The Nation Newspaper

Category: Pension

  • African Alliance: Sailing into troubled waters

    African Alliance: Sailing into troubled waters

    African Alliance Insurance Plc is in distress and has shut down its headquarters and its Ilupeju branch, leaving pensioners under the Contributory Pension Scheme (CPS) and others insured in tears. OMOBOLA TOLU-KUSIMO writes

    All is not well at African Alliance Insurance Plc as the once-thriving firm has shut down since August 1,  as its headquarters at 54, Awolowo Road, Ikoyi, Lagos with its managing director and other key staff members reportedly deserting the company.

    This follows the company’s years of its inability to pay claims arising from insolvency and, consequently, leading to its comatose.

    The Nation has been following up on the company’s footsteps and has in the recent past written on its insolvency.

    While the August 1 suggests the company closed its doors due to the nationwide protest, it has since remained on lockdown.

    With this development, the insurance industry has yet suffered setbacks on trust issues from the public, following the recent death of notable insurance companies like Niger Insurance and Standard Alliance Insurance Plc.

    Pensioners are owed monthly pensions with many insured owed billions of claims while those with savings-backed policies are unable to access their money.

    A visit to African Alliance headquarters last week showed an office under lock, deserted by the managing director and other staff members. It is not clear as at press time who is the managing director because there are speculations that Mrs. Joyce Ojemudia had resigned as the MD.

    Findings further showed the company’s website is still up as at yesterday 11am, requesting the unsuspecting public to buy policies.

    Some experts have said it appeared that the regulator treated the company’s problems with kids’ gloves, leading to the trapping of billions of pensioners’ funds under the Contributory Pension Scheme (CPS) who opted for Life Annuity at retirement and chose African Alliance as managers of their funds.

    It was not until last month that National Insurance Commission (NAICOM) scolded the insurer, issuing an ultimatum ordering the company to settle outstanding claims and submit turnaround plans.

    NAICOM in a statement on July 5, 2024 entitled: “NAICOM gives matching orders to the Board of African Alliance Insurance Plc” stated: “Following increased complaints by annuitants and insurance claimants against African Alliance Insurance Plc in respect of the company’s delay and/or inability to fulfill its obligations, the National Insurance Commission has given marching orders to the company to resolve and ensure settlement of outstanding claims.

    “The Commission had summoned the Board of African Alliance Insurance Plc to its headquarters in Abuja recently and ordered the company to settle outstanding payments due to annuitants and claimants. In addition, the Board of Directors of the company was directed to immediately submit a turnaround plan for addressing the challenges currently faced by the company which necessitated putting the company under the Commission’s Regulatory Order. Given the heightened challenges, the company should expect further actions if they fail to address the issues within the timeline the company has been given.

    “The Board assured the Commission that they would act on the resolutions reached at the meeting. The Commission wishes to restate its determination to ensure fair treatment of stakeholders, enforce professionalism and good conduct amongst its licensed operators.”

    Annuity pensioners in tears

    My name is Mrs. Anichebe, an Annuitant with African Alliance Insurance Plc. I opted to be paid once in a year which was pegged on March every year.

    This choice was to enable me to submit my children’s educational fees. But since the end of March 2024 and up till date, I have not been paid. I am not the only victim.

    Read Also: NAICOM orders African Alliance to settle annuity payment, claims

    Another victim speaks

    I am retired ASP Moses and an annuitant receiving monthly pension from African Alliance Insurance since 2015. But for about three months, they have not paid me nor given any explanation to that effect. I would like to know what the problem is from the National Pension Commission (PenCom). I need my money to assuage my sufferings.

    My name is Odunsi. African Alliance has not paid my monthly pension. They didn’t pay me in February and March but later paid in April. But again, they have not paid me from May till date. I am speaking on behalf of so many pensioners in the country. We want to know whether the company is distressed or bankrupt. We are old people and only rely on the peanuts we get from pension to survive. But the African Alliance is becoming our nightmare.

