The Nation Newspaper

Category: Pension

  • NEM Insurance made N108b in 2024

    NEM Insurance made N108b in 2024

    NEM Insurance Plc achieved a huge turnover during the 2024 financial year as it recorded insurance revenue of N108billion.

    This, according to the company, reflects commitment to strategic growth and solidifies its doggedness in the  market.

    In a statement, the company said it paid N23billion claims to policyholders in the year under review.

    Again, NEM said, is part of its promise to support and ensure its customers bounce back to their various businesses.

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    The statement read: “In the area of profitability, we showed strength, achieving over N20billion in profits, despite the challenging operational environment in 2024. This shows how we were able to successfully navigate the environment in the outgone year.

    “Overall, we delivered an exceptional performance in 2024, increased revenue, strong profit margin and a formidable balance sheet size of over N100billion. Looking forward, NEM promise to deliver value to stakeholder.,

    “We are upscaling our collaborations and partnerships. Our strategic investments in capacity building, among others, position us to meet the emerging needs of all our customers. Our philosophy is centered on our stakeholders’ vision of making the company a model of sound insurance practice for the nation’s insurance industry and participate actively in the economic development of Nigeria.’’

  • PTAD honours 100-year-old great grandma

    PTAD honours 100-year-old great grandma

    • ‘We are committed to delivering services with respect, empathy’

    The Pension Transitional Arrangement Directorate (PTAD) has honoured a 100-year-old great grandma, who visited their office at the Old National Assembly Complex, TBS, Lagos to express her appreciation to the agency’s service to pensioners, the Executive Secretary, Ms. Tolulope Odunaiya has said.

    Odunaiya, who in her X post said her kind words meant alot to them, said they are committed to delivering exceptional service with respect and empathy.

    She maintained that prioritising the welfare of our pensioners is their ultimate goal.

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    Those who respect the elderly pave their road toward success, she said.

    She reiterated commitment to the welfare of its pensioners in line with its mandate and that the Renewed Hope Agenda of President Bola Ahmed Tinubu, remains resolute.

    The PTAD boss added that the Directorate’s has been paying monthly pension and arrears regularly.

    She said there has also been regular payment of arrears to some batches of pensioners in line with approval from the National Salaries, Incomes and Wages Commission; and payment of gratuities and death benefits to pensioners and Next-of-Kin of deceased pensioners.

  • Valentine’s Day: Cornerstone Insurance Foundation, Lagos Food Bank partner on school feeding

    Valentine’s Day: Cornerstone Insurance Foundation, Lagos Food Bank partner on school feeding

    Cornerstone Insurance PLC Foundation has sponsored the Lagos Food Bank Initiative (LFBI) School Feeding programme for Valentine’s Day.

    The schools that benefited from the food distribution partnership initiative include Divine Wisdom, Idera Oluwa, and Debby and Frank, all located in Agege, Lagos State.

    General Manager, Cornerstone Insurance Plc, Charles Nwachukwu, who spoke with reporters at the LFBI office in Ikeja, reaffirmed the company’s dedication to improving the welfare of underserved communities.

    He said: “We are proud to be part of this laudable initiative to give a sense of belonging to our school children, especially the less privileged children this Valentine’s Day. There is no better time to do this than now.

    “It is time to show love to the people of our immediate community through insurance. Our slogan this period is “Show Love with Insurance”. We need to affect our environment positively by showing love and giving to help those who are in need,” Nwachukwu said.

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    Head of Marketing and Corporate Communications, Cornerstone Insurance Plc, Cordelia Ekeocha, said the foundation’s logo represents a caring hand, hence the ongoing commitment to making a difference through partnerships with NGOs.

    “Since 2013, we have been working with different Non-Governmental Organisations (NGOs) and institutions in various ways to impact the lives of the people in our immediate communities.

    “Cornerstone Insurance Plc Foundation (CIPLCF) serves as the corporate social responsibility (CSR) arm of Cornerstone Insurance Plc, focusing on initiatives that uplift communities and improve societal well-being. The Education Enhancement Intervention for Food Insecure Students (EDUFOOD) is a programme by LFBI aimed at improving the nutritional status and health of food-insecure students in low-cost primary and secondary schools within underserved communities in Lagos State,” she said.

