Category: Pension

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    OMOWA: Hello, my name is Omowa from Igarra, Akoko, Edo LGA. Edo State. I have been receiving my monthly pension after verification in 2019, in Benin City by PTAD.

    Suddenly, they started underpaying me from October by N27,N27, 262.91. Please, help resolve the issue. Thanks – Omowa Obende

    OZEGBE: I am Ozegbe. I did my last ‘i am alive’ confirmation on August 20, 2024, making it thrice. But, surprisingly, nothing was credited into my account last month.

    OYELAKIN: My name is Oyelakin. I retired on July 31, 2002. My date of first appointment was December1970. My federal share of pension started from December 2, 1970 and ended on March 31, 1976, spanning five years and five months.

    I was placed on payroll in September 2010, leaving my pension arrears of August 2002 to August 2010 unpaid. I made several attempts to get the arrears paid but all to no avail; I even sent my bank statements to authenticate my claim. Kindly help me. Thanks for your concern in this regard.

    Read Also: Fighting malnutrition

    ELLIS: Good day, my name is Ellis and my brother Kelvin. We have not been paid since our verification in 2015 by PTAD in Lagos. We are next of kins to police officer Francis. We have not been paid since we were verified in 2015. I have not been told why the delay. When I called, they said they were processing it.

    AGBABIAKA: Good day, my name is Agbabiaka. I did my “I Am Alive Confirm Solution”, since May 1, 2023 and I have received my gratuity. It has been a journey of service, dedication and devotion. Why should your institution delay my pension? Please pay my pension.

    ADUEMA: Good day, I am Aduema. My mum has a complaint.

    Since she retired, she has not been paid her gratuity. But she has been receiving her pension.

    Her set of retirees have been paid. She has health issues and cannot move around.

    MRS ADEBOWALE: Good day sir, kindly let me know when the verification of the retired primary school teacher will start.

    AYODELE: Hello, my complaint is about underpayment of monthly pensions. I wish to put up a reminder that I am yet to get any acknowledgement nor response regarding my complaints to your organization 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. From my concise and articulate computations of the deductions yanked, 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, 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 adjustment 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 in depth 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 aware 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 the 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, Omowa, Ozegbe, Oyelakin, ELLIS, Agbabiaka, Aduema, Mrs Adebowale, Ayodele should watch out for the pension page on Wednesdays for response from PTAD and subsequently every Wednesday for pension news.

  • Zenith General Insurance supports Lagoon School Library

    Zenith General Insurance supports Lagoon School Library

    As part of its celebration of the International Day of the Girl Child, Zenith General Insurance has donated cash to the Lagoon School Library project in . International Day of the Girl Child is observed every October 11.

    Head, Primary Section, Lagoon School, Ugonwa Ohuche commended Zenith Insurance for their kind gesture, describing it as laudable and impactful.

    Read Also: Before Lagos bans sachet water and other single-use plastics

    Ohuche said: “This is a girls’ school and we are talking about “Girls’ Vision for the Future” as the theme for this year’s celebration. I think supporting the Library project which is going to be for the good of every girl in the Lagoon School, the Primary section, we are sowing into the future of the girl child and I think we are laying a foundation for posterity. “I want to use this opportunity to call on other corporate entities to borrow a leaf from Zenith General Insurance by keying into any ongoing projects in various Gills Schools that can help in empowering women and girls, especially in our country.”

     Senior Manager, Marketing/Branch Head, Head Office and Southsouth Regions, Edith Agu, added: “At Zenith General Insurance, we are particular and passionate about the future of a girl child; incidentally we are a Company that is gender sensitive and we have many women in leadership positions who are doing very well.

     “For us, we identified Lagoon School, and as a Girls School, it was easier for us to address one of the needs in the school which is supporting the School’s Library project.’’

  • AIICO Insurance, MD get awards

    AIICO Insurance, MD get awards

    Managing Director and Chief Executive Officer, AIICO Insurance Mr. Babatunde Fajemirokun has won BusinessDay Newspaper’s  “Top 25 CEOs Award”.

    Also, AIICO Insurance Plc. won the Marketing Edge “Outstanding Insurance Company of the Decade” award.

    The BusinessDay award is in recognition of the leadership, innovation, and resilience demonstrated by Mr. Fajemirokun, and also his performance in areas such as financial management, strategic planning, profitability, employee motivation, strong customer and stakeholders’ management even in the face of the economic challenges.

