The Nation Newspaper

Category: Pension

  • 2024 Lagos International Trade Fair: PenCom sensitises traders on micro pension plan

    2024 Lagos International Trade Fair: PenCom sensitises traders on micro pension plan

    • Plan records 164,031 participants

    The National Pension Commission (PenCom) has sensitised the general public, especially those in the informal sector comprising Small and Medium Scale Enterprises (SMEs), the private sector and self-employed persons on the benefits of the Micro Pension Plan (MPP) at the just-concluded 2024 Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry (LCCI).

    The MPP refers to an arrangement under the Contributory Pension Scheme (CPS) that allows the self-employed and persons working in organisations with less than three employees to make financial contributions towards the provision of pension at their retirement or incapacitation.

    As of September 30, 2024, the total number of registered Micro Pension participants stood at 164,031, with pension assets amounting to N967.19 million, demonstrating the adoption of the MPP and  further solidifying its potential as a key tool for improving financial security among Nigeria’s informal sector workers, according to PenCom.

    The commission further stated that the Trade Fair which held from  November 1 to 10, 2024, was an avenue to interact with the people on MPP.

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    PenCom showcased the benefits of the MPP as its strategy for expanding pension coverage to the informal sector by educating, enlightening, and sensitising the public on the programme.

    PenCom’s stand at the Trade Fair was manned by staff that provided customer care services, sensitised, publicised and offered clarifications on the CPS in general with emphasis on the MPP. Numerous visitors including Retirement Savings Account (RSA) holders, interested members of the public and students from various schools were hosted at the stand.

    A standout event at the 2024 Trade Fair was the PenCom Special Day, held on November 8, 2024. The event brought together a diverse group of stakeholders to engage in discussions about the Micro Pension Plan (MPP), and to learn more about PenCom’s initiatives aimed at improving the nation’s pension system.

    The Acting Director-General of PenCom, Ms. Omolora Oloworaran who delivered a key message to participants, explained that the CPS is not only safe and sustainable but also a critical component of Nigeria’s long-term economic planning.

    Ms. Oloworaran, represented by Akinsola Adeseun, the Head of PenCom’s Southwest Zonal Office, urged both employers and employees to adopt the CPS, as it is essential for ensuring financial security in retirement.

    She extended a special appeal to workers in the informal sector and self-employed individuals, encouraging them to join the MPP as a means of securing their financial future. She said the MPP offers an opportunity for informal sector workers to save for their golden years.

    Also speaking, the President of Lagos Chamber of Commerce and Industry (LCCI), Mr. Gabriel Idahosa, praised PenCom for transforming Nigeria’s pension landscape, which has seen significant improvements due to reforms and technological advancements. “Under PenCom’s strong oversight regulation, the CPS has grown,” he said.

    However, Idahosa said the informal sector, which employs most Nigerians, remains underrepresented in the pension system.

    The president encouraged workers in the informal sector to embrace the MPP.

    In line with this, the Head of PenCom’s Micro Pension Department, Dr. Babatunde Alayande highlighted that PenCom is exploring new incentives for micro pension contributors in the informal sector.

    He said: “We are looking into ways to incentivise participants, including offering basic health insurance plans as part of the benefits of the Micro Pension Plan.

    “The MPP is not only for informal sector workers but is also available to self-employed professionals such as lawyers, architects, musicians, actors, and high-income earners who are not currently participating in the CPS“.

    Dr. Alayande further shared that PenCom is considering renaming the MPP to better reflect its broader scope.

    Head of PenCom’s Corporate Communications Department, Ibrahim Garba Buwai also provided insights into the MPP.

    He said that the plan serves as a vital savings tool for participants, allowing them to withdraw up to 40% of their RSA balance in cases of emergency. “The MPP is designed to meet the unique needs of informal sector workers, offering flexible and accessible means to save for retirement,” he said.

    “To make the event even more memorable, PenCom introduced an exciting raffle draw, with guests winning a variety of prizes.

  • SUNU Nigeria’s Free Mammogram/Breast cancer screening receives positive feedback

    SUNU Nigeria’s Free Mammogram/Breast cancer screening receives positive feedback

    SUNU Assurances Nigeria Plc, a leading insurance company and SUNU Health Nigeria Limited, a reputable health maintenance organisation (HMO) in Nigeria, have received positive feedback from beneficiaries of its recent free 3D mammogram-breast cancer screening initiative.

