The Nation Newspaper

Category: Pension

  • So far, so good

    So far, so good

    A lot was done on pension administration last year, 20 years after the implementation of the Pension Reform Act (PRA) 2004, repealed by PRA 2014. OMOBOLA TOLU-KUSIMO writes that technological enhancement, service delivery and public satisfaction, among others, are areas of focus by stakeholders in the industry.

    The reform put pensions under the regulation and supervision of the National Pension Commission (PenCom) and established the Contributory Pension Scheme (CPS) to take care of pensions of workers who retire from July 2007.

    The reform consequently created the Pension Transitional Arrangement Directorate (PTAD) in August 2013 to take care of pensioners who retired before July 2007.

    PenCom

    Last year, PenCom continued its supervisory role on Pension Fund Administrators (PFAs), Pension Fund Custodians (PFAs) and Closed Pension Fund Administrators (CPFAs), ensuring that the ring-fencing of pension assets under CPS through the separation of custody and management functions guaranteed the safety of pension assets.

    Under the CPS, the assets are ring-fenced through the separation of custody and management; monitoring of fund investments; segregation of funds from the assets of pension operators; prohibition of applying pension funds as loans or as collateral for loans; strict licensing requirements; and effectiveness of the CPS safeguards have been critical to the growth and security of the funds.

    In July, President Bola Tinubu appointed a new Director-General for PenCom, Ms. Omolola Oloworaran, to succeed Mrs. Aisha Dahir-Umar.

    Subsequently, last December, Oloworaran said there were over 10.5 million contributors and pension assets in excess of N21.9 trillion as of October and, indeed, by November, it was N22trillion.

    She said technology has become the backbone of transformation across all sectors, and the industry is no exception.

    She said: “At PenCom, we have embraced this transformation wholeheartedly. Since assuming office, my team and I have been focused on strengthening compliance, enhancing service delivery, diversifying pension assets to optimize returns, improving benefits, and expanding coverage to include more Nigerians, especially those in the informal sector. The micro-pension initiative, in particular, is something we are very passionate about. It is our way of saying that no one should be left behind, no matter how small their earnings might be. Technology plays a vital role in driving this inclusion, from mobile enrollment to real-time account management to benefits administration. We intend to use technology to scale the micro-pension plan.

    Read Also: ASUU and horrid pastime

    “This year, we achieved a major milestone with the launch of the e-Application Portal for Pension Clearance Certificates (PCC) in October. This initiative replaces the previous manual process, enabling companies to seamlessly apply for and receive PCCs online. Since its deployment, we have issued over 38,000 PCCs, significantly enhancing ease of doing business and ensuring compliance. Additionally, the Pension Industry Shared Service Initiative is in advanced stages of implementation. This initiative will digitise pension contributions and remittances, ensuring seamless processing of contributions and resolving discrepancies caused by incomplete remittance details.

    “To further enhance contributors’ experiences, we have introduced a revised programme withdrawal template, simplifying access to voluntary contributions and revising the threshold for en-bloc payments in line with the new minimum wage. These measures are designed to make retirement processes more efficient and user-centric. But beyond policies and systems, what really excites me is the potential to transform lives. Every time I meet a pensioner who is able to live comfortably because of the contributions they made during their working years, it reminds me of why this work is so important. And every time I hear from a young entrepreneur or artisan who has signed up for the micro-pension scheme, it strengthens my belief that we are moving in the right direction.’’

    PTAD

    The year started with uncertainty for pensioners under the Defined Benefits Scheme (DBS) and their regulator, the Pension Transitional Directorate Arrangement (PTAD), with the announcement of PTAD scrap in February, last year.     

    President Tinubu had ordered the full implementation of the Oronsaye Report that led to the announcement of the merging, subsuming, scrapping, and relocation of several agencies, one of which was PTAD.

    With this, the administration of pensioners under DBS was scheduled to be subsumed under the Ministry of Finance

    Members of the Nigerian Union of Pensioners (NUP) panicked, crying that they didn’t want to return to ‘Egypt’ where payment of their pensions and gratuities would be at the whims and caprices of fraudulent civil servants and government was flooded with allegations of misappropriation of pension funds, neglect of pensioner’s welfare and other malfeasance.

    While clamour for the Directorate not to be scrapped was on, PTAD continued to address the pensioner’s challenges.

    During the year under review, the Directorate in a report stated that it had been Managing Pensioners Files/Records, Verification of Pensioners; Computation or Calculation of Pension Benefits; Settlement/Payment of Pension Arrears; 33 Per Cent Arrears; Death Benefits; Management of the Monthly Pension Payroll; and Resolution of Pensioners’ Complaints.

