The Nation Newspaper

Category: Pension

  • IEI shareholders okay N17.5b capital raise at EGM

    IEI shareholders okay N17.5b capital raise at EGM

    Shareholders of International Energy Insurance Plc (IEI) have unanimously approved key resolutions aimed at strengthening the company’s capital base and repositioning it for growth, following the successful conclusion of its Extraordinary General Meeting (EGM).

    At the meeting held virtually, shareholders ratified the conversion of a N2 billion deposits by Norrenberger Advisory Partners Limited into equity, through the issuance of 1.25 billion new ordinary shares priced at N1.60 per share. The move is expected to significantly boost IEI’s capital structure and reinforce investor confidence in the company.

    In a major step towards recapitalisation, shareholders also authorised the board to raise up to N17.5 billion through a combination of funding options, including private placement, rights issue, public offer or the introduction of a strategic investor, subject to regulatory approvals.

    The EGM further approved amendments to the company’s Memorandum and Articles of Association to reflect the enlarged share capital, in line with the provisions of the Companies and Allied Matters Act (CAMA) 2020. Shareholders equally granted the board and management full authority to implement all approved resolutions and ratified actions already taken in connection with the recapitalisation process.

    Industry watchers say the approvals mark a turning point for IEI as it accelerates its recapitalisation programme in response to regulatory requirements and ongoing reforms in the insurance sector. The company is expected to benefit from improved solvency, stronger balance sheet fundamentals and enhanced capacity to create long-term shareholder value.

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    Speaking on behalf of the Chairman, Alhaji Bukar Goni Aji, the company’s Non-Executive Director, Dr Adeyinka Hassan, thanked shareholders for their overwhelming support, noting that it reflects strong confidence in IEI’s transformation agenda.

    According to him, the resolutions underscore shareholders’ commitment to building a more resilient, competitive and growth-oriented insurance business.

    International Energy Insurance Plc is Nigeria’s pioneering energy-focused insurance company, with a strong presence in offshore and onshore risk underwriting, alongside a broad portfolio of general insurance products. Founded in 1969 and headquartered in Lagos, the company is a subsidiary of Norrenberger Financial Group and is licensed and regulated by the National Insurance Commission (NAICOM).

  • Leadway Assurance begins verification for African Alliance Annuitants

    Leadway Assurance begins verification for African Alliance Annuitants

    Leadway Assurance Company Limited has begun a comprehensive verification exercise for all African Alliance Annuitants following the successful takeover of the African Alliance Insurance Annuity portfolio.

    The Executive Director, Technical & Operations at Leadway Assurance, Olufunmilayo Amanwa in a statement said this critical validation process is the first step in the transition, designed to accurately identify all existing annuitants and update their records.

    According to her, the primary objective of this exercise is to safeguard the immediate welfare of retirees and ensure that every individual’s benefits are secured for efficient and timely payment.

    She stated that the verification exercise is a direct response to the regulatory measures introduced by the National Insurance Commission (NAICOM) to protect policyholders and strengthen confidence in the sector.

    She said: “By participating in this exercise, retirees under the African Alliance portfolio can transition seamlessly to the Leadway brand, ensuring the continuity of their payments without disruption.

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    “The verification of annuitants is more than just a process; it demonstrates our commitment to retirees. We want to ensure that their years of service and contributions are rewarded with financial certainty and dignity. The validation exercise establishes a solid foundation for timely benefit payments and maintaining the trust placed in us.

    “This transfer follows NAICOM’s intervention in appointing an interim management team as part of the process in settling outstanding annuity payments. The successful transfer to Leadway not only secures the immediate welfare of annuitants but also represents a broader step toward strengthening Nigeria’s insurance ecosystem”, she added.

    On how to complete the verification, Amanwa said all African Alliance Annuitants are encouraged to utilize the some channels to validate their information quickly and seamlessly.

    They include Dedicated Leadway Customer Support Lines; Email; and Visit to nearest Leadway Assurance Office, she noted.