    The programme was launched to raise awareness about breast cancer and provide early detection services, was widely lauded by participants.

    SUNU Nigeria reiterated its commitment to promoting preventive healthcare and empowering women.

    Through the offering of free breast cancer screenings, the company aims to reduce the burden of breast cancer and improve the overall health and well-being of Nigerian women.

    The initiative, which took place at DIAMED Centre, located at heart of Lekki, Lagos, attracted a large number of women from diverse backgrounds. The screening process, which included mammograms and clinical breast examinations, was conducted by experienced medical professionals.

    Mrs Ajayi Funmilola, one of the 100 women who benefited from the screening exercise expressed her gratitude to the company. “I’m so grateful to SUNU Nigeria for providing this free advanced mammogram screening.

    Of course, early detection is key, and this initiative has given me peace of mind. Thank you for prioritising women’s health”.

    Another beneficiary, Arogudade Feyisayo said, “The 3D mammogram screening offered by SUNU Nigeria was a game-changer.

     It was a quick, painless, and thorough experience. I’m incredibly grateful for this opportunity to benefit from this initiative, I hope the company continue to be productive as they continue and increase the tempo in the future”.

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    “I’m happy to have had the opportunity to undergo a free 3D mammogram screening. It’s heartwarming to see a company like SUNU Nigeria prioritizing women’s health. May God continue to bless and prosper your organization,” commented Mrs. Olabisi Ajayi.

    Commenting on the initiative, Head of Corporate Services at SUNU Assurances Nigeria Plc, Mrs. Yusuf Japari highlighted the importance of corporate social responsibility, stating that the free mammogram screening is just one example of the company’s commitment to improving public health.

    Mrs Yusuf stated, “At SUNU Nigeria, we believe in giving back to the community. By providing free 3D mammogram screenings, we’re not just offering healthcare; we’re empowering women to prioritize their health and well-being. We are committed to continuing these initiatives to improve public health.”

    Dr. (Mrs.) Abiola Olorode, CEO of Diamed Centre stated that her facility is proud to partner with SUNU Nigeria to offer free breast cancer screenings during Breast Cancer Awareness Month.

  • Advans Nigeria is ‘Microfinance Bank of the Year’

    Advans Nigeria is ‘Microfinance Bank of the Year’

    Advans Nigeria has emerged the winner of the ‘Microfinance Bank of the Year’ prize at the BusinessDay Bank and Other Financial Institutions (BAFI) Awards.

    The organisers stated that the award celebrates Advans Nigeria’s outstanding contributions to the financial sector, its impactful support for MSMEs, and its dedication to a customer-centric banking model.

    While accepting the award on behalf of the bank, the Managing Director/Chief Executive Officer, Advans Nigeria, Gaetan Debuchy said with a focus on driving economic growth and supporting small businesses and individuals through its tailored services, various digital platforms, and a transparent financial approach, Advans Nigeria empowers its customers and helps them grow.

    He stated that this recognition is a testament to the bank’s unwavering commitment to providing accessible, reliable, and impactful solutions.

    He appreciated the organisers of the awards for its invaluable contributions to the growth of the financial sector in Nigeria.

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    This award affirms our core mission which is to drive financial accessibility, empower small businesses, and create lasting impact, he noted.

    Also commenting on the award, the Head of Marketing and Communications, Kayode Abraham said: “We are grateful for this recognition and dedicate the award to our clients who rely on us to provide the right support. As a bank, we remain committed to our goal of helping small businesses grow, inspiring businesses to thrive and empowering economies to prosper.”

    Advans Nigeria is one of the leading international microfinance institution, dedicated to providing financial solutions to MSMEs across Nigeria. With a mission to foster economic empowerment, Advans Nigeria offers services designed to meet the unique needs of its clients, promoting sustainability and growth.

  • ‘African governments to lessen restrictions on insurance licensing’

    ‘African governments to lessen restrictions on insurance licensing’

    Insurance regulators in Africa need to lessen the stringent restrictions placed on licensing of new companies to witness desired growth and reach, Chairperson, Heirs Insurance Brokers & Avon Healthcare Limited Dr. Awele Elumelu, has said.

    She stated that the stringent licensing and market entry restrictions placed by African Governments stifle the growth and reach of the insurance industry.

    She spoke while delivering a Keynote Paper entitled: ‘The Future of Insurance: Trends, Challenges and Opportunities’, at the ongoing Africa Insurance Women Association Inaugural Conference 2024 holding in Lagos.

