The Nation Newspaper

Category: Pension

  • Lasaco Assurance lists additional N9.25b shares on NGX

    Lasaco Assurance lists additional N9.25b shares on NGX

    Lasaco Assurance Plc has announced the listing of additional 9.25 billion ordinary shares of 50 Kobo each on the Daily Official List of the Nigerian Exchange Limited (NGX).

    The listing followed the completion of a private placement conducted by the company.

    Following these, the total issued, and fully paid-up share capital of Lasaco Assurance Plc has increased from 1,833,585,855 to 11,083,585,855 ordinary shares, each with a nominal value of 50 kobo.

    Read Also: Lasaco Assurance revenue rises by 24%

    According to the company, this in share capital is in line with its commitment to strengthening its capital base and supporting its long-term growth objectives.

    The company views the successful placement and listing as a significant step in enhancing shareholder value and providing increased liquidity in the market for both current and potential investors.

    The private placement aims at strengthening the company’s financial position and solidifying its standing within Nigeria’s competitive insurance industry, and supporting the long-term growth of the business.

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  • Insurers target N5tr premium income in five years

    Insurers target N5tr premium income in five years

    Insurers are set to embrace digitalisation to attain N5trillion gross premium income mark in the next five years, from the N1.17 trillion recorded in the third quarter of last year, The Nation has learnt.

    Chairman, Nigerian Insurers Association (NIA) Kunle Ahmed, who made this known at the CEOs Retreat in Lagos, said while it took them 10 years to attain N1 trillion premium target, they have been able to grow faster in two years.

    Ahmed, however, said having reached the N1 trillion mark, they needed to move faster to reach the N5 trillion mark, noting that they couldn’t do that based on the things that they used to do – how they used to serve their customers.

    He urged operators to move from the traditional model and start serving their customers in a more seamless manner, stressing that therein lies the opportunity of getting to the target.

    Speaking on the theme for the retreat, “Digital disruption and social innovation: Reshaping our traditional models,” he said it could not be more timely and relevant, as insurers navigate an era marked by rapid technological advancements and evolving societal needs,

    “It is imperative that we, as industry leaders, proactively adapt and innovate to stay ahead of the curve. Digital disruption is a force that has already begun to transform the way we conduct business, communicate, and serve our customers. From Artificial Intelligence and blockchain to big data and the Internet of Things, these emerging technologies offer unprecedented opportunities to enhance efficiency, improve customer experiences, and create new business models.                                                        “However, with these opportunities come challenges that require us to rethink our traditional approaches and embrace change with agility and foresight.

    Read Also: NAICOM orders insurers to clear outstanding claims by Dec

    Our insurance industry, known for its rich history and established practices, must now embrace the wave of digital transformation to remain relevant and competitive.

    “As we discuss digital disruption, I urge you to consider the following questions: How can we leverage technology to better understand and serve our customers? How can we harness the power of data to drive decision-making and innovation? Most importantly, how can we create a seamless and integrated digital experience that not only meets but exceeds customer expectations?

    Equally important, he said, is the role of social innovation in reshaping the insurance industry.

    “As insurers, we have a responsibility to address the evolving needs of our diverse communities and ensure that our services are inclusive, accessible, and beneficial to all. Social innovation challenges us to think beyond profit margins and focus on creating positive social impact.

    Inclusive insurance, for instance, aims to provide financial protection to underserved and vulnerable populations. By developing products that cater to the unique needs of these communities, we can foster financial inclusion and resilience. Similarly, sustainable insurance practices can help mitigate the impacts of climate change and promote environmental stewardship.

    “As insurers explore the concept of social innovation, and reflect on how they can design insurance products that are not only profitable but also socially impactful; how we can engage with stakeholders to drive collective action towards sustainability; and how we can measure and communicate the social and environmental benefits of our initiatives”, he urged.

  • NAICOM, insurance operators explore opportunities in AfCFTA

    NAICOM, insurance operators explore opportunities in AfCFTA

    As the insurance industry pushes for the opportunities in the African Continental Free Trade Area (AfCFTA) for the insurance industry, the stakeholders are strategising to position the industry to maximise the benefits.

    The stakeholders, at the workshop in Lagos for insurance companies organised by the Nigerian Insurance Industry Committee on AfCFTA themed, ‘Unlocking Opportunities: AfCFTA and the Nigerian Insurance Industry, explored the opportunities in AfCTA.

