The Nation Newspaper

Category: Pension

  • PTAD assures defunct PHCN pensioners of N25b arrears’ payment

    PTAD assures defunct PHCN pensioners of N25b arrears’ payment

    The Pension Transitional Arrangement Directorate (PTAD) has assured electricity sector pensioners of the defunct Power Holding Company of Nigeria (PHCN) of payment of their arrears amounting to over N25billion.

    Its Executive Secretary, Dr. Chioma Ejikeme, gave the assurance during a meeting at the Directorate’s headquarters in Abuja.

    She said PTAD is not only committed to the welfare of our pensioners, but also to settling their arrears.

    She acknowledged that the electricity sector pensioners were being owed N25 billion.

    She further said PTAD has paid off huge arrears of pensioners from defunct and privatized agencies of government liabilities, which PHCN is part of.

    She explained that the PHCN arrears are part of the unfunded liabilities inherited by PTAD when it was established in 2014.

    She said they have, however, been paying their monthly pension and have never failed.

    Dr. Chioma assured that the pensioners will be paid soon as they are working assiduously to get funds through the Ministry of Finance to pay them.

    The pensioners under the umbrella body of Nigeria Union of Pensioners (NUP) Electricity Sector had complained of nonpayment of pension and outstanding benefits totalling over N25 billion since 2014.

     They are also calling for the release of their check-off dues since June 2017 that was put on hold by PTAD following the dispute that led to factions between the PHCN pensioners.

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     The Sector Chairman, Alhaji Idi Bawa Gaidam, said: “Our unpaid benefits have lingered on for over a decade unattended to since the sector was privatised. These comprise the arrears of pension and outstanding benefits totaling over N25 billion. Going by a letter sent by Nigeria Liability Management Company (NELMCO) to the Budget Office in 2014 requesting for fund to pay us as at 2019, we are being owed Harmonisation Arrears of N14.530 billion; Monetisation Arrears of N7.07 billion; Year 2000 Retirees Benefits N3.03; and Electricity Rebate Arrears N922.1 million.

     “We were informed that former President Muhammadu Buhari set up a “Presidential Inter-Agency Ministerial Reconciliation Committee” to authenticate the genuineness or otherwise of these claims. The Committee, we were informed, recommended it for payment which until now has not been paid.

    NUP National Vice President, (parastatals) Comrade Olukayode Ogunbiyi, one of the pensioners added: “As you know, pensioners are a very vulnerable species as a result of ageing factors. They are on average 65 years and above.

    “Most have no access to medical facilities and are dying prematurely. This situation is precarious and needs urgent intervention by the payment of their arrears of pension and outstanding benefits. We appeal to PTAD to look into our plight.’’

  • CHI becomes Holdco

    CHI becomes Holdco

    • Announces 32%revenue growth

    Consolidated Hallmark Insurance (CHI) Plc, now Consolidated Hallmark Holdings (CHH) Plc, has held its inaugural Annual General Meeting (AGM) as a Holdco.

    At the meeting, it announced a revenue growth of N15.7 billion in the financial year end 2023 from N11.9 billion in 2022.The growth represents a 32 per cent growth in revenue.

    Total Assets of the company recorded a significant leap to N26.2 billion when compared with the N18.2 billion of 2022, a significant 44 per cent growth in the total assets of the company.

    Profit before tax rose to N4.6 billion from the N983million it made in 2022 while total profit attributable to shareholders for the 2023 financial year rose to N3.8 billion from N547million in 2022.

    To show more commitment to shareholders, the company paid a dividend of N0.05 or 5 kobo per ordinary share of 50 kobo, totalling a dividend payout of N542 million.

    The Chairman CHH, Shuaib Abubakar Idris, said the amount payable, as usual, is subject to the appropriate withholding tax. Upon your approval of the dividend proposed, bank accounts of qualifying shareholders who have updated their records with the registrars shall be credited beginning from the end of the AGM.

    He said he and his colleagues on the Board assumed the mantle of leadership in January 2024, following the transition of your company to a Holding Company structure.

    He said: “The Annual Report and Accounts being presented to you during this meeting, therefore, is a review of the 2023 Financial Year under the then Consolidated Hallmark Insurance Plc and its then subsidiaries.The year 2023 was indeed full of hopes and expectations, for us as an organisation, the economy generally, and the entire nation.

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     Being an election year, the political transition came with its usual uncertainties and the attendant challenges on all fronts. Against all odds however, the results for the Group’s performance in 2023 were still positive in various key performance indicators as we shall see from this report.