    The report added: “PTAD has reorganised, repackaged and archived pensioner’s personnel files and verification files. In the same vein, PTAD created a field verification process that respects the dignity of senior citizens. Multiple verification centres were used so that crowds would not be too large and a simple four step process from arrival to completion of verification, to minimise stress was achieved.

    “The DBS on the other hand is also secured. PTAD inherited 268,897 pensioners on payrolls of the Old Pension Offices at inception. Through verification, PTAD has created a centralised database, complete with pensioner’s personal information, biometrics, and career documents. The database is the first of its kind in DBS history and as such its integrity is paramount.”

    Towards the end of November, a new Executive Secretary of PTAD, Miss Tolulope Abiodun Odunaiya, was appointed by President Tinubu to take over from Dr. Chioma Nnenna Ejikeme, who had been in the saddle from August 2019 to November 2024.

    By December, the House of Representatives recognised PTAD’s vital role, especially in payment of pensions, gratuity and death benefits to retirees of the Federal Government exempted from the Contributory Pension Scheme (CPS).

    The House Committee on Pensions, led by its Chairman, Hussaini Mohammed Jallo, was established to support the Directorate, ensure accountability and transparency, facilitate collaboration and above all, appropriate the needed funds to take care of the pensioners under PTAD’s jurisdiction.

    Jallo and other members of the Committee congratulated Odunaiya on her appointment as the Executive Secretary of PTAD, and enjoined her to work with the Committee to address the challenges and overcome obstacles to enhance service delivery and public satisfaction, as well as uphold the highest standards of integrity.

    He pledged that they would drive positive change and excellence not only to PTAD, but to the pension industry as a whole,” the chairman added.

    Executive Secretary of PTAD, Tolulope Odunaiya, expressed her appreciation to the Committee for their support to the Directorate and pledged to continue in the giant strides laid and ensure that the relationship between the Directorate and the Committee remained cordial and beneficial to the pensioners

    The PTAD boss informed the Committee of the Directorate’s achievements since they last visited, which in addition to regular payment of monthly pension include the opening a new state office in Ilorin, Kwara State; payment of arrears to some pensioners in line with approval from the National Salaries, Incomes and Wages Commission; and gratuities and death benefits to pensioners and Next-of-Kin of deceased pensioners.

    Challenges

    But both schemes are not without challenges. In the CPS, inflation continues to erode the purchasing power of pensioners, but PenCom is seeking innovative solutions to address this issue.

    Oloworaran stated that the progress achieved demonstrates the strength of the contributory pension system, but they are not without challenges.

    “Inflation, for instance, continues to erode the purchasing power of pensioners, and we are actively seeking innovative solutions to address this issue.

    “We also continue to face the persistent issue of delays in the payment of accrued rights. Recently, N44 billion was approved under the 2024 budget appropriation to settle accrued pension rights for retirees from March to September 2023. Moving forward, we are working with the Federal Government to put in place a sustainable solution that ensures retirees receive their benefits promptly and without undue stress.

    For PTAD, Odunaiya noted that a Benefits Computation System was created to make it easier to calculate pensioners’ benefits with minimum manual interference.

    “The Payroll Management System helps with managing changes/updates to the monthly pension payments. The payroll is then uploaded to the government-approved GIFMIS platform for payments to pensioners. Monthly Pension as at December 2022,” she added.

    Key Enablers

    The key enabler for the success of pension administration recorded so far has been technology and political will of the government.

    Technology has played a vital role in sanitising the pension system. Without technology there would have still been people manipulating the system to their advantage and throwing the system into chaos.

    Oloworanran said PenCom has been paving the way for a future where pension schemes becomes more accessible, reliable, and sustainable as the commission integrate technology across every aspect of the pension industry—ranging from data and identity management to seamless contributions, investment oversight, regulatory supervision, and service delivery,

    For Odunaiya, their 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 PTAD 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 pensioners have been confirmed “Alive”.

    Outlook 2025

    It is expected that there will be technological advancement in the industry in 2025, that will further tighten and strengthen the pension schemes.

    Oloworaran said: “In 2025, we are going to strengthen compliance, enhance service delivery, diversify pension assets to optimise returns, improve benefits, and expand coverage to include more Nigerians, especially those in the informal sector through micro pensions.

    “As we integrate technology across every aspect of the pension industry—ranging from data and identity management to seamless contributions, investment oversight, regulatory supervision, and service delivery—we are paving the way for a future where the Contributory Pension Scheme (CPS) becomes more accessible, reliable, and sustainable.

    “However, this transformation cannot succeed without your unwavering support as media practitioners. Your role in amplifying our initiatives and educating stakeholders across Nigeria is essential to achieving this vision”, she added.

