The Nation Newspaper

Category: Pension

  • Sanwo-Olu challenges experts on unlocking packaging solutions

    Sanwo-Olu challenges experts on unlocking packaging solutions

    Lagos State Governor, Babajide Sanwo-Olu has galvanised Nigerians towards unlocking their potential in sustainable packaging solutions.

    He gave the charge at the kick off of the Propak West Africa Exhibition in Victoria Island, Lagos yesterday.

    Sanwo-Olu, who was represented by the Commissioner for Commerce, Cooperatives and Trade, Mrs Folashade Ambrose-Medebem, said the theme of the conference, “Unlocking Nigeria’s food security: Implementation of sustainable packaging to reduce food waste and plastics for a sustainable future’’, was “pivotal to the nation’s economic stability and environmental well-being”.

     He said Nigerians have the expertise to implement smart packaging technologies to reduce food waste, and advance sustainable solutions that would benefit the economy and environment.

    “I urge stakeholders to embrace the urgency of and commit to creating a resilient, innovative, and sustainable future for Nigeria and West Africa.Together, we can unlock the potential of sustainable packaging solutions and build a better tomorrow for us all,’’ he added.

    Read Also: We’re committed to finding lasting to recurring flooding crisis — Shettima

    Director, Marketing and Operations, Afrocet Montgomery, Jamie Pearson expressed satisfaction with the turnout, saying despite the state of the economy, stakeholders and exhibitors did not disappoint them. About 250 brands, he said, are showing their products to 5,500 industrialists from 35 countries at the three-day event.

    For the first time, he said, the event had a Product Innovation Stage for exhibitors.

    Vice President, Education, World Packaging Organisation (WPO), Koffi Essum was excited that the event was in its 11th edition. He noted the role of packaging in production, regrettably that despite this, poor packaging had been a challenge.

    He charged producers on innovative packaging that would be enrolled as a world star.

    Manufacturers Association of Nigeria (MAN) Director-General, Dr. Segun Ajayi-Kadir pledged his commitment to boosting quality production through appropriate packaging. He noted that besides satisfying consumers, smart packaging could extend the lifespan of a product, a reason he sought government’s more investments in research in the sector.

  • Insurance meets Tech registration opens

    Insurance meets Tech registration opens

    Insurance Meets Tech (IMT) 2024, one of West Africa’s premier conferences at the intersection of insurance and technology, has announced that its pre-event registration

    The conference is scheduled to take place on September 27, this year, at the Federal Palace Hotel, Victoria Island, Lagos.

    According to the organisers, ‘IMT 2024’ will assemble over 20 speakers.

    They include Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Olusegun Omosehin; Chief Executive Officer, Heirs Insurance Group; President, Professional Ladies Insurance Association (PILA), Abimbola Onakomaiya; Chief Executive Officer, Cybervergent, Adetokunbo Omotosho; Chief Executive Officer, Caladium Consulting, Ayo Bankole Akintujoye; Founder/CEO, Afrobeats Intelligence, Joey Akan.

    This edition introduces the IMT Redefined segment, which aims to engage Millennials and Gen Z by integrating lifestyle, creativity and Afrobeats into the insurance narrative.

    Read Also: Tinubu calls for focus on youth empowerment, digital economy

    This segment, hosted by Elozonam Ogbolu, a celebrated actor and content creator, will present insurance in a fresh, relatable context, showcasing its relevance as a lifestyle protection tool.

    The main conference, IMT 3.0, will feature the traditional C-Suites series, hosted by Aruoture Oddiri from Arise Media Group.

    This two-pronged event will provide attendees with a holistic experience, blending cutting-edge industry insights with vibrant discussions on the future of insurance.

    Convener Odion Aleobua, the Chief Executive Officer, Modion Communications, stated: “This conference, especially with the addition of IMT Redefined, is, particularly, significant as it enables us to engage a wider demographic and explore innovative ways of making insurance relevant across sectors.”

  • STI pays N1.91b claims half year

    STI pays N1.91b claims half year

    Sovereign Trust Insurance (STI) Plc paid N1.91 billion claims to policyholders in half-year 2024, a feat which showed commitment to customer satisfaction evident by prompt claims resolution.

    The Managing Director/CEO of the firm, Olaotan Soyinka, said their commitment to satisfying customers remained unshakeable.

