The Nation Newspaper

Category: Pension

  • Pension complaints and solutions

    Pension complaints and solutions

    KAZEEM: Good day, my name is Kazeem. I retired from the National Population Commission on May 1, 2023. I have been to my pension manager, Stanbic IBTC, for my accrued right or gratuities. They told me that it had not been paid. I need money urgently to do a surgery on my right leg at Igbobi Orthopedic Hospital, Lagos. I had an injury when in active service in 2006. Ever since, I have been spending my money because the commission did not take care of me.

    I spent my cooperative savings until I was told that I would have to be operated on for skin grafts. Also, I am not able to feed myself and children nor can I pay school fees. Things are difficult for me. Please, help me.

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

    BRAIMAH: Good day, my name is Braimah. I retired in June 2022 from the Nigeria Customs Service. When I approached my PFA Premium Pension for my benefits the following year, my annuity application was rejected. I was told to stay a year on Programmed Withdrawal. I was told that I could apply for annuity after a year of earning on Programmed Withdrawal. It is a year, so I submitted an annuity agreement via DHL from Auchi to Abuja as there is no Premium Pension office in Auchi. I just checked and I realised my application was rejected. 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 with 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 Leadway.

    I retired since March 31, 2023 and have submitted the necessary documents for RSA and Legacy to be paid to me in 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 immediately. Since then, no payment has been made to me.

    Leadway’s response is that PenCom has not approved my documents to pay me. Please, I want you to intervene so that my money can be paid to me. It has been six months that I am at home without earning salary. Thank you.      

    PENCOM: Dear madam, 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: Ma, I strongly need your help. We are leaving the country and we need money for our upkeep during the journey. We are banking on my 25 per cent pension savings. PenCom is yet to approve. Kindly help us.

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

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    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 an annuity, which is what warrants this unholy treatment from Oak Pension?

    The Pension Act provides us the freedom to choose any form of payment and I have opted for annuity but Oak Pension is punishing me because I didn’t choose their Programme Withdrawal. I plead with PenCom to intervene and not allow the situation to degenerate into litigation. Thanks in anticipation.

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

    FOLORUNSO: My name is Folorunso. I worked with Vanguard Newspaper and later joined The Nigerian Tribune. On joining Tribune, Stanbic IBTC Pension opened a new RSA account for me, the same thing Stanbic did with Vanguard. I now have double PEN registration and I am having difficulties in accessing my funds.

    For over a year now, 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 approval.

    Please, what can I do to get the urgent attention of the PenCom DG to resolve my pension issue?

  • CPS: ‘RSA holders accessed N291.7b benefits in first-half’

    CPS: ‘RSA holders accessed N291.7b benefits in first-half’

    ABOUT 50,125 Retirement Savings Account (RSA) holders under the Contributory Pension Scheme (CPS) have accessed N291.7 billion pension benefits in the first half of the year.

    PenCom said this in a statement obtained by The Nation.

    For about 20 years, accessing retirement and terminal benefits within the CPS has been regulated by the Commission.

    However, PenCom has established the requirements for RSA holders to access their benefits promptly.

    Suffice to state that Section 7(1) of the Pension Reform Act (PRA 2014) provides that RSA holders are entitled to access their benefits upon retirement or upon reaching 50.

    To this end, contributors also have the option to withdraw a lump sum from their balance, provided that the balance is adequate to secure either a Programmed Withdrawal (PW) or a Retiree Life Annuity (RLA) for pension.

    Under the CPS, the PW offers a regular pension payment through a Pension Fund Administrator (PFA), while the RLA, purchased from a Life Insurance Company, provides a steady income for life.

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    Aside from retirement, the CPS also offers other payments, which include provisions for Temporary Job Loss, Death benefits, En bloc payments and Equity Contribution for Residential Mortgage, among others.

    Programmed Withdrawal

    Programmed withdrawal is a benefit payment method by which the employee collects his retirement benefits in periodic sums (monthly or quarterly) spread throughout an estimated life span. From January to June, this year, PenCom has approved 13,581 requests from retirees to draw pension through PW mode. The retirees received a total lump sum of N74.88 billion, while their monthly pensions amounted to N871.02 million.

