The Nation Newspaper

Category: Pension

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    ANONYMOUS: I want to remain anonymous.  My complaint is on pension increment arrears. I have not received mine. PTAD should release my portion without further delay. I am ageing and having a serious health challenge.

    OKUNOLA: Hello, my name is Okunola. Former President, Olusegun Obasanjo set up a panel for Nitel &Mtel headed by Prince Fola Adeola in 2001. The panel recommended 10 years pension without any period of time. I and some others were paid five years pension due by Bureau of Public Enterprises (BPE) in 2007, 2009, 20I0. But we are yet to receive the balance. I was employed on July 2, I979 and retired November I4, I99I (I2years). Kindly use your good office to see the Executive Secretary of PTAD, Mrs Odunaya to know what is delaying the pension due to some of us  at Nitel & Mtel  who did our verification since January 20I8. We are also yet to be put on payroll.

    Engr. Michael: Good day, I am Engr. Micheal. I am the Chairman for Ekiti State Nitel/Mtel pensioner’s association. My September 2019 pension was omitted. Also, some of our members have been trying to do their “I am Alive” for about one week now but are unable to do so. Kindly help us draw the attention of the PTAD to these issues.

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    SHEKONI: Good day, my name is Shekoni. The outcome of year 2023 PTAD verification exercise erroneously reduced my service years from 35 to 27 and consequently affected my monthly pension calculation till date. I have documents to show that this is an error. Kindly help.

    AJAYI: Dear Omobola, my name is Ajayi. I retired from PHCN Osun State. I have not received my N32000 benefit.

    OLAWUYI: Good day, my name is Olawuyi. I thank you for painstakingly finding solutions to pensioner’s problems. I have been short paid in the payment of my arrears of 20 per cent pension increase. I have sent several email messages to PTAD without any response from them. Kindly help me.

    AHMED: Dear Omobola, my name is Ahmed. I retired from NIWA in 2007, my complaints are that I haven’t received any of the arrears paid to some of the pensioners ranging from the 24per cent and the N32,000 arrears. I was told my name fall on the second bag since August, 2024. Kindly help me.

    PTAD: Dear Mr. Ahmed, please send your verification slip to our email complaints@ptad.gov.ng to enable us investigate and respond further. Thank you.

    ANONYMOUS: Good day, I have been complaining of deduction of N9000 from my pension allowance since September last year. Kindly use your office to rescue me from this situation. l have written several times for correction to no avail why.

    PTAD: Dear PTAD PENSIONER, please send your verification slip to our email complaints@ptad.gov.ng to enable us to investigate and respond further. However, note that PTAD obtained a directive for the re-implementation of the CPA based on grade level in line with the clarification from the NSIWC before implementing the new 20 per cent / 28 per cent increment as applicable. The CPA which was as a result of the minimum wage approval in April 2019 was implemented in May 2021 based on pay-band application with subsequent payment of 24 months arrears covering from April 2019 to April 2021. It is, therefore instructive to mention that arrears reconciliation arising from the re-implementation of the CPA based on grade level is set aside pending further directive.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    KOLADE: Dear Omobola, my name is Kolade. Kindly look into the issue of N32,000 minimum wage for us who are still on old pension payment.

    PTAD: Dear Kolade, Please be informed that the N32,000 increment will be paid to every pensioner except for some agencies like PHCN, Peoples Bank, NICON Insurance, Nigerian Reinsurance, NITEL, PTI AND Assurance Bank.  Thank you.

    MICHAEL: Dear Omobola, while I commend PTAD for additional token added to my money in my April, 2025 pension, I wish to implore The Nation   to request PTAD to kindly do the needful on nonpayment of my gratuity in which I complained severally but to no avail. Thanks for your good work. PTAD: Dear Mr.

    PTAD: Micheal, please send your verification slip to our email complaints@ptad.gov.ng to enable us to investigate and respond further. Thank you.

    SAMUEL: Good day, my name is Samuel. I retired on grade level 9, step 5. My monthly pension is N17000 but has been reduced to N9000. Please I will like to know why. I am alive.

