The Nation Newspaper

Category: Pension

  • Guinea Insurance posts 49.4% growth in revenue

    Guinea Insurance posts 49.4% growth in revenue

    Guinea Insurance Plc has reported impressive financial performance in 2023, with a 49.4 per cent increase in insurance revenue, rising to N2.077 billion from N1.390 billion in 2022.

    The Chairman of the company, Mr. Ugochukwu Godson while speaking at the 66th Annual General Meeting (AGM), attributed the growth to improved market penetration; new insurance products tailored to customer needs, and enhanced customer retention efforts.

    Additionally, he said the insurance service result rose by 13.3 per cent, reaching N673.7 million compared to N594.4 million in the previous year, reflecting better risk management and efficient claims handling.

    He stated that investment income and other income surged by 95.4 per cent, from N232.6 million in 2022 to N454.6 million in 2023, due to strategic investments in diversified portfolios.

    Read Also: Enough is enough

    He said: “Operating expenses increased moderately by 8.4 per cent, from N862 million in 2022 to N935 million in 2023, a result of proactive measures to address inflation, technological investments and enhanced operational efficiency.

    “Notably, profit before tax experienced a remarkable turnaround, improving from a loss of N75.4 million in 2022 to a profit of N499.6 million in 2023, marking an impressive 763 per cent increase. Profit after tax also showed significant growth, climbing from a loss of N83.3 million in 2022 to a profit of N477.7 million in 2023, representing a 673.7 per cent increase”.

    The Managing Director/CEO, Mr. Ademola Abidogun, highlighted the company’s ongoing recapitalisation efforts, detailing initiatives to secure additional funding, enhance operational efficiency, and expand product offerings.

    These strategies, according him are part of a vision to elevate the Guinea Insurance brand through the #ComfortAssured Integrated Marketing Campaign. He emphasized that increased funding would enable the company to strengthen its market position, improve customer experience, and deepen its focus on core insurance activities, particularly underwriting.

  • DBS: Pensioners relish in new narrative for pension administration

    DBS: Pensioners relish in new narrative for pension administration

    Prior to the establishment of the Pension Transitional Directorate Arrangement (PTAD), the management of the Defined Benefits Scheme (DBS), also known as the ‘old pension scheme’ had a very bad reputation.

    Government was flooded with allegations of misappropriation of pension funds, neglect of pensioner’s welfare and other malfeasance.

    The public outcry led to widely publicised public hearings and criminal proceedings against suspected pension thieves.

    Presently, pensioners are relishing in reforms that has changed the narrative of pension administration in the country.

    Neglected Pensioners Welfare

    The Executive Secretary of PTAD, Dr. Chioma Ejikeme, said pensioners suffered to get their pensions with reports of pensioners sleeping under staircases and on floors of pension offices.

    Read Also: Curbing the menace of out-of-school children

    She stated that many pensioners did not receive their monthly pensions as and when due, others were owed pension arrears while many Next-of-kin (NOKs) had not been paid death benefits for years with some up to 10 years or more, after the death of the officer.

    Also, verification was hard on pensioners as many suffered from the stress of crowds, queuing for long hours, among other hardships.

     In some cases, pensioners had to pay money to get their pensions or arrears, she said.

    Pension Reform

    Against this background, PTAD was established in August 2013 to consolidate and manage pensions under the Defined Benefits Scheme (DBS) for pensioners who would not transit into the contributory scheme introduced in 2004.

    PTAD is thus an agency of the Federal Government, established in compliance with the provisions of the Pension Reform Act of 2004, repealed and re-enacted in 2014. The PRA 2014 provides for PTAD to consolidate old pension offices

    Thus, according to the Dr. Ejikeme, PTAD inherited very complex pension schemes that were mismanaged and did not have reliable data or information

    Key Challenges at Inception

    She disclosed that there were no personal information and employment records of pensioners under the DBS, rather, duplicate names and account numbers on inherited payrolls was what existed.

    She said: “Over 50,000 complaints were inherited from the Office of the Head of the Civil Service, over 30,000 qualified pensioners not on payroll and there were no clear way for pensioners to get their complaints, issues and concerns addressed and so many pensioners had even given up.