    Like other years, factors which impacted the performance of your company transcended the local scene. A brief analysis of the interplay of some of these factors is imperative to situate events.

    Group Chief Executive Officer, Mr. Eddie Efekoha added that the journey to their new status started from 2007, following the market recapitalisation, which led to the emergence of the then Consolidated Hallmark Insurance Plc, which was focused on the general insurance business.

    He said the company has since evolved into a financial services institution which encompasses General Insurance, Micro Life Assurance, Health Maintenance, and a Finance company business.

    Speaking on their financial performance, he said the company has maintained its growth trajectory and paid dividends for most of its years of operations.

    He said: “In spite of these economic challenges, your Company was able to grow the Group’s Insurance Revenue to N16.62 billion from N12.06 billion recorded in 2022. This represents a 31 per cent improvement and a 693 per cent growth from the N1.5 billion premium income of the 2007 financial year.

    “The Company grew the Total Assets to N26b from N18b in 2022. In comparative terms, we have been able to achieve a 465 per cent growth from the Total Assets of N4.6 billion in 2007. I am happy to inform the shareholders that the bottom line also recorded an improvement of 589 per cent growth from a Profit After Tax (PAT) of N547 million in 2022 to N3.7 billion in 2023”.

    On prompt claims payments, he said: “One of our major strategies remains the prompt payment of fully documented claims. This has continued to endear us to our clients in retail, corporates, and brokerage. We have further simplified the processes using technology to Fasttrack the claims journey. The amount expended on claims has risen significantly over the years as we fully meet our obligations.

    “In 2023, Group Claims Settlement was N5.09 billion from the N4.46 billion expended in 2022. There has been a rise by 2,485 per cent in 2023 FY over the 2007 claims payment figure of N197.2 million. As a Group, we remain committed to prompt claims settlement whether in Health Insurance, Micro life Assurance or in our General Business and Special Risks Insurance,” he noted.

  • Rex Insurance unveils brand, inaugurates head office

    Rex Insurance unveils brand, inaugurates head office

    Royal Exchange General Insurance Company (REGIC) has transformed into Rex Insurance Limited.

    Its Chairman, Ike Chioke, broke the news during the unveiling of the new brand and inauguration of its head office in Victoria Island, Lagos.

    Chioke said the decision to move to the head office was driven by the firm’s vision to create a workspace that not only meets the needs of its employees, but also symbolises its forward-thinking ethos.

    He noted that the new facility is more than just a building; it represents a new era for the company, one where it is better equipped to serve its customers, foster collaboration, and drive innovation.

    According to him, one of the cornerstones of the firm’s brand promise is its commitment to paying claims on time.

    “We understand that our customers rely on us during some of the most challenging times in their lives, and we take this responsibility very seriously,” he noted.

    The company’s Managing Director/CE, Mrs. Ebelechukwu Nwachukwu, said the moment marks a significant milestone in the company’s journey that started since 1918 and a testament to the hard work, dedication, and vision of everyone involved adding that the firm is truly a transgenerational company.

    She said over the last three years, the company has experienced the injection of additional capital by two great entities, Blue Orchard through its Insuresilience Fund and Africinvest through its Financial Inclusion Vehicle (Five).

    She said: “We have gone through the digitisation and digitalisation of our processes as part of our digital transformation journey. We have transformed our approach to customer services and improved our human resources. Revamping of Brand today is to reflect all of the changes that have already happened to the business and the transformation that is still ongoing.’’

    She stated that they believe that the brand is a true representation of who they are and what they stand for – a digital, customer focused company, with great simplified products, a commitment to developing climate-based agric insurance products, develop simple inclusive products to serve the growing retail market and a customer excellence culture that serves corporate customers and brokers.

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    She added that the new headquarters would serve as a hub of innovation and collaboration, stressing that it has been designed to be an energy-saving building that includes a creche for employees and a gym to promote wellness.

     “We also will introduce a games area to ensure a balance of work and play within our premises. It is designed to be dynamic and inclusive, an environment where ideas can flourish, and talents can thrive. This building will be the heart of our operations, driving us towards new horizons and greater achievements,” she said.

    She said the firm had also revamped its offices in Abuja, Port Harcourt, Ibadan, and Benin while setting up services on Ikorodu Road, in an on-going process to ensure the same standards across where it operates.