    PTAD: Dear Mr. Samuel, please note, according to the record available to us you’re on your rightful pension payment. And for your gratuity from our record, your retirement date was September 21, 1993. Therefore, your gratuity should be paid or has been paid by the state government. However, you can scan and send your bank statement six months before your retirement to date to enable us investigate and respond further. Thank you

    ADEREMI: Dear Omobola, my name is Aderemi. The reply of PTAD to my complaint which was published on the March 12, 2O25 was correct. Truly PTAD called me and asked me of my account details. The person that called me said that the account did not show my name. He also asked for some other information but I was unable to respond as my documents were not with me and I didn’t know them offhand. He promised to call the next day but he has not called back.

    PTAD: Dear Mr, Aderami, Kindly note that we placed several calls to you, but were unable to get through as your phone was not answered. You can reach us via 02094621700 for clarification and resolution. Thank you.

    OJO: Dear Omobola, I was once a Heritage bank customer at Ado Ekiti. I am one of those who were not paid their pension since May. I sent a message to you with all my particulars. Please, I am waiting for your help. Ojo from Ado Ekiti.

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    PTAD: Dear Mr. Ojo we are not in receipt of your new bank statement from UBA as we discussed with you and your daughter on the phone. Thank you.

    SAMSON: Good day, I am Samson. I am an Ondo State pensioner with federal share. I will like to remind PTAD that I have not received my pension for the month. The late payment of my monthly pension is now becoming a regular occurrence and this is having a negative effect  on the good image of PTAD. Kindly make amends.

    PTAD: Dear Mr. Samson, please be informed that you’re currently on our payroll and you have been paid. Kindly go to your bank and get your bank statement from April 2025 to date. Thank you.

    ANNONYMOUS: Good day, please, save my soul. I have no other hope. I have not received my pension. The late payment of my monthly pension is now becoming a regular occurrence and this is not good for PTAD’s image.

    PTAD: Dear PTAD PENSIONER, please send your verification slip to our email complaints@ptad.gov.ng to enable us to investigate and respond further. Thank you.

  • What you need to know about ‘I am Alive Confirmation’

    What you need to know about ‘I am Alive Confirmation’

    I have been verified by PTAD; do I still need to participate in the ‘I AM ALIVE exercise’?

    Yes. I AM ALIVE confirmation is to routinely confirm pensioners’ status of aliveness and ensure continued payment of monthly pension.

    While trying to input my pensioners’ number, the system shows the host service is not available?

    Internet connectivity may not have been established. Please try again.

    On inputting my pensioner number, the system did not recognise the number and I could go no further?

    Please check your pensioner number again to ensure that you are inputting all required numbers and letters correctly. If you are still unable to proceed please call back to register a complaint.

    I have entered my PTAD verification number and account number and the system showed a different pensioner’s picture?

    Very unlikely, unless you may have inputted the wrong numbers.

    I have entered my PTAD verification number and account number but my picture could not be validated?

    If you keep trying without success, please use the fingerprint option. We may need to update your picture on the database.

    I have entered my PTAD verification number and account number. I also captured my picture but I could not go beyond face detection.

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    The picture you have taken is not clear, move to a place with good overhead lighting and ensure that the light is in front of your face or directly above your head then retake.

    I did not receive a text message after completing the I AM ALIVE confirmation?

    You may have provided a different phone number to PTAD at verification. Please provide the number used during verification. Otherwise request an update of your profile.

    I changed my phone number after my last verification with PTAD, will it affect my ability to do I AM ALIVE?

    You will not receive a text message. Please inform PTAD of your new phone number to update your file on the database.

    I was logged out while in the process of carrying out the I AM ALIVE?

    Internet connectivity issues, please try again.

    After completing all the process, it shows fail or error?

    Internet connectivity, please try again.

    How many times do I have to repeat I AM ALIVE CONFIRMATION in a month or a year?

    Confirmation will be routine annually. After each successful confirmation, you will be notified by text of your next due date

    Can I do I AM ALIVE CONFIRMATION from another site apart from through PTAD website?

    Yes. You can also log on to https://iamalive.ptad.gov.ng

  • 2026 Budget: Pension gets N10.8trillion, insurance N17.3b

    2026 Budget: Pension gets N10.8trillion, insurance N17.3b

    The 2026 federal budget has revealed fresh insights into how Nigeria plans to support its insurance and pension sectors, with clear emphasis on pension obligations, while insurance appears to remain on the margins of fiscal attention.

    This has raised concerns among industry experts over the long-term impact of underinvestment in risk protection and financial inclusion.