    “We inherited unfunded liabilities like pension arrears, 33 per cent arrears, gratuity and death benefits. There were issues of disorganised, error-prone manual computation/calculation of pension benefits; Lack of adequate/appropriate office space to accommodate walk-in pensioners; Inadequate staffing of offices and provision of appropriate technology work tools; Poor pension file management leading to damaged records and lost hope; and Rude and unruly behavior of pensioners…To be continued next week

  • ‘Engage in entrepreneurship to unleash innovation, creativity, values’

    ‘Engage in entrepreneurship to unleash innovation, creativity, values’

    Group Chairman of Mutual Benefits Assurance Plc, Dr Akin Ogunbiyi, has encouraged young Nigerians to engage in entrepreneurship programmes as it will unleash the sparks of genius in them.

    Ogunbiyi, the former gubernatorial candidate, said the pull and connectivity of entrepreneurship, innovation, creativity and adaptability will deliver a sustainable, globally competitive and thriving national economy that is strong and resilient.

    Speaking on the theme, ‘Entrepreneurship for Economic Sustainability: An agenda for Nigeria’s Development,’ on Wednesday at Ajayi Crowther University, Oyo, Ogunbiyi urged the Federal Government to encourage support  the entrepreneurial culture, which he says,  fosters the confluence of skills that differentiate values.

    He noted that seven per cent of Nigerians go to higher institutions for specialisation in much-needed higher skills, saying: “If our country must lead with innovation and entrepreneurship, we need to pay attention to this very expensive deficit.

    Read Also: Curbing the menace of out-of-school children

    “Growth enhancement by way of higher skills upgrade will definitely push forward our determination for dynamic and rapid performance.”

    Ogunbiyi said to be successful as an entrepreneur, one must stimulate thinking and clarify directions in order to determine priorities, survive and flourish with less failure.

    He said government at all levels and the private sector must urgently check this adverse blow on Nigeria’s talent skills and entrepreneurship capacity.

    “We however, have cheering news. African Development Bank (AFDB) is establishing $100 million Youth Investment Bank in Nigeria to support the businesses of entrepreneurial Nigerian youths with technical assistance business incubation grants and also guarantee lending instruments by local banks.

    “Entrepreneurship will ensure dynamic and rapid performance. The fruit, will be valued diversification and an enhanced utilization of the nation’s natural resources and talent pool.

    “Value chains will complement each other and there will be accelerated value-adding specialization based on comparative advantage. Our nation will no longer be a demand centre that is literally importing everything, but a powerhouse of agro-related finished products. There will be skill-upgrades and human capacity development. We will satisfy local needs and also earn foreign exchange.

    “We have the entrepreneurial capacity in Nigeria. Today, we are doing extremely well in fintech and other technological, digital and creative enterprises. But the ‘japa’ syndrome or massive exodus of young Nigerians to Europe, USA and other places is dealing a debilitating blow on our entrepreneurial talents especially the tech professionals.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    PTAD: Resolving Pensioners’ Issues

    JIJI: Dear Omobola, my name is Jiji. I am a retiree from Lower Benue River basin. I started work in October 1981 but was compulsorily retired in April 1996 after working for 14 years and six months. PTAD has cancelled the six months and is paying me pension based on 14 years’ service only. Why? The second issue is that the recent 20 per cent pension increase was not properly calculated for me. My monthly pension before was N32,965.89. PTAD paid me arrears 46,328.77 when you spread this over a period of eight months you get N5,791.096 my pension now should be N38,756.99 but PTAD is paying me N34,746.57since September 24. Kindly help me.

    DANGERH: Dear Omobola, good day. I am Dangerh, a retiree from Lower Benue River Basin. I have issues to be addressed. The recent 20 per cent pension increase is wrongly calculated. My pension before the increase was N20,355.48. PTAD paid me N19,850.31 instead of N24,426.58 but PTAD is paying me only  N19,850.31since September 2024. My branch chairman had already sent this issue to PTAD but I still need your help.

    ANONYMOUS: Good day, I have not received my pension for the month of September and October stipend. Kindly help me.