    For PTAD, Odunaiya pointed out that there will be improved welfare for 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 various years earn a unified pension for equity; and implement Constitutional provision of five yearly pension increment due in the past year.

  • Pension complaints and solutions

    Pension complaints and solutions

    Aiminhiefe: Good day, my name is Aiminhiefe. I worked in Auchi Polytechnic from April 1985 to March 2023 and retired as Chief Lecturer on March 20, 2023 under the Contributory Pension Scheme (CPS). My complaint is that I am yet to have my accrued pension right released to my PFA, Stanbic IBTC.

    PENCOM: Please be informed that the retirement benefit of the above-named retiree has been paid. Kindly liaise with your Pension Fund Administrator (PFA) for more information. Thank you.

    ALEXANDER: Hello, my name is Alexander. I retired in March 2023 from Auchi Polytechnic but I am still waiting for my pension and gratuity to be paid after carrying out the necessary process long ago. I will be very delighted to know the reason for the delay because my mates and I who retired at the same time are suffering. Thank you.

    PENCOM: Please be informed that the retirement benefit of the above-named retiree has been paid. Kindly liaise with your Pension Fund Administrator (PFA) for more information. Thank you.

    STEPHEN: Good day, I completed my tenure as Executive Director, Engineering on March 31, 2023 but up till now, I am yet to receive my pension and gratuity. My PFA is Premium Pension. God bless you.

    PENCOM: Please be informed that the retirement benefit of the above-named retiree has been effected. Kindly liaise with your Pension Fund Administrator (PFA) for more information. Thank you.

    MUSA: Dear Omobola, my name is Musa. I retired from the Federal Polytechnic Auchi, Edo State in March 2023 from Auchi Polytechnic Auchi and my PFA is TrustFund. Kindly ask PenCom why they have not paid me my pension benefits. Thank you.

    PENCOM: Please be informed that the retirement benefit of the above-named retiree has been effected. Kindly liaise with your Pension Fund Administrator (PFA) for more information. Thank you.

    AKINTOYE: Kindly look into the matter of the late Akintoye. Her next-of-kin is Oluwaseun. My PFA is Crusader Pension. All documents were submitted to the pension office in September 2020.

    MRS MATTHEW: Good day, I want you to help me to effect the payment of  my late husband’s benefit. He worked in the aviation authority before he died on October 5, 2019. They threw me out of the quarters on April 3, 2020. The benefit is with First Guarantee Pension Limited. I am really suffering with my children, and we are barely surviving. I am appealing to you to help me. You are my last hope. Thank you. Mrs. Matthew.

    Read Also: North will vote for Tinubu again in 2027 – Arewa Group

    PENCOM: Please be informed that the death benefit of the deceased has been paid. Kindly liaise with his Pension Fund Administrator (PFA) for more information. Thank you.

    GREAT: Hello, My name is Great. My late wife served in the Ministry of Defence and passed away in March 2019.I have been following up with my late wife’s gratuity since then. I have submitted the necessary documents. Yet, I have not been paid. The last time I went to Access Pension in Lagos, I was told that they were waiting for the benefit to be released to them from Abuja. Thank you.

    YUSUF: While thanking you for your good work, I wish to appeal to you to look into my complaint of non-implementation of my level 13 salary with FRCN where I retired on April 20, 2019 on level 12. The level 13 promotion was after my retirement in April.2019 and was back-dated to January 2019. My PFA is Premium Pension.

    BRAIMAH:  Good day, my name is Braimah. I retired from the Nigeria Customs Service in June 2022 . When I approached my PFA, Premium Pension, for the payment of my benefits in 2023, my annuity application was rejected and I was told to stay a year on Programmed Withdrawal so that I could apply for annuity after a year of earning on Programmed Withdrawal. It is a year, so I submitted an annuity agreement via DHL from Auchi to Abuja as there is no Premium Pension office here in Auchi. I discovered my application was rejected. I have been calling to know why but no response.

    UCHARA: Hello, I want to start Voluntary Contribution (VC). I spoke with my Pension Managers (IBTC), but they are unable to help me out. What am I to do to start? Thank you.

    ABDULLAHI: I am Abdullahi, serving with Civil Defence from 2005 to date. I was short paid. My PFA is Stanbic IBTC. Kindly help me. Thank you.

    JAMIUDEEN: Good day, my name is Jamiudeen. I retired from the National Population Commission on May 1, 2023. I have been to my pension manager, Stanbic IBTC Pension, for my accrued right and gratuities, but they always told me that it has not been paid.

     I need money urgently to do the surgery of my right leg at Igbobi Orthopaedic Hospital, Lagos. I was infected with the wound while in active service of Censor 2006 and since then, I have been spending my money on the leg.