    She said: “The stringent licensing and market entry restrictions can be discouraging to both local and foreign investors, stressing that governments must recognise that they and insurance operators are all working towards the same goals and are on the same team. We cannot underestimate the impact of regulatory framework and supportive policies in ensuring insurance businesses thrive.

    “Governments must begin to streamline regulatory processes, creating an environment that encourages innovation, and promotes investments in the insurance sector across African countries”.

    She said simplifying licensing processes and easing restrictions on foreign ownership, can attract the expertise and capital necessary to enhance insurance offerings and provide better services for communities.

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    Using Heirs Insurance Group as an example, she said: “We have encountered these hurdles firsthand. Despite our entry into the insurance space in 2013, it took until 2021 to see progress.

    “Why? Because of stringent restrictions,” she posited.

    She noted that bridging insurance gap calls for innovative solutions tailored to the unique needs and challenges within each of the countries.

    Speaking on female professionals, she said they must recognise and embrace their unique role in all of this transformation.

  • Sanlam upgrades code for insurance purchases, claims, others

    Sanlam upgrades code for insurance purchases, claims, others

    Sanlam General Insurance Nigeria Limited, a subsidiary of Sanlam Life Insurance Nigeria has announced a significant upgrade to its *1056# Code of Confidence, a revolutionary USSD solution now available on Airtel and MTN mobile networks in Nigeria.

    In a statement by the company, the Managing Director/CEO of Sanlam General Insurance Nigeria Limited, Bode Opadokun explained that the expanded features provide customers with a seamless platform to make insurance claims, check policies, and purchase insurance directly through their mobile devices.

    Stating that it is originally designed to provide fast and reliable third-party insurance claims, the *1056# code now extends beyond claims processing to deliver an all-in-one solution for essential insurance services.

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    According to him, this enhancement reflects Sanlam’s ongoing commitment to delivering innovative, customer-centric solutions that simplify the insurance journey for Nigerians.

    He noted that customers can now access a range of features by dialing *1056#. These include the ability to initiate insurance claims instantly, check policy status, and even purchase new insurance products, all with the simplicity and convenience of a mobile phone.

    Opadokun pointed out that the quick and intuitive solution empowers customers to manage their insurance needs effectively, reducing wait times and paperwork, and enhancing accessibility across all networks.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    ADEBISI: My name is Adebisi, I retired from the News Agency of Nigeria (NAN) in December 1996 and was getting paid my pension until August 2020 when payment was stopped. I did verification in Lagos in July 2023 to restore my pension payment but up till now, I have not heard anything. I retired from NAN in 1996 on Grade Level 14. I saw my complaint published in The Nation edition of Wednesday, September 11, 2024. However, it was stated my complaint without indicating what is being done to rectify the situation. Thanks all the same for the publication. It at least, shows that PTAD is aware of my case, and hopefully something will be done to restore my pension. Thanks and Regards.

    TITILAYO: Good day sir, kindly let me know when the verification of the retired Primary School teacher will start.

    AKAGBOSU: Subject: Nonpayment of monthly pension. Good day, my name is Akagbosu, the eldest child and next of kin to Mrs Akagbosu, the complainant. Her monthly pension benefits for several months have not been paid. She retired as a staff of NIFOR since March 10th 1994. She received her monthly pension up to October 14, 2016. She has not received any monthly pension payments due to her since retirement. She did PTAD verification at Imaguero 1,Benin City on May 29, 2019. She also complained severally at the PTAD Benin City office on different occasions of which she was given complaint form to fill and also attached all necessary documents needed, alongside for follow up and also do I AM ALIVE capturing, all to no avail. This nonpayment of her monthly pension benefits has worsened her conditions badly, and presently she is battling partial stroke/hypertension and eyes sight diseases.

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    Kindly use your good office to intercede for her to ensure that she is restored back on payroll for her to be getting her monthly benefits and also back loads of arrears are paid to her promptly. Thanks for your anticipated response.