    Commissioner for Insurance, National Insurance Commission (NAICOM), Olusegun Ayo Omosehin urged operators to participate, share insights, and collaborate with one another to unlock the potential that AfCFTA would present for the industry.

    He stated that the workshop was a call to action, urging operators to strategise, innovate, and collaborate to ensure competitiveness of the Nigerian insurance industry to enable it capitalise on AfCFTA’s benefits.

    He said: “As we explore the opportunities presented by AfCFTA, let us acknowledge the immense potential of the Nigerian insurance industry. With the right strategy and collaboration, we can unlock new markets, drive economic growth, and improve the lives of Nigerians. The AfCFTA is expected to create the largest free trade area in the world, boosting economic growth, trade, investment, and economic integration.

    “For the Nigerian insurance industry, this is an opportunity to expand our horizons, continually innovate, and position ourselves for successful maximisation of the benefits. By creating a single, unified market of over 1.3 billion people and a combined GDP of about $3trillion, we expect a boost in economic growth occasioned by increase in trade and foreign investment, among others. Interestingly, the World Bank estimates that it could lift tens of millions of people out of poverty by 2035.’’

    Read Also: NAICOM, World Bank partner to strengthen insurance industry

    “In the financial services sector, AfCFTA, especially through Trade in Service, offers opportunities for increased financial integration, innovation, and inclusion. With the free movement of goods, services, and people, African financial institutions can expand their operations across borders, increasing access to financial services and promoting economic development. There is, however, the need for all stakeholders to remain positive by translating the commitments into actionable outcomes at the national and regional levels”.

    Omosehin said to achieve this, they must focus on the Schedule of Specific Commitments, particularly Cross Border Services Trade, Consumption Abroad, Commercial Presence, and Presence of Natural Persons.

    “By removing trade barriers, we can develop cross-border insurance products, attract foreign investment, and promote economic development. The development of cross-border insurance products, foreign investment, and promotion of economic development are part of the gains expected for the Nigerian insurance industry from the actualisation of

    “With the removal of trade barriers, insurance companies can develop and offer cross border insurance products, including coverage for businesses operating in multiple African countries, which can enhance the attractiveness of Nigerian insurers to multinational clients. This will also bring about increased investment as it is likely to attract foreign direct investment. This influx of capital can boost the insurance sector by providing the necessary funds for innovation, technology adoption, and capacity building in the industry.

    “We are also not oblivious of different regulatory environments across various African countries, creating complexities in compliance and operational standards. In this regard, we are committed to bilateral negotiations underpinned by Mutual Recognition Agreement (based on principle of reciprocity) and Most Favoured Treatment (on National Treatment), among other considerations. It is imperative to emphasise that the critical concern remains: our collective preparedness to capitalise on these prospects. As CEOs of insurance Companies and members of the NIA, we must ponder whether we will relinquish our position as a continental leader, allowing other nations to assume the mantle, or whether we will assert our dominance in Africa, harnessing our collective strengths to drive growth, innovation, and prosperity.”

    He commended the Nigerian Insurance Industry Committee on African Continental Free Trade Area (NII-AfCFTA Committee), and all arms of the industry for organising the workshop.

    Chair, Nii-Afcfta Committee, Mrs. Ekeoma Ezeibe said the AfCFTA aims to promote industrialisation and diversification of economies by encouraging the development of regional value chains and manufacturing sector.

    Ezeibe added that the anticipation was that diversified economic activity and sectors should lead to increased demand for insurance.

    “It is for this reason that NAICOM, on 10th May, 2022 set up the NII-AfCFTA Committee, a committee, which I have the honour to chair. The committee is to, among others, coordinate the  insurance industry’s strategic response to AfCFTA as well as liaise with the AfCFTA Secretariat and other bodies in the implementation of the agreement in the Nigerian insurance industry.

    “And as AfCFTA eventually harmonises trade and investment regulations across member countries, it is critical that the insurance sector of Africa’s largest economy, Nigeria, begins to contemplate the following potential opportunities and challenges in a continent-wide insurance regulatory regime which are harmonisation of insurance regulations among state parties in order to achieve market confidence and growth and a regulatory balance that protects consumers; multilateralism and reciprocity; Standardisation of practice.