    Retiree Life Annuity

    RLA, on the other hand, is a contract for regular income purchased from an approved Life Insurance Company, which provides monthly or quarterly income to retirees during their lifetime. From January to June 2024, 9,560 retirees choose the annuity mode of pension payment. A lump sum of N35.21 billion was approved for payment to the retirees. N52.71 billion was paid to RLA providers to pay a monthly pension of N885.22 million to the retirees.

    En-bloc Payment

    The Revised Regulation for the Administration of Retirement and Terminal Benefits allows en-bloc payment to retirees whose RSA balances cannot procure Programmed Withdrawal or RLA that is equivalent to one-third of the prevailing national minimum wage. From January to June 2024, PenCom approved the en-bloc payment of retirement benefits to 7,167 retirees, totaling N4.85 billion.

    Death Benefits

    Death Benefits are paid to a beneficiary under a will or the spouse and children of an RSA holder who dies in service. In the absence of a wife and child, the benefits are paid to the recorded next-of-kin or any person designated by the deceased. From January to June 2024, PenCom granted approvals for payment of death benefits amounting to N64.29 billion to the legal beneficiaries/administrator of 7,813 deceased employees and retirees.

    Temporary Job Loss

    The PRA 2014 permits an employee who loses his job to withdraw an amount not exceeding 25 per cent of the total amount credited to his RSA. However, such withdrawals can only be made after four months of cessation of employment, and the employee does not secure another job. Between January and June, this year, PenCom approved N23.47 billion to 14,179 RSA holders who were less than 50 and were disengaged from employment and could not secure another job within the stipulated four months.

    Voluntary Contributions

    Section 4(3) of the PRA, 2014 allows RSA holders to make Voluntary Contributions (VC) in addition to the mandatory contributions to augment their pension at retirement. The VC can be withdrawn periodically based on the guidelines. From January to June 2024, PenCom approved withdrawals from voluntary contributions amounting to N7.33 billion by 2,099 contributors.

    Equity Contribution for Residential Mortgage

    Eligible RSA holders have the opportunity to utilise their RSA balance to pay equity contributions for residential mortgages, in accordance with Section 89(2) of the PRA 2014. This provision enables RSA holders to allocate a portion of their pension savings towards the equity component of a residential mortgage.

    This initiative has proven instrumental in helping numerous individuals achieve their aspirations of homeownership since its inception. In the first six months of the year, PenCom disbursed N28.52 billion to 3,539 RSA holders, facilitating their equity contributions for residential mortgages.

    In conclusion, accessing retirement benefits under the CPS is seamless. PFAs must guide RSA holders who want to access their retirement benefits on the documentation requirements for each benefit payment type.

  • Leadway Assurance maintains lead with N67b claims payment

    Leadway Assurance maintains lead with N67b claims payment

    Leadway Assurance Company Limited has maintained its position as the leader in claims payments for the eighth consecutive year. It disbursed N67.1 billion claims in 2023, a significant increase from the N57.5 billion paid the previous year.

    Managing Director, Mr. Gboyega Lesi, broke the news at the 52nd Annual General Meeting (AGM) in Lagos.

    Lesi said the journey began in 2016 with N23 billion in claims payments, the highest by any insurer.

    He stated that each subsequent year has seen substantial growth, from N27.40 billion in 2017 to N33.80 billion in 2018, reflecting Leadway’s commitment to its policyholders.

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    He noted that claims payments rose to N38.40 billion in 2019, showcasing Leadway’s ongoing dedication to excellence.He said: “Despite the challenges of the COVID-19 pandemic in 2020, the company supported its policyholders with N43.5 billion in claims, demonstrating resilience and reliability.The unprecedented and sustained trend continued with N48 billion in 2021 and an impressive N57.5 billion in 2022.

    “Leadway’s substantial and consistent claims payments have earned the trust and confidence of policyholders, setting a benchmark in the industry. The company is also focused on operational efficiency, innovation, and customer experience enhancement.

    “We remain ambitious in our quest to be the dominant insurance company in Nigeria. Our strategic focus on customer-centricity, digital transformation, and business agility will drive us forward.

    Chairman, Gen. Martin Luther Agwai (rtd), added: “As leaders in our market, we are committed to sustainable growth by reaching new customer segments and exploring innovative distribution channels.’’

