: “In an era of rapid technological advancements, dynamic workforce demands, and evolving business environments, continuous learning and development remain pivotal to personal and organisational success.

    “This conference serves as an opportunity to exchange knowledge, explore innovative strategies, and foster collaborations that drive sustainable growth, urging participants to challenge conventional thinking, embrace new perspectives, and work towards embedding a culture of learning in every organization” she stated.

    The guest speaker, Dr. Afolabi Ajayi, a management consultant, emphasised the significance of training and development in sustaining industry growth.

    He noted that the future of work hinges on organisations’ ability to attract, develop, and retain top talent.

    “Human resources practitioners must address evolving workplace trends, including technology integration, office automation, diversity, compensation strategies, flexible work arrangements, remote collaboration, and cross-border engagement. Retention strategies must be customised to align with emerging talent needs,” Ajayi said.

    Other notable speakers included Mrs. Chinenye Edward of Gracedge Limited, who highlighted the profound impact on employee development, engagement, retention, leadership, and productivity, and provided actionable strategies for organisations to leverage mentorship and coaching in building a pipeline of future leaders, effectively bridging potential gaps in leadership.

    During an interactive session, a chartered accountant and consultant at CRL Business Solutions, Mrs. Oluyemisi Situ, noted that organisations must position themselves as employers of choice to drive optimal results.

    She said human resources professionals must strike the right balance between setting performance metrics and fostering mentorship to build high-performing teams that exceed stakeholders’ expectations.