    The BusinessDay award celebrates chief executive officers and managing directors of various companies listed on the Nigerian Stock Exchange (NGX) and Next Bulls, which are excellent companies yet to list on the NGX. These individuals have demonstrated exceptional leadership, guiding their companies through growth and success during a challenging year for the business world. Fajemirokun stated: “We are truly honoured to receive these prestigious awards. This recognition is a testament to our team’s hard work, dedication, and innovation. I want to sincerely thank the organisers for their commitment to excellence and for recognising our contributions.

    Read Also: AIICO Insurance supports less privileged children

    “We dedicate these awards to our valued customers and clients whose trust and support have been instrumental to our success. Your satisfaction is our top priority, and we are committed to providing exceptional service. To our dedicated employees, thank you for your unwavering commitment and passion. Your hard work and dedication are the driving force behind our achievements. Together, we have built a strong foundation for continued growth and success.’’

  • Pension complaints and solutions

    Pension complaints and solutions

    ISHOLA: Good day, my name is Ishola. I am on life annuity with African Alliance. I retired in 2014 from Nigerian Postal Service (NIPOST). The last payment I received was in April 2024. Kindly help me.

    PENCOM: The RSA holder should visit PFA to recapture his pin and provide details of the two PINS to enable us to deactivate the one.

    MRS OGBE: Hello, I am Mrs Ogbe. I submitted my annuity transfer letter to Stanbic IBTC Pension but they have not worked on it. Please help me so that Stanbic IBTC can transfer me to my preferred insurance company

    PENCOM: Please be informed that Stanbic IBTC has done the transfer.

    BOLAJI: Hello Omobola, My name is Bolaji. I am soliciting PenCom’s intervention to enable me to access an 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 the debit position owing to an 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 per cent 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 accurately.

    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. Please help me and my fellow pensioners affected by this dilemma. I am waiting to hear a good response from you.

    Read Also: Palliative ownership; Dangerous dams; Pensions 

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

    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 Limited on November 8, 2023 to process it after eight years. But, I have not heard from them. l am yet to receive my lump sum nor has my annuity sum been released. Meanwhile, my contemporaries that choose programme withdrawal with the same Oak Pension have received their payments. Is it a crime to choose annuity which is what warrants this unholy treatment from Oak Pension? The 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 to 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.

    ANNONYMOUS: Ma, I need your help. We are leaving the country and we need money for our 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.

  • PenCom kicks off online enrolment

    PenCom kicks off online enrolment

    • Exercise holds October to December, says Ag. PenCom DG

    The National Pension Commission (PenCom) has kicked off the Online Verification and Enrolment Exercise for prospective retirees of Federal Government treasury-funded Ministries, Departments and Agencies (MDAs) who are due to retire next year.

    Acting Director-General, PenCom, Ms. Omolola Oloworaran, made this known while delivering a keynote address at a workshop for Pension Desk Officers (PDOs) of Treasury-funded MDAs.

    She stated that the retirees who missed the enrolment in previous years, are also eligible to participate in the exercise, adding that the enrolment exercise holds from October 7 to December 31.

    Ms. Oloworaran emphasised the importance of the online enrolment and highlighted the major strides PenCom has made in ensuring a smooth and efficient pre-retirement verification for employees of Treasury-funded MDAs.

    The system, according to her, is designed to collect accurate data on the Accrued Pension Rights of prospective retirees, allowing the Federal Government to make appropriate budgetary provisions.

    Seamless pre-retirement enrolment

    On why the workshop is part of preparations for the enrolment, targeting the prospective retirees, Ms. Oloworaran noted that they hold firmly to their statutory responsibility of ensuring a seamless pre-retirement verification and enrolment for employees of Treasury-funded MDAs.

    She said: “PenCom’s automation of the enrolment introduced the Online Enrolment Application, which offers retirees, MDAs, Pension Fund Administrators (PFAs), and PenCom itself a digital platform to facilitate registration, verification, and enrolment. This transition is a significant leap towards modernising pension administration in Nigeria.

    “The application consists of four key modules which are retirees, MDAs, PFAs, and PenCom and serves as the backbone for pension administration moving forward. As Pension Desk Officers, you are the linchpin in this process, ensuring that retiree information is properly uploaded and verified.”

    Addressing challenges

    The Acting DG also used the opportunity to address some of the challenges encountered in previous enrolment.

    She stated that there are challenges like system downtimes and delays in uploading retiree data, particularly during last-minute rushes.

