The Nation Newspaper

Category: Pension

PTAD clears 4,443 deceased pensioners’ next-of-kin for payment

The Pension Transitional Arrangement Directorate (PTAD) has processed 4,443 files of Next-of-Kins (Noks) of deceased pensioners as of May 17, this year.

The NoKs’ files, according to PTAD, are those with complaints of non-payments of death benefits and gratuity.

This was made known in a document obtained by The Nation entitled: “Expended Nok & Gratuity Project Progress Report.”

In the document, 842 were found and verifed as paid.

PTAD said it would communicate the development to the NoKs’ pensioners in this category.

But, 1,147 were required additional documents.

The document shows: “The project’s dedicated correspondence team were able to place calls and emails through to about 540 Noks and pensioners requesting for the required documents. It will be worthy to mention that less than 50 per cent of those contacted were able to provide the required documents.

“About 607 beneficiaries could not be reached via the phone numbers provided during verification.

“As efforts to communicate the requirement have failed and as such, the Directorate has resolved to write to the pension unions and MDAs where the principal worked for further action.

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“Also, benefits belonging to 535 NoKs and pensioners have been computed, out of which 125 beneficiaries that were able to statutory documentary requirements have been paid N245,834,813.

‘‘The balance of 409 beneficiaries await the provisions of the secondary document requirements that form part of the conditions precedent to validation of submitted Letters of Administration (LoA) from High Court of Justice across the secondary payments and 36 states of the Federation and the FCT.”

PTAD stated that it has been working with the High Courts of Justice to ensure that the outcome of the validation of LoA in favour of NoKs) are confirmed within the shortest time frame.

“On a final note, the Project will continue to walk the talk as it has been the tradition of PTAD,” the Directorate added.

June 12, 2024
IEI tackles climate change with innovative products, others

International Energy Insurance (IEI) Plc, a subsidiary of Norrenberger Group, is adjusting its models of product offerings and risk management to respond to climate change.

This is coming on the heels of global calls on the private sector to rise against the ills of natural disasters ravaging Africa, including Nigeria, as a result of climate change.

Speaking on the sidelines of the just-concluded 50th Conference and Annual General Assembly of the African Insurance Organisation (AIO) with theme “Coping with rising natural catastrophes In Africa”, which held last week in Windhoek, Namibia, the Group said insurers need to rethink their models, product offerings and risk management to adjust it in a way that they respond to the reality of time.

Group Managing Director, Norrenberger Group, Mr. Tony Ede, a delegate at the conference, said the topic of the programme was apt.

He stated that global natural disasters are taking place, resulting in the world losing $380 billion last year, with losses emanating from insurance at $118billion.

He said this was why the AIO began to rethink natural disasters and it is important that insurance companies, too, should begin to rethink their models to withstand changes in the global economy.

He stressed that natural disasters and climate change have come to stay.

The Managing Director/CEO, International Energy Insurance (IEI) Plc, Mr. Olasupo Sogelola, said insurance has to move towards supporting climate change, starting from the impact of climate change especially on agricultural products in Nigeria.

Sogelola said IEI is coming up with products that would enhance and support climate change in all ramifications.

He said: “Take Namibia for example, entering into the country from the airport, you will see patched land that shows that something is wrong. I believe that nothing draws attention more than what you see rather than what you are talking about without seeing it.

“So, insurance has to move, starting from the impact of climate change even on agricultural products in Nigeria. Agric insurance is something that has to respond quickly at the moment along with other classes of insurance. As experts stated, there are six agenda that the conference was looking at and top of it is pulling resources together to start looking at what has to change in insurance.

“For example, we have to start rewarding people for having properties that are energy compliant because properties with solar panels are part of the things that will reduce the impact of climate change. We have to start giving discounts such that when we are quoting for a fire policy, we give a discount because the policyholder has a solar panel.

“For us at IEI, we are coming up with products that would enhance and support climate change in all ramifications. We have two important goals at IEI. The first is about our value proposition to the system which is to pay claims as quickly as possible. The second is about product creation. I believe that this program has come at a time where we start looking at products that helps to improve and draws attention to climate change so that when you come to my company to buy a policy, the moment you tell me you have a solar panel then we will be able to give you discount when agreed with other insurers in the country.”