  • ‘Mutual Benefits paid N34.54 billion claims in 2024’

    ‘Mutual Benefits paid N34.54 billion claims in 2024’

    • Reaffirms commitment to policyholders

    In a demonstration of commitment, Mutual Benefits Assurance Plc and its subsidiary, Mutual Benefits Life Assurance Limited, disbursed claims totalling N34.54 billion to its policyholders in 2024.

    According to the company, the significant payout underscores the company’s commitment to financial security and customer satisfaction, despite rising economic challenges.

    The claims paid covered General and Life Insurance, reflecting Mutual Benefits’ ability to fulfill its obligations across various insurance segments.

    General Insurance claims totalled N12.24 billion, with the Oil & Gas sector recording the highest payout of N2.54 billion, followed by Fire Insurance claims at N2.39 billion and Motor Insurance at N2.29 billion.

    General Accident claims amounted to N1.83 billion, while Marine Insurance payouts stood at N1.30 billion. The Aviation sector recorded claims of N1.70 billion, and Engineering Insurance claims reached N785 million, while Agric Insurance had the lowest non-life payout at N11 million.

    On Life Insurance, Mutual Benefits Life Assurance paid a total of N22.30 billion claims. Group Life Claims led the segment with N7.93 billion, followed by Maturity Claims at N6.75 billion and Surrender Claims at N4.77 billion.

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    Other payouts included N1.42 billion for Individual Death Claims, N1 million for Partial Withdrawals, N279 million for Credit Life Claims, and N43 million for Annuity Claims.

    The Managing Director/CEO, Mutual Benefits Assurance Plc, Mr. Femi Asenuga, emphasised the company’s focus on timely claims settlement.

    He said: “Through these substantial payouts, we continue to uphold our promise of prompt claims settlement, reinforcing the trust our policyholders place in us.”

    Also, the Managing Director/CEO, Mutual Benefits Life Assurance Limited, Mr. Biyi Ashiru-Mobolaji highlighted the company’s commitment to efficiency and excellence.

    “Our priority has always been ensuring a seamless and speedy claims process. This achievement reflects our dedication to reliability and customer satisfaction.

    “Mutual Benefits is a leading insurer in Nigeria and the West African sub-region. At our 29th Year Thanksgiving Service in Lagos. During the event, the company assured shareholders, policyholders, and stakeholders that, should the National Insurance Commission (NAICOM) introduce a recapitalisation directive this year, Mutual Benefits is well-prepared to navigate the process seamlessly.

    “Backed by strong balance sheet growth and strategic investments in oil and gas assets, Mutual Benefits is well-positioned for sustained industry leadership,” he added.

  • STI embarks on radio campaign on Enhanced Third Party Motor Insurance

    STI embarks on radio campaign on Enhanced Third Party Motor Insurance

    Sovereign Trust Insurance Plc has announced that it will be embarking on a Pan-Nigeria radio campaign for the next 13 weeks to promote one of its home-grown motor insurance policies, the Enhanced Third Party Motor Insurance Policy (E3P)

    This was made known by the Head of the company’s Corporate Communications and Investor Relations, Segun Bankole at a media parley in Lagos over the weekend.

    According to him, the Enhanced Third Party Motor Insurance Policy is a unique product designed to meet the demands of the motor insuring public who want value for money on the premise of affordability.

    He explained that unlike the conventional Third-Party Motor Insurance which only cater for the third party in the event of a mishap, the Enhanced Third-Party Motor caters for both the insured and the Third Party in the event of a road crash with an annual premium of N25,000 only while the conventional Third Party Motor insurance is N15,000.

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    He said: “The only beneficiary for compensation with a Third party motor insurance cover is the third party as the name of the product suggests while on the other hand, the insured and the third party gets compensated with the Enhanced Third-Party Motor insurance cover.

    “For the Enhanced Third-Party Motor Insurance, (E3P), The insured gets indemnified to the tune of N500,000, and the third party to the tune of N3milion as applicable with a Third Party Motor Insurance Policy.

    The nationwide radio campaign will span all the major commercial cities in the country, namely, Lagos, Ibadan, Akure, Enugu, Port Harcourt, Kaduna and the Federal Capital Territory, FCT, Abuja”.