    “Others are cross-border opportunities and risks; trade in services without barrier; Intra-continental movement of personnel; and creation of a single big market as against a near stagnant market

    “Since the creation of the Committee, we have been liaising with the National Action Committee on AfCFTA, Nigerian Office for Trade Negotiations, organised enlightenment workshops for us, the members to appreciate the work before us, attended many National Stakeholders Consultative meetings on the Agreed Five Priority Sectors under AfCFTA and workshops to consider offers from various state parties. We also hold our committee meetings every two weeks to appraise and plan towards achieving our mandate,”she added.

  • CPS retirees to get reprieve after 20 years

    CPS retirees to get reprieve after 20 years

    • To get N253b, N387b, N107b in batches

    The National Pension Commission (PenCom) has pledged to clear the 20-year debt owed retirees under the Contributory Pension Scheme (CPS).

    The Director-General, PenCom, Ms Omolola Oloworaran, made the pledge during a breakdown of how the bonds taken by the Federal Government would be spent.

    She explained that of the N758 billion bond approved by President Bola Ahmed Tinubu to clear outstanding pension liabilities, N253 billion would be dedicated to clearing accrued rights.

    Also, she said N387 billion would be committed to pension increases owed in the past 20 years of the CPS while N107billion has been committed to the Pension Protection Fund to augment pensions for low-income earners.

    She explained that accrued rights are entitlements due to workers who were working with the Federal Government before the inception of the CPS in 2004 and, of course, workers who have three years or more to their retirement date.

    She said: “We have been hearing a lot about delays in pension payments in the last few months that I took over as the DG. What this has done is that it will enable us to clear the backlog of accrued right payments. With the intervention of N758billion, those delays will no longer happen. It will be a thing of the past once the bond is issued. So, first of all, N253 billion has been dedicated to that.

    “Secondly, we also have N387 billion, which have been committed to pension increases meant to have been done since 2007, almost two decades ago where some pension increases have been pending without the government paying for them. So, yes, it’s almost two decades ago that pension increases have been done without payment. But President Tinubu has taken these issues seriously and will be paying all outstanding pension increases from 2007 till date.

    Read Also: PSC elevates three CPs to AIGs, 16 DCPs to CPs

    “The third category, which I am very passionate about, is the Pension Protection Fund.’’ 

    A total of N107 billion has been committed to it. Pension Protection Fund is expected to augment pensions for low income earners to enable them earn a living. Since the enactment of the law in 2014, this is the first time that the government is contributing to this fund. So, once the bonds have been issued and funds disbursed, retirees who are earning low pension will have the joy of their pensions being augmented through these funds that have been approved.’’

    Speaking on steps taken to ensure the funds reach the beneficiaries promptly, she said what they were doing was to ensure that they worked with relevant agencies to ensure that the processes that would lead to the issuance of the bonds were concluded in record time.

    She assured that once this was done, the Pension Fund Administrators (PFAs) would begin crediting the Retirement Savings Accounts (RSA) of retirees who would then go to the PFAs to claim their entitlements.

    Incidentally, she said, the commission held a forum with the PFAs where they committed to ensuring that the payments are made to retirees immediately the bond issuance is concluded and funds disbursed to the RSA account.

    So, the PFAs will monitor this, PenCom will have oversight and ensure that they are paying benefits as retirees come to make claims for their entitlements, she added.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    OLUWOLE: Good day, my name is Oluwole and I write on behalf of Adesola from Ado Ekiti. Two of us have been trying to do our ‘I am Alive’ many times we can’t get our eyes and the fingerprints to work on the system. What we can do?

    PTAD RESPONSE: We called the two pensioners and they informed us that they have confirmed their aliveness. Therefore, they are going to be restored on the payroll and their arrears will be paid.

    Their names and phone number are: Adesola Timothy Olorurun, 08066567011 and  Joseph Oluwale Abe, 08038040561.

    DMBIEM: I am DMBIEM, an actuary. I want answers. PTAD from 2013 to 2024 did interesting stories. They said N610billion payouts were from 2015 to 2021 and pensioners 226,328 as at the period. 

    In 2022 alone, it was 226,693 while PTAD pensioners received N754billion.

    The 2024 story was incomplete: pensions in 2025 would be N63.8billion.

    The Federal Government’s  budget for 2025  is N46.020trillion, Wages N7.476 trillion 16.2 per cent Debts Refunds N16.330 trillion 35.4 per cent All and Sundries N21.578 trillion 46.9 per cent PTAD Pensions N63.6billion 0.1 per cent PenCom Personal Savings Accounts Assets N14.990 trillion Average N53.920million from PSA Assets divided by 278,000 all alive cases. It means HOS, SIWC & PTAD Offices, with due regards, are not helping. They conspire and make pensioners to be ashamed of themselves N0.1 trillion budget.