    According to budget documents analysed by The Nation, the government allocated N17.3 billion for group life insurance to cover federal workers and NYSC members, a statutory requirement under the Pension Reform Act.

    However, stakeholders say the allocation reflects compliance rather than strategic growth in a sector critical for national resilience.

    In contrast, the pension sector commands a far larger slice of the 2026 budget, with N10.75 trillion projected for personnel costs, including pensions and gratuities. Of this, about 1.4 trillion is tied to direct pension benefits, showing the government’s ongoing commitment to meeting retiree obligations.

    The National Pension Commission (PenCom) is also expected to implement the approved N32,000 minimum pension for retirees and resolve outstanding liabilities, including those from legacy schemes. Efforts to harmonise data and expand coverage continue under PenCom’s digital transformation programme.

    Despite these strides, the insurance sector remains underfunded and underutilised as a tool for public safety and economic protection.

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    Experts have flagged the absence of any major provision for risk education, disaster cover, or support for high-risk sectors such as markets and SMEs.

    “This is a missed opportunity,” said a financial analyst, Rotimi Opeyemi. “Insurance plays a vital role in fire recovery, business continuity, and protecting lives especially in a country facing climate, health, and economic risks. Budgeting should reflect that.”

    Worse still, insurance penetration in Nigeria remains below one per cent, with fewer than 2 million individuals and businesses covered in a population of over 200 million.

    Another analyst, Mrs. Patience Obineme blame poor awareness, low trust, and lack of government leadership in expanding access.

    Meanwhile, PenCom is preparing to launch a new health insurance scheme for pensioners named PenComCare this year. Though funding specifics were not detailed, the initiative signals a shift toward holistic retiree welfare beyond monthly stipends.

    The experts have however called for policy realignment this year to ensure both pensions and insurance are treated as pillars of national stability.

    Without this, millions may remain vulnerable to shocks and financially excluded in the moments they need protection most.

  • SUNU Founder Dione Patte remembered across Africa

    SUNU Founder Dione Patte remembered across Africa

    • Group reaffirms growth, recapitalisation drive

    Unforgettable aptly captures the enduring legacy of the late founder of SUNU Group, Mr. Dione Patte, as staff of the pan-African insurance group across the continent gathered in churches and mosques to mark the third anniversary of his passing.

    From Nigeria to other African countries where the Group operates, SUNU employees converged for thanksgiving services and special prayers, clad in white at Christian services, while Muslim faithful also observed prayers, all united in gratitude for the life, vision and impact of the late insurance icon.

    Speaking on the sidelines of the commemoration in Lagos, the Managing Director/Chief Executive Officer of SUNU Assurances Nigeria Plc, Dr. Samuel Ogbodu, said the continued remembrance of the founder was driven by the depth of his humanity and his lifelong passion for Africa’s development.

    “The founder was a lovely man, deeply passionate about humanity,” Ogbodu said. “He showed so much love that we feel obligated to reciprocate. He believed strongly that Africa must be developed economically, and that is why all SUNU offices are located in Africa,creating employment and putting food on people’s tables.”

    According to him, thousands of families across the continent continue to benefit from the founder’s vision, making it imperative for staff to honour his memory year after year.”

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    “So many people have been able to meet their earthly needs through his efforts. A lot of people eat from the man’s sweat, from his mission and vision. That is why we are obligated to remember him annually as a sign of appreciation,” he added.

    On sustaining the founder’s legacy, Ogbodu said the current management remains committed to expanding the SUNU footprint across Africa and strengthening the Group’s financial performance.

    “We feel obligated to carry on his vision, which is to set up insurance companies across Africa. Since his demise, one new company has been established in the Democratic Republic of Congo, and efforts are ongoing to open offices in other African countries,” he said.

    He noted that beyond geographic expansion, management is focused on growing the business in terms of Gross Written Premium, Profit before Tax and Profit After Tax, while investing heavily in people development.

    “The company does not run on its own; it is driven by the quality of its people. Because of his love for humanity, we are deliberately training and developing our staff to meet targets and deliver on our goals. SUNU is growing every year, and that is how we ensure his legacy does not go down the drain,” Ogbodu stated.

    On recapitalisation, which he described as critical to sustaining the founder’s vision in Nigeria, the SUNU Assurances CEO reaffirmed the Group’s commitment to meeting the requirements set by the National Insurance Commission (NAICOM).