    The commission did not take care of me. I spent my cooperative savings on the leg until I was told that a surgery was needed to be carried out on my skin grafts. Since then, I have been waiting for my pension to take care of my leg.

    Kindly help me so I can be paid as soon as possible. I cannot feed myself and the children or pay school fees and house rent.

    PENCOM: Payment was made on May 24, 2024. The RSA holder is advised to approach his PFA to confirm.

  • PenCom hosts CSOs

    PenCom hosts CSOs

    TO deepened collaboration and raise awareness in the pension industry, the National Pension Commission (PenCom) has organised a sensitisation conference for Civil Society Organisations (CSOs) in Abuja.

     The yearly event was the fourth and the first engagement of the new Director-General, Ms Omolola Oloworaran, with the CSOs community.

    She emphasised the role of CSOs in bridging the gap between policy implementation and societal impact.

    She said the gathering underscored the importance of collaboration, affirming that CSOs are invaluable partners in amplifying the commission’s efforts to ensure that critical pension reforms reach every corner of  the country.

    The PenCom chief highlighted the impressive milestones achieved under the Contributory Pension Scheme (CPS), which, as of October, boasts over 10.53 million registered contributors and an asset portfolio valued at N21.92 trillion.

    Despite these achievements, she addressed the hurdles posed by inflation and currency devaluation, factors that have affected the purchasing power and real value of pension assets.

    She noted that to counteract these challenges, PenCom is revising its investment guidelines to diversify pension fund portfolios.

    This strategy, according to her, was designed to mitigate economic pressures, enhance returns for contributors, and ensure the sustainability of pension assets over the long term.

    In addition, she said PenCom is tackling delays in retirement benefit payments.

    She said: “A significant milestone in this regard was the release of N44 billion under the 2024 budget to clear outstanding pension rights for retirees, covering March to September 2023..

    Read Also: Yuletide: 608,644 passengers to enjoy FG’s rail, road transport palliative

    Highlighting the significance of the conference’s theme, ‘The Micro Pension Advantage: Redefining Financial Security for the Informal Sector,’ Ms Oloworaran stated that it captures a critical aspect of PenCom’s strategic vision.

    “The informal sector, which accounts for a significant portion of Nigeria’s workforce, has historically been underserved when it comes to retirement planning. This is where the Micro Pension Plan (MPP) comes in, offering informal sector workers and self-employed individuals a practical pathway to financial independence security that ensures dignity in retirement”.

    Acknowledging the influential role of CSOs, the PenCom DG urged them to champion the MPP by leading through action.

    She challenged CSO members to enrol in the plan and use their platforms to educate their communities about its benefits.

    She pointed out that “advocacy alone is not enough. To truly inspire confidence, I challenge you to practice what you preach. By participating in the MPP, the members of the CSOs would inspire confidence and encourage others to take the first steps toward securing their financial futures’’.

    She said to support CSOs, PenCom is enhancing the accessibility of the MPP through simplified enrolment, targeted incentives, and robust  campaigns.

    In their goodwill messages, the Chairman, Conference of Civil Society of Nigeria, Comrade Adams Otakwu and Executive Secretary of the Citizens Watch Advocacy Initiative (CWAI), Comrade Omoba Kenneth Aigbegbele, expressed appreciation to PenCom chief for the conference.

    They urged PenCom to leverage CSO-sponsored events to create awareness and bolster support for the MPP, and called for more frequent engagements with PenCom.

    Ms Oloworaran pledged to implement their suggestions, urging stakeholders to unite in promoting financial literacy and pension adoption.

    She stressed that redefining financial security for the informal sector is not merely a policy objective but a moral imperative.

  • EX-MD floors Radix Pension Managers at NIC

    EX-MD floors Radix Pension Managers at NIC

    The National Industrial Court (NIC) in Ikoyi, Lagos, has awarded judgment against Radix Pension Managers Limited, a PFA licensed by the National Pension Commission (PenCom).

    In a judgment, Justice R. H. Gwandu, the court granted the 14 reliefs brought by the claimant. The claimant, a former Managing Director of the PFA, who resigned from the PFA, after an outstanding record, was alleged to have cited issues of corporate governance as reasons for his resignation.

    The law firm of rights lawyer, Femi Falana, SAN and Funmi Falana, SAN, represented the claimant in the suit that lasted about four years.

    In a statement, Mr. Taiwo Olawanle of Falana Chambers  stated that it was a clear and simple case that shouldn’t have necessitated any ‘legal brig brat’, as their client was reluctant in pursuing any court case at all from the onset.