    I challenge the three above-named issues. PTAD especially, should move HOS & SIWC to make pensions meaningful.

    I hate the starvation caused pensioners by unpaid pensions from 2004 till date.

    PTAD Response: PTAD was recently in receipt of two circulars referenced SWC/S/04/S.542/II/404 dated  November20,  2023 and SWC/S/04/S.542/II/449 dated April 30, 2024, from the National Salaries, Income and Wages Commission (NSIWC) for the approval of pension increment to pensioners under the Defined Benefits Scheme covering different salary structures. By the provisions of the circular, the Consolidated Public Service Salary Structure under which pensioners of the Civil Service Pension Department and some under parastatals falls is one of the salary structures included and is to take effect.

    Read Also: PTAD honours 100-year-old great grandma

    •PTAD was also in receipt of another letter from the National Salaries, Income and Wages Commission regarding the implementation of the consequential pension adjustment (CPA) which took effect from April 2019.

    The clarification revised the implementation of the CPA to Grade level as against the previous Pay-Band.

    Clarification from the NSIWC which revised the implementation of the CPA to Grade level was taken into cognizance and accordingly implemented on the payroll before the application of the new pension increment of 20-28 per cent as applicable which will take effect from September 2024.

    It should be noted that the arrears are paid in batches, therefore if you have not been paid, you will be in the next.

    PTAD is aware of the non payment 20% and 28% of this pensioner, he is among the list of those that are yet to be paid. Please be informed the arrears are paid in batches, the N32 naira increment will also be paid as soon as the fund are available.

    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.

    PTAD is aware of the non payment 20% ad 28% of this pensioner, he is among the list of those that are yet to be paid. Please be informed the arrears are paid in batches and the N32 naira increment will also be paid as soon as the fund are available.

    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 also note that we are in the process of reviewing and re-computing all the Back End Computation.

  • PenCom DG inaugurates advisory committee to oversee non-interest pension products

    PenCom DG inaugurates advisory committee to oversee non-interest pension products

    …charge members on transparency 

    The Director-General of the National Pension Commission (PenCom), Omolara Oloworaran, has inaugurated the Pension Industry Non-Interest Advisory Committee (PINAC), tasking it with ensuring that non-interest pension products remain transparent, secure, and aligned with global best practices.

    Speaking at the inauguration in Abuja, Oloworaran reaffirmed PenCom’s commitment to fostering innovation, inclusivity, and sustainability in pension administration. 

    She emphasized that the establishment of PINAC underscores the commission’s dedication to ensuring the Contributory Pension Scheme (CPS) serves all segments of society, including individuals seeking financial solutions that align with their ethical and religious beliefs.

    Read Also: Reps extends deadline for submission of memoranda on state, LG creation

    She further highlighted that the initiative would enhance financial inclusion and expand the reach of non-interest pension products within Nigeria’s pension industry.

    She said, “The introduction of Non-Interest Pension Funds (Fund VI) was a groundbreaking step in this direction, as it provides an investment option that is free from interest-based instruments while still ensuring competitive returns for contributors. The Rationale for the Non-Interest Advisory Committee is clear, In recent years, the commission has witnessed increasing demand for non-interest financial products, driven by a growing awareness of ethical finance principles and the need for alternative investment avenues. 

    “However, the development of this segment requires structured guidance, expert insights, and collaborative strategies to navigate regulatory, operational, and market challenges. This is precisely why we have established this Advisory Committee—to serve as a think tank, providing recommendations on best practices, governance structures, product development, and compliance with non-interest finance principles”.

    The Chairman of the committee, Prof. Adam Abubakar highlights the importance of shariah compliance monitoring system in Islamic financial institutions, stating that it cannot be overrated, it plays a vital role in ensuring compliance, building trust and enhancing credibility and reputation in the overall operations. 

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    OLUWOLE: My name is Oluwole from Ado Ekiti. Two of our members have been trying to do their “I am Alive” capture but they can’t get their eyes and fingerprints verified. It is not working. What can they do?

    LAWRENCE: I am a Nitel/Mtel pensioner. I did my verification since September 3, 2018 but I am yet to be put on payroll. I have written several emails, I have been to the PTAD office in Racecourse, Lagos 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.

    UGHULU: Hello, my name is Ughulu. My monthly pension was N30,193 but was reduced to N29,096 from September 2024. I want to know the reason for the reduction.