    He recalled that the founder’s first son and heir had publicly assured stakeholders of the Group’s resolve to recapitalise, stressing that the promise remains intact.

    “As at today, we have done the needful and are going through regulatory approvals. We are seeking shareholders’ approval to raise ₦9 billion. We have enough funds to run SUNU, but we must meet regulatory requirements,” he explained.

    According to him, the N9 billion capital raise will be executed through a rights issue and private placement, with strong investor interest already recorded.

    “SUNU Group holds about 83 per cent of the company and is ready to bring in over $500 million, which is almost N9 billion. Local shareholders will also participate, and for anyone who does not take up their rights, other investors are already lined up, given our strong performance,” Ogbodu said.

    He added that SUNU Assurances Nigeria has consistently paid dividends to shareholders over the past three years, with payouts increasing steadily.

    Also speaking, the Executive Director, Control and Risk Management, SUNU Assurances Nigeria, and Regional Manager, Anglophone Subsidiaries of SUNU Group, Mr. Elie Ogounigni, described the late founder as an institution builder whose vision was deliberately designed to outlive him.

    “Three years after his passing, the founder remains unforgettable. In many cases, after one or two years, memories fade, but this has not been the case here,” Ogounigni said.

    “He created an organisation that was not meant only for his family. While his children can benefit from it, the company was structured to last beyond them. He built a business designed to endure,” he added.

    Ogounigni noted that regular remembrance ceremonies help reinforce the philosophy the founder preached while alive, particularly his vision of building a strong insurance industry for Africa.

    “For those of us who had the privilege of working closely with him, he is truly unforgettable. What he taught us has become a philosophy that continues to guide how we build insurance in Africa,” he said.

    On the ongoing recapitalisation of SUNU Assurances Nigeria, Ogounigni said the company remains firmly on course to meet regulatory expectations.

    “SUNU came to Nigeria to stay. We are fully in the process of recapitalisation, and very soon the public will hear more about how we are proceeding. We will access the market for funds, and where there is any gap, the Group is fully committed to covering it,” he assured.

    Meanwhile, the Managing Director of SUNU Health, Patrick Korie who also spoke at the event, said the late founder’s emphasis on service, discipline and people-centred leadership continues to guide operations within the health arm of the Group.

    Staff members, both senior and junior, shared personal testimonies of how the late Dione Patte created opportunities that shaped their careers and livelihoods, describing him as a mentor, father figure and visionary whose impact transcends generations.

    Three years after his passing, the widespread remembrance across churches and mosques, staff said, stands as a powerful testament to the enduring legacy of a man whose mission was to build Africa through strong institutions.

  • NAICOM hosts Takaful Advisory Council

    NAICOM hosts Takaful Advisory Council

    The key challenge in Takaful Insurance business lies in harnessing its potential through increased participation and awareness, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, has said.

    The commissioner spoke when the Takaful Advisory Council (TAC) paid a courtesy visit to the commission   on issues relating to the growth and development of the Takaful insurance business in Nigeria.

    Welcoming members of the council, he commended TAC for its commitment and contributions to the development of Takaful insurance in the country.

    He described the meeting as an interactive session aimed at identifying areas for expansion and improvement within the Takaful insurance sub-sector.

    Omosehin noted that Nigeria’s population of over 200 million people presents a significant opportunity for the growth of Takaful insurance, stressing that the market potential cuts across religious boundaries.

    He said: “The key challenge lies in harnessing this potential through increased participation and awareness. I commend the council for its efforts in strengthening the Takaful insurance business”.

    “The structural background and core mandate of NAICOM is to ensure industry stability, protect policyholders, and promote sustainable growth. However, the ongoing reforms in the insurance industry are aimed at strengthening operators and safeguarding consumers”.

    Omosehin also underscored the Commission’s developmental role, describing it as critical to the growth of the industry.

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    He recalled that on July 31, 2025, President Bola Ahmed Tinubu signed into law the Nigerian Insurance Reform Act (NIIRA) 2025, which formally recognizes Takaful insurance as part of Nigeria’s insurance business framework, describing the development as a major milestone for the industry.

    Earlier, the Chairman of the Takaful Advisory Council, Professor Abdulrazzaq Abdulmajeed Alaro, congratulated NAICOM’s management on the enactment of the NIIRA 2025, describing it as unprecedented.