    I am Atokunleki, my insurer is African Alliance Insurance. I am yet to receive my monthly pension from May till date. I am hungry and weak. The same problem occurred in February and March. Take for instance, my drugs are exhausted now and I need to buy them, but how, when my pension is being withheld?

    Insured

    An insured with a savings-backed policy, Mrs. Ronke Ibrahim, who was at the headquarters last Thursday was shaken seeing the company locked up.

    Crying, she said she had been saving N400,000 after being introduced to the company by her friend.

    “I am a petty trader struggling to take care of my three children. I was introduced to the company by my friend. Sometimes in October, last year, she called me and told me to go and request for my money as she has been unable to collect the N1.8million she invested in a savings policy with the company.

    “I quickly ran down to the company but they have been tossing me up and down since then. I went to their Ilupeju branch recently and I found it locked up. That is why I came to the headquarters only to find it locked up too. I am in a dilemma,” she said.

    Mr. Ndubuisi, on his part, said, he was in a shock, having found that he had lost his money to African Alliance.

    He blamed the regulator for allowing the company to deceive Nigerians by allowing them to be in business despite being insolvent for a long time, adding that he only got to know when it was too late for him to retrieve his money.

    An expert, who spoke on condition of anonymity, said though NAICOM had taken action against the company a long time ago, Alliance directors had not been sincere in their plan to resuscitate the company by pumping in money for despite promising to do so.

  • PenCom DG assumes duties

    PenCom DG assumes duties

    The National Pension Commission (PenCom) Director-General, Omolola Oloworaran, has assumed duties.

    But, she is to serve in acting capacity pending her confirmation by the Senate, in line with the provisions of Section 26 (1) of the Pension Reform Act 2014.

    PenCom in a statement said Omolola is poised to explore new frontiers in the implementation of the Contributory Pension Scheme (CPS) by sustaining pension assets on the growth trajectory, ensuring increased CPS membership and supporting coverage expansion initiatives. She is committed to the expeditious payment of retirement benefits, while deepening the pension investment horizon for enhanced returns to contributors and retirees.

    Read Also: Protests: No police, military officer fired live ammunition – IGP

    Oloworaran, a Fellow of the Association of Chartered Certified Accountants (ACCA), brings to PenCom over 20 years’ experience in the financial services industry.

    An accounting graduate from the University of Ilorin and a Master of Business Administration (MBA) holder from the Manchester Business School, she has worked in renowned investment and commercial banks.

  • Tinubu okays increment for DBS pensioners

    Tinubu okays increment for DBS pensioners

    • Backdates it to Jan. 1

    • PTAD opens Ilorin branch

    President Bola Ahmed Tinubu has approved an increment for pensioners.

    Its Executive Secretary, Dr. Chioma Ejikeme, broke the news during the inauguration of PTAD’s State Office in Ilorin, the Kwara State capital.

    She said the increment would take effect from January 1, this year and implementation, as proposed by it, this month.

    She noted that the increment was historic as it was the first time the Federal Government had proactively approved same for pensioners under the Defined Benefits Scheme (DBS).

    She urged pensioners who were yet to do the “I Am Alive” Confirmation Solution.

    She enjoined the union executives to assist the Directorate in spreading this information to their members.

    he said the PTAD’s officers in the new Kwara State branch office would assist anyone with challenges. She added that the mobile team would visit the infirm and bed-ridden pensioners.

    She welcomed prospective new enrollees, the legacy pensioners, from the Federal Mortgage Finance Limited and Federal Mortgage Bank whom they are verifying and assured them of PTAD’s commitment to their welfare. 

    She further expressed gratitude to Tinubu for his commitment to the welfare of  pensioners through the prompt release of funds for the payment of pensions and continued liquidation of inherited pension liabilities.

    Read Also: Six prominent Nigerians who died in july

    She stressed that their commitment to pensioners remains sacrosanct.