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    MRS NWOBU:  Hello, I am Mrs. Nwobu, a former Senior Nursing Officer in the Nursing Department. I am a UPTH pensioner. I went to UPTH and was asked to come to Abuja to get a PIN for them to process my papers.

     I have called the phone numbers given to me, but there was no response. My date of appointment is July 11, 1974 and I retired in November 1995. I live in the United States and just returned. I was told I must go to Abuja for initial clearance. Please, when can I come to your office, and who will be working with me, and what time of the day will that be? Thanks for your anticipated response. Also, kindly provide me with an office address.

    AYODELE: RE: Underpayment Of Monthly Pensions. I wish to put up a reminder that I am yet to get any acknowledgement nor response regarding my complaints to your organisation about three weeks ago on the above subject matter. This is after promises by your receptionists to deliver my complaints to the appropriate authority for further actions.

     In October, last year, I was surprised to notice a huge deduction of N48,861.19 from my monthly pension of N154,015.36, for an excuse tagged overpayment of pension and which was not earlier communicated to me. From my concise and articulate computations of the deductions yanked, I believe that it was wrong to have carried out such deductions. By the way, I started working in 1970 and retired from service on August 1, 2005 from Nigerian Institute for Trypanosomiasis Research, Kaduna (NITR), a parastatal under the Federal Ministry of Science and Technology, as a Chief Technical Officer Laboratory Instruments, on HATISS 13, Step 9.

    At the time of retirement, my pension was N92,170.75. However, two years later, August, 2007, to be precise, there was a 15 per cent pension increment that jerked my pension up to N105,996.36. Three years later, which was August, 2010, there was another 33 per cent increment of N34,978.80 that leveraged my pension to N140,975.16. And in April 2019, there was a consequential pension adjustment of 0.0925 per cent or N13,040.20, which finally brought my pension to N154,015.36.

    But, surprisingly, from October, 2023, I observed with surprise that a huge chunk of N48,861.19 monthly deductions were made till date from my pensions, with the excuse that, there were some overpayments made all along, which in actual fact this is not true from the in depth analysis I have proffered.  The pension refund I expect from you as of April 2024 is N342,028.33, which I am believing would be paid this month.

    PTD cancels 847 death benefits, gratuity claims

    •‘391 NoKs make false claims’

    Stories by Omobola Tolu-Kusimo

    No fewer than 847 death claims and gratuities have been cancelled by the Pension Transitional Arrangement Directorate (PTAD) under its Expanded Next of Kin (NoK) and Gratuity Project Progress.

    PTAD also discovered 391 Next of Kins (NoKs) who made false claims for death benefits previously paid.

    Sequel to the commencement of the project last December, the Directorate said it had paid N395.55 million as death benefits and gratuity to 238 beneficiaries, representing 184 NoKs and 54 pensioners.

    In the document updating relevant stakeholders of the Defined Benefit Scheme (DBS) entitled: “Expanded NoK & Gratuity Project Progress Report as at July 22, 2024”, PTAD stated that as at July 19, 2024, the project processed a total 6,210 files.

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    The document read: “Out of the 6,210 processed files, 391 Next of Kin(s) with complaints of non-payment of death benefit(s) were found to have previously been fully paid further to comprehensive review of their respective claims.

    “Also, 847 claims of death benefits and gratuity were disqualified for various reasons. We plan to forward the outcome of the review to claimant(s) and the pension unions for them to disseminate the information to the NoKs and pensioners.

    “Similarly, 1,961 out of the 3,002 files noted to require additional documents were contacted by the Project’s dedicated Correspondence Team via phone-calls and emails. Out of which only 423 were able to provide some or all of the requested documents, representing 21.6 per cent compliance.’’

    PTAD stated that 1,041 cases were unreachable via phone-calls, emails and residential addresses which were provided during verification, adding the project will, however, continue to work with relevant stakeholders to ensure that these NoKs and pensioners are contacted and informed of the documentary requirements.

    PTAD further stated that 45 NoKs were newly verified further to the authentication of claims brought forward to the Directorate by pension unions, service-retiring Ministries Departments Agencies (MDAs) and some estates of deceased PTAD pensioners. These files will further be subjected to other process flows before claims are fully validated and subsequently paid, PTAD said.