    Leadway Assurance is one of Nigeria’s leading insurance companies, providing a wide range of financial protection services including life insurance, general insurance, among other financial solutions. With 55 years of experience, Leadway is dedicated to delivering innovative solutions and superior service to its customers.

  • 2025: PTAD steadies pension payouts, faces old burdens

    2025: PTAD steadies pension payouts, faces old burdens

    The Pension Transitional Arrangement Directorate (PTAD), which oversees the Defined Benefit Scheme (DBS) for federal retirees, made notable strides in 2025, offering hope to many pensioners long burdened by irregular payments and low benefits. However, lingering challenges continue to plaque the DBS.

    One of the biggest milestones this year was the implementation of a minimum monthly pension of N32,000 in September, along with additional percentage-based increments of 10.66 per cent and 12.95per cent for eligible pension categories.

    The move followed an emergency funding approval by President Bola Tinubu to address inflationary pressures on retirees.

    “We are committed to ensuring that pensioners under the DBS receive not just regular payments but also improved welfare,” PTAD’s Executive Secretary, Tolulope Odunaiya had stated during the announcement of the upward review.

    The new minimum affected over 832,000 pensioners, spanning civil service, police, customs, and other federal parastatals.

    Arrears disbursement, regular payment

    PTAD also disbursed N8.6 billion in arrears to over 148,000 retirees, marking a significant reduction in historical debts. Payments for October and November were concluded without delays, confirming improvements in PTAD’s operational efficiency.

    With these, the agency’s cumulative DBS disbursement reportedly crossed the N1 trillion marks, making it one of the most consistent payment years since PTAD’s inception.

    Onboarding, exclusion concerns

    Yet, not all retiree groups are celebrating. Ex-workers of the defunct Nigerian Airways and some parastatals remain excluded from monthly payments. Many complain of unending verification processes and lack of onboarding.

    “We are suffering,” a retiree said during a recent protest.

    PTAD ES has however said that formal government approval is required before such groups can be added to the payroll, a bureaucratic bottleneck that remains unresolved.

    Check-off dues, stakeholder engagement

    The planned deduction of check-off dues which is union fees from DBS pensioners, scheduled for 2025, was also postponed following resistance from stakeholders and the need for more consultations. This highlights ongoing tensions between pension unions and PTAD over representation and welfare.

    Suffice to state that PTAD’s 2025 performance represents a positive turn for Nigeria’s legacy pensioners, especially in restoring dignity through timely payments and increased allowances. But to truly close the reform gap, the agency must urgently resolve outstanding onboarding delays, strengthen healthcare access, and sustain transparent engagement with stakeholders.

    Speaking on PTAD’s Record of Service and Delivery during the year, Odunaiya said PTAD remains one of the most reform-driven and transparent public service institutions in Nigeria, with notable achievements including.

    Read Also: Nigerian Airways retirees seek PTAD’s support

    She said: “The Directorate has sustained the regular and prompt payment of monthly pensions to all verified DBS Pensioners. It is noteworthy that the Federal Government has disbursed a cumulative total of N1.002 trillion in monthly pension payments to eligible DBS Pensioners from the time of the DBS take-over in 2015 to October 2025.

    “We have also achieved digitization of pension records with The Bank Verification Number (BVN) and National Identification Number (NIN) to eliminate ghost Pensioners; the “I Am Alive” validation platform, allowing DBS Pensioners to confirm their aliveness status remotely and conveniently; Resolution of inherited arrears and gratuities across the Civil Service, Parastatals, Police, and Customs, Immigration & Prisons Pension Departments; and Open engagement and collaboration with recognized pension unions for improved service delivery,” she added.

    Odunaiya expressed commitment to the DBS pensioners’ welfare and payment of the outstanding arrears of the approved pension increments as additional funds are released by the Federal Government.

    “Our pensioners are therefore advised to rely solely on official PTAD communication channels for accurate and verified information. We appreciate the cooperation and patience of all DBS pensioners and urges all stakeholders to sustain the collective spirit of unity, dialogue, and partnership. It is our strong belief and a time-tested truism that constructive engagement remains the best path forward to consolidating progress and achieving lasting welfare benefits for all DBS pensioners.