    “We understand the importance of swift claims resolution and are proud to provide financial support when our customers need it the most, especially in this trying period when a lot of the insured see insurance as the last resort of succour when the unplanned happens,’’ he said.

    STI Head of Corporate Communications and Investor Relations, Segun Bankole, who made this known in a statement, said the payment showcased the company’s dedication to serving customers with efficiency and reliability.

    Read Also: ‘Domestic tourism is new bride’

    According to him, the payment covered 1455 claims across various policies.

    He said: “The summary of the claims paid report in the first half shows that fire policies have the highest figure of N931million with motor claims ranking second with N416million, general accident N254million, marine and aviation N218million, engineering N65million followed by oil and gas claims N9.6million and energy N584,000.

    “The underwriting firm did not only pay the claims, but also made regular follow-up calls to ensure the customers were left satisfied.’’

    The beneficiaries praised the underwriting firm for the timely and professional manner it treated them, it added.

  • NAICOM partners Governors’ Forumto deepen insurance penetration

    NAICOM partners Governors’ Forumto deepen insurance penetration

    The National Insurance Commission (NAICOM) has sought partnership with the Nigeria Governors’ Forum (NGF) to deepen insurance penetration across the country.

    The Commissioner for Insurance/Chief Executive of the Commission, Mr. Olusegun Ayo Omosehin, made this known during a visit to the Director-General of the NGF, Dr. Abdulateef Shittu at the forum’s Secretariat in Abuja.

    Omosehin said the commission was working on how the culture of insurance could be deepened by getting the country to comply with some of the compulsory Insurance as provided in our law.

    He noted that at the Federal level, these are being driven by federal agencies but at the state level, the Commission needed some high level of cooperation.

    He stated that the objective of the visit was to discuss how a coordinated approach could be adopted in working with the states and that the collaboration must start from engaging the NGF as a hub for the governors.

    He said having been appointed recently, he and his team were trying to see how they could address some of the issues differently to achieve a better result.

    He mentioned that the Commission chose to start with the NGF, where NAICOM could have an engagement with the secretariat and share ideas.

    Read Also: NAICOM to support factoring group transformation

    Omosehin further stated the need for most of the laws on compulsory insurance to be domesticated by the states, citing Lagos State.

    He said the fragmented approach in dealing with the states needed to be centralised and have all the states come on board, especially motor third insurance and prevent revenue loss for the states in terms of IGR. There was also the need for awareness across the states on the value of insurance.

    The DG informed them that the NGF has transformed into a policy hub for the governors and  serves as the technical and administrative arm of the Forum.

    He expressed optimism that now that the Commission had reached out, he believed that the partnership could do a lot to deepen insurance penetration.

    The NGF and NAICOM agreed that a paper should be submitted for review and since an assessment had been conducted, the ball should be kickstarted and a Committee set to deliver on the assignment.

  • Things to know about old pension scheme

    Things to know about old pension scheme

    What does PTAD stand for?

    PTAD is an acronym for Pension Transitional Arrangement Directorate.  It is a wholly treasury funded extra-ministerial agency under the Federal Ministry of Finance, responsible for the management of pensions under the old pension scheme (Defined Benefit Scheme-DBS) for pensioners who did not transit to the new Contributory Pension Scheme (CPS), which is in effect in Nigeria.

    What is the difference between the Defined Benefit Scheme (DBS) and Contributory Pension Scheme (CPS) ?

    The Defined Benefit Scheme (DBS) is the pension scheme that was in effect in Nigeria until 2007 when it was replaced with the Contributory Pension Scheme (CPS) as stipulated in the Pension Reform Act (PFA) 2004 and 2014.

    Under the DBS, the total pension obligation is borne by the government as against the CPS where the accumulated pension at retirement is based on a pension plan in which an employer/employee contributes in varying percentages to build a retirement fund for an individual.

    Under the CPS, the pension fund exists from the onset and payments can be made as at when due unlike the DBS which is wholly dependent on government treasury for funding.

    Who are the pensioners under PTAD management?

    Any federal public sector employee entitled to retirement benefits that retired on or before June 30, 2007 and has worked in any of the pension groups below falls under PTAD management.

    Pension Groups (Departments) under PTAD in accordance with Section 43 (3) of the Pension Reform Act are the Civil Service Pension Department (CSPD); Police Pension Department (PPD); Customs, Immigration and Prisons Pension Department (CIPPD); Treasury Funded Parastatals Pension Department (PaPD); and Pension Support Services Department (PSSD)

     What of State Pensioners?