    He said: “Our findings at the industrial court revealed that the PFA is notorious for reneging on agreements, as evident by over 11 ligations against it before the industrial court between 2019 to 2021. The litigations, brought by ex-staff members of IGI Pensions, the legacy PFA acquired by Radix Capital Partners, the major investors, also centered on failure to honour severance agreements, after the new investors, Radix Capital Partners, had assured the National Pension Commission of its intention to pay within few days of obtaining regulatory approval.

    “This throws up the issue of integrity and the questionable character of some investors who are notorious for reneging on agreements, but desirous of doing business in an industry where PenCom has and continues to show excellent oversight, going by the success story of the Contributory Pension Scheme (CPS) since inception. It is indeed to PenCom’s credit that its impeccable oversight functions have seen many ‘investors’, who inadvertently entered the pension space, reduced to minority stakes or outrightly weeded out of the industry over the years.

    Read Also: North will vote for Tinubu again in 2027 – Arewa Group

    “This case is a vindication of the justice system at the National Industry Court, and an affirmation of the law court as the best recourse for justice and fairness for law abiding and upright citizens.”

    Olawanle  said efforts through correspondence from the chambers to Radix Pension Managers were treated with levity, compelling the claimant to approach the court. Before and during trial, very considerate concessions were given by the claimant, which the PFA failed to embrace to bring closure to a simple contractual obligation it owed.

    “Our correspondence spoke with one of the ex-staff members of IGI, with similar unpleasant experience with the Radix brand, who said it was a classic case of “go to court!” by the PFA: a colloquial expression of ‘do your worst’ in local parlance. She said her severance pay was not up to N3million, but she had to join a class action to seek justice. Justice came for her in staggered payments over a period of five years after the Radix Capital Investors had assured PenCom of meeting the obligations.

    “Considering the objectives of the Contributory Pension Scheme, arguably one of the best policies by the Federal Government for its working-class citizens, one would expect that employer-employee relations in the pension industry will be a beacon of hope and serve as an impeccable template for other industries, especially as evident in the excellent oversight functions of PenCom. This throws up the need for PenCom to extend its stellar regulatory oversight functions to issues of staff engagements by operators.

    “The regulator can ill-afford allowing people without integrity, to perfunctorily act at variance with its commendable record as one the most effective and admired regulators in Nigeria. Findings reveal that a new investor, known for its outstanding record of integrity and high standards in business and employee engagements, has received approval by PenCom to acquire the licence of Radix Pension Managers Limited, drawing a curtain over an era best forgotten by several ex-staff of the defunct major investor with unenviable notoriety.

    “We hope this verdict of the National Industrial Court serves as a veritable turning point towards higher standards in staff engagements across all industries in Nigeria, for HR Practitioners and corporate governance executives.’’

  • Heirs Insurance Group releases ‘The Underwriters’ on YouTube

    Heirs Insurance Group releases ‘The Underwriters’ on YouTube

    Heirs Insurance Group has released its new web drama entitled: “The Underwriters”, on its YouTube channel—the first insurance in Africa.

    Unveiled in time for the holidays, the web series is part of the Group’s “Unwrapping Smiles” campaign aimed at elevating the holiday experience. In addition, the project aligns with the Group’s goal of demystifying and simplifying insurance.

    Chief Marketing Officer, Heirs Insurance Group, Ifesinachi Okpagu, in a statement said a unique slant for a web series challenges common misconceptions about insurance while driving insurance literacy.

    She said: “Set in an urban corporate environment, the film tells the story of a couple fighting to keep their relationship relevant while handling cases in an insurance company. This initiative marks a significant stride in both African entertainment and the insurance sector, shedding light on the pivotal role insurance plays in safeguarding human lives. The series explores relatable cases in each episode, promising a balance of entertainment and education.

    Read Also: Yuletide: 608,644 passengers to enjoy FG’s rail, road transport palliative

    “This project, the first of its kind across Africa, stands as a testament to Heirs Insurance Group’s dedication to transforming the insurance landscape through literacy, advocacy, and innovation.”

    We have known that insurance acceptability requires a different approach. We need bold initiatives such as the drama, which can pass across the urgent and bold message that everyone needs insurance. At Heirs Insurance Group, we will continue to keep our promise to make insurance simple, and we hope that this project will not only engage a wide audience but empower people to succeed.”

    Episodes of “The Underwriters” web-series will be released weekly on the group’s YouTube channel, Heirs Insurance TV.

    Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents

  • Pension assets hit N22tr

    Pension assets hit N22tr

    • 18,000 retirees pension unpaid

    Retirees whose pension payments are delayed due to unpaid accrued pension have risen 18,000, the Director-General, National Pension Commission (PenCom), Ms Omolola Oloworaran, has said.