    “PTAD’s mandate remains unequivocal; to safeguard and improve the welfare of every DBS Pensioner. The implementation of the ₦32,000 pension increment, alongside the range of Presidential approvals already secured clearly demonstrate the Federal Government’s unwavering determination to fully resolve the long-standing challenges surrounding the payment of pension arrears and to firmly deliver on the Renewed Hope Agenda. This Administration will continue to stand with Nigeria’s senior citizens, protecting their dignity, security, and well-being at all times,” she noted.

  • Pension industry: Steady growth amid challenges in CPS

    Pension industry: Steady growth amid challenges in CPS

    Nigeria’s pension industry continues to grow and evolve. However, under coverage, compliance gaps, and real return challenges underscore the work ahead. Omobola Tolu-Kusimo in this report highlights what has been achieved so far, and what still needs to be done.

    Nigeria’s pension sector anchored by the Contributory Pension Scheme (CPS) under the Pension Reform Act (PRA) 2014 continues to demonstrate resilience and gradual progress.

    While total assets and membership have grown significantly in recent years, long standing structural gaps and implementation shortfalls remain key concerns for stakeholders.

    In 2025, Nigeria’s pension assets under management experienced continued expansion, building on momentum from previous years.

    The industry during the period under review was led by a new Director-General, National Pension Commission (PenCom) Ms Omolola Oloworaran, who was appointed on July 13, 2024 and confirmed by the Senate by November 21.

    By January 2025, total pension assets rose to about N22.9 trillion, marking a 17per cent year on year increase and reflecting positive contributions and market performance.

    By May 2025, assets climbed further to N24.10 trillion, as funds maintained steady monthly growth.

    In June and August 2025, contributions and strategic rebalancing pushed pension Asset under Management (AUM) to at least N24.63 trillion and N25.9 trillion, respectively.

    By October 2025, total pension assets hit approximately N26.66 trillion, underscoring resilience amid economic headwinds.

    The upward trajectory of pension assets reflects consistent employer and employee contributions, improved investment allocations, and confidence in the CPS framework from institutional investors.

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    Membership numbers have also grown. By Q3 2024, there were more than 10.5 million Retirement Savings Accounts (RSAs) substantially up from earlier years and continued registration in 2025 is expected to push these figures higher.

     Developments/achievements

    There has been sustained asset growth in the past one year. The consistent growth in AUM demonstrates that the industry continues to mobilize long term savings effectively, turning contributions into significant capital pools that can support investment and retiree benefits.

    Similarly, the industry witnessed improved investment returns. Some pension fund administrators (PFAs) delivered strong returns across RSA fund types, particularly in growth oriented funds that benefit from equities and fixed income instruments managed for stability and long term gains.

    PenCom on its part introduced revised investment regulations to guard assets and diversify investment portfolios, including clearer rules on allowable asset classes and risk management.

    Besides, micro pension initiatives aimed at informal sector workers have seen 51per cent growth in enrolment, though coverage remains limited relative to the informal workforce.

    The Pension Fund Operators Association of Nigeria (PenOp), Chief Operating Officer (COO), Anthonia Ifeanyi-Okoro praised digital reforms, specialized projects, and leadership efforts as steps toward a more vibrant and sustainable pension’s ecosystem.

     Challenges

    While industry fundamentals have strengthened, several issues persist ranging from low overall penetration, low informal sector coverage, state compliance issues, inflation impact on pension returns, retirement experience, among others.

    Nigeria’s pension penetration relative to the working population and Gross Domestic Product (GDP) remains modest. Large segments of the workforce especially in the informal sector of the economy remain outside the CPS, despite initiatives like micro pension plans.

    On informal sector coverage, although there is growth in micro pension participation, the informal sector which constitutes an over 90per cent of Nigeria’s workforce remains undercovered.

    This highlights a gap between policy intention and operational inclusion.

    Several states have lagged in fully implementing the CPS, meaning many pensioners may not receive consistent benefits as designed by the 2014 Act. This reflects a need for stronger enforcement and political consensus.