    On the new branch, she said: “Since inception in 2013, PTAD has opened 11 State offices across the six geo-political zones of the country and this Kwara State office we are inaugurating would make it the 12th PTAD state office, in addition to the  Abuja Office which is the headquarters.

    “PTAD has offices in the following cities: Yola, Awka, Maiduguri, Ibadan, Benin, Enugu, Kaduna, Kano, Lagos, Sokoto, Yobe, and, now, Ilorin. The aim of establishing these offices in strategically-selected locations nationwide is to bring our exceptional pension services closer to the doorstep of Defined Benefit Scheme pensioners that are being managed by PTAD as mandated in the Pension Reform Act 2014, Section 47 (2)

    “You may recall that prior to the establishment of PTAD in August 2013; the DBS Administration under the Old Pension Offices faced overwhelming challenges. These challenges were an accumulation of a number of negative incidents emanating from administrative bottlenecks in accessing pension services, poor funding of pension liabilities, as well as poor service delivery to pensioners. Our pensioners can certainly attest that those major challenges are now all in the past with the advent of PTAD. In the last decade of operation, PTAD has reformed and revolutionised pension administration using technology.

    “We have implemented service innovations that have been proactive and intentional, from automating and streamlining our core operational processes, to digitisation of pensioner’s employment records, electronic computation of pension benefits, pension payments, complaints resolution, the Back End computation project, and the “I Am Alive”Confirmation Solution. These and more are programmes carried out to strengthen and improve PTAD’s operations, eradicate the stress DBS pensioners go through to get their pensions, and ensure that the welfare of our pensioners remains our topmost priority”. Furthermore, she said following complaints from Next-of-Kin (Nok) of deceased pensioners and pensioners on the non-payment of inherited liabilities, she had inaugurated a ‘Directorate-Wide’ Expanded NoK and Gratuity Project last December,  to address their complaints such as the non-payment of gratuities and death benefits to NoK of deceased pensioners across the pension departments.

    “I am glad to announce that as of July 19, this year, the Directorate has processed and paid N395.55 million as death benefits and gratuity to 238 Next-of-Kin (NoK) of deceased pensioners and pensioners. The project is still on-going.

    “The rest of the NoK and gratuity benefit claims files are still undergoing checks and validation, because, as I often say, any money that is wrongly paid to a NoK beneficiary is like money put in the belly of the tiger, as it would be very difficult, if not impossible, to recover. “Nevertheless, it is worthy to note that PTAD is working with the relevant stakeholders and high courts across the federation to ensure that the Letters of Administration in favour of the NoK are validated within the shortest time, and other related checks completed to enable the beneficiaries receive their entitlements in the shortest possible time,”she added.

  • CPS: Private Sector Compliance surges in first half

    CPS: Private Sector Compliance surges in first half

    • PenCom issues 30,728 PCCs

    In the first half of the year,  the National Pension Commission (PenCom) issued Pension Clearance Certificates (PCCs) to 30,728 organisations under the Contributory Pension Scheme (CPS).

    This represents a 43.62 per cent increase, or 9,333 more PCCs, compared to the 21,395 PCCs issued in the first half of last year.

    This was made known in a report obtained by The Nation.

    The surge indicates a significant rise in private sector compliance with the CPS, outperforming first-half 2023.

    The report read: “The 30,728 PCCs issued from January to June 2024 not only exceeded the total of 30,293 PCCs issued throughout 2023 but also surpassed the 26,556 PCCs issued in 2022. It is important to note that each PCC is valid until December 31 of the year it is obtained, regardless of the issuance date. Therefore, PCCs issued in 2024 will expire on December 31.

    “PenCom commenced the issuance of PCC to organisations in 2012 in line with the Pension Reform Act, 2014 (PRA, 2014), which mandates organisations with at least three employees to participate in the CPS. The PCC is an evidence of compliance with the PRA 2014 and serves as a prerequisite for suppliers, contractors, or consultants soliciting any contract or business from the Federal Government’s Ministries, Departments, and Agencies (MDAs). Accordingly, PenCom issues PCCs to organisations that apply and have fully complied with the requirements.