    Read Also: Enough is enough

    AYODELE: Hello, my complaint is about underpayment of monthly pensions. I wish to put up a reminder that I am yet to get neither acknowledgement nor response regarding my complaints to your organisation about three weeks ago on the above subject matter. This is after promises by your receptionists to deliver my complaints to the appropriate authority for further necessary actions. In October last year, I was surprised to notice a huge deduction of N48,861.19 from my monthly pension of N154,015.36, for an excuse tagged overpayment of pension and which was not earlier communicated to me officially. From my computations of the deductions , I believe that it was wrong to have carried out such deductions. By the way, I started working in 1970 and retired from service on August 1, 2005 from Nigerian Institute for Trypanosomiasis Research, Kaduna (NITR), a parastatal under the Federal Ministry of Science and Technology, as a Chief Technical Officer Laboratory Instruments, on HATISS 13, Step 9. As at the time of retirement, my pension was N92,170.75. However, two years later, August, 2007, to be precise, there was a 15 per cent pension increment that jerked my pension up to N105,996.36. Three years later, which was August, 2010, there was another 33 per cent increment of N34,978.80 that leveraged my pension to N140,975.16. And in April, 2019, there was a consequential pension adjustments of 0.0925 per cent or N13,040.20, which finally brought my current pension to N154,015.36.

     But surprisingly, from October, 2023, I observed with surprise that, a huge chunk of N48,861.19 monthly deductions were made till date from my pensions, with the excuse that, there were some overpayments made all along, which in actual fact is not true from the indebt analysis I have proffered.  The pension refund I expect from you as of April, 2024 is N342,028.33 which I am believing would be paid this month. These shortfalls have been causing me a whole lot of financial setbacks. I am equally in the know that a review committee was set up towards the end of last year by the Executive Secretary, PTAD to tidy these grievances which are not limited to me or my parastatal alone but to several others. Times are pretty hard for even workers not to talk of vulnerable pensioners whose pays are nothing to write home about. At this juncture, i am imploring you to use your good offices to write this wrong, by reversing to status quo and refunds made back as quickly as possible. Thanks and God bless.

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

    THE NATION: The Newspaper will intervene by sending your complaint to PENCOM. Therefore, AIMINHIEFE, ALEXANDER, UCHARA, STEPHEN, MUSA, AKINTOYE, ABDULLAHI, MRS MATTHEW, GREAT, YUSUF and BRAIMAH should watch out for the pension page on Wednesdays for response from PENCOM and subsequently every Wednesday for pension news.

  • ‘SMEs need enabling environment not capital to develop’

    ‘SMEs need enabling environment not capital to develop’

    The government has been advised to provide an enabling environment for small and medium scale enterprises (SMEs) instead of capital to enable them thrive.

    The Founder/Chief Executive Officer, CleanNClassy, Olumide Obembe, gave the advice during the opening of a branch of his firm in Oluyoke Estate, Ibadan last weekend.

    He said, for example, with adequate power supply, seamless business registration process and easy way of doing business, especially for fresh graduates, investors would be able to do things and this businesses would grow and develop.

    Read Also: Enough is enough

    Obembe said he opened the new branch in the Oyo State capital to transform the landscape of cleaning and pest control.

     He said: “Opening a branch in Ibadan is a significant step for us. We are thrilled to bring our premium services to this vibrant city, helping residents and businesses maintain clean, healthy and pest-free environment.”

    While urging them to patronize it, he stated that the firm has invested in training and equipment to provide quality service to the people.

    He noted that the eight-year-old CleanNClassy which started from a humble beginning now has 24 staff.

    The firm’s lbadan branch Manager, Mrs Daniella Ijeoma Moneke, pledged to provide premium services also in facility management and consultancy.

  • Elumelu urges increased female leadership in insurance sector

    Elumelu urges increased female leadership in insurance sector

    The Chairperson, Heirs Insurance Brokers, a member of Heirs Insurance Group) and Chairperson Avon HMO, Dr. Awele Elumelu has joined other female business leaders in the call for gender parity and more women in leadership in Nigeria’s insurance industry.

    She spoke at the just-concluded International Conference for Women in Insurance organised by the African Insurance Women Association (AIWA) in Lagos.

    In her keynote address, “The Future of Insurance: Trends, Challenges, and Opportunities,” Dr. Elumelu emphasised that female leadership is both a strategic advantage and an ethical imperative.

    Speaking on the urgency to bring more women into this field is clear, she stated that women bring fresh perspectives and empathy, and these are essential for designing inclusive, people-centred solutions.”