On IEI’s financial performance, he said the company has witnessed tremendous growth in its first quarter result.

He said the company has grown by over 300 per cent in the first quarter of this year, better than what was achieved in the first quarter of last year. “I can say categorically that we are moving forward and by the end of the year, we should be coasting very well,” he said.

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On climate change funding, the Chief Finance Officer, Norrenberger Group, Queen Ehi-Uujamhan, stated that climate change is very topical because the impact is seen around in the form of flooding, drought, among others.

She said funding for climate change is something that the multilaterals, individuals, government and the private sector have to look at from a holistic point.

“We have multilaterals like the African Development Bank providing grants. I think the very prudential thing for the government and others to do is to provide funding to areas that are prone to disasters. They need to make funds available for renewable energy and irrigation to militate against drought.

“The private sector should look at it from a three-piece perspective. We want to be profitable but in being profitable we have to look after the planet and the people. I believe that this is a very holistic way of funding. The multilaterals will continue to provide funds, responsible governments also need to make those provisions and subsidies available. For the private sector like us, the insurance impact has to be taken seriously even as we ensure that we remain profitable while protecting the planet and its people,” she added.

June 12, 2024
Pension complaints and solutions
- Do you have problems with your pension? Visit Facebook: omobola pension solution Or send SMS 08117340360
OLAYINKA: Hello, my name is Olayinka and my employer is NDA, Kaduna. My PFA is Leadway Pensure. I completed my benefits enrolment with my PFA on July 12, 2023. l want to know the status of the reconciliation of my account. I completed my verification about two months ago and it was forwarded by my PFA to PenCom for reconciliation. Thank you.

PENCOM: Dear Mr, Olayinka, the Commission confirms that he has received the application and is being processed

CHRISTIAN: Good day, my name is Christian, I retired on August 31, 2016. My state bond from Asaba is N9,575,884. My RSA is N3,247,548. Added, it amounts to N12,823,432. And if the total amount is divided by two, it will take one to the 50 per cent of which I was to be paid as my lump sum and the balance to be sent to my annuity insurance company, which is Salam Insurance.

But, I was shocked when Oak Pension paid me N5,872,848, which fell below 50 per cent and they sent the balance (N6,411,716 ) to my annuity programme. In all, my lump sum is short paid by a total of N538,868. PEenCom should help see to this abnormality in the payment and help correct it so that I can get my correct entitlement. Thank you.

PENCOM: Kindly provide your PIN.

KWAGHKPER: Dear Omobola, my name is Jacob. I write to complain about the prevention and delay in the processing of my provisional agreement which I submitted to FCMB Pensions in November 2023, to purchase an annuity plan. I am aware of my right to choose between Programme Withdrawal and Annuity for life and I have decided to use the balance in my RSA to purchase annuity for life. I, therefore, appeal to you to prevail on FCMB Pensions to process and transfer my RSA balance to Leadway Assurance without further delay. Thank you

PENCOM: Dear Mr. Kwaghkper, your request is yet to be forwarded to the Commission. Please, visit your PFA and ensure that you have provided the complete documentation required to process your request.

ADELEKEAN: Good evening. I’m Ebenezer Oluyemi Adelekan with PEN100092947955. I’m a retiree and PFA is Crusader Sterling Pension. It refused to pay my April pension just because I gave them notification this month that I want to move to annuity because of personal reasons. They decided to frustrate me. I depend on this. Please, urgently intervene and deliver us from this misconduct.This is happening in Abeokuta branch. Thanks. My phone number is:0703 519 4999

PENCOM: Dear Mr. Adelekan, your annuity request was approved on May 2, 2024

Good morning. Abiodun Odunsi, formerly of Premium Pension Limited, is now with AAI Annuity, I have not received my pension for March, which I normally get between the 19th or 20th of each month. Since then, I have been travelling to their office at the Trade Fair Complex.