    Although assets have grown, returns particularly real returns net of inflation remain a concern for many contributors approaching retirement, especially where heavy dependence on government securities limits exposure to higher growth instruments.

    Meanwhile, reports from retirees in some quarters indicate delays or inadequate benefit adequacy, issues tied to legacy challenges and uneven implementation across regions and employer groups.

    Oloworaranm while reeling out her achievement for the year titled: “A 365-Day Scorecard” said: “One year ago, I was confirmed as Director General of PenCom with a clear mandate: to rebuild trust, expand coverage, strengthen governance, and move the Contributory Pension Scheme firmly into its next phase.

     “I am proud to say that this past year has been defined by bold decisions, structural reforms, and measurable impact.

     We formally launched Pension Revolution 2.0, the most comprehensive reform agenda in the Nigerian pension industry since 2004. This was not cosmetic reform. It was structural. It brought together new regulations, stronger supervision, governance reforms, digital transformation, and industry realignment, all designed to future- proof the pension system and position it as a pillar of national stability and long-term development.

    “One of the most historic milestones of the year was the Presidential approval and disbursement of N758 billion to settle outstanding pension liabilities. This unprecedented intervention sent a clear and powerful signal that Nigeria honours its promises to its workers and retirees. We also cleared long-standing pension increase backlogs for Federal Government treasury-funded retirees, some dating as far back as 2007. What many believed would never be paid has now been paid.

    “In addition, zero waiting time for the payment of accrued pension rights was restored with effect from July 2025. Today, retirees receive their benefits when due, not months or years later. To further enhance benefit adequacy, we introduced Pension Boost 1.0, which has already added N2.68 billion to monthly pension payments for CPS retirees. These are not just numbers. They are meals on tables, medicines purchased, and dignity preserved.”

  • Insurance industry braves odds

    Insurance industry braves odds

    Despite economic headwinds and persistent public skepticism, Nigeria’s insurance industry showed renewed signs of life in 2025. This review takes a closer look at how both the regulator and operators have fared and what still needs fixing. Omobola Tolu-Kusimo writes.

    Nigeria’s pension sector anchored by the Contributory Pension Scheme (CPS) under the Pension Reform Act (PRA) 2014 continues to demonstrate resilience and gradual progress.

    While total assets and membership have grown significantly in recent years, long standing structural gaps and implementation shortfalls remain key concerns for stakeholders.

    In 2025, Nigeria’s pension assets under management experienced continued expansion, building on momentum from previous years.

    The industry during the period under review was led by a new Director-General, National Pension Commission (PenCom) Ms Omolola Oloworaran, who was appointed on July 13, 2024 and confirmed by the Senate by November 21.

    By January 2025, total pension assets rose to about N22.9 trillion, marking a 17per cent year on year increase and reflecting positive contributions and market performance.

    By May 2025, assets climbed further to N24.10 trillion, as funds maintained steady monthly growth.

    In June and August 2025, contributions and strategic rebalancing pushed pension Asset under Management (AUM) to at least N24.63 trillion and N25.9 trillion, respectively.

    By October 2025, total pension assets hit approximately N26.66 trillion, underscoring resilience amid economic headwinds.

    The upward trajectory of pension assets reflects consistent employer and employee contributions, improved investment allocations, and confidence in the CPS framework from institutional investors.

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    Membership numbers have also grown. By Q3 2024, there were more than 10.5 million Retirement Savings Accounts (RSAs) substantially up from earlier years and continued registration in 2025 is expected to push these figures higher.

    Developments/achievements

    There has been sustained asset growth in the past one year. The consistent growth in AUM demonstrates that the industry continues to mobilize long term savings effectively, turning contributions into significant capital pools that can support investment and retiree benefits.

    Similarly, the industry witnessed improved investment returns. Some pension fund administrators (PFAs) delivered strong returns across RSA fund types, particularly in growth oriented funds that benefit from equities and fixed income instruments managed for stability and long term gains.

    PenCom on its part introduced revised investment regulations to guard assets and diversify investment portfolios, including clearer rules on allowable asset classes and risk management.