    She reassured attendees that PenCom is working on improving the system.

    “We are developing a new, more efficient Enrolment Application that will provide a user-friendly and seamless experience for all stakeholders. This upgrade is expected to mitigate the challenges we have faced in the past.  We acknowledged past delays in releasing funds for retirees’ accrued rights but noted that considerable progress had been made towards clearing outstanding liabilities. The workshop, therefore, served as a platform to train PDOs on the effective use of the Online Enrolment Application and provide solutions to past issues.”

    Read Also: States implementing CPS prospering, securing retiree’s future, says PenCom

    Necessity of data recapture

    She maintained that prior to enrolment, retirees and prospective retirees, are required to visit their PFAs to undergo the Data Recapture Exercise (DRE).

    “The DRE entails retirees and prospective retirees providing their Retirement Savings Account (RSA) registration details, Personal Identification Number (PIN), and their National Identity Number (NIN). Retirees and Prospective retirees who had undergone the DRE are not required to do so again,” she said.

    Step-by-Step procedures for online enrolment

    She explained: “The online enrolment process comprises three stages: Registration, Verification, and Enrolment. Prospective retirees can either complete self-assisted registration or seek assistance from PFAs. Self-assisted registration involves visiting the PenCom website, creating an account, and providing required information such as RSA PIN, NIN, personal details, and employment history. Scanned copies of necessary documents are uploaded to the system, ensuring data accuracy.

    “On the other hand, PFAs play an important role in this verification stage. They crosscheck the information provided, ensuring alignment with the original or certified true copies of the required documents. PFAs also guarantee the completeness and accuracy of employment records, salary details, and relevant supporting documents. A live image/photograph of the prospective retiree is captured through the application, and two copies of the Enrolment Slip are printed for signature. The retiree retains one copy of the Enrolment Slip while the other is submitted to the PFA.”

    Sick/Incapacitated prospective retirees

    Ms Oloworaran added that PenCom is aware of the challenges sick or incapacitated prospective retirees face.

    “In such cases, a Next of Kin (NOK) can register on their behalf, uploading required documents and medical reports. The PFA conducts remote verification and enrolment, ensuring that the enrolment process is accessible to all, regardless of their physical condition,” she said

    List of enrolled prospective retirees

    “PFAs are required to forward the list of enrolled prospective retirees to PenCom monthly. This is designed to ensure prompt submission of enrolment data for timely processing. Online enrolment of prospective retirees is a remarkable leap forward in the CPS transitional arrangements. PenCom assures RSA holders of its commitment to effectively regulate and supervise the pension industry to ensure that retirement benefits are paid as and when due,” she said.

  • GCR Rating affirms Lasaco Assurance’s financial strength

    GCR Rating affirms Lasaco Assurance’s financial strength

    Lasaco Assurance Plc has once again received a reaffirmation of its A (NG) rating and Stable Outlook from Global Credit Rating (GCR), underlining its robust financial position and resilience.

    In a statement,Lasaco said the recognition comes at a time the company continues to navigate challenges.

    According to the company, the report by GCR has accentuated Lasaco Assurance Plc’s strong risk-adjusted capitalisation and ample liquidity, highlighting its ability to withstand market volatility and maintain financial stability.

    The statement read: “The company’s ability to not only endure but thrive in the midst of economic uncertainties solidifies its reputation as a reliable insurance provider in Nigeria. While the GCR report identifies areas for strategic focus, such as modest competitive position and underwriting losses, the company is actively addressing these as part of its long-term growth strategy. By proactively focusing on these areas, Lasaco Assurance is positioning itself for sustained success and further strengthening its position in the market

    Read Also: NCRIB, Lasaco Assurance partner on better service

    “Looking forward, Lasaco Assurance Plc is poised for even greater financial strength, with a finalised capital injection expected to bolster its capabilities further. This injection will undoubtedly enhance the company’s ability to continue delivering top-tier insurance services and meet its obligations. “This reaffirmation by GCR serves as a testament to Lasaco Assurance’s dedication to excellence and its pivotal role as a leading force in the Nigerian insurance landscape. With a steadfast focus on delivering top-tier insurance services, the company remains committed to prioritising the needs of its stakeholders, including customers, staff, investors, and the broader public.’’