    He disclosed that the Council had formally written to the Commission to express its appreciation upon receiving the news of the new law.

    He described the meeting as the first of its kind, bringing together the TAC and NAICOM management to exchange ideas and perspectives.

    Professor Abdulrazzaq called on NAICOM, in its capacity as the industry regulator, to continue supporting awareness creation for Takaful insurance, which he identified as a major challenge facing the sector. He advocated for the organization of retreats, workshops, and capacity-building programmes for stakeholders across the entire insurance industry, not limited to Takaful operators.

    Concluding the meeting, Omosehin expressed his conviction that future growth in the insurance sector would be driven by financial inclusion-focused segments such as microinsurance, Takaful insurance, and web aggregators.

    He added that the engagement between NAICOM and TAC would be institutionalized as an annual meeting to further unlock the sector’s vast potential.

  • Stanbic IBTC Insurance receives upgraded Credit Ratings of A

    Stanbic IBTC Insurance receives upgraded Credit Ratings of A

    Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings has announced that Agusto & Co. has upgraded its credit ratings for the 2025, 2026 financial year.

    The company in a statement made available to journalists, stated that it has been assigned a Long-Term Rating of A and a Short-Term Rating of A1, both with a Stable Outlook.

    According to the company, this upgrade reflects stronger confidence in Stanbic IBTC Insurance’s financial resilience, governance standards, and long-term sustainability.

    Commenting on the rating upgrade, Akinjide Orimolade, Chief Executive of Stanbic IBTC Insurance said: “The improved ratings underscore the Company’s commitment to robust risk management, operational discipline, and its strong capacity to meet obligations to policyholders. Agusto & Co. also cited Stanbic IBTC Insurance’s sound liquidity position, prudent business strategy, and the strategic backing it receives as part of Stanbic IBTC Holdings.

    “As part of its growth strategy, Stanbic IBTC Insurance continues to expand its retail footprint across Nigeria, enhancing access to life insurance solutions and deepening its presence in key markets. This expansion supports its mission to serve individuals, families, and businesses with reliable and accessible insurance offerings.

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    “We are delighted with this upgrade as a reflection of our progress and the trust we’ve earned from stakeholders. Our focus remains on delivering reliable protection, exceptional service, and enduring value to both policyholders and other stakeholders. This recognition motivates us to uphold the highest standards of financial discipline, service excellence, and integrity.”

    In terms of claims settlement, Orimolade said Stanbic IBTC has consistently demonstrated its commitment to prompt and efficient payout to policyholders and annuitants, noting that the company has settled over 2,000 claims, amounting to more than N1.8 billion in cash since its establishment in 2021.

    Additionally, he said it has paid over 16 billion in annuities to more than 4,900 retirees, reaffirming its dedication to delivering reliable and timely benefits.

    Stanbic IBTC Insurance remains committed to maintaining its strong financial position, driving customer-centric innovation, and consistently delivering on its promise of security and peace of mind for Nigerians, he added.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    TSWANYA: Hello, my name is Tswanya. My monthly pension is N17000 but it was reduced to N9000. Why is this so? I am alive please.

    DANIYAN: Dear Omobola, I learnt about the coverage of pensioner’s complaint platform of The Nation newspaper. I am a retiree who lost contact with PTAD due to my absence during their first screening transition sometimes in 2018. I need your advice and assistant on what step I should take to be reinstated. I retired from Federal Ministry of Works, Niger State.

    ALEXANDER: Dear, Omobola my name is Alexander. I am a retiree of Power Holding Company of Nigeria. Following my complaint to you on the wrong computation exercise by Pension Transitional Arrangement Department (PTAD) of the year 2023, I received a call on July 30 from PTAD. They requested that I forward documents in support of my claim which I did. So for the third month running now, no changes or difference is affected.

    OLADIPO: Good day, One of our member from Ado Ekiti Nitel/Mtel didn’t receive his July monthly pension. We asked him to go and do his I am Alive which he has done it last week. What can we do? He retired from Ado Ekiti

    LIASU: Hello, my name is Liasu. Kindly help me look into my pension issue because I am sick and I need my pension to be paid so that I can treat myself medically.

    CHIEF BAIYEGUN: Good day, I am Chief Baiyegun. This is an SOS call, please save my soul. I have no other hope. I will like to remind PTAD that as at today, 16th April 2025, I have not received my token pension for the month of March.