    Besides, micro pension initiatives aimed at informal sector workers have seen 51per cent growth in enrolment, though coverage remains limited relative to the informal workforce.

    The Pension Fund Operators Association of Nigeria (PenOp), Chief Operating Officer (COO), Anthonia Ifeanyi-Okoro praised digital reforms, specialized projects, and leadership efforts as steps toward a more vibrant and sustainable pension’s ecosystem.

    Challenges

    While industry fundamentals have strengthened, several issues persist ranging from low overall penetration, low informal sector coverage, state compliance issues, inflation impact on pension returns, retirement experience, among others.

    Nigeria’s pension penetration relative to the working population and Gross Domestic Product (GDP) remains modest. Large segments of the workforce especially in the informal sector of the economy remain outside the CPS, despite initiatives like micro pension plans.

    On informal sector coverage, although there is growth in micro pension participation, the informal sector which constitutes an over 90per cent of Nigeria’s workforce remains undercovered.

    This highlights a gap between policy intention and operational inclusion.

    Several states have lagged in fully implementing the CPS, meaning many pensioners may not receive consistent benefits as designed by the 2014 Act. This reflects a need for stronger enforcement and political consensus.

    Although assets have grown, returns particularly real returns net of inflation remain a concern for many contributors approaching retirement, especially where heavy dependence on government securities limits exposure to higher growth instruments.

    Meanwhile, reports from retirees in some quarters indicate delays or inadequate benefit adequacy, issues tied to legacy challenges and uneven implementation across regions and employer groups.

    Oloworaranm while reeling out her achievement for the year titled: “A 365-Day Scorecard” said: “One year ago, I was confirmed as Director General of PenCom with a clear mandate: to rebuild trust, expand coverage, strengthen governance, and move the Contributory Pension Scheme firmly into its next phase.

     “I am proud to say that this past year has been defined by bold decisions, structural reforms, and measurable impact. We formally launched Pension Revolution 2.0, the most comprehensive reform agenda in the Nigerian pension industry since 2004. This was not cosmetic reform. It was structural. It brought together new regulations, stronger supervision, governance reforms, digital transformation, and industry realignment, all designed to future- proof the pension system and position it as a pillar of national stability and long-term development.

    “One of the most historic milestones of the year was the Presidential approval and disbursement of N758 billion to settle outstanding pension liabilities. This unprecedented intervention sent a clear and powerful signal that Nigeria honours its promises to its workers and retirees. We also cleared long-standing pension increase backlogs for Federal Government treasury-funded retirees, some dating as far back as 2007. What many believed would never be paid has now been paid.

    “In addition, zero waiting time for the payment of accrued pension rights was restored with effect from July 2025. Today, retirees receive their benefits when due, not months or years later. To further enhance benefit adequacy, we introduced Pension Boost 1.0, which has already added N2.68 billion to monthly pension payments for CPS retirees. These are not just numbers. They are meals on tables, medicines purchased, and dignity preserved.”

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

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

    PTAD: Dear Awosoji, please be informed that N32,000 will be added to every pensioner under DBS as soon as the fund for that purpose is made available except for some agencies like PHCN, PEOPLES BANK, NICON INSURANCE, NIGERIAN REINSURANCE, NITEL, PTI AND ASSURANCE BANK.  Thank you.

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

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

    IRIOGBE: Dear Omobola, It is alleged that 30per cent of pensioners under PTAD (DBS) have been paid the N32,000 each which the government approved as minimum wage effective July 29, 2024. If this is true, I would like to know the yardsticks used in paying them while others are left out? Does it mean others yet to be paid are now regarded as second class citizens? The arrears as at today, has gone to nine months. I have no doubt that the 2025 budget signed into law by the president will cover the payments of the new minimum wage or the arrears. The government should therefore, release enough funds to PTAD to pay us early.

    PTAD: Dear IRIOGBE, thank you we appreciate your appeal to the FG. Thank you.