  • LASPEC urges public servants to open retirement savings accounts

    LASPEC urges public servants to open retirement savings accounts

    • Calls for immediate action
    • Stories by Omobola Tolu-Kusimo and Nimotalahi Awoniyi

    The Lagos State Pension Commission (LASPEC) yesterday called on public servants in Ministries, Departments and Agencies (MDAs) and parastatals who are yet to open a Retirement Savings Account (RSA) with Pension Fund Administrators (PFAs) to do so immediately.

    LASPEC Director-General, Mr. Babalola Obilana, gave the advice during a four-day sensitisation programme on the Contributory Pension Scheme (CPS).

    Emphasising the importance of taking action immediately, Obilana said as a result of not having RSAs, many of these individuals find their pension benefits idly away in escrow accounts.

    He said: “Despite these advancements of the Contributory Pension Scheme (CPS) in Lagos State pension administration, it has come to our notice that a number of public servants in MDAs and parastatals, are yet to open their Retirement Savings Accounts (RSAs). This oversight has serious implications for their future financial security.

    “As a result of not having RSAs, many of these individuals find their pension benefits sitting in an escrow account. This situation is not only detrimental to their financial future but also complicates the pension payment process upon retirement.

    “The funds that should be earmarked for your retirement should not be stagnating in an account but rather working for you, growing and accumulating over time. I cannot emphasise enough the importance of taking action. If you have not yet opened an RSA, I urge you to do so as soon as possible.”

    He said his team is ready to assist them during the programme, noting that they would get guidance on the registration, documentation, and the various PFAs available to them.

    He further urged LASPEC Pension Desk Officers and Directors of Administration and HR to ensure that employees in their MDAs have accurate information about the process and are encouraged to open RSAs.

    Read Also: LASPEC urges prospective retirees on early documentation

    “Today, there will be an avenue to update your records, as well as a Data Recapture Initiative with our PFAs to ensure that we have accurate and up-to-date information for every Public Servant. Accurate data is essential for tracking contributions and ensuring that your benefits are correctly calculated and disbursed.

    “We understand that the thought of navigating pension procedures can be overwhelming. That is why we are committed to hosting a series of workshops and information sessions in the coming year. These sessions will be designed to demystify the pension process, address your concerns, and provide you with the knowledge you need to make informed decisions about your retirement”.

    He reiterated that employees’ financial well-being in retirement is their top priority at LASPEC, stressing that the steps they take will significantly impact their future.

    “By opening your Retirement Savings Accounts and participating actively in the CPS, you are securing your financial future and that of your loved ones.Together, let us work towards strengthening our pension scheme for the benefit of all public servants in Lagos State. Your dedication to this process will ensure a brighter, more secure future for every member of our public service community.

    “We gather not only to share vital updates and changes to the CPS but to highlight the importance of the scheme for public servants.

    The CPS was designed to ensure that employees have a secure and sustainable source of income upon retirement. It operates on a simple principle: both employees and employers contribute a portion of the employee’s salary into a pension fund, which is then managed by a designated authority.

    “This collective effort provides financial security for our future and fosters a culture of savings and responsibility among public servants. It is a mutual commitment to one another that we all need to embrace. Over the years, the administration of the CPS in Lagos State has undergone important updates aimed at enhancing its efficiency and transparency. These changes reflect our commitment to improving the management of pension funds and ensuring that your benefits are protected and accessible.

    “One of the most significant changes is the enhanced collaboration between the Lagos State Pension Commission (LASPEC), the Pension Fund Administrators (PFAs) and Annuity Service Providers (ASPs). LASPEC is working diligently to streamline processes to ensure easy access to your pension benefits at retirement. This collaboration is crucial in ensuring that your retirement savings grow and are managed responsibly,” he added.

    Head of Service, Mr. Bode Agoro said the CPS, which was passed into law in 2007, was to provide a sustainable retirement plan that ensures financial security on retirement from active service. Since its introduction, a lot of government policies have been made to strengthen the pension industry, provide security for citizens’ savings as well as protect workers’ retirement benefits.

    However, he said, the policies have come with the need to align themselves, as workers, with the evolution of the scheme.

    He added: “It is imperative for Lagos State retirees to have their data recaptured with their Pension Fund Administrators (PFAs) to ease documentation, facilitate processing and smooth pension payments upon retirement. This is why LASPEC organised the sensitisation programme to ensure that pensioners in the state have the right information about important updates and changes to the Contributory Pension Scheme as it affects stakeholders.

    “This is necessary in the wake of data updating exercise occasioned by linking of National Identification Number (NIN) to all of our  accounts, be it in the banks, telecommunication service providers, among others.”