But on getting there, I was told the office is for administrative purposes. I was asked to visit their headquarters, which is at Awolowo Road, Ikoyi. But, I didn’t have enough money to go there. Kindly assist me. These will help you: RSA PIN PEN 100050252192-Registration ID 35B001-20172-49006

PENCOM: Dear Mr. Odunsi, your request is yet to be forwarded to the Commission because your documentation is incomplete. Please, visit your PFA and provide the complete documentation required to process your request.

MUSTAPHA: My name Mustapha. I am a Police officer. My PFA is Crusader Sterling Pension. I worked my transfer to the Police Pension in 2017. In 2018, they sent me a text message, saying that my transfer was successful but there was an issue with the certificate. I was told to return to Crusader to do my DRE, which I did. But, since 2023, they kept tossing me up and down.

They said the problem was from PenCom; no, it was from the zonal office. The lady handling my case, Eve, was said to be on maternity leave. On April 2, 2024, they told me there was a fire outbreak at the PenCom office in Abuja. Crusader also told me that most of my fund has not been remitted or that the Police are holding most of it. PenCom, you are my last hope. Please, help me.

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PENCOM: Dear Mr. Abubakar, your request is yet to be forwarded to the Commission. Please, your PFA and ensure that you have provided the complete documentation required to process your request.

ERIC: My name is Eric. I write to complain about the prevention and delay in the processing of my provisional agreement which I submitted to Premium Pension on January 18, 2024 to purchase annuity for life but was not treated without feedback. I submitted again on March 5, 2024 yet no feedback.

I am very aware of my right to choose between Programme Withdrawal and Annuity for life and I have decided to go for Annuity for life. I, therefore, appeal to you to use the power in your office to compel Premium Pension to process and transfer my RSA balance to Leadway Assurance without further delay because I don’t want to restart the process of the transfer again

PENCOM: Dear Mr. Kene your request is yet to be forwarded to the Commission because you are yet to undergo the Data recapture exercise.
June 5, 2024
What workers should do for a rewarding retirement

As the workforce continues its growth and transformation, the imperative of robust retirement planning becomes increasingly pronounced. For those enrolled in the Contributory Pension Scheme (CPS), the key to a secure and rewarding retirement lies in making informed financial decisions sooner rather than later. This article seeks to empower workers with knowledge on navigating Nigeria’s CPS, ensuring not just a prosperous but a worry-free retirement in line with the Pension Reform Act 2014.

The CPS was designed to offer a sustainable and efficient retirement savings framework for both public and private sector workers in Nigeria. Encouraging active participation from both employers and employees, this system ensures the accumulation of a substantial retirement fund for workers. Here are some essential steps to consider when preparing for retirement under the CPS:

Understand the CPS

According to the National Pension Commission (PenCom), understanding pension plans, including minimum contribution rates, Voluntary Contributions (VCs), the Multi-Fund Structure utilised by Pension Fund Administrators (PFAs), and returns on investments by PFAs, is crucial. Seeking clarifications from your PFA or PenCom can mitigate uncertainties and enable informed decisions about retirement savings.Given the periodic reviews and updates by PenCom on pension regulations, workers must stay abreast of changes to enable them take advantage of new opportunities and ensure compliance that could impact their retirement savings. For instance, it is advised that RSA holders not registered on the Enhanced Contributor Registration System (ECRS) should participate in the Data Recapture Exercise (DRE) by their PFAs.

Start early, and benefit more

PenCom further said that it is the responsibility of the employee, on whose behalf pension contributions are made, to open a Retirement Savings Account (RSA) with any Pension Fund Administrator (PFA) of their choice as soon as they start earning a salary or income. Only after opening an RSA will the employee receive a unique RSA Personal Identification Number (PIN), which is then used to remit monthly contributions to the PFA. Therefore, without an RSA, the employer cannot remit monthly pension contributions for the employee.

If the employee fails to open an RSA within six months of starting employment, the employer is obliged to open a nominal RSA for the employee with any PFA for the purpose of remitting the employee’s monthly contributions. Any delay in remitting pension contributions is likely to affect the expected return on the investment of the pension contributions due to the employee.