    Bankole noted that with the enforcement of the Third-Party Motor Insurance Policy, it has become very imperative for motorists across the country to “put their money where they will get optimal value’ and that can only be with the company’s home-grown motor insurance cover, the Enhanced Third-party Motor Insurance, E3P”, he noted.

  • Fed Govt targets $30b in raw materials digital platform

    Fed Govt targets $30b in raw materials digital platform

    The Federal Government has targeted a $30 billion investment over the next decade through the Nigeria Raw Materials Management Information System (RMMIS), a digital platform designed to enhance industrialisation, attract investment, and optimize the country’s raw material resources.

    The initiative, spearheaded by the Raw Materials Research and Development Council (RMRDC), is a national digital repository of real-time, accurate, and accessible data on Nigeria’s raw materials.

    Speaking at the launch of the information system in Abuja yesterday, the Minister of Innovation, Science, and Technology, Chief Uche Nnaji, noted that the platform will empower manufacturers with reliable data for local sourcing, reducing import reliance and boosting domestic production.

    The RMMIS, Nnaji said, would enable policymakers have access to empirical data for targeted policies, which could increase semi-processed mineral exports to $9billion by 2030.

    He added that  the agriculture, mining, and manufacturing sectors could maximise raw material use, fostering job creation and boosting investments by $20billion in the next decade.

    Furthermore, he said the initiative is also expected to conserve foreign exchange reserves, potentially saving $10 billion annually while strengthening the naira.

    While noting that the platform will attract investments through efficient resource management, he highlighted how the lack of comprehensive data on raw material reserves, quality, and locations has hindered industrial growth, leading to high import dependence and reduced investor confidence.

    “Manufacturers struggle to source reliable local inputs, while investors hesitate due to limited resource visibility. Researchers and innovators also face challenges in developing new products without comprehensive data,” he said.

    The Minister of State for Industry, Trade, and Investment, Senator John Enoh, while acknowledging  the industrial challenges Nigeria faces due to inadequate data and record-keeping, said relevant stakeholders must recognise that the country’s industrial manufacturing sector operates at a median of about five per cent capacity due to challenges in sourcing raw materials.

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    Enoch emphasised on the critical role of data in economic development.

    “This underutilisation cripples our economy and denies people job opportunities. This platform will unlock opportunities for industrial expansion, job creation, and technological advancement,” he said.

    He however noted that over 70 per cent of Nigeria’s agricultural inputs are imported, a situation the new system seeks to address.

    Enoh also cited global best practices, noting that the European Union has implemented similar systems to integrate data, foster innovation, and attract investment.

    He urged stakeholders to collaborate in ensuring the success of the initiative. “No country has achieved sustainable development without industrialization. We must be deliberate in driving this transformation,” he stated.

    Also, the Director-General and Chief Executive Officer of RMRDC, Prof. Nnanyelugo Ike-Munonso, said the RMMIS is the first of its kind in Nigeria’s manufacturing sector.

    This, he said, will enhance data-driven decision-making, optimise resource allocation, and drive industry development,” he stated.

    He stated that the system developed with support from key stakeholders and aligned with the RMRDC’s 10-year roadmap, covers over 17,000 data points on raw materials across Nigeria.

    He added that the platform is expected to strengthen research and development, improve supply chain planning, and attract investment into the sector.

    He said: “Today, we do not just launch a digital tool; we usher in an era of transparency, efficiency, and resource-driven industrial growth. This is President Bola Ahmed Tinubu’s Renewed Hope Agenda in action, bringing Nigeria one step closer to realising its full potential

    “The success of this initiative depends on active collaboration. We invite government agencies, industries, and development partners to integrate this system with other critical databases to unlock Nigeria’s full potential.”

  • CPS becoming unattractive over delayed pension, others

    CPS becoming unattractive over delayed pension, others

    The Contributory Pension Scheme (CPS) under the watch of the National Pension Commission (PenCom) is fast becoming unattractive no thanks to the delayed pension from accrued rights and other challenges encountered by workers and retirees under the scheme.

    Other factors affecting the CPS are low returns on investment, which has barely covered a high inflation rate, refusal by PFAs to transfer retirees from Programme Withdrawal to Life Annuity, refusal to transfer workers from one PFA to a preferred PFA, confusion and lack of awareness among contributors, retirees and the general public, among others.

