The Nation Newspaper

Category: Pension

  • PTAD unveils mobile ‘I Am Alive’ confirmation app

    PTAD unveils mobile ‘I Am Alive’ confirmation app

    The Executive Secretary, Pension Transitional Arrangement Directorate (PTAD), Tolulope Odunaiya, has introduced a Mobile ‘I Am alive’ confirmation to support pensioners who could not validate their life status using  either facial or fingerprint due to disabilities and/or health challenges.

    In a statement, Odunaiya said pensioners who were unable to validate their status using either facial or fingerprints due to disabilities and or health challenges could now get a reprieve with the mobile system.

    She said: “Pensioners who are unable to validate their status of life using either the facial or fingerprint due to disabilities and/or health challenges, such pensioners should apply to PTAD for a Mobile “I Am Alive” confirmation’’. She said the application would be done by filling an online form made available on the PTAD website, including the following attachments: Pictures/video of pensioner, medical report and pensioner verification slip.

    “Upon application approval by the appropriate signatory, a Mobile “I Am Alive” confirmation will be carried out by a scheduled visit to the pensioners’ address. Where a scheduled visit to the pensioners’ address is not feasible, a video conference call with the pensioner can be carried out. However, for diaspora pensioners who are unverified and on payroll, a Certificate of Aliveness from the Nigerian Embassy or Nigerian High Commission in the country of residence should be submitted by the pensioner every six months as a form of validating status of life”.The ES stated that the Directorate does not charge pensioners’ fees for its services.

    “It is absolutely free. Therefore, under no circumstance will a ‘fee for service’ be charged to pensioners for the use of the application to confirm the status of their aliveness”.

    She directed service support staff to show empathy with pensioners when assisting them with the application, bearing in mind that most are not technology savvy and will need to be guided carefully and gently.

    She maintained that state offices shall not operate as agent centres.

    “For  they will not provide Office- based I Am Alive confirmation services to walk- in pensioners using fingerprint scanners. They must be scheduled from HQ and make themselves available on the agreed dates to complete the process. Thus, the state officers will only give guidance, take inquiries, resolve complaints, and document complaints they need to escalate to the Headquarters.”

    The Executive Secretary enjoined the unions and pension desk officers to act as intermediaries or focal officers between the Directorate and its pensioners as necessary for first line enquiries and complaints resolution, provision of grassroots advocacy and support to facilitate adoption and transmission, translation of the ‘I Am Alive’ confirmation service guidelines as appropriate through their networks and administrative structures and continuous notification to their members of their due dates for confirmation of their aliveness.

    Read Also: PTAD creates awareness for pensioners to confirm aliveness half yearly

    She further urged them on the Implementation of Know-Your-pensioners (KYP) activities that will assist PTAD with obtaining credible information on pensioners for better service support, assist pensioners to understand the processes and regularity of performing the I Am Alive Confirmation, sending of complaints to the Directorate on behalf of other pensioners, providing feedback on PTAD’s policy initiatives including the I Am Alive Confirmation solution to ensure improvement in service delivery

    Odunaiya reminded pensioners to confirm their aliveness on PTAD “I Am alive” confirmation platform every six months or as determined by management from time to time for them to continue to enjoy their monthly pension.

    She emphasised that pensioners who fail to confirm their ‘I Am Alive’ status at least every six months or as determined by management will be dropped from the payroll and moved to the “Likely deceased pool” until such dropped pensioners reconfirm their aliveness to be reinstated to the payroll.

  • Linkage Assurance CFO is ICAN-NIA chapter chair

    Linkage Assurance CFO is ICAN-NIA chapter chair

    Chief Financial Officer(CFO), Linkage Assurance Plc, Dr. Emmanuel Otitolaiye has been inaugurated as the pioneer Chairman, Institute of Chartered Accountants of Nigeria (ICAN)-Nigerian Insurers Association(NIA) Chapter

    The chapter was inaugurated by the 60th President of ICAN, Davidson Alaribe, in the company of accounting and insurance professionals in Nigeria at a ceremony at the  Insurers House in Victoria Island, Lagos.

    Otitolaiye said the executive committee would uphold the highest standards of professionalism, promote excellence in accounting, and advance members’ interests.

    Read Also: Dikko joins Interregional African Ministerial Meeting in Banjul

    Specifically, he stated that his administration will focus on membership drive, training and events, through collaboration and partnerships.