    There are also some state pensioners who are entitled to federal share. To be a state pensioner with federal share, a retiree must have been in employment for one of the regions of Nigeria before March 31,1976 and retired before March 31, 2011.

    The following public sector employees irrespective of when they retired are, however, NOT under PTAD’S jurisdiction:

    The categories of persons mentioned in S. 291 of the Constitution of the Federal Republic of Nigeria as amended are judicial officers of the Supreme Court & Court of Appeal; Members of the Armed Forces; and the intelligence and secret services of the Federation

    Read Also: Kwara pensioners decry govt’s eviction plan

    Why is verification necessary?

    It is necessary for PTAD to carry out verification to ascertain the proof of life and create a credible database of all pensioners under the Defined Benefit Scheme (DBS).

    PTAD did not inherit a credible pensioners’ database, there is therefore an urgent need to verify all pensioners under the DBS to enable PTAD resolve their complaints: The verification of pensioners is aimed at the establishment of an accurate, credible, and digitized database of pensioners under DBS and for complaint resolution; Eliminating duplicate payments and ghost pensioners; Regularizing anomalies such as overpayments and underpayments; obtaining relevant work records to ensure accurate computation of pension payment; and Updating the records of the Next-of-Kin (NoK) for payment of death benefit

    What documents are needed for verification?

    Documents required for verification may vary from one pension group to another.

    In the case of Parastatal Pensioners; Letter of First Appointment; Letter of Confirmation; Letter of Last Promotion; Approved Letter of Retirement; Evidence of Change of Name (where applicable}; Evidence of Transfer of Service (where applicable); BVN Registration Slip (stamped and signed by the bank); Original and Stamped Bank Statement for the last one month; Valid means of Identification (Driving License, Int’l Passport, National ID Card or Voters Registration Card). For Due Pensioners, Birth Certificate/Sworn Affidavit of Age is required while Disengaged Retirees are to provide Evidence of Payment of Gratuity/Severance Pay Slip.

    In the case of Civil Service Pensioners, documents required are Letter/Gazette of 1st appointment; Letter/Gazette of confirmation of appointment; Letter/Gazette of last Promotion; Letter/Notice of retirement approved by a competent Authority; Severance Pay slip(Disengaged Retirees only); Evidence of change of name (Where applicable); Duly stamped and signed NUBAN Bank statement on the Bank letterhead from period of retirement or date from which complaint was made till date; Computation Sheet duly stamped and signed by the State Auditor (State Pensioners with Federal Share); Birth Certificate/Age Declaration (Due Pensioners only);  coloured Passport Photograph; Approval Letter of Merger/Condonation from Head of service OHCF (For those who merged their service).

    For Customs, Immigration and Prisons Pensioners, required documents are Letter/Gazette of 1st appointment; Letter/Gazette of confirmation of appointment; Letter/Gazette of last Promotion; Original Stamped and Signed Bank; Approval Letter of Merger/Condonation of service (Where Applicable); Evidence of Change of Name (Where applicable; Birth Certificate/Age Declaration (Due Pensioners only); Letter/Acceptance of Retirement, Severance Pay Slip(For Downsized Officers); and Identity Card.

    In Police Pensioners case, required documents are Letter of Enlistment; Letter of Approval of Retirement; Pension Advice; Letter of Merger of service (for demoted officers); Current Bank Statement; Letter of Identification/Introduction; Letter/Gazette of confirmation; Letter/Gazette of last Promotion; and Identity Card.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    ADAJI: Dear madam, my name is Adaji from Kogi State. I wish to request PTAD to pay my gratuity which they informed me through The Nation of June 15, 2022, that it had been computed for payment. I have waited for the money to no avail. I wrote several times to them yet they had not replied me.

    Recently ( precisely July 11, 2024), I received a call from PTAD requesting for my account number for payment, which I sent. Yet, till date, I have not received the money. I called several times through the number but they refused to pick my calls. I don’t understand the game at all.

    Please, help me relay my message to PTAD. Thanks for your good work.

    TEMITOPE: My name is Temitope. I was disengaged from Federal Civil Service 2006. My pension administrator is Stanbic IBTC Pension Manager. Since my disengagement, my entitlement has not been paid. l need your help.