    Thousands of retirees are yet to receive their benefits about four years after retirement.

    The scheme is no longer operated as a ‘pay as you retire’, a part that necessitated pension reform in the country in 2004.

    Some of the workers and retirees who have one problem or the other cried out to the newspaper for help.

    Mr. Elijah, a retiree of the Yaba College of Technology, said he quit work since October 2023.

    He called on the National Pension Commission (PenCom) to ensure the payment of his pension, stating that many of his colleagues were also yet to be paid.

    For Mr. Legborsi, husband to the late Janeth, who until her death on January 5, 2022, was a staff member of University of Port Harcourt Teaching Hospital, Rivers State, life has been tough since her death.

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    He said: “As her husband and next-of-kin, I reported the matter to the relevant authorities and  required documents by her PFA, Sigma-Access now Access ARM were submitted.

    “Unfortunately, nothing has been paid from then till date from her PFA. On several occasions, I am told that my files are with PenCom. While moving about crying and complaining, someone gave me The Nation’s contact and that is why I have come to ask for help.

    “Within this period my mother-in- law also died. Our children also needed the money. The payment of her rights and contribution would be ready in 18 months, according to their policy, but it’s more than 18 months and they were yet to pay. We are using this opportunity to appeal that you use your good offices to help us so we can move on with our lives.’’

    Another retiree, Mr. Mukaila, who is on Programme Withdrawal, requested that his PFA transferred his to an insurance company  to enable him purchase Life Annuity but the PFA has not done so.

    “I retired from Nigerian Correctional Service, on July 1, 2021. My PFA is First Guarantee now Access Pensions. I was paid my lump sum after about a year and some months after my retirement. It was after that I started receiving my monthly pension on Programme Withdrawal.

    “However, I discovered that the money is too small for me to survive going by the economic realities and I decided to move my balance of money at Access Pensions to Leadway Assurance Company on Annuity. I discussed with the Access bank official who told me that a month’s salary would be deducted from my balance after which the balance would be sent to my Leadway Assurance through PenCom.

    “The processing took off on January 6, 2025. Our pay day is every 15th of the month. As such I ought to be paid on the 15th of January 2025 but I was not paid. Consequently, I called in February to ask when I would be paid. I was told I have to count 20 working days as from the 6th of January 2025. That was the day I submitted my application. The 20 working days have lapsed since January 31, 2025. Payday for February is approaching and I am afraid I won’t be paid again.

    “If I am not paid by this date, it would have been two consecutive months that I am not paid. Things are getting tougher for me. The people and financial institutions I owe have started troubling me every day. I am equally hungry. Please help me,” he appealed.

    On the part of Mrs. Oruh, she is yet to receive pension benefits after retiring in 2020.

    “I worked with NIPOST for 16 years before I transferred to Bayelsa State Civil Service in 2006 and retired in 2020. I have done everything about clearance with my documents at the Premium Pension office in Bayelsa State and finally did my capture on October 6, 2023. Yet, I have not been paid,” she added.

  • NIA DG calls for awareness against negative perception

    NIA DG calls for awareness against negative perception

    The Nigerian Insurers Association, (NIA) has reiterated the need for continuous insurance awareness to eliminate the prevailing negative perception about insurance.

    NIA Director-General, Mrs Bola Odukale made the assertion yesterday in Lagos.

    According to her, insurance practitioners must always put themselves in the face of the people through collaboration with the media.

    She said: “Image making is part of the business of insurance, especially for an industry like ours that everybody claims much of the time that they don’t know much about. We keep hearing things like ‘we don’t know anything about insurance’ and the feedback is always like everybody seems to lack knowledge of insurance in its entirety. Everybody seems to be in the dark about insurance or what insurance is all about and this has been a recurring decimal as far as the trajectory of the industry is concerned.

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    “So, what that says is that there must be continuous engagement, we must continuously put ourselves in the face of the people. Nobody will say they don’t know what the banks do.  Lot of people don’t claim ignorance about the banking sector like they do about insurance.

    “Hence, the fact remains that the media is part of us and the image maker of the industry. Collectively, as an industry, you remain the image maker of our industry. You are a vital part of us as far as this industry is concerned, hence matters with you cannot be taken with levity and I want to assure you that we are going to be working together.”