    THE NATION: The Newspaper will intervene by sending your complaint to PTAD. Therefore, TSWANYA, DANIYAN, ALEXANDER, OLADIPO should watch out for the pension page on Wednesdays for response from PTAD and subsequently every Wednesday for pension news.

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    AWOSOJI: Good Day, my name is Awosoji. I will like to know why PTAD did not include N32000 inside our monthly payment of April and May which is our right as federal government pensioners.

    PTAD: Dear Awosoji, please be informed that N32,000 will be added to every pensioner under DBS as soon as the fund for that purpose is made available except for some agencies like PHCN, Peoples Bank, Nicon Insurance, Nigerian Reinsurance, Nitel, pti and Assurance Bank.  Thank you.

    OLIYE: Good day, my name is Oliye. I am a CSPD pensioner under PTAD. I retired from Federal Ministry of Education. I have not yet received my 20percent arrears and 32per cent pension arrears.

    PTAD: Dear OLIYE, please be inform that N32,000.00 will be added to each pensioner under DBS as soon as the fund for that purpose is made available except for some agencies like PHCN, Peoples Bank, NICON Insurance, Nigerian Reinsurance, NITEL, PTI And Assurance Bank. Thank you.

  • STI unveils MD/CEO

    STI unveils MD/CEO

    The Board of Sovereign Trust Insurance Plc have announced the appointment of Dr. Lucas A. Durojaiye as the new Managing Director/Chief Executive Officer of the Company, following the retirement of the immediate past MD/CEO, Mr. Olaotan Soyinka, in December 2025.

    This was made known in a statement signed by the Deputy General Manager, Corporate Communications & Investor Relations, Segun Bankole.

    The statement read: “Mr. Soyinka served the organisation meritoriously for 27 years, including his last 10 years as Managing Director/Chief Executive Officer, during which he contributed to the growth and stability of the company.  He has since formally exited the services of the underwriting firm.

    “The appointment of Dr. Durojaiye has received the approval of the Board of Directors and the regulatory body, the National Insurance Commission (NAICOM) with the new MD/CEO assuming office with immediate effect.

    Prior to his appointment, Dr. Lucas served as General Manager, doubling as Head, Northern Area Operations as well as Head, National Public Sector, where he contributed immensely to the Company’s operational, technical and business development activities in the region.

    “Dr LAD” as he likes to be addressed holds a Master’s Degree from Anglia Ruskin University, London and a Post Graduate Diploma in Business Strategy from ABP United Kingdom. He also holds both a Doctorate and Master’s Degree in Business Administration from Nasarawa State University, Keffi having been a Graduate of Insurance from Lagos State Polytechnic, (LASPOTECH). He has attended several top management trainings in Nigeria and overseas.

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    “With cognate experience from FBN Insurance Brokers where he rose to the position of Acting Managing Director, Cornerstone Insurance PLC, Mutual Benefits Assurance PLC to mention a few before joining Sovereign Trust Insurance PLC, his foray spans over 27 years well spread experience in Insurance administration, (Brokerage Services, Underwriting, General Insurance, Investment/Life operations, Technical/Claims, Risk Management, Business Development as well as Public Relations. A charismatic motivator and team player. Lucas’ latent managerial ability is hinged on effective leadership, sound communication and decision-making skills coupled with interpersonal and problem-solving abilities with a corporate focus and result-driven attitude.

    He is both an Associate Member of the Chartered Insurance Institute of Nigeria of Nigeria (CIIN) and the Nigerian Council of Registered Insurance Brokers (NCRIB) respectively. Dr LAD is a Chartered Fellow of the Institute of Credit Administration of Nigeria (ICA), Fellow of Chartered Institute of Loan & Risk Management (CILRM) as well as a Chartered Fellow of Certified Pension Institute of Nigeria (CPIN).

    “He is an alumnus of the Lagos Business School, having successfully completed the Senior Management Programme, SMP 51 of the school. He is an avid lover of jazz, an executive member of Abuja Jazz Club as Director of Socials, member of TYB Golf Club as well as a member of the IBB Golf Club, FCT, Abuja. In his new role as Managing Director/Chief Executive Officer, Dr LAD is expected to leverage his deep industry expertise and leadership capacity to drive the Company’s strategic objectives and sustain its growth trajectory”.