    Read Also: Protests: No police, military officer fired live ammunition – IGP

    “To qualify for a PCC, the employer must ensure that its employees open Retirement Savings Accounts (RSAs) with any Pension Fund Administrator (PFA) of their choice. Employers must also remit the employer and employee monthly pension contributions to the Pension Fund Custodians (PFCs) no later than seven working days from the payment date of salaries. Furthermore, employers with pension schemes before the CPS must transfer pension funds and assets in their custody to licensed pension operators. Finally, employers must provide their staff members with a Group Life Insurance Policy (GLI) covering at least three times the yearly total emoluments of the employees.”

    Requirements for the PCC

    Employers wishing to obtain PCCs are required to submit their application with the documents, which includes a certified list of employees of the organisation as at the end of the last fiscal year. The certification should be done with an authorised official stamp of the applicant organisation.

    “They also need to submit a certified rate of monthly pension contributions specifying employer and employee rates. The rates relating to the monthly emoluments are minimum of 10 per cent by the employer and minimum of eight per cent by the employee. Also necessary are evidence of remittance of monthly pension contributions for employees for the last three fiscal years for organisations that were in existence for that period and have three or more staff and for organisations that have not been in existence for the last three fiscal years, from the date of incorporation, registration, licensing to the last fiscal year.

    “Evidence of remittance of outstanding pension contributions and penalties (for late remittance); evidence of transfer of pension fund and assets held prior to the commencement of the CPS to a licensed pension fund operator which is only applicable to organisations that had pension arrangements or were in custody of pension assets before June 2004; and evidence of Group Life Insurance Policy procured for the staff members of the organisation specifying the number of employees covered and the sum assured”.

    Issues to note in application for PCC

    PenCom stated that the processing of PCC applications as designed by PenCom is straightforward and transparent.

    “Applications are processed within seven working days, provided that the requirements are met and requested documents are provided. Some of the noted deficiencies in the submissions by organisations include: under-remittance of contributions; non-provision of Group Life Insurance for at least three times the total annual emolument of employees; understating the number of employees and remittance of outstanding pension contributions. In the event of any deficiency, a notification is forwarded to the applicant for remedial action before the issuance of the PCC.

    “PenCom, in a notice to employers in September 2023, warned employers against using third parties to get the PCC, as employers are encouraged to apply to avoid any hitches. It is important to emphasise that the PCC is issued to the applicant organisation at no cost. PenCom is not paid any amount whatsoever. The employer is only required to remit employee pension contributions into their RSAs.

    “A list of organisations that were issued the PCC is uploaded on the PenCom website to facilitate verification by interested parties. Consequently, any certificate not found on the website is invalid, as the list is updated daily. There is also an interface through which the Bureau of Public Procurement (BPP) verifies the PCCs of organisations as PenCom feeds BPP the information daily. PenCom has observed a notable increase in private sector compliance with the CPS, reflecting the Commission’s effective and efficient regulation and supervision of the pension industry. This trend underscores the success of PenCom’s efforts in fostering a compliant and robust pension system,” the report added.

  • Old Mutual Nigeria becomes emPLE

    Old Mutual Nigeria becomes emPLE

    Old Mutual Nigeria Life Assurance Company Limited and Old Mutual General Insurance Company Nigeria Limited have announced a rebrand and name-change to emPLE Life Assurance Limited and emPLE General Insurance Limited.

    The transformation follows the completion of the acquisition of Old Mutual’s equity by emPLE Group and approvals from the National Insurance Commission (NAICOM).

    According to Managing Director of emPLE General Insurance Limited, emPLE Group, Mr. Olalekan Oyinlade,  is dedicated to delivering superior financial solutions and fostering long-term growth and value creation across Africa. Central to emPLE’s purpose is empowering people by providing innovative financial solutions that enhance their freedom, security, and prosperity.