    EBITARI: Good day, my name is Ebitari. I complained about my benefits which had not to be paid. I am still expecting the payment.

    ANNONMOUS: I am a pensioner from one of Federal establishments, residing in lbadan, Oyo State. I will like to know where your satelite office is in lbadan. Thanks.

    IRIOGBE: Dear Omobola, My name is Iriogbe, a NIPOST retiree. Information at my disposal is that PTAD is yet to invite NIPOST union and its desk officers to work with the committee to re-compute the issues that arose after the back-end-computation that resulted in the deductions from our pension from October 2023 till this moment.

    I have in the recent past, written to PTAD that many of us are still shocked over the deductions and reversion to what we were earning as at September 2023 earlier promised when the panel was set up on January 19, 2024. It is important to bring in the NIPOST union and other sectoral unions that have vital documents to submit to the panel to enable it to make informed decisions on this issue. We cannot afford to be disappointed again. Thanks for your good job.

    MABAWONKU: My name is Mabawonku, a federal/State pensioner. I worked at the Nigeria Educational Research and Development Council (NERDC) from September 14,1982 to July 6, 1993. Thereafter, I joined the Lagos State Government on July 15, 1993 and retired on January 28, 2008 as a Director.

    Read Also: PTAD: Resolving pensioners’ issues

    Despite several demands in writing, calls and presence, the gratuity has not been paid. I did verification with PTAD at Lagos in 2019. On request, I have sent my verification certificate and bank acoount from 2008 till date to PTAD. With the conditions met since 2019, still my gratuity of 11 years and pension arrears of six months (January to July 1993 ) have not been paid.

    The Nation  should please help me. Thank you.

    OJO: My dear sister, I am one of Heritage Bank customers at Ado Ekiti. I am one of those who have not paid their pension since May. I sent a message to you with my particulars.

    Please, I am waiting for your help.

    BAIYEGUN: PTAD, while appreciating your hard work, and your  quick action to pensioner’s complaints, please be informed that as of date, I am yet to receive my Federal share of state pension for July 2024. Thanks for your anticipated quick action.

    MURITALA: Dear Omobola, thanks so much for solving retirees’ problems. I am Muritala, a former staff member of the National Youth Service Corps (NYSC). My last monthly payment was September 2020. I have sent my documents several times. Kindly see to the payment of my unpaid monthly dues. I was verified by PTAD on May 30, 2023 and they promise that my cumulative arrears will be paid within three months. My last monthly payment was September 2022. PTAD should please pay me.

    ANNASTECIA: Good afternoon, madam. My name is Annastecia. I retired from the University Teaching Hospital, Port Harcourt. My pension was stopped in October 2020 because I was not in the head-count then. However, I have been screened in the Abuja PTAD office, and given pension number as of December 2023. Since then, I have not received any payment. Please, I need your kind intervention.

    THE NATION: The newspaper will intervene by sending your complaints to PTAD. Therefore, Adaji, Temitope, Ebitari Annonymous, Iriogbe, Mabawonku, Ojo, Baiyegun, Muritala and Annastecia should watch out for the pension page on Wednesdays for response from PTAD and subsequently every Wednesday for pension news.

  • Leadway Health HMO CEO champions technology-driven healthcare

    Leadway Health HMO CEO champions technology-driven healthcare

    The Chief Executive Officer, Leadway Health HMO, Dr Tokunbo Alli, has urged Nigerians to embrace technology-driven healthcare solutions to enhance preventive care and wellness.

    He stated that the rapid evolution of healthcare demands that technology lead the way, adding that preventive care had evolved beyond routine check-ups, including integrating health management into our daily lives through technology.

    He noted that Leadway Health HMO is committed to leading this transformation by providing solutions that enable Nigerians to manage their health for early warnings, ensuring more efficient and accessible care.

    He said: “Leadway Health HMO has positioned itself as a pioneer in leveraging technology to improve healthcare accessibility and efficiency.

    “The company’s comprehensive health plans feature a range of tech-driven services, including telemedicine, allowing patients to consult healthcare professionals remotely and receive timely medical advice regardless of location.’’

    Read Also: Leadway Assurance to Nigerians: prepare to avert floods

    Leadway Health HMO chief emphasised the pivotal role of technology in revolutionising healthcare delivery across Nigeria.

    He is advocating the widespread adoption of innovative healthcare technologies, aimed at reshaping the nation’s healthcare landscape and fosters a healthier, more resilient population.