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    DSP ATAKAH: Hello, I am Rtd DSP Yohanna. I retired in 2006. In July 2015, I was paid my gratuity and placed on monthly pension without the nine years pension arrears. I noticed my step was reduced. i was confirmed ASP in 1997 and promoted DSP in 2003 (step 7). PTAD staff asks me to provide my promotion letters including statement of account which I produced to them. They checked and told me that they made a mistake. They gave me a form and I filled it in March 2000. I was paid N3 million out of the nine years pension arrears. I shall be grateful if PTAD treat my complaint. Thank you.

    PTAD: Dear Mr. ATAKAH, please send your verification slip to our email complaints@ptad.gov.ng to enable us to deal as we discussed on the phone. Thank you.

    SHEKONI: Good day, my name is Shekoni. The outcome of verification exercise by PTAD in 2023 erroneously reduced my service years from 35 to 27 and consequently, it affected my monthly pension calculation till date. Kindly help me.

    ETUKUDO: Dear Omobola, my name is Etukudo. I retired in December 2006. My Federal Share of pension has not been paid. I have not received my gratuity of N202,706.26 up till now. I will be grateful if PTAD treats my complaints. Thank you.

    AJAYI: Dear Omobola, I am Ajayi. I retired from PHCN Osun State. I just want to know how far with the N32000 PTAD promised us.

  • What you should know as a DBS pensioner

    What you should know as a DBS pensioner

    What should I do since I have missed the general verification exercise and I have never received pension?

    You can walk into any of the Directorate’s offices in Abuja or Lagos with all the relevant documents for your verification. The verification is scheduled as follows:

    Customs, Immigration and Prisons, as well as Parastatal pensioners are treated every Tuesday.

    Civil Service Pensioners are treated every Wednesday

    Police pensioners and Parastatal pensioners are treated every Thursday

    However, in light of the COVID 19 pandemic, verification is strictly by invitation. Pensioners must send their documents to verification@ptad.gov.ng for review before they are invited for verification.

    I am not in Nigeria at the moment and I missed the verification exercise that was previously conducted. My monthly pension has been stopped. What do I do?

    You can go to the nearest Nigerian Embassy or High Commission to you, obtain an “I am alive” Certificate, attach your resident permit and data page of your international passport.  Also attach all relevant career progression documents and forward to the Directorate through a third party or email to info@ptad.gov.ng or complaints@ptad.gov.ng. Consequent upon a successful validation, your monthly pension will be restored pending when you make effort to come into the country for verification.

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    Customs, Immigration and Prisons, as well as Parastatal pensioners are treated every Tuesday.

    Civil Service Pensioners are treated every Wednesday.

    Police pensioners and Parastatal pensioners are treated every Thursday.

    However, in light of the COVID 19 pandemic, verification is strictly by invitation. Pensioners must send their documents to verification@ptad.gov.ng for review before they are invited for verification.

    Do I have to submit all my documents when I have a complaint even after I have been verified?

    Once a pensioner is verified, the submission of documents are no longer a requirement for forwarding of complaints. It is only the verification slip and statement of account (six months) before the period of complaint that will be required.

    Customs, Immigration and Prisons, as well as Parastatal pensioners are treated every Tuesday.

    Civil Service Pensioners are treated every Wednesday.

    Police pensioners and Parastatal pensioners are treated every Thursday

    However, in light of the COVID 19 pandemic, verification is strictly by invitation.

    Pensioners must send their documents to verification@ptad.gov.ng for review before they are invited for verification

    I worked in one of the Defunct Parastatals. When is your office coming to verify us?

    Verification for all the Pensioners under the Defined Benefit Scheme has been concluded by PTAD. Any Pensioner that has not been verified will have to follow the guidance specified in Question 13 towards being verified and subsequently enrolled for Mobile Verification.

    I am not living close to any of your Zonal offices. I am frail and do not have the means to travel. How do I get verified? Is there any other medium that I can use to send in my complaints?

    The pensioner can still be verified. He/she should send in the required documents with a full sized photograph, complete contact details, career documents and a medical report ascertaining conditions which are against travels to confirm inability to travel to any of our Zonal offices that is close to him/her through a third party, with a request for Mobile Verification. Once the documents are reviewed and found acceptable, a team of mobile verification officers will be sent to verify him/her.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

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

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

    The clarification from the NSIWC which revised the implementation of the CPA to Grade level was taken into cognisance and accordingly implemented on the payroll before the application of the new pension increment of 20-28 per cent as applicable which will take effect from September 2024.