    Read Also: Curbing the menace of out-of-school children

    She highlighted the low insurance penetration of the African insurance industry, currently below three per cent, as a significant growth opportunity. She stressed the potential of digital solutions and microinsurance to enhance accessibility and inclusion.

    She said: “With our young, tech-savvy population, we have a unique chance to build products that truly resonate with Africans, especially through mobile technology, which can help reach underserved communities and foster financial literacy among younger generations.”

    She called for stronger public-private partnerships to foster regulatory innovation and enhance customer trust. A collaborative approach between industry players, regulators, and local communities will set the stage for a resilient and inclusive insurance sector that can drive economic growth across Africa.”

    Speaking on the conference, Lady Margaret Moore, President of the Africa Insurance Women Association, stated, “This landmark event, the first of its kind, brings together African women in insurance to empower and inspire one another.’’

    The conference aims to foster connections, share knowledge, and promote collaboration across the industry.”

  • Almond Awards: AIICO, leadway, others are winners

    Almond Awards: AIICO, leadway, others are winners

    Winners have emerged at the keenly contested 2024 Almond Insurance Industry Awards tagged #Reinvent Edition.

    The awards ceremony, which celebrated exceptional achievements within Nigeria’s insurance sector, featured a night of glamour, entertainment, and special performances.

    The awards recorded over 10,000 votes from stakeholders within and outside the insurance industry this year. Criteria used to judge winners were financial strength of companies (Assets & Shareholders Fund), gross premium income, claims payment/ speed, corporate social responsibility as well as brand.AIICO Insurance Plc claimed two of the evening’s most prestigious honours: ‘Life Insurance Company of the Year’ and the highly sought-after ‘Insurance Chief Executive Officer (CEO) of the Year’ for Mr. Babatunde Fajemirokun, the company’s Managing Director/CEO.

    Read Also: Enough is enough

    For the second consecutive year, AIICO Insurance Plc was recognised as the Life Insurance Company of the Year, a category judged on rigorous criteria including; financial strength, premium growth, customer service excellence, CSR, and speed in claims settlement.

    According to the organisers, AIICO’s win further establishes AIICO’s standing as a leader in the life insurance sector, consistently demonstrating strong financial performance, brand impact, and innovative products tailored to the Nigerian market.

    The company further stated that Fajemirokun’s award as Insurance CEO of the Year recognised his exceptional leadership, strategic direction, and dedication to AIICO’s success.

    With years of industry experience, Fajemirokun has driven innovative approaches that have strengthened AIICO’s market position and influenced the broader industry. Candidates for this award were evaluated based on length of service, company performance, and innovations in their company and the industry, the statement from the company read.

    Other awardees are Noor Takaful which clinched Life Insurance Company and Takaful Insurance Company of the Year for the second year running.

    In the same vein, Goxi Microinsurance won Microinsurance Company of the Year while Insurance Brokers of Nigeria (IBN) won Insurance Broking Company of the Year.

    On the individual category, Mrs. Ebelechukwu Nwachukwu, MD/CEO of REX Insurance, won the Insurance Woman of the Year, while Mr. Kayode Awogboro MD/CEO of ARK Insurance Brokers was crowned Insurance Broker of the Year.

    Mr. Valentine Ojumah and Sir Ogala Osoka MFR were awarded the Insurance Life Achievers Awards for their contributions to the insurance industry. Mrs. Modupeola Dallass – Olusanya received the 2024 Special Recognition Award.

  • Linkage Assurance grows insurance revenue to N16.4 billion in Q3

    Linkage Assurance grows insurance revenue to N16.4 billion in Q3

    Underwriting firm, Linkage Assurance Plc has sustained its strong growth trajectory, with a 61 percent rise in insurance revenue at the end of third quarter 2024.

    Linkage Assurance Plc’s unaudited financial statements year-on-year for the period end 30th September 2024 submitted to the NGX Limited shows that insurance revenue grew to N16.43 billion from N10.22 billion recorded at the same period in 2023.

    The Insurance Service Result, which underscores the firm’s prudence and risks management capabilities rose by a significant 261 percent to close at N723.57 million in the review period,  as against N200.37 million the previous year.

    Linkage also achieved significant growth in investment and other incomes, rising by 26 percent, from N5.59 billion in 2023 to N7.07 billion in the review period.