    He pointed out that for those who have just  had their service documents regularised, changed locations or names, the exercise is poised to provide them with fresh opportunities to register such changes with their PFAs, accordingly.

    “Considering the different development that public servants might have experienced over the years, this exercise will be made periodic to allow you to register such development with your Pension Fund Administrators to be guaranteed updated information that will ease processing of your retirement benefits by LASPEC as well as the PFAs,” he noted.

    He commended the Commission for the laudable initiatives geared towards carrying the public servants along as the biggest stakeholders in the industry.

    He further urged the would-be retirees to pay attention to the vital information that would be disseminated at the event.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    DMBIEM: I am DMBIEM, an actuary. I am also a PTAD pensioner. My sample of pension-related circulars 1975-2021 showed two problems. New pension rates were late and pension enhancements were almost always below incumbent. New minimum wage of N70,000, 2024 has been approved. I challenge PTAD to liaise with NISWC to release the New Minimum Wage Circular 2024. Within 14 days, a new pension rate should be circulated. New pension pay in 30 days. Hardships under fuel subsidy removal are tough to endure. PTAD pensioners cannot afford delay in new pensions. Where is N75,000 total palliatives for PTAD Pensioners like me?

    MICAH: Good day, my name is Micah. 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 salaries 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. I have sent you the details which you replied in The Nation of January 18, February 15 and 22 and March 1; all in 2023. My PFA is Premium Pension. I have sent all details to you since January 18, 2023. Kindly assist me. I was a former Principal Marketing Officer staff member.

    OLAWUNMI : I am Olawunmi. I retired from the News Agency of Nigeria (NAN ) in December 1996 on Grade Level 14 and was getting 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.

    PAUL: It is pertinent to note that retired police officers in the PTAD, were notified of the “I AM ALIVE” programme through the website in 2023. I was among those PTAD had text messages to do “I am Alive” confirmation in October, 2024. To this end, I was mandated to do it on 20/10/2024. I got a text again to do my “I’m Alive” confirmation before February 10, 2024. When I contacted some of my colleagues to know whether PTAD had sent such information to them, they said no. With this, I became worried. I revisited the last “I’m ALIVE” confirmation website I did and I was informed that the last done on 20/10/2023 will expire on 20/4/2024. So, I want to know categorically from PTAD what is the time limit for the confirmation. Should it be done instead of someone or a member of the staff calling indiscriminately and sending text messages.

    PTAD: Please disregard any text message asking you to verify that you are still alive before the six-month period expires.

    Read Also: PTAD: Resolving pensioners’ issues

    AKINMUSAYO: Good day, my complaint bothers my father who retired 19 years ago. He is yet to be paid gratuity. His name is and he retired in May 2004 from the Ministry Defence.

    PTAD: Good day, your father’s gratuity has been computed and audited.

    ODUNTAN: Good day, I am sending this message on behalf of my dad. His pension monthly is over N51,000 but he was paid N37,000 for October. We want to know what went wrong.

    PTAD: The Parastatals Pension Department (PaPD) of the Directorate will respond soon.         

    SGT BASSEY: I am Sergeant Bassey, I have not received my pension for October. Kindly help me.

    PTAD: The Police Pension Department (PPD) has represented all failed payments.

    ANNONYMOUS: Good day, I am one of the pensioners that did verification six months ago. I am surprised some people have done it a second time. Please I am alive but up till now no message has been sent to me for the second verification as others have done. Please advise me on what to do.

    PTAD: The pensioner is not reachable through the phone.

  • Heirs Insurance Group records N31.7b premium

    Heirs Insurance Group records N31.7b premium

    Heirs Insurance Group (HIG), comprising Heirs Life Assurance (HLA) Heirs General Insurance (HGI) and Heirs Insurance Brokers (HIB), has recorded N31.7billion Gross Written Premium (GWP) in 2023, a financial performance which highlights the Group’s resilience and operational efficiency.

    In a statement from the Group, the Group’s General and Life companies, combined, recorded a 59.30 per cent increase in Gross Written Premium (GWP), rising from N19.9 billion in 2022 to N31.7 billion, for the year ending December 31, 2023, as they enter their fourth year.

    In addition, the Group’s earned insurance revenue for year 2023 stood at N20.5 billion, a surge of 80 per cent from N11.3 billion in 2022, reaffirming the Group as one of the fastest-growing insurance groups in Nigeria.