    DR SAMSON:  Thank you for the good job you are doing to help pensioners to get their entitlements. I am Dr Samson. I retired in May 2008 on consolidated salary from Oyo State Civil Service. Duly completed gratuity and pension documents were sent to PTAD before my retirement date to enable it to pay Federal Government portion of my retirement package. I was not placed on monthly pension until 27 months after my retirement. Up till today my gratuity and 27 months of pension arrears are yet to be paid. I have participated in all verification exercises carried out at Ibadan by PTAD and on each occasion resubmitted my pension documents including my bank statements. PTAD officials would promise to take action on my outstanding entitlements but this has not happened. A friend of mine in Abuja visited their office more than six times on my behalf in 2020 and 2021. PTAD confirmed they were in possession of all my necessary documents and I should expect payment soon. Yet no payment made to me. My entitlement had been outstanding since 2008 which make 16 years. I hope PTAD will rise up to its responsibility and pay my outstanding entitlements. By the grace of God I’m close to 80 years of age. Dr Samson

  • Africa Re continues on growth trajectory in Q3

    Africa Re continues on growth trajectory in Q3

    The African Reinsurance Corporation (Africa Re) has recorded a Gross Written Premium Income of US$ 879.05 million at the end of the 3rd Quarter of 2024, translating to 8.99 per cent growth from the US$ 806.55 million reported for the same period of 2023.

    The reinsurance company attributed the growth to marketing efforts, positive pricing momentum, and moderate economic growth witnessed by most countries in Africa, its core markets, despite continued challenges posed by the ongoing geopolitical tensions, extreme weather conditions, fiscal policy tightening, currency depreciation against the US Dollar and inflationary pressures.

    At the end of the period under review, Africa Re, recorded Gross Incurred Claims of US$ 436.78 million, compared to US$ 404.40 million for the same period in 2023.

    The negative variance of 8.01per cent is attributable to increasing claims reported and incurred under the period across some of its business units and lines.

    In the same period, the Retrocessionaires’ Share of Incurred Claims increased from US$ 27.60 million in Q3 2023 to US$ 45.49 million in Q3 2024.

    The combination of these resulted in a Net Incurred Claims of US$ 391.29 million at the end of the 3rd Quarter of 2024 from US$ 376.79 million recorded in the same period of 2023.

    In the period under review, the Net Commissions and Charges amounted to US$ 191.71 million against US$ 169.36 million recorded in the same period in 2023. This increase of 13.20 per cent in the Net Acquisition Cost originated from an increase in the written premium volume.

    The Net Combined Ratio at the end of the 3rd Quarter of 2024 stood at 88.74 per cent, down from 93.66 per cent recorded in the same period of 2023.

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    As a result, the Net Underwriting Result as at Q3 2024, under International Financial Reporting Standard (IFRS 4) accounting standard, closed at US$ 79.52 million, an improvement of 100.82 per cent compared to the Net Underwriting Result of US$ 39.60 million reported at the end of September 2023.

    Investment & Other Income for the reported period stands at US$ 71.74 million, translating to an increase of 59.40 per cent above the US$ 45.01 million recorded in Q3 2023. The positive performance was driven by higher interest income from fixed-income instruments.

    Going by the outstanding underwriting and investment performances, the overall Net Profit, under IFRS 4 accounting standard, for the 3rd Quarter of 2024 is a Profit of US$ 131.43 million, translating to an improvement of 74.20 per cent compared to the profit amounting to US$ 75.45 million achieved in the same period of 2023.

    The Group MD/CEO of Africa Re, Dr. Corneille Karekezi, while commenting on the performance at the end of September 2024 stated that, “Africa Re continues to demonstrate a strong and resilient business model which is able to capture the full benefits of a conducive environment characterised by a continuous positive adjustment or of global reinsurance market prices and the strengthening of returns in the global financial markets.

    Barring any sharp decline of the investment returns, possibly following the outcome of the November 2024 US Elections or from heightening of current geopolitical tensions, or any adverse development of already reported natural catastrophe claims, or significant additional depreciation of major African currencies, the financial year 2024 is heading to a second successive historical record performance both in top line and in bottom line, he disclosed.

  • Roles of Pension Fund custodians in safe custody of Pension Funds, assets

    Roles of Pension Fund custodians in safe custody of Pension Funds, assets

    The birth of the Pension Reform Act (PRA), 2004, which introduced the Contributory Pension Scheme (CPS) for both the Public and Private Sector employees, was a direct outcome of the efforts to address the challenges that bedevilled the various pension schemes in Nigeria before 2004.

    These challenges included unsustainable outstanding pension liabilities, weak and inefficient pension administration, and low coverage of workers in the private sector.

    Establishing a supervisory and regulatory framework superintended by the National Pension Commission and licensing Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) were essential steps in implementing the CPS. 