    Lagos State Governor, Babajide Sanwo-Olu, opened the new building. The governor, represented by the Commissioner for Finance Lagos State, Abayomi Oluyomi, pledged the state’s support to the company.

  • Lasaco pays N353m to 126 beneficiaries of deceased local govt workers

    Lasaco pays N353m to 126 beneficiaries of deceased local govt workers

    Lasaco Assurance Plc has settled insurance claims of deceased Local Government and State Universal Basic Education Board (SUBEB) staff members by paying N353 million to their 128 beneficiaries.

    This was made known during a Presentation of Cheques Beneficiaries programme in Alausa-Ikeja.

    Commissioner for Local Government, Chieftaincy Affairs, and Rural Development, Mr. Bolaji Kayode Robert, highlighted the government’s efforts to prioritise the welfare of its workforce.

    He stated that the Lagos State Government under the administration of Governor Babajide Sanwo-Olu has demonstrated its commitment to the well-being of local government staff in collaboration with Lasaco Assurance Plc by approving the disbursement of N353 million as insurance benefits to 128 beneficiaries of the deceased staff members.

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    He said over the past year, the ministry disbursed N391 million to 264 beneficiaries of Local Government staff and SUBEB, demonstrating the government’s consistent commitment.

    The Permanent Secretary, Ministry of Local Government, Chieftaincy Affairs, Mrs. Kikelomo Bolarinwa, praised Sanwo-Olu for his commitment to the well-being of the staff and their families.

    She commended Lasaco and Haggai Insurance Brokers for its pivotal role in paying insurance benefits to the beneficiaries of deceased local government staff and SUBEB employees, noting that they were diligent in ensuring the seamless distribution of the benefits to the beneficiaries.

    Mrs. Bolarinwa urged beneficiaries to utilise the funds judiciously in honour of the deceased.

    Managing Director, Lasaco Assurance Plc, Mr. Razzaq Abiodun, lauded the government for its continuous payment of insurance benefits to its employees, emphasising that Lasaco remains committed to providing financial security and peace of mind to its customers.

  • ‘Embrace digital transformation for insurance penetration’

    ‘Embrace digital transformation for insurance penetration’

    Enterprise Life is leading the charge in advocating digital adoption across the insurance industry to enhance financial inclusion and education for Nigerians.

    In a virtual Q&A session themed “Digital Transformation in Africa Insurance,” the Managing Director/CEO of Enterprise Life Nigeria, Funmi Omo, highlighted the critical role of digital technologies in reshaping the insurance landscape.

    Omo explained how digital platforms, artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), data analytics, and blockchain technology are disrupting traditional insurance models.

    Addressing the specific needs of the African market, she underscored the importance of developing user-friendly insurance apps optimised for low-bandwidth connections and offline capabilities, offering flexible payment options, and providing 24/7 customer support.

    She emphasised the role of innovative products like AdvantageConnect, the company’s digital insurance platform leveraging geolocation technology to enhance customer interactions and efficiency. “Prospective and existing customers can connect with any of our LifePlanners closest to them, to access a range of services, and receive a tailored policy in less than five minutes,” Omo explained.

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    Omo also acknowledged the challenges traditional insurers face during digital transformation, such as integrating legacy systems, overcoming cultural resistance, securing the right talent, navigating regulatory hurdles, and ensuring data privacy and security.

    “Modernising legacy systems is complex and costly, but it is essential for a more efficient and responsive service,” she noted.

    Furthermore, Omo highlighted the transformative potential of AI and ML in expanding coverage to underserved segments by analysing alternative data sources and automating claims processing. She underscored the importance of upskilling employees and fostering a culture of innovation, suggesting the establishment of dedicated innovation labs and cross-functional teams to drive collaborative efforts.

    Despite regulatory challenges, Omo pointed out that the rise of insurtech has significantly boosted financial inclusion. She emphasised the significance of balancing innovation with trust to ensure customer confidence and compliance. “Insurers who can strike the right balance between innovation and trust will be well-positioned to thrive in the digital age,” Omo noted.

  • Pensioners with Heritage Bank to provide accounts

    Pensioners with Heritage Bank to provide accounts

    The Pension Transitional Arrangement Directorate (PTAD) has called on Defined Benefit Scheme (DBS) pensioners with pension bank accounts domiciled in Heritage Bank to provide an alternative bank account to make sure they continue to receive their monthly pension.

    The Directorate stated that this  became necessary following the revocation of the licence of the bank by the Central Bank of Nigeria (CBN).