    “Benefis owed to 1,041 NoKs or pensioners have so far been computed and passed, out of which a total of 238 beneficiaries representing 184 NoKs and 54 gratuity that were able to meet the statutory documentary requirements precedent to payment have been paid of N395.55 million.

    “Also, 802 of the 1,041 computed and passed benefits await the provision of other secondary documentary requirements 446 of which being validation and authentication of LOA across the 36 states of the federation and the FCT. PTAD has  sent out 1,737 Letters of Administration (LOAs) for validation across the 37 High Courts of Justice in the 36 states and the FCT and has received about 48 per cent of the aforementioned. The Directorate will continue to work with the High Courts of Justice to ensure that the outcome of validation of Letters of Administration in favour of the NoKs are confirmed within the shortest time.

    “Six payments from the publication made in May 2024 failed due to system error, these payments have been represented and updated in this publication. On a final note, the Project will continue to walk the talk as has been the tradition of the PTAD. Should you require any further clarification(s) on the subject, please do not hesitate to contact the Directorate’s Project through the following chan

  • PTAD cancels 847 death benefits, gratuity claims

    PTAD cancels 847 death benefits, gratuity claims

    •‘391 NoKs make false claims’

    No fewer than 847 death claims and gratuities have been cancelled by the Pension Transitional Arrangement Directorate (PTAD) under its Expanded Next of Kin (NoK) and Gratuity Project Progress.

    PTAD also discovered 391 Next of Kins (NoKs) who made false claims for death benefits previously paid.

    Sequel to the commencement of the project last December, the Directorate said it had paid N395.55 million as death benefits and gratuity to 238 beneficiaries, representing 184 NoKs and 54 pensioners.

    In the document updating relevant stakeholders of the Defined Benefit Scheme (DBS) entitled: “Expanded NoK & Gratuity Project Progress Report as at July 22, 2024”, PTAD stated that as at July 19, 2024, the project processed a total 6,210 files.

    The document read: “Out of the 6,210 processed files, 391 Next of Kin(s) with complaints of non-payment of death benefit(s) were found to have previously been fully paid further to comprehensive review of their respective claims.

    “Also, 847 claims of death benefits and gratuity were disqualified for various reasons. We plan to forward the outcome of the review to claimant(s) and the pension unions for them to disseminate the information to the NoKs and pensioners.

    “Similarly, 1,961 out of the 3,002 files noted to require additional documents were contacted by the Project’s dedicated Correspondence Team via phone-calls and emails. Out of which only 423 were able to provide some or all of the requested documents, representing 21.6 per cent compliance.’’

    PTAD stated that 1,041 cases were unreachable via phone-calls, emails and residential addresses which were provided during verification, adding the project will, however, continue to work with relevant stakeholders to ensure that these NoKs and pensioners are contacted and informed of the documentary requirements.

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    PTAD further stated that 45 NoKs were newly verified further to the authentication of claims brought forward to the Directorate by pension unions, service-retiring Ministries Departments Agencies (MDAs) and some estates of deceased PTAD pensioners. These files will further be subjected to other process flows before claims are fully validated and subsequently paid, PTAD said.

    “Benefis owed to 1,041 NoKs or pensioners have so far been computed and passed, out of which a total of 238 beneficiaries representing 184 NoKs and 54 gratuity that were able to meet the statutory documentary requirements precedent to payment have been paid of N395.55 million.

    “Also, 802 of the 1,041 computed and passed benefits await the provision of other secondary documentary requirements 446 of which being validation and authentication of LOA across the 36 states of the federation and the FCT. PTAD has  sent out 1,737 Letters of Administration (LOAs) for validation across the 37 High Courts of Justice in the 36 states and the FCT and has received about 48 per cent of the aforementioned. The Directorate will continue to work with the High Courts of Justice to ensure that the outcome of validation of Letters of Administration in favour of the NoKs are confirmed within the shortest time.