    He said: “Old Mutual has been a prominent player in Nigeria’s financial landscape, offering comprehensive life assurance, general insurance, savings, and investment solutions to over 1.5 million customers across the country.

    With the acquisition finalized, the companies will now operate under the emPLE brand, reflecting their integration into the emPLE Group’s vision and strategy.

    Read Also: Six prominent Nigerians who died in july

    “The acquisition of Old Mutual’s insurance businesses in Nigeria and their transformation to emPLE mark a pivotal moment in emPLE’s journey. emPLE is poised to enhance its service offerings and customer engagement, positioning itself as the premier insurer in Africa. This rebranding allows emPLE to consolidate its strengths, expand its capabilities, and build lifelong financial partnerships with its clients.

    “The rebranding to emPLE signifies a new chapter for us. We remain steadfast in our dedication to delivering innovative insurance solutions that meet the evolving needs of our customers. emPLE, meaning empowering people, reflects our mission to protect and empower individuals and families throughout Africa, ensuring their financial security and prosperity.’’

    Acting Managing Director of emPLE Life Assurance Limited, Mr. Rantimi Ogunleye, added: “We are excited about this new phase. The acquisition will significantly bolster our commitment to expanding our market presence and strengthen our ability to achieve remarkable growth and enhance the value we provide to our customers”.

  • Pension complaints and solutions

    Pension complaints and solutions

    Mrs Ogbe: I am Mrs Ogbe. I submitted my annuity transfer request letter to Stanbic IBTC Pension but they are yet to do the transfer. Please, help me.

    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 at GTBank between 2006 and 2017. I 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 pensioners so please help me. The times are really tough and this lifeline is all I need to get back on my feet again. Thank you.

    THE NATION: The newspaper will intervene by sending your complaint to PenCom. Therefore, Mrs Ogbe and Bolaji should watch out for the pension page on Wednesdays for their response and subsequently every Wednesday for pension news.

    JAMIUDEEN: Good day, my name is Jamiudeen. I retired from the National Population Commission on May 1, 2023. I have been to my pension manager, Stanbic IBTC Pension for my accrued right and gratuities. They told me that it had not been paid.

    But, I need money urgently to do a surgery on my right leg at the Igbobi Orthopaedic Hospital, Lagos. I was infected with the wound while in service of Censor 2006 and, since then, I have been spending my cash on it. The commission did not take care of me. I spent my savings from the cooperative on the leg until I was told that a survey was needed to be carried out on my skin grafts. Since then, I have been waiting for my pension to take care of my leg.

    Read Also: Six prominent Nigerians who died in july

    Also, I cannot feed myself and the children or pay school fees and house rent. Kindly help, so I can be paid as soon as possibl.

    PENCOM: Payment was made on May 24, 2024. The RSA holder is advised to approach his PFA to confirm.

    ZEKERI: Good day, my name is Zekeri. I retired in June 2022 from the Nigeria Customs Service. When I approached my PFA, Premium Pension, for my benefits in 2023, to be transferred to an insurance company for life annuity, my application was rejected. And I was told to stay a year on Programmed Withdrawal before they could let me go. However, they said I could apply for annuity after a year of earning on Programmed Withdrawal. It is a year, so I submitted my annuity application again via DHL from Auchi to Abuja as there is no Premium Pension office here in Auchi. I just checked and realised my application was rejected again. I have been calling to know why but no response. Please, help me.

    PENCOM: The RSA holder should provide his PIN to enable the Commission to investigate the complaint.

    SANI: My name is Sani, I worked at the West African Postgraduate Medical College, Yaba, Lagos. We chose Leadway Pensure Pfa Limited at Number 121/123 Funsho Williams Avenue, Surulere, Lagos. My pension contributions – employer/employee – has been fully remitted to the Leadway.

    Also, my Legacy has been fully remitted to the Leadway. I have retired since March 31, 2023 and have submitted the documents for RSA and Legacy to be paid to me since May, 2023. Leadway told me that my documents were rejected because I did not put my pay slip. I sent the pay slip to them.