    Profit before Tax (PBT) at the end of third quarter 2004 stood N4.38 billion, from N3.65 billion in third quarter 2023, showing a 20 percent increase, while Profit After Tax (PAT) also grew by 22 percent to N4.16 billion, as against N3.41billion in Q3 2023.

    Read Also: Enough is enough

    The Company’s total assets also appreciated significantly year-on year period to N60.39 billion, from N52.86 billion, indicating a 14 percent increase.

    The Managing Director/CEO, Linkage Assurance, Mr. Daniel Braie while commenting on the accounts said: “As an organisation, we shall continue to refine our strategy in line with our strategic focus for the year and theme.

    Our theme for 2024, he said is “Consolidation”, and this informs our strategic intent along the four pillars of Business growth, Operational excellence, financial excellence, and Customer and People, the CEO said.

    “Consequently, during the year the identified strategic focus will guide as compass in our quest to navigate through the highly competitive insurance market to increase our market share in the most profitable sectors and offer excellent customer experience to all our clients.”

    Braie said part of the Company’s agile strategy would be to leverage on technology to improve products and services especially to direct and personal clients.

    “This is also part of digital transformation initiatives. Also, having recognized the impact of certain products lines like motor insurance on our portfolio, we are positioned to offer to our client’s different options of motor insurance according to their risk exposure(s) willingness and ability to pay.”

    “We shall continue to leverage on the positive impact of our ongoing brand rejuvenation and awareness campaign to the insuring public, and this will be reinforced by our customer value proposition”, he added.

  • Business Journal Annual Lecture 2024

    Business Journal Annual Lecture 2024

    The Business Journal Annual Lecture 2024 will be held on Thursday, November 26, 2024 at the Event Centre, Nigerian Exchange Group (NGX) Building, Marina, Lagos.

    The theme of the lecture is: Repositioning the Insuralce Industry to Drive Sustainable Economic Growth in Nigeria while the Panel Session will evaluate the impact of insurance on key sectors of the Nigerian economy such as local content development, aviation, telecoms, oil & gas, banking among others.

    The Managing Director/CEO, Stanbic IBTC Insurance Limited Akinjide Orimolade, has been picked as the Keynote Speaker while the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Olusegun Omosehin, would be the Special Guest of Honour.

    Read Also: Curbing the menace of out-of-school children

    The Group Chairman of NEM Insurance Group, Tope Smart would Chair the event.

    Commenting, the Publisher/Editor-in-Chief of Business Journal Media Group, Prince Cookey listed the objectives of the annual lecture to include showcasing contributions of the insurance sector in the past 10 years, evaluate the current state of the market, evaluate the current challenges hindering its further growth, evaluate the impact of insurance on key sectors of the economy, identify the emerging growth potential and opportunities and to project the future of the industry in the coming 10 years.

  • 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) retirees. My complaint is that I am yet to have my accrued pension right released to my PFA, Stanbic IBTC.

    ALEXANDER: Hello, l am Engr Alexander. I retired since March 2023 from Auchi Polytechnic but till now we are still waiting for our pension and gratuity to be paid after having carried out the necessary process long ago. I will be very delighted to know the reason for the delay because I and my mates who retired this same time are suffering. Thank you.

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

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

    MUSA: Dear Omobola, my name is Musa. I retired from Federal Polytechnic Auchi Edo State since March 2023 from Auchi Polytechnic Auchi (16 months now) and my PFA is TrustFund. Kindly ask PenCom why they have not paid me my pension benefits. Thank you.

    Read Also: Enough is enough

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

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

    MRS MATTHEW: Good day, I want you to help me with my late husband benefit from the aviation authority. They have sent me out of the quarters since April 3, 2020 and my husband died on October 5, 2019. The money is with First Guaranty Pension Ltd. I am really suffering with my children, and we are barely surviving. My late husband died year 2019. I am appealing to you to help me. You are my last hope. Thank you. Mrs. Matthew.

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

    YUSUF: While thanking you for your good work, I wish to still 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 in June 2022 from the Nigeria Customs Service. When I approached my PFA, Premium Pension for my benefits in 2023, my annuity application was rejected and I was told to stay a year on programmed withdrawal that I can apply for annuity after a year of earning on programmed withdrawal. It is a year now so I submitted annuity agreement via DHL from Auchi to Abuja as there is no Premium Pension office here in Auchi. I just check and I realised my application was rejected. I have been calling to know why but no response.