    Mrs Odukale added: “What that means is that we still have a lot of work to do and we must continuously ensure that we do the right thing, continuously projecting our industry out there and in a very bright light. I am saying that to re-emphasise the fact that you are key to us, and we are also willing to work together with you.”

  • PTAD chief praises Ikeazor’s legacies of verification, electronic payment, others

    PTAD chief praises Ikeazor’s legacies of verification, electronic payment, others

    The Executive Secretary, Pension Transitional Arrangement Directorate (PTAD), Tolulope Odunaiya has praised her predecessor, Sharon Ikeazor’s legacies of verification of pensioners, introduction of electronic monthly pension payment, arrears, establishment of pensioners database, among others.

    She spoke when the former Executive Secretary, Ikeazor paid a courtesy visit to the Directorate to show support.

    Ikeazor held a meeting with the new ES, Ms Odunaiya and commended the staff members for their excellent work.

    They toured the Directorate. Odunaiya, however, expressed her gratitude for the foundation laid by her predecessors.

    The ES remarked that the visit was an honour and a testament to the lasting legacy of  Ikeazor’s leadership and commitment to public service.

    According to her, this has contributed to PTAD’s continued success.

    Odunaiya reiterated that PTAD will improve on the welfare of pensioners under the Defined Benefit Scheme (DBS).

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    She said: “Our overall success is not just as the result of deploying information technology, more critically it has been as a result of political will and strong support from the current administration and key stakeholders; strategic and strong leadership at the helm of PTAD; efficient and effective deployment of available of resources and human capital, and the investment in human capital development; creativity, initiative, passion, commitment and empathy of management and staff; and collaboration and support from pensioners and their union representatives.

    “The Directorate’s ‘I AM ALIVE Confirmation Solution’ has been slated for database cleanup. Launched April 2023, so far 50,553 have been confirmed ‘Alive’.

    “There will be improved welfare of the DBS pensioners, including access to health insurance for pensioners; increased coverage across Nigeria – opening more state offices; harmonisation of pensions to enable pensioners who retired on the same grade level and step under the same organisation at different years earn a unified pension for equity; and implement constitutional provision of five yearly pension increment due in 2024.’’

  • Lasaco Assurance revenue rises by 24%

    Lasaco Assurance revenue rises by 24%

    Lasaco Assurance Plc unaudited financial results for the year ending December 31, 2024, shows significant growth.

    Its revenue reached N22.6 billion, while total assets for the year stood at N30.47 billion.

    Total liabilities amounted to N18.42 billion with net investment result standing at N8.77 billion.

    The Group posted a profit before tax (PBT) of N2.17 billion and a profit after tax (PAT) of N1.89 billion.

    Managing Director, Lasaco Assurance, Mr. Razaq Abiodun stated that the Group’s shareholders’ fund at year-end was N12.05 billion, demonstrating a strong financial base.

    He said: “With the successful completion of the N10.8 billion private placement, the company is now better positioned for enhanced stability and strategic growth. The Lasaco Group, comprising Lasaco Assurance Plc, Lasaco Trading & Investment, and Lasaco Properties Limited, demonstrated strong individual growth, collectively making a significant impact on the group’s overall financial performance.

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    “Each subsidiary played a strategic role in driving revenue, expanding market reach, and strengthening the group’s diversified portfolio. Their combined contributions reinforced the company’s financial stability and positioned the group for sustained growth in an increasingly competitive market. The Parent Company’s profit before tax (PBT) increased by 11.3% to N1.87 billion, while profit after tax (PAT) grew by 20.7 per cent, reaching N1.59 billion. Shareholders’ fund for the Parent Company stood at N11.75 billion as of 31st December 2024.

    “However, strategic efforts have been made to enhance shareholders’ funds through private placement, a move that will not only strengthen the company’s financial position but also bolster its credibility and capacity to drive greater business expansion. We are delighted with the financial performance recorded in 2024. The results are a testament to the hard work and dedication of our team, as well as our ability to adapt to market conditions. Despite facing external challenges, we have managed to drive growth in our investments and core business segments. As we operate in 2025, we remain focused on sustaining this positive momentum and creating long-term value for our shareholders and customers.’’