    “Six payments from the publication made in May 2024 failed due to system error, these payments have been represented and updated in this publication. On a final note, the Project will continue to walk the talk as has been the tradition of the PTAD. Should you require any further clarification(s) on the subject, please do not hesitate to contact the Directorate’s Project through the following chan

  • ‘Universal Insurance ‘leading’ in bond, guaranty insurance’

    ‘Universal Insurance ‘leading’ in bond, guaranty insurance’

    Universal Insurance Plc is one of the underwriting firms that have distinguished itself in Bond and Guaranty Insurance in Nigeria, the Managing Director/CEO, Dr. Benedict Ujoatuonu, has said.

    He made this known at a briefing in Victoria Island, Lagos.

    While highlighting the unique products and services of Universal, Ujoatuonu listed Local Travelers Insurance and Keke PASS Insurance as flagship products, technology adoption, and digitilisation of its retail operations, among others.

    According to him, Universal Insurance is one of the companies that is known and has expertise in bond and guaranty insurance.

    He said: “We are one of the few companies that profitably underwrite Bonds and Guaranty. Other people, even our reinsurance people, usually ask, ‘how are you doing it? The reason is simply. It was a deliberate thought-out strategy from the beginning.

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    “I was a thoroughbred underwriter that has a focus on Bond and Guaranty Insurance. When I saw that a lot of insurance companies were running away from that business, we sat down, as a company, to look at what we could do to make this class of business profitable, we did it and it has been working for us. So, one of the things you see is that when the new administration was inaugurated and government contracts started coming out, the simplest business that was coming out from there was Bond and Guaranty Insurance and we took advantage of it and it is giving us the required value.’’

    On the flagship of the company’s retail products, and how technology is driving its retail segment, he said they have local travellers insurance and Keke PASS Insurance where they are having collaborations with some groups which is also driving other areas.

    “The dynamic of our retail operations is digitilisation, nothing more. We have a lot of Web Aggregators who are taking advantage of our products and we are using their platforms.

  • Continental Reinsurance’s profit hits N23.51b

    Continental Reinsurance’s profit hits N23.51b

    Continental Reinsurance Plc has announced its financial results for2023.

    Gross Premium Income increased to N112.46 billion, from N86.36 billion in 2022, a 30 per cent rise.

    The net reinsurance service result or underwriting profit reached N9.14 billion in the year under review, compared to N 4.40 billion in 2022, representing a 108 per cent increase.

    Investment and other income grew to NGN 30.61 billion from N5.66 billion in 2022, showing a 440 per cent increase.

    Its profit before tax was N23.51 billion, from N7.17 billion in 2022, a 228 per cent increase.

    Group CEO, Continental Reinsurance, Lawrence Nazare said: “Lagos showed consistent performance with a slight improvement in the combined ratio compared to last year.’’

     It remains a strong contributor to underwriting results and profit before tax (PBT), highlighting operational robustness and profitability. Nairobi improved its combined ratio, reflecting better underwriting discipline. Its contributions to the group’s underwriting results and PBT remain strong, highlighting its importance in our operations.

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    “Gaborone’s better combined ratio indicates improved risk management and operational efficiency. The region’s contributions to both the underwriting result and PBT reflect balanced performance. Tunis improved its combined ratio, contributing significantly to the underwriting result. Its contributions to PBT indicate potential for further profitability enhancement. CIMA showed progress with a considerable reduction in the combined ratio, which is promising for future contributions. The current PBT contribution remains modest.

    “We are very pleased with our financial performance for 2023. The significant growth across various metrics underscores our commitment to delivering value to our clients and stakeholders.  Our successful implementation of IFRS 17, coupled with robust risk management and effective underwriting practices, has positioned us well for sustained growth.  We are particularly proud of our regional performance improvements, which reflect our ongoing efforts to enhance operational efficiency and profitability.’’

  • FBS Re gets new MD, others

    FBS Re gets new MD, others

    FBS Re has appointed some directors and senior management staff members.

    In a statement, the reinsurance firm said Mr. Ganiyu Musa becomes the new Managing Director/Chief Executive Officer.

    FBS Re expressed its gratitude to Mr. Fola Daniel, the company’s founding CEO, for his visionary leadership and dedication. It read: “Under his sterling stewardship, FBS Re earned a Gross Written Premium of over N33 billion within only three years.  As Fola steps down, we are excited to welcome Mr. Ganiyu Musa as the new Managing Director/Chief Executive Officer of FBS Re.’’