    She said that the Commission has recorded over 10.5 million contributors, adding that the value of pension assets was in excess of N21.9 trillion as at October, and N22 trillion by now. 

    The progress so far recorded according to her, “demonstrates the strength of our contributory pension system, but we are not without challenges. Inflation, for instance, continues to erode the purchasing power of pensioners, and we are actively seeking innovative solutions to address this issue.”

    Oloworaran, who spoke in Lagos, said PenCom is working with the Federal Government to put in place a sustainable solution that ensures retirees receive their benefits promptly and without undue stress.

    The PenCom DG said they have been facing challenges of persistent issue of delays in the payment of accrued rights but despite this, they recently got an approval of N44 billion under the 2024 budget appropriation to settle accrued pension rights for retirees from March to September 2023.

    Speaking on the theme of the conference titled, “Tech-Driver Transformation: Shaping the Pension Landscape”,  she said technology has become the backbone of transformation across all sectors, and that the pension industry was no exception.

    Read Also; Closing Nigeria’s zero-dose immunisation gap

    She said: “Since assuming office, my team and I have been focused on strengthening compliance, enhancing service delivery, diversifying pension assets to optimize returns, improving benefits, and expanding coverage to include more Nigerians, especially those in the informal sector.

    “The micro-pension initiative, in particular, is something we are very passionate about. It is our way of saying that no one should be left behind, no matter how small their earnings might be. Technology plays a vital role in driving this inclusion, from mobile enrollment to real-time account management. We intend to use technology to scale the micro-pension plan.

    “Permit me to talk briefly about some of our initiatives. This year, we achieved a major milestone with the launch of the e-Application Portal for Pension Clearance Certificates (PCC) in October. This initiative replaces the previous manual process, enabling companies to seamlessly apply for and receive PCCs online. Since its deployment, we have issued over 38,000 PCCs, significantly enhancing ease of doing business and ensuring compliance,” she stated.

    Ms Oloworaran continued: “Additionally, the Pension Industry Shared Service Initiative is in advanced stages of implementation. This initiative will digitize pension contributions and remittances, ensuring seamless processing of contributions and resolving discrepancies caused by incomplete remittance details. To further enhance contributors’ experiences, we have introduced a revised programme withdrawal template, simplifying access to voluntary contributions and revising the threshold for en-bloc payments in line with the new minimum wage. These measures are designed to make retirement processes more efficient and user-centric.

    “But beyond policies and systems, what really excites me is the potential to transform lives. Every time I meet a pensioner who is able to live comfortably because of the contributions they made during their working years, it reminds me of why this work is so important. And every time I hear from a young entrepreneur, or artisan who has signed up for the micro-pension scheme, it strengthens my belief that we are moving in the right direction.

    “Now, let me take a moment to acknowledge the role of the media in this journey. You are not just storytellers; you are stakeholders in the success of our pension system. Your ability to inform, educate, and hold us accountable is invaluable. So, I urge you to continue asking the tough questions, highlighting areas that need improvement, and, yes, celebrating the wins when they come. And maybe, just maybe, next time you’ll get my picture right!

    “As we integrate technology across every aspect of the pension industry—ranging from data and identity management to seamless contributions, investment oversight, regulatory supervision, and service delivery—we are paving the way for a future where the Contributory Pension Scheme (CPS) becomes more accessible, reliable, and sustainable.

    “However, this transformation cannot succeed without your unwavering support as media practitioners. Your role in amplifying our initiatives and educating stakeholders across Nigeria is essential to achieving this vision. Together, we can ensure that every Nigerian, including the most vulnerable, has access to a secure and dignified retirement”, she said.

  • IEI partners Cross River govt on Calabar Carnival

    IEI partners Cross River govt on Calabar Carnival

    International Energy Insurance Plc, a Norrenberger company has partnered the Cross River State government as the Official Insurance Sponsor for the Calabar Carnival 2024.

    The Calabar Carnival, renowned as Africa’s largest street party, will take place on December 28 and 29 in Calabar, the Cross River State capital.

    Managing Director of IEI Plc, Mr. Olasupo Sogelola in a statement stated that as official Insurer, they will provide the overall insurance coverage for the event to ensure the safety and well-being of the performers.

    He said: “We are thrilled to be partnering with the Cross River State Government to support this laudable and iconic event. Our experienced team with their focus and dedication will be committed to providing and ensuring a secure, pleasant and enjoyable experience for all attendees.

    Read Also: Uba Sani and the ‘Kaduna Model’ of tackling insecurity, banditry and kidnapping

    “IEI Plc has built a reputation as Africa’s preferred insurance provider through innovation, professionalism, and exceptional service delivery. The company’s core values – responsiveness, simplicity, trust, and continuous improvement – have driven its success in providing clients with peace of mind and unparalleled service.