Workers in the informal sector, who are not covered under the mandatory CPS, are advised to enrol in the Micro Pension Plan (MPP) to benefit from compounded returns on investment. Early enrolment in the CPS allows for the compounding of interest on pension savings over time, even with modest monthly contributions, resulting in a substantial savings for retirement.

Determine retirement goals

Depending on retirement goals, an employee may choose to make voluntary contributions alongside the mandatory contributions remitted by the employer. The PRA 2014 permits additional contributions beyond the eight per cent minimum contribution from the employee’s emolument. This allows workers to tailor their savings towards a more robust pension. Employers are also allowed to contribute more on behalf of their employees beyond the statutory minimum of 10 per cent.

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An employee may also elect to make Additional Voluntary Contribution (AVC), from the salary into the RSA to boost pension savings.To make AVC, all you need to do is inform your employer to make the necessary deductions from your monthly salary.

For employers with high retirement goals for their employees, the PRA 2014 allows them to establish Additional Benefits Schemes (ABS), through which they can provide enhanced retirement benefits, including gratuity payments, to their employees. This means that employers have the flexibility to offer additional severance benefits beyond the mandatory retirement benefits stipulated, depending on the terms of employment, affordability, and collective bargaining.

Furthermore, employees have the right to choose where their pension fund should be invested. An employee, who is below 50, may choose to move from the default Fund II to an aggressive Fund I to boost their RSA balance. Also, depending on risk appetite, contributors who are 50 years and above in Fund III are allowed to move to Fund II by making a formal request to the PFA if they wish to boost their RSA balance because of high return on investment.

Understand modes of withdrawals

For a rewarding retirement, it is important that pension contributors understand the two modes of accessing retirement benefits under the CPS. At retirement, an employee has the option to select either Programmed Withdrawal from a PFA or Retiree Life Annuity (RLA) from a Life Assurance company. In both options, a lump sum payment is allowed to be accessed by the retiree. It is imperative that workers understand the features of the payment modes before choosing anyone.

So, preparing for retirement under the CPS demands proactivity, financial literacy, and discipline. Embracing these principles will not only benefit individuals but also contribute to a more resilient and financially robust society.

June 5, 2024
Leadway Pensure appoints Labeodan as CEO
- Idris retires
Leadway Pensure Limited has appointed Olusakin Labeodan as its new Chief Executive Officer (CEO) effective June 1.

In a statement, the firm stated that this follows the retirement of Mr. Lanre Idris, who worked with the company for over 18 years in various top management positions.

Before this appointment, Labeodan was the Group Chief Marketing Officer, Leadway Holdings Co. and has been instrumental to planning, developing, and executing comprehensive business marketing strategies for the Leadway Group.

With over two decades of experience in non-banking financial institutions, Olusakin has demonstrated a strong track record in strategic management, organisational synergy, sales, and business development for corporate performance and value capture within Leadway Pensure and the broader Group.

Labeodan is known for visionary leadership, strategic growth management and innovation. As Group Chief Marketing Officer, he was pivotal in shaping and executing the organisation’s marketing and group synergy strategies, significantly contributing to sales growth and market expansion.

His tenure as Executive Director of Sales & Investment at Leadway Pensure PFA further solidified the company’s market leadership through diversified growth initiatives and a commitment to relationship-centric customer service.

Idris said: “Olusakin is a dynamic leader with a proven ability to steer organisations towards success. Having served together for several years, I have witnessed his strategic insight and deep understanding of our industry. He is the quintessential talent to lead Leadway Pensure into its next phase of growth and development.”

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Labeodan stated: “I am deeply honoured to assume the role of Chief Executive Officer at Leadway Pensure. I am committed to building upon the strong foundation laid by my predecessors, driving the company towards continued innovation, market leadership, and sustained value creation. With our resilient team, I am confident that we will overcome today’s macroeconomic dynamics and seize opportunities further to deepen Leadway Pensure’s position in the market.

“I look forward to working closely with our dedicated staff and valued stakeholders.

Our focus will be on leveraging technology and strategic partnerships to deliver distinctive investment returns and excellent service.