    The main functions of the PFA are to open Retirement Savings Accounts (RSA) for employees, invest and manage pension fund assets, payment of retirement benefits and accounting for all transactions relating to the pension funds under their management.

    The PFCs, on the other hand, are responsible for keeping safe custody of pension assets on trust on behalf of contributors.

    It follows therefore, that PFCs are essential to the safety of pension assets with various functions under the CPS.

    Custodian of Pension Funds and Assets

    PFCS are solely responsible for keeping the pension funds and assets in safe custody on behalf of the PFAs and the trust of Retirement Account Savings (RSA) holders. At this juncture, it is essential to state that PFCs undergo rigorous licensing requirements issued by PenCom before they are licensed as pension custodians.

    Receiving Pension Contributions

    PFCs receive the total monthly contributions that are deducted and remitted by employers for the credit of the RSA of the employee. PFCs are mandated to inform the PFA of the receipt of such contributions within 24 hours.

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    Settlement and Clearing on Behalf of the PFAs

    PFCs are responsible for executing investment decisions on behalf of the PFAs. When a PFA decides to invest in a particular asset, it advises the PFC to make payment to the counterparty. In addition, where a PFA chooses to sell investments to realise a profit, the PFC will receive the consideration on behalf of the PFA. Furthermore, the PFC is also responsible for benefit payments to beneficiaries as advised by the PFA, accompanied by the requisite approval of PenCom.

    Corporate Action Administration and Proxy Voting

    The PFC is responsible for protecting the interests of the PFA in corporate actions declared by companies in which pension funds are invested. PFCs advise PFAs on Annual General Meetings of such companies, represent the PFA at such AGMs, and ensure that PFAs’ voting instructions are carried out.

    Income Collection

    The PFC is responsible for collecting all incomes from pension fund investments made by the PFA. The PFC is expected to calculate, collect, and track all outstanding income on behalf of the PFA. Regarding fixed-income investments such as time deposits with banks, FGN and Corporate bonds, the PFC ensures that interest and coupon incomes are accrued daily and redeemed as and when due. It also collects dividends when declared.

    Reporting to PenCom and the PFAs

    The PFCs maintain proper books of account and render periodic returns to PenCom, which ensures adequate supervision. In addition, the PFC also renders reports to the PFA on the custodial services it provides. These reports enable a reconciliation to be carried out between the records of both operators.

    It is important to note that the PFCs are the only licensed bodies that can perform the functions stated above under the strict supervision and monitoring of PenCom. Currently, there are three licensed Pension Fund Custodians in the pension industry: First Pension Custodian, UBA Pension Custodian and Zenith Pension Custodian.

    The structures put in place to ensure the safety of pension assets through the PFCs have re-defined Nigeria’s pension landscape.

     As of 30 September 2024, registered contributors have grown to over 10 million. Furthermore, the total pension fund assets under the CPS have grown to N21.379 trillion.

    • Culled from PenCom on behalf of PFAs
  • Pension complaints and solutions

    Pension complaints and solutions

    SALMANU: Hello, my name is Salmanu from Zaria. Congratulations to the newly appointed Acting Director- General of the National Pension Commission (PenCom), Ms.Omolola Oloworaran. We hope she will use her new position and many years of work experience to wipe away the tears from the faces of retirees. Many of us have been having sleepless nights with lots of problems as a result of non-payments of our retirement benefits. We look forward to seeing her wiping away our tears.

    PENCOM: Thank you for the congratulatory wishes to the Acting Director- General. Please note that PenCom is working assiduously with the relevant stakeholders to ensure the prompt payment of retirement benefits.

    ANONYMOUS: Good day, this is a Save S.O.S. I want to remain anonymous. There has been no remittance of annuity by African Alliance Insurance Plc since May 2024. I will like to know what is happening. PenCom and NAICOM should consider that the economy is tough hence we need our monthly pension.

    PENCOM: Please note that the above complaint falls within the purview of the National Insurance Commission (NAICOM).

    OLANIYAN: Good day, my complaint is about my life annuity contract with African Alliance. I was last paid in April 2024 from May up to date. I have not been paid only for them to be promising all the time. Please help us out. The other affected officers will be informed of this development.

    PENCOM: Please note that the above complaint falls within the purview of the National Insurance Commission (NAICOM).