    Further to the above, the Executive Secretary gave directive to pay the 20%/ 28% pension increment arrears to only the pensioners whose monthly pension have been correctly computed and implemented as per the August payroll.

    In line with the directive of the Executive Secretary, the Department reviewed the August 2024 pension payroll to ascertain that only pensioners who are on their correctly computed monthly pension are paid the 20 – 28 per cent pension increment arrears and thereafter identified and excluded the following categories of pensioners:

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    •Pensioners on the payroll with inherited monthly pension and whose monthly pension entitlement is yet to be computed to date;

    •Pensioners on the payroll with inherited monthly pension but whose monthly pension entitlement have been computed but not yet implemented;

    • Pensioners on the payroll with monthly pension figure that appears to be higher than the maximum monthly pension for their Grade Level.

    Thank you.

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

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

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

    PTAD: Dear Mr. Samuel, please note, according to the record available to us you’re on your rightful pension payment. And for your gratuity from our record, your retirement date was 21/9/1993. Therefore, your gratuity should be paid or has been paid by the state government. However, you can scan and send your bank statement six months before your retirement to date to enable us to investigate and respond further. Thank you

    OSUWA: Good day, my name is Osuwa. This is to remind PTAD on short payment in my monthly pension. My mates are receiving N30,000 and more but I continue to receive less than N27,000. Kindly help me to correct this.

    PTAD: Dear Mr. Osuwa, kindly be informed, based on the documents you provided during verification you retired on grade level 8 step 5 and structure HAPSS2003 and you’re on your rightful pension payment.

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

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

  • Nigerian Airways retirees seek PTAD’s support

    Nigerian Airways retirees seek PTAD’s support

    The Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD), Tolulope Odunaiya, yesterday met with representatives of the Association of Airways Retired Workers of Nigeria (AARWN) to discuss longstanding pension-related concerns affecting retired workers of the defunct Nigerian Airways.

    The central focus of the meeting was the proposed onboarding of Nigerian Airways pensioners onto the pension payroll.

    In attendance were the Chairman of AARWN, Mr. Onuh Stephen, and Mr. Ahmed Sulu Gambari, who represented the collective interests and concerns of Nigerian Airways retirees.

    In her response, the Executive Secretary acknowledged the issues raised by the association and expressed empathy with the affected retirees, reaffirming PTAD’s commitment to the welfare and dignity of pensioners under the Defined Benefit Scheme.

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    She, however, clarified that the Directorate operates strictly within its statutory mandate and does not possess the authority to verify or onboard pensioners without formal directives from the appropriate authorities.

    She further explained that given the statutory limitations of onboarding new pensioners, it is advisable that the association continued its ongoing engagement with the relevant authorities to grant its request for onboarding of its members who were existing pensioners of the defunct Nigeria Airways prior to its liquidation, on the pension payroll.

  • Lagos shares cash, food items with pensioners

    Lagos shares cash, food items with pensioners

    • Reaffirms care for retirees

    The Lagos State Government yesterday put smiles on the faces of hundreds of its pensioners as it distributed cash and food items to retired public servants, reaffirming its commitment to those who spent their productive years building the state’s public service.

    The welfare packages, distributed during an event titled: “Welfare Packages Distribution For Lagos State Pensioners” held at the NECA Auditorium, Alausa, Ikeja, formed part of the state’s end-of-year support for pensioners to help them celebrate the festive season with dignity and comfort.

    For many of the beneficiaries, the gesture went beyond food and cash, it was a reminder that their years of service are still remembered.

    “This is not just about rice or money. It shows the government still cares about us,” said Mrs. Comfort Adeyemi, a retired clerical officer. “With this support, my family will enjoy Christmas.”

    Another pensioner, Mr. Samuel Ogunleye, a former works supervisor, described the initiative as reassuring. “Some states forget their pensioners. Lagos has shown that once you serve, you are not forgotten,” he said.