    The affected pensioners were urged to send an email to complaints@ptad.gov.ng with a letter indicating they are Heritage Bank pensioners and attach some documents.

    The documents include pensioner’s Account Statement from the new bank, Bank verification Slip (BVN); and PTAD Verification Slip.

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    The Directorate said pensioners who require further information should contact the Pensioner Support Services Department on 0800-2255-7823 or 02094621700 between Monday to Friday from 9am-4.30pm.

    PTAD appealed to the pensioners that due to high traffic on the lines, there may be delays in answering them and urged them to keep trying the lines if necessary.

    Meanwhile, PTAD also announced to pensioners that it has finalised pension payment for this month.

    The agency reiterated that pension payments are remitted through the CBN directly into the individual aaccount and PTAD has no control over it.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    TIMOTHY: My name is Timothy from Oyo State. I have been on state and federal pension since October 25, 1993.

     I attended many verifications   without asking for a computation sheet which I have made efforts to get from the Ministry of Establishment, Ibadan. At the last mop up, I submitted all the documents, but I was not cleared because of the computation sheet. My monthly federal pension of N2,511.57 has been stopped since 2019 or so. Kindly and for God’s sake return my due because ’I am ALIVE’ .

    PTAD: We are unable to verify him as he doesn’t have a computation sheet and it is a requirement for SWFS pensioners; he should provide his computation sheet.

    MONDAY: Good day, my name Is Akpan. I am one of the officers retired by Customs in 2007. We were under Customs, Immigration and Prison Pension Office (CIPPO) before PTAD took over.

    Before the takeover, I was with CIPPO’s arrears of pension from 2007 to 2009; as was paid to my colleagues of equivalent ranks of level 09 step 13.

    Also, my CONPASS’ arrears of gratuity, amounting to N 1,582,182.36, was not paid to me as was paid to my colleagues. The arrears were prepared along with others and sent to the AGF’s office (Deputy Director, Special Duties) whose duty is to pay money to our individual bank accounts. I have sent my complaint and the relevant documents to PTAD through their email since July 2023. Yet, no reply till now. Please, I need your help.Thank you.

    PTAD: Monday has been contacted. He is to send his bank statement for the period for resolution of the complaint.

    ABDULLAHI: I am Abdullahi from Jos Plateau State. My father was a staff member with the Ministry of Defence, Civilian Unit for 16 years before he died in 1995. I have attended various screenings and verifications and the last one was in Jos in 2017. I have submitted the required documents for the payment of gratuity and pension benefits as a Next-of-Kin (NoK), but up to no avail.

    In 2020, I was called from PTAD to submit some documents, including bank account details, which I did. From your publication of my case, PTAD is asking for my verification number which I scanned and sent since then. I hope Omobola will assist me.

    PTAD: NoK should provide the deceased’s name and bank statement.

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    ANONYMOUS:  Good day, I would like to know if my father is eligible for pension under Defined Benefit Scheme (DBS). He was appointed on July 3, 1989 and was removed on April 27, 1999.

    PTAD: No name and details provided.

    DUROJAYE: Thank you for your reply in The Nation Newspaper on August 16, 2023 on the short payment of my federal pension since 2015. As requested, I have sent my bank statements since 2015 through email to PTAD on July 3, 2023.

    PTAD: Work in progress.

    KIRIKI: Hello sir, my name is Kiriki. My federal pension has not been paid since February 2022. When my pension number is slotted into the computer system, it shows the number does not exist. I retired from MDA: TESCOM, Akure Ondo State (Education). My date of first appointment is January 1, 1972.

    PTAD: Pensioner to wait for reinstatement to payroll before retrying

    ADEWALE: Good day, my name is Aladeokin, a Cyber Cafe operator in Ado Ekiti. Many retirees come to my business for ‘I AM Alive’ verification. Many were successful but some were not even after about five attempts to take their photograph before it locked up.

    Also, the finger verification is also not working. Kindly help me to know how to go about it. Thank you.

    PTAD: We have contacted him.

  • STI records 23% grow thin revenue

    STI records 23% grow thin revenue

    Sovereign Trust Insurance (STI) Plc made a total of N19.3 billion in 2023 as against the N15.7 billion in the previous year, representing a 23 per cent growth rate.

    Total assets of the underwriting firm also grew by 33 per cent to N22.7 billion in 2023 as against N17.1 billion in 2022.