    The firm had stated that in the wake of the COVID-19 pandemic, the need for technological advancements such as telemedicine had become urgent.

    A 2021 World Health Organisation report stated that a striking 60 per cent surge in telemedicine usage in Nigeria during the pandemic, with new platforms emerging to serve remote communities.

    Also, a 2023 report by the International Data Corporation highlights a 32 per cent increase in the shipment of wearable devices to Africa. These devices, which track vital health metrics like heart rate and physical activity, empower individuals to control their health proactively.

  • Micro Pension boosts financial inclusion, security for informal sector workers

    Micro Pension boosts financial inclusion, security for informal sector workers

    The Micro Pension Plan (MPP) has been making significant strides in enhancing financial inclusion among informal sector workers.

    Since its launch, the MPP continues to attract many contributors, offering a vital safety net for individuals who lack access to formal retirement savings options.

    The National Pension Commission (PenCom) introduced the MPP with the objective of broadening pension coverage to include workers in the informal sector. Under the MPP, private sector organisations with less than three employees and self-employed individuals are given an opportunity to participate in the Contributory Pension Scheme (CPS). This lofty provision of the Pension Reform Act (PRA) 2014 provides a reliable retirement savings platform for the informal sector, which is reputed to be the largest employer in Nigeria.

    Eligibility and registration

    Eligible participants under the MPP include self-employed individuals affiliated with trade, profession, cooperative, or business associations, those with business name registrations, partnerships, or enterprises, informal sector employees with or without formal written employment contracts, and other self-employed individuals. A Micro Pension Contributor (MPC) must be at least 18 years and resident in Nigeria.

    Prospective MPP participants are required to register with a Pension Fund Administrator (PFA). This involves opening a Retirement Savings Account (RSA). Upon registration, the MPP participant receives a Personal Identification Number (PIN) from the PFA, which enables him to start making pension contributions.

    Contributions and investments

    Making pension contributions under the MPP is designed to be easy, allowing MPCs to contribute daily, weekly, or monthly based on their earnings. Also, a variety of payment channels have been made available by the PFAs for easy remittances, including cash deposits, electronic transfers, approved payment platforms, or financial services agents endorsed by the CBN.

    The MPP, by design, considers the diverse income patterns within the informal sector, hence the flexibility in allowing participants to determine the frequency of making contributions. Accordingly, individuals determine their contributions and frequency based on their financial capacity and pension aspirations.

    PFAs are mandated to invest the MPP pension contributions in secure assets specified by the Investment Regulation issued by PenCom, ensuring steady growth through investment returns over time. This accumulation results in RSA balances that are significantly higher than the amounts an individual actually contributed due to profit from investments.

    Accessing contributions

    The MPP’s flexibility extends to accessing pension contributions, with a 40-60 split between contingent withdrawal and pension allocation, respectively. This means that every contribution made by a participant is automatically allocated based on the above ratio. The contingent portion of 40 per cent allows contributors to withdraw funds for immediate personal financial needs, thus resolving critical issues for the MPP contributors. The retirement/fixed portion, constituting 60 per cent, becomes accessible only upon “retirement”, with eligibility set at 50 years or due to health reasons.

    The Revised Regulation on the Administration of Retirement and Terminal Benefits ensures clarity in benefit payments to MPCs. Those unable to procure a monthly pension/annuity up to one-third of the prevailing minimum wage will receive en-bloc payments of their RSA balances at retirement.

    In case of the demise of an active or retired MPC, the RSA balance is disbursed to legal heirs, as stipulated by a Will, Letter of Administration, or court directive. The foregoing underscores the MPP’s role in providing financial security to the families of deceased informal sector workers.

    Conversion from MPP to mandatory contribution

    The flexibility and dynamism of the MPP empower MPCs to seamlessly transition to the Mandatory CPS if they secure formal sector employment, as stipulated by Section 2(1) of the PRA 2014. Upon employment, MPCs can easily continue their contributions by providing their existing PINs and PFA details to the new employer, eliminating the need for opening a new RSA.

    Read Also: Security; first salary, first pension payment

    Before conversion, MPP contributors have the option to withdraw the total balance of the contingent portion of their RSA. Alternatively, they can choose to leave the contingent portion, which will be merged with the retirement benefits portion of the RSA upon conversion to the mandatory CPS.