    “This partnership underscores IEI’s commitment to supporting cultural and community initiatives while delivering on its promise of reliability and trustworthiness.

    We are committed to being a trusted partner for individuals and businesses across Africa, offering a wide range of insurance solutions tailored to meet diverse needs.

    With a focus on customer satisfaction, IEI leads the industry in delivering dependable, innovative, and efficient services.’’

  • Lagos pays another 488 retirees over N1b

    Lagos pays another 488 retirees over N1b

    No fewer than 488 retirees of the Lagos State Civil Service will be paid a total N1.007billion, the Director-General, Lagos State Pension Commission, Babalola Obilana has said

      He said the figure represents their accrued rights before the 2007 implementation of the Contributory Pension Scheme (CPS).

    He broke the news during the 108th batch retirement bond presentation in Ikeja, underlining the state’s commitment to securing the financial futures of retirees.

    Addressing retirees and dignitaries, Mr. Obilana thanked the workforce for their dedication to the state.

    He said the ceremony was a manifestation of the commitment of the government to the welfare and financial security of its workforce, noting that it signifies their obligations under the CPS, ensuring their retirees receive the benefits they have worked hard for throughout their careers.

    He pointed out that Lagos State had made a lot of progress in pension administration, adding that the CPS in Lagos remained one of the best in the country. According to him, LASPEC has continued to ensure that pensions are paid as and when due.

    Read Also: Ogun 2027 and the cacophony of voices

    He said: “This 108th Batch joins a long list of retirees who have received their benefits promptly, upholding our promise of financial security to public servants,” he added.

    The DG equally appreciated the support being given by Governor Babajide Sanwo-Olu, for ensuring timely payments of pension obligations. He further said LASPEC has continued to promote pension literacy among stakeholders and retirees alike.

    “Looking ahead, LASPEC is committed to ensuring the pension system continues to meet the needs of current and future retirees, with adaptation to economic realities and embracing innovative solutions,” he said.

    The DG also appreciated the LASPEC’s team for their hard work in implementing the CPS and facilitating timely payments.

    He commended the Pension Fund Administrators (PFAs)), saying they had been responsive in attending to the needs of government workers.

    He advised retirees to spend their funds judiciously and invest wisely if they choose to do so.

    “Notably, Governor Sanwo-Olu’s administration has been making all attempts toward ensuring that retirees have gotten their pay on a monthly basis, which was started when he began to give such an assurance of governance in 2019.

    “His commitment has seen him offsetting all accrued pension liabilities he inherited, while by his promise, current retirees are paid as accrued.

    “For retirees who have yet to get their retirement benefits, such delays are usually due to documentation issues that can be sorted out once the beneficiary reports to LASPEC. It operates an open-door policy for all Lagos State staff in service and retired,” he said.

    Retirees present at the ceremony expressed appreciation for the state government’s dedication.

    One of the beneficiaries, Mrs. Asegere Olayinka, said: “This is a significant moment for us. The state has demonstrated genuine care and responsibility for its retirees, and I’m truly grateful. It is commendable that Governor Sanwo-Olu has kept his promise of ensuring that retirees are paid as soon as they leave service”, she stated.

  • emPLE introduces FlexiThird Party motor policy

    emPLE introduces FlexiThird Party motor policy

    emPLE has unveiled its newest offering, flexible and affordable vehicle insurance with Flexi Third-Party Motor PolicyThe policies, designed to address the needs of affordability and bespoke coverage for vehicle owners, reflect emPLE’s product development strategy and its vision of empowering individuals with accessible and innovative financial solutions.

     The Flexi Third-Party Motor Insurance redefines third-party insurance, offering the market unprecedented choice and flexibility.

    emPLE General Insurance Olalekan Oyinlade, stated that the company has three plans: Basic Third-Party, Flexi Basic, and Flexi Standard.

    According to him, these products allow customers to choose a coverage plan that best suits their risk management and budget.

    Read Also: Uba Sani and the ‘Kaduna Model’ of tackling insecurity, banditry and kidnapping

    He said: “The Basic third-party plan helps car owners meet the compulsory insurance requirements for car owners. On the other hand, the Flexi Basic plan stretches the benefits of third-party insurance to allow vehicle owners’ the opportunity to be indemnified in damages, in the event of accidental damage to their car. The third plan, Flexi Standard, provides basic third party protection while offering added protection to the vehicle owner in the event of fire, theft and accident.