    Since then no payment has been made to me. Leadway’s response is that PENCOM has not approved my documents to enable them pay me. Please, I want you to intervene so that my money can be paid to me. It is six months that I am at home without earning Salary. Thank you.      

    PENCOM: Dear Sir, please carry out the Enrolment, and submit the Enrolment slip, you may wish to visit www.pencom.gov.ng for guidance on how to get enrolled.

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

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

    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 for over two months. 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 unfair treatment from Oak Pension? The Pension Act provides us the freedom to choose any 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.

    FOLORUNSO: My name is Folorunso. I worked at the Vanguard Newspaper and later The Nigerian Tribune. On joining Tribune, Stanbic IBTC Pension opened a new RSA account for me, the same Stanbic with Vanguard. I have double PEN registration and I am having difficulties in accessing my funds. For over a year, I have kept writing STANBIC and the DG of PenCom but to no avail. After much pressure, STANBIC claimed to have harmonised the two PEN account numbers and it is 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

  • Cornerstone Insurance makes N25.9b revenue

    Cornerstone Insurance makes N25.9b revenue

    Cornerstone Insurance Plc recorded a revenue of N25.9 billion in 2023, a growth of 26.5 per cent against N20.48 billion attained in 2022, the Chairman Segun Adebanji, has said.

    He made this known at the company’s Annual General Meeting (AGM) in Lagos, adding that the Cornerstone Group recorded 38 per cent growth in its top line from N22.2 billion in 2022 to N30.6 billion in 2023.

    Adebanji submitted that insurance revenue from the company’s life portfolio rose marginally by two per cent from N5.1 billion in the previous year to N5.28 billion in 2023 and accounted for 20 per cent of the total insurance revenue.

    According to him, the largest contributors to the central business insurance revenue were engineering contributing N4.48 billion; oil and gas N3.49 billion and motor N2.5 billion.

    Read Also: Six prominent Nigerians who died in july

    He maintained that the company concluded the financial year with a profit before tax of N17.08 billion, which showed a remarkable rise over the restated International Financial Reporting Standard (IFRS) 17 loss of N1.06 billion recorded in the previous year.

    He stated that the significant increase was driven by gains attributable to the firm’s investment portfolios and underscores its strategic focus on profitability and sustainable growth, thereby reinforcing its strong financial position.

    Group Managing Director Cornerstone Insurance Plc, Stephen Alangbo said the company looks ahead and remains steadfast in its vision of becoming the leader in the financial services group.

    He submitted that the firm would continue to innovate; invest in its people; invest in technology and operate with integrity, while staying responsive to the evolving needs of its customers and community.

    He said the company is well-positioned for any recapitalisation that may be introduced by the regulator.

  • Sanlam Nigeria’s employees hold sports

    Sanlam Nigeria’s employees hold sports

    Sanlam Nigeria, comprising Sanlam Life Insurance Nigeria Limited and its subsidiary, Sanlam General Insurance Nigeria Limited, has held an Inter-House Sports for its staff members.

    The event, which held at the Femi Gbajabiamila Sports Complex, Abalti Barracks, Lagos was aimed at promoting teamwork, camaraderie, and a healthy competition among the employees.

    Managing Director/CEO of Sanlam Life Insurance Nigeria Limited, Tunde Mimiko said: “We believe that a strong team is the backbone of any successful organisation. The event was a fantastic opportunity for our staff to bond, build relationships, and showcase their skills in a relaxed and enjoyable environment.’’

    Read Also: Protests: No police, military officer fired live ammunition – IGP

    Managing Director /CEO, Sanlam General Insurance, Bode Opadokun, reiterated the conviviality and sportsmanship displayed: “It is good to see colleagues enjoy a good time out, with strong competitive spirit and meet colleagues across both businesses that they may not know beyond names in emails.

    “The event was marked by enthusiasm, energy, and a sense of belonging among participants. Team Integrity (Yellow House) emerged as the overall winner, but the real victory was the strengthened bonds and memories created among colleagues.’’