    He said: “As we navigate the ever-evolving landscape of business and finance, we must embrace innovation and stay at the forefront of emerging trends and technologies. The challenges we face require us to adapt, evolve, and continuously expand our knowledge and skills.

  • ‘Third-Party Motor insurance enforcement game-changer’

    ‘Third-Party Motor insurance enforcement game-changer’

    The move by the Nigeria Police Force to start the enforcement of the Third-Party Motor insurance Policy from February 1, is a game-changer for the insurance industry, the Chairman, Nigerian Insurers Association (NIA), Kunle Ahmed, has said.

    In a statement, Ahmed applauded the Inspector-General of Police (IGP), Kayode Egbetokun, for the step, stating that it will encourage greater public trust in insurance, reduce uninsured risks, and stimulate economic activity.

    He said: “The enforcement of third party motor insurance is a welcome development that is timely and commendable action by the Nigeria Police Force. It is not only a compliance issue; it is a vital strategy for ensuring financial protection for victims of road accidents and the car owners. The third-party insurance policy also provides compensation for property damage and medical care for injured third parties, which further contributes to building confidence in the insurance sector.

    “The NIA recognises the immense potential of this enforcement to drive positive change in the insurance industry and the broader economy. With millions of vehicles on Nigerian roads, this move is expected to increase the number of genuinely insured vehicles, reduce the prevalence of fake insurance policies, and create a more robust safety net for motorists and road users alike.’’

    Ahmed explained that the initiative aligned with his administration’s agenda to prioritise increasing awareness of the benefits of insurance.

    Read Also: Linkage Assurance offers affordable motor insurance

    “As the enforcement takes effect, I want to assure the insuring public and other stakeholders that our members are fully prepared to provide seamless access to third party motor insurance policies through authorised channels, ensuring that every Nigerian motorist can protect their risk and comply with the law.

    “We will work with our members to ensure efficient service delivery, innovative products, and improved customer experiences. The NIA has also set up initiatives to collaborate with the National Insurance Commission (NAICOM) in increasing public awareness and sensitisation efforts to educate Nigerians about the benefits of genuine motor insurance policies.

    “The NIA calls on vehicle owners nationwide to take full advantage of this opportunity by obtaining their third-party motor insurance policies through licensed and authorised insurers. We can build a safer, more accountable, and better-protected road network for all Nigerians,” he added.

  • NCRIB x-rays Tax Reform Bill

    NCRIB x-rays Tax Reform Bill

    Nigerian Council of Registered Insurance Brokers has expressed its desire to be classed among small firms with turnover of N50 million and below or fixed assets with less than N100 million that would enjoy tax exemption as stipulated in the 2024 Tax Reform Bill.

    They made known their stand at the “Breakfast Series with the President”, themed: “2024 Tax Reform Bill: What’s in it for Brokers” in Lagos.

    The guest speaker, Mr. Adesina Adedayo, noted that the Bill could impact operations, profitability and ensure compliance by brokers.

    Read Also: NEITI endorses Tax Reform Bills

    Adedayo,  a tax advisor, explained that the Bill could enhance compliance and revenue generation, simplify the tax system and promote growth and investment.

    Also, President of the Council, Prince Babatunde Oguntade noted that the Council would make input that would have far-reaching implications for growth and development, noting that the insurance brokers would successfully navigate the complexities of tax reform and emerge stronger and more resilient than ever before.

  • REX Insurance appoints four executives

    REX Insurance appoints four executives

    The Board of Rex Insurance Limited (Rex) has announced the appointments of some key executives.

    They are Adesola Akintayo as Executive Director, Technical; Abayomi Kayode as Chief Financial Officer (CFO); Adeyinka Aderombi as Chief Digital Information Officer (CDIO); and Kazeem Sulaimon as Head, Underwriting.

    The appointments have been approved by the National Insurance Commission (NAICOM), the company said.

    Chairman, Dr. Ike Chioke, said the appointees would play a pivotal role in driving the company’s strategic initiatives and fostering continued growth as they bring a wealth of experience and expertise to the company.

    Read Also: FG pledges to expand health insurance, care for women with obstetric fistula

    He said: “Furthermore, the company stated that these four appointments were done to ensure that Rex Insurance continues to exploit the opportunities that abound in the general insurance space and ensure continued growth for the company, especially as it seeks to focus on technical competence, financial growth, and become a digital insurance company, offering efficient and seamless services to its clientele.’’