Labeodan attended the University of Pennsylvania’s Wharton School and IESE Business School.

His expertise in strategy, leadership, sales, distribution, and business development will undoubtedly contribute to Leadway Pensure’s evolving success.
June 5, 2024
PTAD: Resolving pensioners’ issues

DMBIEM: Good day, I am DMBiem. I did my last PTAD internet pensioner verification, also known as ‘I AM ALIVE’, on March 11, 2024.

A valid PTAD certificate bearing confirmation number was given to me on the spot. PTAD also sent me a confirmation text message via SMS by 2:40pm of the same day and date. But PTAD made me sad thereafter. It wrote and posted a warning SMS to my phone stating: “Your due date for ‘I Am Alive’ confirmation has elapsed”. Complete the process to avoid suspension. I challenge PTAD not to suspend my payment.

PTAD: Pensioners are expected to carry out the “I Am Alive Confirmation (IAAC): once in every six months. PTAD also sends bulk SMS to our pensioners to remind them to confirm their aliveness so that those who are yet to complete theirs would do so.

Kindly disregard the SMS if you have confirmed your aliveness and six months have not elapsed. We regret any inconveniences this may have caused you.

OLUJAFADE: Dear Omobola, my name is Olujafade. I retired in 1986 on grade level nine, promoted to 10 and advanced to 12 because of my grade1 academic and diploma university which I did successfully. Promotion from nine to 12 was not implemented before retirement. I would like my arrears in gratuity and pensions to be corrected and paid.

PTAD: The pensioner is advised to submit a complaint and attach his career documents to enable us to investigate and resolve the complaint conclusively.

IRIOGBE: Dear Omobola, my letter refers. It is clear that PTAD has not made good the promise it made in January 2024, saying: “Any pensioner from any sector that is yet to be reviewed by the end of march 2024, will be returned to the September 2023 pension payroll etc.” I am not aware the Executive Secretary of PTAD has denied the report on page 7 of The Nation of January 24, 2024. Incidentally, the report was put together by your humble self and I have no reason to doubt what was reported hence I once refer to you as the mouthpiece of PenCom and PTAD.

PTAD: Re-computation (Back end computation (BEC) is at the point of conclusion and will be effected. And if the pensioner feels he is due for any arrears, he should, kindly, send in a complaint specifying what arrears is being owed him.

ARASIYU: Dear Omobola, I write to Dr Ejikeme, the Executive Secretary of PTAD, through The Nation. Please, ma, help to pay my pension and retirement fund since 2019. Look into this matter as fast as you can. I need help because I am very sick and have no money to take care of myself. God bless you.

PTAD: Complaint has been sent to the Parastatals Pension (PaPD) Department where it will be handled.

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MRS EMILIA: Dear Omobola, I am Mrs Emilia. My complaint is on the deduction of N15,000 from my monthly pension from October 2023 till date. I retired from the Centre for Management Development (CMD). I have my ‘I Am Alive’ confirmation number. Please assist payment of refunds and stop further deductions.

PTAD: Back End Computation (BEC) was done in line with the approved salary structures of all agencies from the National Salary Income and Wages Commission (NSIWC).

The newly computed monthly pension was based on the application of this salary structure, since the previously paid monthly pension and increments were done based on the inherited monthly payroll from the previous BOTs and Under-writers who were responsible for the payment of monthly pension.

However, if the pensioner feels he/she is on short payment, then a complaint should be made and channelled via PSSD attaching work/career documents for further investigations.

CHUWUEKE: Good day, I write on behalf of Mr. Chuwueke’s pension arrears. He retired during the staff ratification of NSITF. This happened in April 2005. Since then, he has not received his pension arrears. Please, help me to resolve the issue.

PTAD: Thank you for contacting PTAD, for you to be biometrically captured, you can visit our Lagos Office at Tafawa Balewa Square (TBS) Lagos or PTAD, No. 22 Katsina Ala Crescent Maitama, Abuja, with your career documents, statement of account, BVN slip signed and stamped, your means of identification, proof of change of name, if any, and passport photograph.