    Equally of note is the increase in the company’s Total Equity, which also grew by 30 per cent from N10.4 billion in 2022 to N13.5 billion in 2023.

    The return on investment of the company also grew by 49 per cent from N548.7 million in 2022 to N819.4 million in 2023.

    The company further recorded a Profit before Tax of N1.4 billion just as it did in 2022.

    STI Managing Director/Chief Executive Officer, Mr. Olaotan Soyinka, in Lagos said the company achieved the result in spite of the challenging operating environment that characterised operations of most businesses in the country in 2023. He stated that the company maintained its growth trajectory in the period under review when compared with the performance of year 2022.

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    He said: “The performance of the company in 2023 is quite encouraging considering the various business challenges that the insurance Industry had to deal with in the past year. There is definitely room for improvement in the days ahead and we are poised to take advantage of the opportunities that are inherent in the insurance marketplace.

    ‘‘We are committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike.

    ‘‘These performance levels are a confirmation of the management’s determination to effectively and strategically position the company as one of the leading and vibrant insurance companies in the country while also making conscious efforts at propelling the company to a profitable height for shareholders’ delight” in the years ahead.”

    The MD assured that the firm will be paying dividends to its shareholders this year.

  • Why self-employed need Micro Pension Plan

    Why self-employed need Micro Pension Plan

    Are you self-employed who are affiliated with trade, profession, cooperative, or business associations? Do you have a registered business name? Are you into partnerships, or enterprises, or an employee with or without formal written employment contracts, or related to other informal sector occupations?

    If yes, do you know that you can save for your future through the Micro Pension Plan (MPP) regulated by the National Pension Commission (PenCom) and sold by Pension Fund Administrators (PFAs)?

    Aside from having savings that grow beyond your regular savings account, you stand to benefit from high Return on Investment (RoI).

    The MPP, guided by the provisions of the Pension Reform Act (PRA) 2014, is designed to be easy, allowing you to contribute daily, weekly, or monthly based on your cash flows.

    You can also use various payment channels, including cash deposits, electronic transfers, approved payment platforms, or financial services agents endorsed by the Central Bank of Nigeria (CBN).

    Informal sector workers and Micro Pension Plan

    According to PenCom, the introduction of the  Micro Pension Plan (MPP) has enhanced financial inclusion within the informal sector, playing a crucial role as a safeguard during retirement.

    The Director-General of PenCom, Mrs. Aisha Dahir-Umar, stated that the MPP acts as a buffer against “rainy days” to MPCs.

    She said that since its inception, the MPP has gained considerable traction, evidenced by increasing enrolments.

    She assured that PenCom remains steadfast in its commitment to regulate and supervise the pension industry, ensuring timely payment of retirement benefits.

    Giving an update on the MPP, she said in the first quarter of the year alone, 12,559 new contributors joined the MPP, bringing the total number of Micro Pension Contributors (MPCs) to 126,941.

    She said: “During this period, these new MPCs collectively contributed ₦111.42 million, bringing the cumulative total to ₦791.57 million as at 31 March 2024. To mitigate the impact of hard times, the MPP allows for contingent withdrawals, adding that from inception up to March 31, 2024, several MPCs had utilised contingent withdrawals amounting to ₦48.62 million.

    “This feature enables informal sector workers to access their savings when faced with financial challenges, thereby providing a vital buffer during periods of economic instability. Guided by the provisions of the PRA 2014, PenCom introduced the MPP with the specific objective of broadening pension coverage to include workers in the informal sector.

    “The CBN Communique No. 150 of the Monetary Policy Committee Meeting in February 2024 posits that the informal sector remains the largest employer in Nigeria, accounting for 92.3 percent of total employment. Under the MPP, private sector organisations with less than three employees and self-employed individuals can participate in the CPS”.

    Eligibility and registration

    Mrs. Dahir-Umar further stated that 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 reside in Nigeria. Prospective MPP participants must 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 and is ready to start making pension contributions”.

    Contributions and investments

    On contributions and investments, she said they designed it to be easy, allowing contributions daily, weekly, or monthly based on their cash flows. “They can also use a variety of payment channels, including cash deposits, electronic transfers, approved payment platforms, or financial services agents endorsed by the CBN.

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    “The MPP was designed to consider 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 yields over time. This accumulation serves as a foundation for retirement benefits and pensions”.