    “I feel respected,” said Mrs. Funke Lawal, a retired education officer. “When a government remembers you like this, it gives peace of mind.”

    Mr. Johnson Adebayo, a former local government staff, described the initiative as thoughtful. “It’s not about the size of the package. It’s about the message that we still matter,” he said.

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    Speaking at the event, the Head of Service, Mr. Bode Agoro, described the retirees as “retired but not tired,” noting that their sacrifices and dedication laid the foundation for the Lagos State Public Service as it exists today.

    “Each time I see you, you look radiant, healthy and full of life. This administration truly values you,” Agoro said, adding that Governor Babajide Sanwo-Olu places a high premium on the welfare of both serving officers and pensioners.

    According to him, the initiative reflects the government’s resolve not to abandon workers after retirement. “This distribution could not have come at a better time, especially with Christmas around the corner,” he said.

    The Head of Service explained that the programme is a two-day exercise, with the Ikeja Division hosting the first phase, while pensioners in Badagry, Ikorodu, Lagos and Epe divisions will receive their packages simultaneously the following day to ensure equity and convenience.

    Agoro assured the retirees that the state would continue to prioritise prompt pension payments, healthcare initiatives and welfare programmes to ensure that their retirement years remain peaceful and fulfilling.

    He commended the Lagos State Pension Commission (LASPEC) for organising what he described as a seamless and orderly exercise, stressing that the safety and wellbeing of pensioners remained paramount.

    The Director-General, Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana on his part assured the pensioners of sustained care and inclusion, reinforcing the message that retirement does not mark the end of relevance.

    Welcoming pensioners to the ceremony, Obilana said the exercise was designed not merely to distribute items, but to honour the men and women whose labour helped shape Lagos State’s public institutions.

    He said: “We are gathered here not merely to distribute items, but to honour, appreciate and reaffirm our commitment to the wellbeing of our senior citizens, who dedicated many years to strengthening the Lagos State Public Service. The Lagos State Public Service stands on the strong foundation built by your labour, discipline and unwavering commitment. You served through evolving times, embraced reforms, met challenges with resilience and upheld the values that define our public institutions today. Your contributions continue to shape the systems and policies we rely on.

    “You are more than retirees, you are pioneers whose legacy remains woven into the fabric of the Public Service. The Lagos State Government is sincerely grateful for your years of dedicated service. Retirement only magnifies the significance of your contributions, and you deserve to enjoy this phase of life in dignity, comfort and fulfilment. Be assured that we remain fully committed to keeping you valued, supported and connected to the system you helped build”.

    He further stated that this welfare initiative is one of the State Government’s deliberate efforts to support our veterans of service, especially during festive seasons when an additional gesture can bring relief and warmth.

    “Though the packages may appear simple, they carry deep meaning, they represent our genuine care for your wellbeing and a reminder that you remain an integral part of the Lagos State Public Service family. We recognize the diverse needs of our retirees, and this programme is one of several initiatives aimed at promoting inclusion, care and an improved quality of life.

    “Beyond today, LASPEC remains committed to strengthening pension administration, health support and welfare services, with plans to streamline paymentprocesses, expand social and healthcare assistance, and introduce innovative measures for easier access to pension information. These efforts are designed to make every retiree’s experience more seamless, secure and dignified, reflecting our ongoing dedication to your wellbeing.

    “Governor, Babajide Sanwo-Olu, has consistently emphasized that those who served the State must enjoy the rewards of their labour. Under the THEMES+ agenda, our retirees remain a priority, and the goal is clear — a Lagos where every pensioner feels respected, supported and valued. This administration will therefore continue to uphold policies that ensure prompt pension payments, improved healthcare access and sustainable welfare programmes. Your retirement years should be a season of rest and reassurance. Today’s packages are a small but heartfelt expression of our gratitude. Please accept them as a symbol of our respect and appreciation for your decades of service. Your legacy lives on in the work we continue to do”, Obilana said.

    As the event drew to a close, pensioners left the hall clutching their packages with a renewed sense that Lagos State remains a government that respects its workers, even in retirement.