  • Oil and gas excites mutual benefits

    Oil and gas excites mutual benefits

    • Ready for recapitalisation

    Mutual Benefits Assurance Plc has embarked on a strategic investment in the oil and gas sector, its Chairman, Dr. Akin Ogunbiyi, has said.

    He spoke at the firm’s 29th Annual Thanksgiving Service in Lagos.

    He was optimistic that the decisions would make it a leader in the industry.

    He also said the company was ready for recapitalisation should the National Insurance Commission (NAICOM) decide to initiate it during the year.

    Read Also: Rethinking oil and gas governance for development

    He said: “Two years from now, with our strategic investment in oil assets which have gone into production, Mutual Benefits Assurance Plc will be the biggest insurance company in the industry. Apart from the substantial investment, the company is equally the financier of the assets.”

    “From the little effort we have been doing, we had to look for a commensurate long-term investment, we can do with our life fund and with the permission of NAICOM, we invested in the oil assets. We are optimistic that we will keep growing and with the impact these assets will have on our balance sheet the blue sky will not limit us.”

    Managing Director/CEO, Mutual Benefits Assurance Plc, Femi Asenuga, noted that despite the harsh economic situation last year, the company grew its gross premium written to about N40 billion compared to about N23 billion the previous year.

    He was optimistic that this business year would even surpass the achievements of last year.

  • Leadway donates N117m to Borno flood victims

    Leadway donates N117m to Borno flood victims

    Leadway Group has donated N117 million in relief packages and cash to the Borno State flood victims in response to the floods that have devastated communities across the state.

    The disaster affected over a million residents, displaced thousands, and caused significant damage to infrastructure and property.

    The Leadway’s financial contribution is aimed at easing the burden on affected communities, support the state’s recovery efforts, and assist thousands of displaced residents as they rebuild.

    Read Also: Benefits of wealth creation through pension, by Leadway Pensure boss

    The donation, which comprises essential cooking supplies and hygiene products valued at N92 million and N25 million cash was offered to the relief fund and a non-governmental organisation (NGO) providing critical services to the displaced persons for distribution to them by individuals identified by the Borno Flood Relief Project Committee.

    Group Chief Executive Officer, Leadway, Tunde Hassan-Odukale, stated: “We deeply empathise with the people and government of Borno State during this difficult time.

  • LASACO Assurance pays N443m benefits to SUBEB, council workers’ families

    LASACO Assurance pays N443m benefits to SUBEB, council workers’ families

    Lasaco Assurance PLC has disbursed N443 million as death benefits to 132 families of deceased Local Government and State Universal Basic Education Board (SUBEB) staff members, its Managing Director/CEO, Mr Razzaq Abiodun, has said.

    He spoke during the presentation of benefits at the Ministry of Local Government, Chieftaincy Affairs, and Rural Development in Alausa-Ikeja.

    Abiodun, who was represented by Mr. Dimeji Olona, expressed appreciation for the state government’s commitment to its employees.

    He stated that the initiative underscored Lasaco Assurance’s dedication to honouring its promises, providing unwavering support and financial security to its clients and their loved ones, during challenging times.

    He commended the role played by Haggai Insurance Brokers in the distribution of benefits, highlighting the importance of such partnerships in delivering on commitments to clients.

    He said: “Lasaco Assurance remains steadfast in its mission to provide comprehensive insurance solutions that offer peace of mind to its clients. Through unwavering commitment and strategic partnerships, Lasaco continues to demonstrate its loyalty and dedication to fulfilling promises, ensuring that the welfare of its clients and their families remain at the forefront of its operations.

    “This recent disbursement not only reflects the company’s core values but also serves as a testament to its role as a dependable partner in safeguarding the interests of the people of Lagos State.

    The Permanent Secretary, Ministry of Local Government, Chieftaincy Affairs and Rural Development, Mrs. Kikelomo Bolarinwa, commended Governor Babajide Sanwo-Olu for his dedication to staff welfare and applauded the efforts in ensuring the well-being of the state’s workforce.

    Read Also: Lasaco Assurance records N1.68n profit before tax

    Mrs. Bolarinwa urged the beneficiaries to honour the memory of their loved ones by utilising the funds judiciously, ensuring that the support provided by the deceased is translated into meaningful and lasting benefits for their families.

    Managing Director/CEO of Haggai Insurance Brokers, Mr. Segun Amure, expressed gratitude to Lasaco Assurance PLC for its reliability and steadfastness in fulfilling its obligations.

    He urged the beneficiaries to make good use of the funds, reflecting the hard work and dedication of their departed family members.