    BOLAJI: Hello Omobola, My name is Bolaji. I am soliciting PENCOM’s intervention to enable me access additional 25 per cent of my pension contribution. I worked with GTBank between 2006 and 2017. I have accessed 25 per cent of my contribution in 2017 which was paid into my salary account that was in debit position owing to outstanding car loan. I can present my account statement if need be. I know how passionate you are about us; pensioners. Times are really tough and this lifeline is all I need to get back on my feet again. Kindly assist me.

    PENCOM: Please be informed that the RSA holder has already accessed 25% of his RSA and as such cannot access it twice until retirement.

    ANICHEBE: Hello, my name is Anichebe and my PFA is ARM Pension. I was last paid in April 2023 because I opted for once payment yearly to enhance the sponsorship of my children. Please help me to get African Alliance Insurance to pay me. Thank you.

    PENCOM: You are advised to please clearly state the complaint in order for us to respond acurately.

    ASINOBI: Hello, I am Asinobi. My PFA is Stanbic IBTC Pension Managers. I am writing in respect of my annuity contract. I was last paid April 2024 and they have been giving empty promises all the time. Please help me and my fellow pensioners affected out of this dilemma. I am waiting to hear a good response from your office.

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    PENCOM: You are advised to please clearly state the complaint in order for us to respond acurately.

    DJOGRI: Hello, my name is Adjogri. I retired on July 31, 2016 from Delta State SUBEB, and got my accrued right to process my lump sum and pension. I went to Oak Pension Ltd on the November 8, 2023 to process it after eight years. But I have not heard from them. l am yet receive my lump sum neither has my annuity sum been released. Meanwhile, my contemporaries that choose programme withdrawal with the same Oak Pension have all received their payments. Is it a sin to choose annuity which is what warrant this unholy treatment from Oak Pension? Pension Act provides us the freedom to choose any form of payment and I have opted for Annuity but Oak Pension is punishing me because I didn’t choose their Programme Withdrawal. I plead with PENCOM to intervene and not allow the situation degenerate into litigation. Thanks in anticipation.

    PENCOM: Please, note the evidence of Annuity Request is yet to reach the Commission. The RSA holder should contact the PFA to submit the request.

    ANONYMOUS: Ma, I strongly need your help. We are leaving the country today and we need money for upkeep as we go. We are banking on my 25 per cent pension savings. PenCom is yet to approve. Kindly help us.

    PENCOM: Kindly provide the details of your Retirement Savings Account, the PIN and the PFA to enable the Commission process the complaint.

  • IEI MD bags Transformative CEO award

    IEI MD bags Transformative CEO award

    The Managing Director of International Energy Insurance PLC (IEI), Mr. Olasupo Sogelola, has bagged the Businessday BAFI award on Transformative CEO of Year for returning the company to profitability.

    According to the organisers of the award, Sogelola has been found to be a transformational leader and business strategist who is very passionate about insurance.

    Since assuming the leadership role at IEI, the company has witnessed tremendous growth by not only paying all outstanding liabilities but climbing to profitability.

    The company has also paid all outstanding claims and now pays genuine claims as and when due.

    Sogelola has over 30 years’ experience in the industry, which spans across reinsurance, brokerage, General Insurance, Life insurance, sales, marketing and technical operations.

    He was part of the start-up team that led the business transformation of FBN Insurance Limited (a subsidiary of First Bank and Sanlam of South Africa), where he joined as head of the corporate sales division. During his time at FBN, the business saw significant revenue growth and became a market leader in terms of business revenue generated.

    As a result of his extraordinary leadership skills, Olasupo acted as the Managing Director of FBN General Insurance Limited from December 2015 to April 2016.

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    He was also part of the business transformation team that revamped Law Union and Rock Insurance, which metamorphosed into Tangerine General. During his tenure as Executive Director Technical, there was significant improvement in business underwriting quality and product development, particularly in the retail and SME spaces.

    He is currently the Managing Director of International Energy Insurance Plc, the fastest-growing insurance company in 2023, based on the latest report from the Naira metric. He has changed the course of business direction and returned the company to profitability.

    He is an accomplished executive who has over the years proven himself as a market leader and has played an active role in the Nigerian Insurance Association and the Chartered Insurance Institute of Nigeria.

    Sogelola is a devoted Christian, and he is happily married with children.

    Since IEI’s acquisition by Norrenberger Group, the company now prides as the fastest growing insurer in the insurance industry.