June 5, 2024
‘It took us over 18 months to produce I’m Alive’

The journey to test and provide the “I Am Alive” Confirmation (IAAC) Solution took the Pension Transitional Arrangement Arrangement (PTAD) over 18 months with challenging months that stretched us as an organisation, yet we worked to ensure that our service ethos of “empathy” for our Pensioners’ welfare is delivered, the Executive Secretary, Dr Chioma Ejikeme, has said.

Ejikeme told reporters that they began with the Pilot Phase, where the application was tested with 50,000 randomly-selected pensioners across the four departments and six geo-political zones following the launch in 2021.

The aim, she said, was to test its efficacy and user-friendliness, bearing in mind that this novel initiative is meant for our senior citizens.

She stated that they were proud of their efforts as the solution is bringing positive impact on the Defined Benefit Scheme (DBS) pensioners as well as PTAD and the government.

She said: “The Pilot Phase was largely successful, the teething challenges have been identified and resolved, and PTAD is ready to fully roll-out the ‘I Am Alive Confirmation’ (IAAC) solution to our pensioners.This, we believe, is the way forward as far as validation of the Aliveness of our pensioners is concerned. We wish to use this opportunity to assure our esteemed pensioners that the “I Am Alive” confirmation solution has been designed with their utmost welfare in mind leveraging on accuracy, reliability, user -friendliness and convenience. PTAD has over the years promised that the era of bringing out our aged pensioners for field verification is over, and we are standing by this promise.

“The IAAC Solution is available to all our verified pensioners across the four Pension Departments. It is simple and easy to use, and we have provided a short video for instructions. The application can be accessed using a smart mobile phone, a desktop or any computer device that has Internet access.

“We urge pensioners to simply go to www.ptad.gov.ng, scroll down and click on the “I Am Alive” link at the bottom. If it is a Desktop, the link will be at the top right. Only the Pensioner’s Bank Account number provided during verification and used for receiving pension, and the Pensioner’s number on the Verification Acknowledgement Slip are required. PTAD does not need your BVN, ATM Card number or PIN to process the “I Am Alive” Confirmation (IAAC) Solution. Please beware of fraudsters. Once you have logged in, follow the prompts.

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“It is important to let our Pensioners know that nobody can tamper with your pension payment through the “I Am Alive” platform. If somebody with a smartphone or computer system in your neighborhood helps you to confirm your aliveness, the person cannot steal your money. All we need is a confirmation that you are still alive and eligible to continue to receive your pension”.

She further disclosed that PTAD provided a six-month grace period for every department and their pensioners to complete their “I Am Alive” Confirmation (IAAC) Solution.

She said PTAD has trained Pension Desk Officers from the Ministries, Departments and Agencies our pensioners retired from, as well as the various Representatives of Pension Unions’ on the use of this application, and they will assist pensioners who are unable to carry out the confirmation on their own.

“Our communication channels are also open to receive comments, observations and render assistance where necessary, and we enjoin our pensioners to reach out to us,’’ she added.

June 5, 2024
Pension gains trajectory amid macroeconomic developments in Q1, 2024

Participation in the pension industry in macroeconomic developments operating environment with rising rate of inflation has continued to drive pension funds in an upward trajectory, a new report on First Quarter 2024 by the National Pension Commission (PenCom) has shown.

The report stated that the country’s economic landscape in Quarter 1, 2024 was marked by a mix of growth and significant challenges, particularly with the rate of inflation, increasing to 33.2 per cent in March 2024 from 28.92 per cent in December 2023.

The increase resulted in a hike of the Monetary Policy Rate (MPR) by the monetary authority from 18.75 per cent in Quarter 4, 2023 to 24.75 per cent in Quarter 1, 2024.

The report showed that many other factors, including depreciation of the naira, sluggish agricultural productivity and increased transport costs due to fuel subsidy removal and regional instability has continued to affect theeconomic landscape and, ultimately, disposable income.

Nevertheless, PenCom stated that Retirement Savings Account (RSA) registrations increased from 88,213 in Q4:2023 to 89,061 in Q1: 2024.