    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.

    ADEKUNLE: Dear Omobola, some of NITEL and MTEL retirees and I have done 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-year pension in 2007, 2009, 2010. Kindly help us.

    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.

    ONIPEDE: Good day, my name is Onipede, I am a severance retiree of February 2007. We were short paid 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. The Federal Government’s circular of ‘Consequential Adjustment In Pension Arising from the Implementation Of National Minimum Wage’ with April 18, 2019 as effective date. This has not been effected for NIPOST retirees.

    Read Also: Mixed feelings greet third-party insurance policy in Kogi, Nasarawa, Niger

    Early this year, your office issued a communiqué that the anomalies would be corrected by March 2024. But to our surprise it has not been 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, NITEL and others are receiving better pension. I want to know what type of parastatal is NIPOST.

    MRS ADEBOWALE: Good day, I am Mrs Adebowale. I retired as a teacher in 1992. Kindly let me know when the verification of the retired Primary School teacher will start.

    OMOWA: Hello, my name Omowa from Igarra, Akoko, Edo Local Government Area of Edo State. I have been receiving my monthly pension since after verification in 2019. But PTAD suddenly started paying me N27, 262 from October Kindly help resolve the issue. Thank you.

    CHRISTOPHER: Hello, my name is Christopher, I did my last ‘I Am Alive’ confirmation on August 20, 2024, making it three times I will be doing it. But, surprisingly, nothing was credited into my account last month.

    JACOB: My name is Jacob. My date of first appointment was December 2, 1970. I retired in July, 2002 My federal share of pension started from December 2, 1970 to March 31, 1976, spanning a period of five years and five months. I was placed on payroll in September 2010, leaving my arrears of pension between August 2002 and August 2010 unpaid. I made several attempts to get the arrears paid but all to no avail. I even sent my bank statements to authenticate my claim.

    THE NATION: The newspaper will intervene by sending your complaint to PTAD. Therefore, Omowa, Oyelakin, Oluwole, Lawrence, Ughulu, Oliye, Mrs Adebowale, Adekunle, Onipede, Christopher and Jacob should watch out for the pension page on Wednesdays for response from PTAD and subsequently every Wednesday for pension news.

  • Group lauds Tinubu, PenCom DG over N758b bond approval

    Group lauds Tinubu, PenCom DG over N758b bond approval

    A pension and retirement advocacy group, Contributory Pension and Happy Retirement Advocacy (COPEHRA), has commended President Bola Tinubu, Director-General, National Pension Commission (PenCom), Ms. Omolola Oloworaran, and other key government personnel for approving a N758 billion bond to clear outstanding pension liabilities.

    COPEHRA described the move as a “historic intervention” that will bring relief to retirees who have faced prolonged delays in receiving their benefits.

    COPEHRA also explained that Tinubu’s approval of the bond, ratified during the Federal Executive Council (FEC) meeting on February 4, aims to settle pension arrears that have accumulated over the past 16 years.

    From the funds, accrued rights owed to retirees under the Contributory Pension Scheme (CPS) would be paid. This covers outstanding pension increases since 2007 and the shortfall in professors’ monthly pensions.

    Experts said the bond marks a significant step toward restoring trust and efficiency in the nation’s pension system.

    COPEHRA, in a statement by its Senior Technical Advisor, Sani Ibrahim Mustapha, hailed the decision.

     “We hereby convey our congratulations to the Director-General of PenCom, Ms. Omolola Oloworaran, her management staff, and the Federal Government, headed by President Bola Tinubu, for giving a boost to the Contributory Pension Scheme, its pensioners, and retirees, Mustapha said.

    This is the first time that the Federal Government has committed funds to the Pension Protection Fund to support low-income earners under the CPS. This move signals the government’s commitment to ensuring pensioners receive their entitlements without delay,” the body added.

    Mustapha noted that COPEHRA is an advocate for sustainable, fraud-free pensions. The organisation collaborates with pension associations, market unions, pension operators, private sector bodies, and the media to promote awareness about the benefits of the CPS and ensure timely payment of pensions. He reiterated COPEHRA’s belief that a well-funded CPS is the foundation of a secure retirement system. “By taking this historic action of approving a N758 billion bond to settle long-standing pension liabilities, the Federal Government has shown compassion and resolve to help Nigeria’s pensioners and new retirees. The Federal Government has directed the Debt Management Office (DMO) to raise the funds to settle these arrears. The disbursement is expected to commence soon, providing much-needed financial relief to retirees who have endured years of uncertainty.