    The Chairman, STI, Mr. Abimbola Oguntunde, expressed satisfaction with the smooth leadership transition, describing it as evidence of the Company’s effective succession planning framework.

    He recalled that the immediate past MD/CEO also emerged through an internal transition in 2016, reinforcing the organization’s tradition of leadership continuity and institutional stability.

    The Chairman further stressed that, “the Company possesses the potentials of becoming a formidable pacesetter in the Insurance industry in Nigeria and beyond as he equally canvassed for support from all and sundry in making the ambition of the Underwriting Firm a reality.

  • Pensioners welcome N55.9b PTAD disbursement

    Pensioners welcome N55.9b PTAD disbursement

    • Call for final clearance of outstanding arrears

    Federal Government pensioners under the Defined Benefit Scheme (DBS) have reacted to the announcement by the Pension Transitional Arrangement Directorate (PTAD) that it disbursed N55.9 billion as monthly pensions and outstanding arrears in December 2025, describing the development as a major relief after months of anxiety, while urging government to swiftly clear the few arrears still outstanding.

    The pensioners, drawn from different pension departments, said the payment which covered monthly pensions as well as arrears arising from the N32,000 increment and percentage increases of 10.66 per cent and 12.95 per cent has brought renewed hope to thousands of retirees struggling with rising living and healthcare costs.

    Several pensioners who confirmed receipt of arrears said the payment had eased financial pressure during the festive season.

    “For the first time in a long while, many of us were able to breathe in December. The arrears helped us settle medical bills and family obligations,” said a retired civil servant under the Civil Service Pension Department (CSPD).

    Pensioners also welcomed PTAD’s disclosure that over N42.5 billion was paid as arrears to more than 165,000 beneficiaries across the Civil Service, Parastatals, Defunct Agencies, Police, Customs, Immigration, Prisons, and Tertiary Education and Health sectors, describing the breakdown as a sign of improved transparency.

    However, retirees in the Parastatals Pension Department (PaPD) and Tertiary Education and Health Department (TEHD), where one month arrears remains outstanding, urged PTAD and the Federal Government to act quickly to complete the payments.

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    “We appreciate what has been paid, but at our age, even one month makes a big difference. We hope the promise to clear it will be fulfilled without delay,” a retired lecturer said.

    Pensioners also expressed appreciation for the payment of gratuity and death benefits to next-of-kin of deceased retirees, noting that such payments provide dignity and relief to bereaved families.

    “Families of deceased pensioners often suffer quietly. Seeing death benefits paid gives confidence that the system is improving,” said Uche Madueke,  a pensioner.

    While commending PTAD and the Federal Government for the scale of the December disbursement, pensioners stressed that sustainability and predictability of payments remain critical.

    They called for continued release of funds to PTAD to ensure arrears do not accumulate again, and urged government to fast-track other approved welfare measures, including pension harmonisation and health insurance coverage for DBS pensioners.

    Overall, pensioners said the N55.9 billion disbursement represents a significant step toward restoring trust, but emphasized that confidence will be fully rebuilt only when all arrears are completely cleared and payments remain consistent.

    As one retiree summed it up: “This payment shows progress. What we ask now is consistency, completion, and compassion for senior citizens who have served this country.”

    Recall that PTAD had last week Friday said it has successfully disbursed a total sum of N55.9 billion as monthly pensions and pension arrears to eligible pensioners and Next-of-Kins of deceased pensioners under the DBS in December, 2025.

    Speaking on this milestone payments, the Executive Secretary of PTAD; Tolulope Odunaiya, stated that this payment covers N13,411,400,362.87 as monthly pensions across all operations pension departments, including diaspora pensioners, while N42,501,348,236.06 was paid as pension arrears.

    She disclosed that the payments reflect President Bola Ahmed Tinubu’s unwavering commitment to the welfare of senior citizens, in line with the administration’s Renewed Hope Agenda.

    She further reaffirmed the Directorate’s commitment to clearing the remaining one month arrears owed to PaPD and TEHD, while continuing to implement initiatives aimed at improving the welfare and overall well-being of DBS Pensioners.

    “The arrears payment covers outstanding obligations arising from the N32,000 pension increment, as well as the 10.66per cent and 12.95per cent pension increments, in addition to other accrued pension arrears, gratuity, and death benefits owed to eligible beneficiaries”, she said:.