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Consequently, remittance of pension contributions increased by 10.18 per cent during the quarter from N285.14 billion in Q4 2023 to N314.17 billion in Q1 2024.

Furthermore, pension funds and assets witnessed a 7.16 per cent growth from N18.35 trillion as at Q4 2023 to N19.66 trillion as at Q1 2024.

On developments in the capital market, the report noted activities on the Nigerian Bourse witnessed an increase as the All Share Index (NSE-ASI) and market capitalisation closed at 104,562.06 points and N59.416 trillion as at 29 March 2024, compared to 74,773.74 points and N40.918 trillion in Q4:2024 indicating a gain of 39.84 per cent (ASI) and appreciated by 45.21 per cent (Mkt Cap), in Q1:2024.

In the bond market, the S&P/FMDQ Sovereign Bond Index, that tracks the performance of sovereign debt publicly issued by the Federal Government of Nigeria (FGN), decreased by 11.15 per cent from N668.35 billion as at December 29, 2023 to N593.86 billion as at March 29, 2024.

All of this, PenCom said, had significant on the pension fund.

June 5, 2024
AIICO celebrates children with gifts

As part of its International Children’s Day celebration, AIICO Insurance Plc has honoured and rewarded pupils, making the day memorable and remarkable for them in Lagos.

AIICO Insurance, leveraging partnership with Lagos Food Bank, a non-governmental organisation, said it donated packs of school supplies, and refreshments to hundreds of pupils in four low-cost nursery/primary schools.The schools visited include Best Legacy Nursery and Primary School, Victory Nursery and Primary School, Learners Guide Nursery and Primary School, and Debbie Frank Nursery and Primary School, all within Agege, Ikeja areas of Lagos.

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In a statement, the company’s Corporate Responsibility & Sustainability Manager, Mrs. Abimbola Shobanjo, said: “We deeply care about the well-being of these children, and it is important to demonstrate our commitment, especially on a day like this.They are the future leaders of our generation, and we are dedicated to finding ways to positively impact their lives, ensuring they have every opportunity to thrive and succeed in their education. By providing essential supplies and support, we aim to inspire and empower them to achieve their dreams and make a positive impact on the world.’’

May 30, 2024
FBS Re, Munich Re train insurers, brokers

FBS Reinsurance and Munich Reinsurance of South Africa have conducted training on Fire Insurance and Reinsurance Accounting for insurers and brokers across five countries in Africa.

The three-day training held in Lagos, had both physical and virtual participants drawn from Nigeria, Ghana, Ivory Coast, Liberia and Gambia.

Chief Executive Officer, FBS Reinsurance Fola Daniel, said the training was aimed at addressing technical knowledge gaps in the insurance industry, stressing that a good number of underwriters presently rely on software applications to do their underwriting and that experienced driven underwriting is fast fading away.

He said in an era of Artificial Intelligence, there is virtually no subject that cannot be interrogated and an answer attained, but insurance practitioners still need experience, as there are aspects of insurance that artificial intelligence cannot do for them. “For instance, marketing. People need to see your face; you need to talk about the company profile.

“You can do that in print, but it creates a better impression when they meet you, speak with you and ask questions whose answers cannot be obtained from the publications on your website. So, the purpose of this training, having recognised the knowledge gaps, in the Nigerian and other African markets, is to bridge the technical knowledge gaps, thus, impacting the much-needed knowledge,” he added.

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On expectations from the training, the FBS Reinsurance boss expressed optimism that participants would be better informed, adding that though the training didn’t cover every facet of technical insurance, it focused on fire insurance, consequential loss and a bit of reinsurance accounting.

Director Regional Non-Life Munich Reinsurance, Philippe Kanga, said they are here in Lagos to partner FBS In terms of improving as part of our strategy and skills in the market.

He said Munich Re has been doing business in Africa for over 50 years and has existed for over 150 years globally.

He pointed out that Nigeria has been one of their key markets as a leading economy and we believe that we have to be involved at least to continue to build a relationship and partnership with the Nigerian market.

May 30, 2024