    Heirs General Insurance (HGI), the non-life arm of Heirs Insurance Group, reported a 77 per cent increase in GWP, rising from N8.5 billion in 2022 to N12 billion last year.

    Read Also: Heirs Insurance Group gets two EDs

    Total assets for 2023 stood at N18.1billion, a 27.4 per cent increase from N14.2billion recorded in 2022. Profit Before Tax (PBT) surged from N791 million (restated) in FY2022 to N2.4 billion in FY2023, a staggering 203 per cent growth, signaling the company’s effective cost management and strategic growth initiatives.

    Heirs General also reported a net investment income of N1.4billion for 2023, a 45 per cent increase from the preceding year. This impressive top and bottom-line growth underscores the company’s ongoing development and its unwavering focus on delivering value to clients.

     Heirs General also disbursed N1.6 billion to policyholders in claims settlement, up from N471 million in the prior year. This sharp rise in claims settlement emphasises the company’s commitment to customers and its dedication to keeping service promises, with a strong focus on timely and transparent claims processing.

  • Pension complaints and solutions

    Pension complaints and solutions

    OLABISI: Hello, you requested for my PEN number, name and PFA and I have provided them. I have also submitted my application. But, I am yet to be paid 25 per cent for loss of job.

    PENCOM: Dear Mr Olabisi, please contact your PFA on the next steps as the application is incomplete.

    ANIEMA: Hello, my late mum’s pension fund has not been paid since she passed on in 2019. Her name is Aniema. Until her untimely death, she worked at the Federal Science and Technical College (FSTC), Uyo, Akwa Ibom State. Her daughter, who is the next of kin, is Favour. I have submitted the necessary documents to Stanbic IBTC Pension. Kindly assist us so that favour can start university and her younger siblings too.

    PENCOM: Dear sir, the death benefit has been processed/paid in July 2023. The named beneficiary is advised to contact PFA.

    ABUBAKAR: Dear sir, my name is Abubakar from Ilorin. I worked at the Danish Yogurt Company, Fanmilk PLC, for 31 years.  A workplace accident made them sack me without compensation. I beg to use this forum to appeal to the CSR’s conscience of Fanmilk PLC and  Embassy of Denmark. Thank you.

    PENCOM: Not under our purview. Contact NSITF, please.

    Read Also: Terror kingpin Bello appeals for dialogue in new video

    FOLORUNSO: My name is Folorunso. I worked with Vanguard and later joined The Nigerian Tribune. On joining Tribune, Stanbic IBTC Pension opened a new RSA account for me, the same Stanbic did with Vanguard. I have double PEN registrations and I am having difficulties in accessing my funds. For over a year, I have kept writing Stanbic and the DG of PenCom but nothing has come out of it. After much pressure, Stanbic claimed to have harmonised the two PEN account numbers and it was left for PenCom in Abuja to give approval for me to access my funds. My findings show that it will take another one year to get PenCom’s approval. Please, what can I do to get the urgent attention of the PenCom DG to resolve my pension issue?

    PENCOM: Send the PIN numbers

    IKPI: Good day, I am an annuity police retiree with African Alliance Insurance Plc. I have been receiving my monthly annuity since 2015 but I am yet to receive it in the past three months. The company did not pay me and did not give me any explanation to that effect. I want to know what is happening from PenCom. I need my money to assuage my sufferings.

    ALIYU: Good day, I retired on March 19, 2023 from NDA Kaduna. I have been waiting for my pension benefits since then but I haven’t received anything. My family has been suffering alot. I don’t have money to pay house rent, feeding, school fees, healthcare, among others. My PFA is Premium Pension Limited. Kindly help me.

    ODUNSI: Hello Omobola, my name is Odunsi. I complained about African Alliance Insurance not paying my February and March annuities insurance scheme. Due to your intervention, they paid me in April. But they have refused to pay again as I am yet to receive May and June payment.

    I am speaking on behalf of many pensioners with the African Alliance. We want to know whether the company is going bankrupt. We rely on these peanuts paid as monthly pension to survive. At present, it is becoming a nightmare to get peanuts. Thanking you in anticipation for your swift intervention once again.

    IORLIAM: My name is Iorliam. I submitted my annuity transfer letter to NPF Pension on June 10, 2024. But up till now, they have not done the transfer. Please help to get the NPF Pension to transfer my money to my chosen insurance company. As a result, l did not receive my monthly pension.