    It is essential to note that failure to request conversion within one month of receiving remittances from a new employer may result in automatic status change by the PFA, with notifications sent to the employer and monthly returns forwarded to the Commission.

    In conclusion, the MPP provides a reliable income stream for informal sector workers at old age and acts as a buffer against financial emergencies. PenCom remains steadfast in its commitment to effectively regulate and supervise the pension industry, ensuring timely payment of retirement benefits.

    • Culled from PenCom
  • Pension complaints and solutions

    Pension complaints and solutions

    JUSTICE: Good day, my name is Justice. My former employer has refused to release documents to help me process my pension claims. I submitted my resignation letter to my branch manager. He acknowledged and gave me my copy but never forwarded it to the board. Now my PFA can’t process my pension until I provide the documents. I have been on this for over a year. I retired on July 8, 2009. Please, I need your intervention.

    MONDAY: Dear Omobola, thank you for helping me to reach out to PTAD for my problems. My name is Monday, I want to remind PTAD that I have been waiting for their feedback since December last year. I forwarded my statement of account to them as requested. They acknowledged the receipt and told me they were working on it. But there has been no response from them.

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

    SALMANU: Congratulations to the new Director-General of PenCom, Ms. Omolola Oloworaran. We hope she will use her new position and many years of experience to wipe away tears from retirees’ faces. 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 act in our favour and wipe away our tears. Thank you.

    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 debit 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.

    LADIPO: Dear Omobola, congratulations to Ms. Omolola Oloworaran on her appointment as the new DG of the PenCom. It is our prayer that we pensioners will also get our money as we wait patiently for our own palliative .Thank you – Elder ‘Ladipo.O.David+

    ANNONYMOUS: Dear Omobola, kindly help find out what is happening to annuity at African Alliance Insurance. No remittance has been made since May 2024. They should please consider the pensioners in this hard time. We believe in them that is why we chose them.

    Read Also: Kwara pensioners decry govt’s eviction plan

    JAURO: Good day, my name is Jauro and I’m from Bauchi State. I am writing to seek your assistance on an urgent matter. Despite submitting my request to transfer my pension to a life annuity company over a month ago, I am yet to receive a response from Premium Pensions. I have sent multiple follow-up emails and made several calls, but unfortunately, my efforts have been met with silence. I am feeling exhausted and frustrated by the lack of attention from Premium Pensions. Please help me resolve this issue.

    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.

    OKUNOLA: Good day, I am Okunola, a retiree of NITEL. Some pensioners and I did our verification since 20I8 January but till now, we are yet to get our dues from PTAD. Do we need to come to the Abuja office to solve our problem? We have been to the PTAD Lagos office about six times without positive results. I was paid in 2007, 2008 and 2009.

    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.

    OLANIYAN: Hello, my name is Olaniyan. My former PFA is Premium Pension. I started annuity with African Alliance on March 10, 2016 and I receive a monthly pension of N36,599.

    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.

    THE NATION: The newspaper will intervene by sending your complaint to PenCom. Therefore, Justice, Monday, Mrs Ogbe, Salmanu, Bolaji, Anichebe, Jauro, Ladipo, Olaniyan, Asinobi, Okunola, Annoymous and Ishola should watch out for the pension page on Wednesdays for response from PenCom and subsequently every Wednesday for pension news.

  • Bajowa is PenOp president

    Bajowa is PenOp president

    The Managing Director/Chief Executive Officer, FCMB Pension Limited, Christopher Bajowa,  has been appointed the new President of President of Pension Fund Operators Association of Nigeria (PenOp).

    His election followed the retirement of Mr. Umar Mairami.

    He is expected to complete the term of Umar, which will end in March 2026.

    Bajowa said he would continue to uphold the ideals of the industry, ensuring that the RSA holders are prioritised.

    Read Also: PenOps pay 1.27m retirees N2.72t benefits

    He is committed to continue the work of ensuring that pensions positively affect every aspect of the economy.

    Chief Executive Officer, PenOp, Oguche Agudah said the smooth transition shows the strong governance within the association and the commitment to sound leadership and respectful relationships between the pension operators geared towards the overall aim of ensuring that every Nigerian benefits from the industry.

    He said it was evident that the industry has positively touched many aspects of Nigeria’s life, ranging from the public fiscal management, equity market, infrastructure development, noting that the industry is set to do more in the coming years.