    Director, Teachers Pension Department, representing Local Government and State Universal Basic Education Board (SUBEB), Mrs. Toyeebah Olona sympathised with the beneficiaries, acknowledging their grief and urging them to find solace in the support provided.

    She emphasised the importance of respecting the wishes of the deceased by managing the funds wisely to ensure the continued well-being of their families.

  • Police fund under CPS hits over N3.5tr

    Police fund under CPS hits over N3.5tr

    The Nigerian Police Force has over N3.5trillion in the Contributory Pension Scheme (CPS), The Nation has learnt.

    Should the police withdraw from the scheme, about N5trillion would be affected in the wallet, which stands at N22 trillion as at last September.

    The Director-General, National Pension Commission (PenCom), Ms. Omolola Oloworaran, stated these known to reporters.

    Oloworaran emphasised the need for the police to remain in the scheme for them to not lose the funds.

    She said: “Based on our last estimate, it was going to cost N3.5 trillion if the police exit the scheme. And I told my team that it is not even the real cost because they have not looked at the opportunity cost, which is going to be close to N1.5trillion. If you add the opportunity cost to the actual cost, it will run into about N5trillion. So, again, why do you want to exit a scheme and go into something that you are not sure of?

    “Yes, there have been a lot of agitations for the police to exit the CPS, but most of them are ordinary Nigerians who just want better benefits. And while I say it’s the right cause to agitate for better benefits, I would also say that the way to get better benefits is not to exit the scheme. There is a need for engagement within the scheme and we would continue to engage across every level until we are able to get people to trust the CPS and know that whatever they are agitating for can be worked out within the CPS.

    Read Also: Police deny rumoured state of emergency over Oyo mysterious deaths

    She contined: “What we said to them is that the CPS offers security of funds and safety. The scheme is also sustainable because the contributions are coming in from the employees and employers. This is what has continued over 20 years. However, the police want better benefits. So, we all need to work together on how this can happen and incorporate it under the CPS. The Nigerian police work very hard in protecting citizens and I believe they deserve better benefits. So we hope that together with the government, we can get more benefits.’’

    “But exiting is not the way forward. It is not good for them because they don’t want the fund to be mismanaged. Even if they trust the people around them today, they don’t know who is coming to manage it in years to come that might just make the fund disappear. This cannot happen under the CPS. In addition, we have had a lot of issues in terms of funding when it comes to certain critical priorities. I am not even sure that the government can take care of such funding outside the scheme,” the DG noted.

  • SUNU Group honours late founder, Pathé Dione at second anniversary

    SUNU Group honours late founder, Pathé Dione at second anniversary

    SUNU Group has commemorated the second anniversary of its visionary founder, Mr. Pathé Dione with religious ceremonies organised in the 17 countries where the Group is present.

    These ceremonies served as a reminder of Mr. Dione’s enduring legacy and his commitment to the development of Africa.

    In Nigeria, a Koranic reading was held at the NTA mosque, Victoria Island, and a mass at the Divine Physician and St. Luke’s Catholic Chaplaincy, LUTH, Idi-Araba, Lagos.

    Group.Managing Director, SUNU Health Nigeria Limited, Dr. Patrick Korie, said: “Mr. Dione was not just a founder; he was a mentor and an inspiration to all of us at SUNU Group.

    “His belief in the power of African entrepreneurship and his commitment to social responsibility continue to guide our actions and inspire us to strive for excellence in all that we do.”

    Reflecting on the impact and legacy of the late founder, the Managing Director of SUNU Assurances Nigeria Plc, Mr. Samuel Ogbodu, said Mr. Dione’s legacy is ingrained in the DNA of SUNU Group.

    Read Also: Fed govt begins payment of 20% pension increment to pensioners

    He stated that they are committed to honouring his memory by continuing to build on the foundation he had laid and by striving to achieve the goals he envisioned for.

    These services also provided an opportunity for the SUNU Group family, employees, partners, and the public to remember the life and times of their founder.

    The workers said Dione was a true visionary who dedicated his life to empowering Africans through sustainable economic growth and development.

    Dione believed in the potential of the African continent and founded the SUNU Group with the aim of creating a pan-African financial and health services group that would contribute significantly to the continent’s progress.

    Throughout his life, Mr. Dione championed the importance of inclusive growth and social responsibility. He believed that businesses have a crucial role to play in addressing the social and economic challenges facing African communities. This philosophy continues to underpin the SUNU Group’s operations today, as the Group strives to create sustainable value for all stakeholders.