  • AIICO maintains strong growthtrajectory, records N12b profit

    AIICO maintains strong growthtrajectory, records N12b profit

    AIICO Insurance Plc has continued its strong growth trajectory as it declared a profit after tax of N12 billion in the financial year ended December 31, 2023, up from the N5.2 billion it posted during the corresponding period in 2022.

    Presenting the figures to the shareholders at the 54th Annual General Meeting (AGM) of the company in Lagos, its Chairman, Mr. Kundan Sainani, noted that the profit after tax increased by 132.6 per cent.

    Sainani further said 2023 produced other significant gains for the company as a consequence of the meticulous execution of its business strategy, resulting in a gross written premium of N110.1 billion during the review year as against N88.3 billion in 2022.

    The result, according to him, was achieved as the company transitioned from using IFRS 4 to IFRS 17 Standard, which resulted in the recognition of insurance revenue of about N72.6 billion from N54.8 billion in 2022, demonstrating the company’s commitment to transparency and robust financial practices.

    Read Also: Six prominent Nigerians who died in july

    The AIICO chair said these results were achieved in the midst of serious socio-economic challenges typified by increases in monetary policy rate, inflation, removal of fuel subsidy, forex scarcity, and the 2023 Fiscal Bill, which contributed to the rise of domestic prices.

    Sainani said: “Despite this unsettling landscape, 2023 was another strong year for AIICO, with the firm generating impressive record revenue and substantial growth. Our profits for the period increased by 132.6 per cent to N12 billion from N5.2 billion in 2022, reflecting strong underlying performance across our businesses.’’

    Referencing the dynamics in the economy and projecting into the future, Sainani said AIICO remains resilient and adaptable, ready to provide more favourable terms to its valued customers and strategically invest in opportunities that yield advantageous returns.

    On his part, AIICO’s Managing Director/Chief Executive Officer, Mr. Babatunde Fajemirokun, assured the shareholders of high value and better returns on investment in the years ahead.

    Fajemirokun said the board and management were considering devoting a bigger chunk of future profits to dividend payments.

    Other major highlights of the AGM included the election of Mrs. Kemi Adewole to the Board of AIICO as an Independent Non-Executive Director and engagement of Mr. Gbenga Ilori as an Executive Director.

    Shareholders, however, commended the board and management of AIICO for strengthening the company’s fundamentals as well as growing its asset base.

  • IEI creates awareness at Africa International Housing Show

    IEI creates awareness at Africa International Housing Show

    International Energy Insurance Plc (IEI), a Norrenberger company, has showcased its innovative insurance solutions at the Africa International Housing Show (AIHS) 2024 in Abuja.

    The company provided a Group Personal Accident Cover to attendees, ensuring their safety and peace of mind.

    The initiative, according to the company, was a significant highlight, reinforcing IEI’s dedication to protecting the interests of the community.

    The IEI team also organised a raffle, giving away gifts to encourage participants to invest in insurance.

    Read Also: Protests: No police, military officer fired live ammunition – IGP

    Managing Director/CEO of IEI Plc, Mr Olasupo Sogelola, said: “Our participation in the Africa International Housing Show 2024 is a remarkable experience. We were thrilled to engage with attendees, share our insurance solutions, and emphasize the importance of securing their future. The raffle draws and free gifts is our way of encouraging people to consider the invaluable benefits of insurance. We are grateful for the overwhelming response and look forward to continuing our mission to provide comprehensive and reliable insurance solutions.

    “The Africa International Housing Show 2024 provided a unique platform for us to connect with industry leaders, potential clients, and partners. Our active participation underscored its commitment to innovation, collaboration, and community engagement in the insurance industry.

    “We are a leading insurance company offering a wide range of innovative risk management solution products and services designed to meet the diverse needs of individuals and businesses.

    With a strong commitment to customer satisfaction and innovation, we strive to provide reliable and comprehensive insurance solutions that ensure peace of mind and security,” he added.