    “At emPLE, we are aware that insurance is not a one-size-fits-all and remain committed to empowering Nigerians by providing financial products that align with their lifestyle and needs. We believe that insurance should be a tool for empowerment; hence, the Flexi Third Party Motor Insurance Plan is more than just an insurance policy; it is a solution that bridges the gap between affordability and extended protection. This product prioritises road safety and financial security while giving our customers the peace of mind they deserve when deciding about their assets’ protection.

    “This new product reaffirms emPLE’s position as an innovative, trailblazing and customer-centric solutions provider in the financial industry. By prioritising simplicity and accessibility, the product ensures that Nigerians, from first-time car owners to experienced drivers, can enjoy protection without the complexities and lack of choice,” he added.

  • Why we are redefining pension, by PenCom DG

    Why we are redefining pension, by PenCom DG

    The National Pension Commission (PenCom) is redefining the country’s pension landscape to make the Contributory Pension Scheme (CPS) more accessible, reliable, and sustainable, the Director-General, Ms. Omolola Oloworaran, has said.

    Speaking at the PenCom Media Conference in Abuja, Ms. Oloworaran highlighted the commission’s commitment to integrating technology into every aspect of the pension industry, transforming the processes of pension administration, regulation, and supervision.

    The conference attracted an impressive gathering, including members of the Pension Correspondents Association of Nigeria (PenCan), Finance Correspondents Association of Nigeria (FICAN), and other reporters.

    Representatives from the Pension Fund Operators Association of Nigeria (PenOp) were also present, illustrating strong interest and collaboration within the sector.

    A new era of tech-driven transformation

    Marking her first official engagement with the media since her appointment, Ms. Oloworaran introduced the conference theme: “Tech-Driven Transformation: Shaping the Pension Landscape.” The theme reflects PenCom’s strategic commitment to harnessing innovation for improved pension administration.

    Read Also: Ogun 2027 and the cacophony of voices

    She said: “By leveraging technology, we aim to transform service delivery, enhance transparency, and boost efficiency across the pension industry. A significant milestone was achieved with the launch of the e-Application Portal for Pension Clearance Certificates (PCC) in October 2024. This revolutionary online platform has replaced the cumbersome manual process, allowing companies to apply for and receive PCCs seamlessly. So far, PenCom has issued an impressive 38,528 PCCs, streamlining operations and ensuring compliance with regulatory requirements.’’

    Furthermore, she said crucial developments in the industry’s Shared Service Initiative, which is in its advanced stages of implementation. This initiative will digitise pension contributions and remittances, ensuring seamless processing of Retirement Savings Account contributions while rectifying discrepancies due to incomplete remittance details.

    “Additionally, PenCom has introduced a revised programmed withdrawal template aimed at simplifying access to voluntary contributions. The threshold for en-bloc payments has been adjusted in line with the new minimum wage, making retirement processes more user-centric and efficient for contributors,” she explained.

    The PenCom DG stressed the importance of expanding pension coverage, particularly for unserved workers. She revealed that the commission is revamping the Micro Pension Plan, utilising technology to incentivise the participation of informal sector workers, thus making it easier for everyday Nigerians to save for retirement. “This initiative aligns with our vision of inclusive growth and financial security for all,” she said.

    Responding to economic challenges

    Sharing significant updates within the pension industry, Ms. Oloworaran noted that as of October 2024, the CPS has recorded 10.53 million registered contributors, with pension fund assets totaling N21.92 trillion.

    “These remarkable figures reflect our commitment to fund safety, prudent management, and sustainable growth,” she told attendees.

    Despite these successes, she acknowledged the unique challenges posed by Nigeria’s economic realities, such as high inflation, Naira devaluation, and the ongoing impacts of unconventional monetary policies. To navigate these turbulent waters, PenCom has initiated a comprehensive review of Investment Regulations, focusing on diversifying pension fund investments into inflation-protected instruments, alternative assets, and foreign-currency denominated investments.

    “Our goal is to safeguard contributors’ savings and ensure resilience against future economic volatility,” she said.

    She addressed concerns regarding delays in retirement benefit payments to retirees of Federal Government treasury-funded Ministries, Departments, and Agencies (MDAs).

    She announced a release of N44 billion under the 2024 budget appropriations to settle accrued pension rights for retirees from March to September 2023.

    “We are collaborating with the Federal Government to establish a sustainable solution, ensuring retirees receive their benefits promptly and without undue stress,” she stated.

    Call for collaborative efforts

    Ms. Oloworaran expressed her gratitude to the media for its commitment to raising awareness about the CPS.

    She described their collaboration as “indispensable” to PenCom’s mission of securing the future for millions of Nigerians.

    As Nigeria approaches a crucial transformation in its pension landscape, the emphasis on technology and collaboration stands as a beacon of hope for enhanced retirement security for all citizens, she stressed.