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    Musa has a track record of several decades in insurance, reinsurance, audit, and consulting institutions.

    Also, Mr. Steve Kyerematen retired as the Chief Operating Officer.

    The new Executive Director (Technical) is Shola Ajibade. Shola has demonstrated exceptional technical expertise and a deep understanding of the markets.

    The company’s Chairman, Alhaji Bala Zakariyau expressed the Board’s appreciation to the retired directors and welcomed Musa.

    The appointments have been approved by the National Insurance Commission (NAICOM), the statement added.

  • Universal Insurance targets N20b premium

    Universal Insurance targets N20b premium

    Universal Insurance has projected over N20 billion premium income in the year, notwithstanding the harsh economy.

    The Managing Director of the firm, Ben Ujoatuonu, made this known during the Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos yesterday.

    Ujoatuonu said the company’s indices showed positive signs and that they would continue to sustain the tempo, adding that the company grew its assets from N11 billion in 2022 to 17 billion in last year.

    He said: “We were able to achieve all that we set out to do for the end of 2023 by 98 per cent. The branches we intended were opened. We expected to end the year with a premium income of about N10 billion. However, we ended the year with a premium income of N9.3 billion with profit of over N530 million.

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    “This year, we started out with very high expectations. We are also looking forward to opening more branches. We are projecting to end the year with a premium income of about N20 billion. It may interest you to know that as of today, we are doing about N9.3 billion in premium income. We are very optimistic that we are going to achieve it before the end of 2024.

    “Our assets will also increase from N11 billion to about N17.5 billion and our shareholders fund will increase from about N9 billion to N12 billion. So, all the indices for us are showing positive signs and we will continue to sustain it,” he said.

    Ujoatuonu stated that they were meeting their claims obligations and stakeholders were happy.

    “In April, when we had the brokers evening, it was very clear that the NCRIB endorsed Universal Insurance to deal with it in terms of service delivery and claims payment. We are sustaining that level of relationship with brokers. “

    And we are very hopeful that it will continue to add the level of value we expect.

    The company also admitted three new Directors into its Board from various backgrounds and diverse experience. She stated: “We hope that their entrance into the board will also create the level of value that will expand our frontier in terms of business generation, among the rest of them. So we are on the move. And I believe that our partnership will continue to afford you the opportunity to dish out to the public what we’re cooking so that they will be able to feed from the abundance of good things coming out from Universal Insurance. So, we’re very grateful for this partnership. And we thank you for giving us the opportunity to come around.”

  • IEI launches digital studio for SMEs

    IEI launches digital studio for SMEs

    • Partners EDC

    International Energy Insurance Plc, in partnership with Enterprise Development Centre (EDC) of Pan Atlantic University, has launched a first digital studio to help sensitise Small and Medium-Sized Enterprises (SMEs) to secure their businesses with insurance.

    The studio, located at the Lagos Business School, is aimed at creating content for podcasts.

    Managing Director/CEO of IEI, Mr. Olasupo Sogelola, who inaugurated the project, said they looked for an organisation that disseminates knowledge to SMEs and realised that top on the list is the EDC.

    He stated that this was in line with the deepening of insurance penetration.

    He said: “IEI has once more shown through the funding of this project that it is willing to partner regular organisations to enable more Nigerians to benefit from what insurance offers. We decided to create awareness by partnering EDC where we know that over 500,000 SMEs are part of the alumni and they have a wide range.

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    “We believe that while the SMEs trainees are coming out from the EDC, they already have a relationship with an insurance company and they will have information on what type of risk they can face and how to avoid those risks. With the opening of the digital studio both parties believe the journey to increasing insurance patronage by more Nigerians has begun which will safeguard businesses especially SMEs from going into total collapse.’’

    An EDC alumnae, Kate Obetta, said the partnership was a good development, noting that IEI has come to the right place as the EDC had come to the right place for its training.

    “I thought that was innovative because the average Nigerian will shy away from insurance. The question mostly asked is, ‘If I put my money there, will I be paid when nothing happens in the long run? But yes, I know the benefit of insurance and I have benefited from insurance over and over again. It is a good initiative to let businesses know.