    Read Also: Mixed feelings greet third-party insurance policy in Kogi, Nasarawa, Niger

    “COPEHRA also urged critics of the CPS to reconsider their stance, because we believe that the government’s intervention demonstrates the effectiveness of the scheme in ensuring retirees’ financial security. With this historic approval, we call on all those agitating against the CPS to sheathe their swords and await the smiles and good news from existing pensioners and new retirees. “This move by the Tinubu administration sets a precedent for future pension management, reinforcing the government’s commitment to pensioners’ welfare. The development is expected to boost public confidence in the pension system and encourage more workers to embrace the CPS for a more secure retirement. As beneficiaries await the implementation of this decision, stakeholders remain optimistic that this is the beginning of a new era for pension administration in Nigeria.” COPEHRA added.

    Meanwhile, Ms. Oloworaran has expressed appreciation for the president’s action, noting that it would “not only relieve the financial burdens on pensioners but also strengthen confidence in the pension system”.

    She emphasised that ensuring retirees receive their due benefits is a key pillar of PenCom’s mandate.

  • Nigerian-American Chamber of Commerce ‘catalyst of growth’

    Nigerian-American Chamber of Commerce ‘catalyst of growth’

    • To celebrate 65th anniversary

    The Nigerian-American Chamber of Commerce (NACC) has been described as a “catalyst of economic growth’’ that is ever ready to assist its members, non-members and the government,

    Its President, Alhaji Sheriff Balogun, stated this at his maiden press conference in Ikeja GRA, Lagos.

    He also said the Chamber is set to celebrate its 65th anniversary in Lagos.

    The event billed for April 12 would be held at Lagos Continental Hotel, Victoria Island.

     Balogun said during the celebration, he would be inaugurated as the 20th president of NACC; as well as the NACC’s permanent headquarters, “symbolising our growth and commitment to excellence’’,  launched as well as hold awards conferment and its gala dinner held.

    Read Also: NEM Insurance pledges support for YabaTech

    Balogun added: “The Nigerian-American Chamber of Commerce has long been a beacon of excellence, fostering robust trade relationships and serving as a catalyst for economic growth. Our legacy is built upon the unwavering commitment of our members to innovation, collaboration and the pursuit of shared prosperity.’’

    During his tenure, he promised to prioritise the growth of small and medium scale enterprises (SMEs), establish Export Focus Group to guide members in accessing international markets; introduce finance options for members at competitive rates and enhance member engagement.

    Other areas are establishment of six chapters, engagement with the Federal Government’s African Growth and Opportunity Act (AGOA) implementation strategy, organise trade missions and expos,  strengthen the collaboration the association’s chapters and headquarters for effective operations; launch programmes to support startups and SMEs through provision of mentorships, resources and networking opportunities.

  • Linkage Assurance unveils Third Party Motor Plus

    Linkage Assurance unveils Third Party Motor Plus

    Linkage Assurance Plc has introduced an enhanced third party motor insurance package knownn as ‘Third Party Plus,’ offering additional protection beyond the traditional third party coverage.

    The innovative policy, designed to cater to budget-conscious vehicle owners, combines the legally required third party insurance with own damage protection, ensuring that policyholders are not left stranded in the event of an accident.

    Chief Strategy and Product Officer, Linkage Assurance Plc, Dr. Imo Okorie Imo, said unlike the conventional third party motor insurance policy pric2ble plan that provides the mandatory third-party cover while also offering some level of protection for their own vehicle,” he explained.

    He noted that the Third Party Plus was developed in response to market demand, ensuring that customers who cannot afford comprehensive insurance are still protected against both third-party liabilities and personal vehicle damages.

    Read Also: NEM Insurance pledges support for YabaTech

    “By law, third party insurance is compulsory, covering damages to others. However, to provide additional security for our customers, we introduced this hybrid plan, which has received regulatory approval,” he added.

    On seamless online access via Linkage Assurance portal, he said: “To enhance accessibility and ease of purchase, Linkage has launched a dedicated online portal where customers can seamlessly buy and manage their policies from anywhere. Interested vehicle owners can purchase the Third Party Plus Insurance via our website, portal or at our physical offices at Lekki Phase 1, Lagos (H/O), Lagos Mainland (Ilupeju), Abuja, Yenagoa, Port Harcourt, Umuahia, Enugu, among others.