    Accessing contributions

    She noted that the MPP’s flexibility extends to accessing pension contributions, with a 40-60 split between contingent withdrawal and pension allocation, respectively. “The contingent portion permits contributors to withdraw funds for immediate financial needs, easing pressures before retirement. 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 monthly pension/annuity up to one-third of the prevailing minimum wage receive en-bloc payments.

    “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 DG explained that the flexibility and dynamism of the MPP empower MPCs to seamlessly transition into 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 PINs and PFA details to the new employer, eliminating the need for opening a new RSA.

    She pointed out that 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.

    “Participation in the MPP is exclusive, with no provision for conversion from the Mandatory CPS to the MPP. Also, once an individual retires from a formal sector job, participation in the MPP is prohibited,” she added.

  • Pension complaints and solutionsPensionPension complaints and solutions

    Pension complaints and solutionsPensionPension complaints and solutions

    UFOT: Good day, my name is Ufot. I wish to complain about my unpaid pension by my former employer of over three years. The name of my former employer is Caverton Helicopters Offshore Support Group with an office at Murtala Muhammed International Airport, Ikeja.

    My PFA is ARM Pension. I have not yet retired as I am still under 60. Caverton Offshore Support Group put me on furlough and even before they put me on leave without pay, they had not been paying my pension contributions to my PFA for over three years, yet they were deducting my part of contributions from my salary without adding their part of the contribution to remit to my pension administrator. I would appreciate it if you can compel them to pay my money for years as it runs into a couple of millions. If you require any form of proof I can provide them. Thank you.

    PENCOM: Dear Mr. Ufot, kindly write a letter of non-remittance to the Compliance and Enforcement Department of the National Pension Commission, stating the necessary information such as name and address of the employer, period in which remittances were not made and any other useful information in order for your complaint to be resolved.

    FATAI: I applied to my PFA, Stanbic IBTC, for my pension benefit for more than a year. Since then, I have been receiving messages from them thanking me for my patience and informing me that they are yet to get approval from PenCom. I want to sue them. Should I  sue PenCom or LASPEC?

    PENCOM: Dear Mr. Fatai, please be advised that your request is yet to be forwarded to the Commission. Kindly liaise with your PFA.

    SANI: My name is Sani. I worked with 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 retired since March 31, 2023 and have submitted the necessary 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.

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    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 a 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: I have a problem with my pension. I am a police officer. My pension has not been paid into my pension account since 2017. I have been on this for the past three years by moving from one office to another but all my effort proved abortive. Kindly help me.

    PENCOM: Kindly provide your name and PIN.

    OSEZUA: Hello, my complaint is that I don’t know which pension I belong to. I was enlisted into the Nigeria Police Force on November 1, 2008. I was told by Fidelity Pensions and Trustfund Pensions that my savings have been transferred to PenCom. Till date, I don’t know which PFA I belong to, whether my money is with Pencom or with Nigeria Police Pension (NPF). Kindly assist me to know where I belong. Thank you.   

    PENCOM: Dear sir, please visit your preferred Pension Fund Administrator among the two PFAs and undergo the Data Recapture.

    MOHAMMED: Dear sir, we are the administrators of our late father Mohammed. He worked at the Nigeria Immigration Service (NIS) from 1987 and was sacked by the Presidential Task Force in 2006. Since then, we have not collected one kobo from the National Pension Commission or NIS. We don’t know where to go or what to do. Help us out.

    PENCOM: Please provide the PFA and PIN number to enable the Commission to investigate your complaint.

    SALIU: My name is Saliu. I understand that it takes five working days for approval to come from you when a PFA forwards an application. I want to find out why it’s not so with my application. It is over two weeks, according to Leadway Pension, that my application has been sent to you. What is holding it?

    PENCOM: Dear Mr. Saliu, kindly provide the name of your Pension Fund Administrator to enable the Commission process the complaint.

    EYEREGBA: I am Eyeregba. I work at Cappa & D’Alberto Lagos. I sent a complaint via email to info@pencom.com.gov.ng on August 1, 2023 on my pension contribution for December 2021 and February 2022 not remitted to my account.

    I attached evidence of non-remittance in the mail. Please I have not received any feedback on my complaint after two weeks and my money is not yet recovered. My PFA is Stanbic IBTC Pension but I was formerly with FCMB Pension.

    PENCOM: The complainant did not attach relevant documents that would enable the Commission to process his request. Therefore there would be a need to forward Complainant’s Name, Personal Identification Number (PIN); Pension Fund Administrator (PFA) Name; and Employer Name (if applicable). The provision of these details will help us expedite the resolution.