The Nation Newspaper

Category: Pension

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    ODUNTAN: Good day, I am sending this message on behalf of my dad. His pension monthly is over N51,000 but he was paid N37,000 in October, last year. We want to know what went wrong.

    PTAD: The Parastatals Pension Department (PaPD) of the Directorate will respond soon.            

    SGT BASSEY: I am Sgt Bassey. I have not received my pension for  October. Kindly help me.

    PTAD: The Police Pension Department (PPD) has represented all failed payment.

    ANNONYMOUS: Good day, I am one of the pensioners that did verification six months ago. I am surprised some people have done the second time.

    I am alive but up till now, no message has sent to me for the second verification as others have done. Please, advise me on what to do.

    PTAD: The pensioner is not reachable through phone.

    OWEI: Hello, I am a pensioner, indeed a NIPOST retiree. I have been getting my stipend all the time but to my utmost surprise in October 2023, I was short paid by N4,000.

    PTAD: The Parastatals Pension Department (PAPD) to respond.

    GODWIN: Good day, my name is Godwin. I withdrew from the force on June 1,  1995 and I started enjoying pension from February26, 2002 till September 2023.

    However, I have not been paid October and November 2023. I learned that I missed verification.

    Please, I’m alive.

    PTAD: The pensioner is not reachable through phone.

    ROSEMARIE: I am Rosemarie. My NTA pension from November till date has not been paid. The network has been inconsistent in my locality for months.

    Kindly help me.

    Read Also: We’ll embark on massive education effort to combat insecurity – Tinubu 

    PTAD: The Parastatals Pension Department (PAPD) is working to resolve complaint

    TIMOTHY: My name is Timothy from Oyo State. I want to know what was used to compute my monthly pension since October 1993. I have been on federal share since 1993. Kindly save my situation.

    PTAD: The pensioner is not reachable through phone.

    CHUKWUDUBRM: Hello, my father Chukwudubem, a retired police man, did not receive his money for October 2023.

    Please, we need assistance from your good offices. Thank you

    PTAD: The pensioner is not reachable through phone.

    ADESIYAN: My name is Adesiyan. I am one of the federal pensioner from Osun State. My problem is that I have tried to confirm my “I’M ALIVE” programme for more 10 times. The message comes back as ‘Verification Failed and Faces do not Match’.

    What can I do to solve this problem?

    PTAD: Pensioner contacted and advised to locate a cyber café to do fingerprint option.

    ANONYMOUS:  Good day, I will 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.

    SUNDAY: Good day, my name is Sunday from Cross River State. My father died since July 10, 2005 while in Police service. He is the late inspector Okimba.

    His last place of service was Akwa Ibom State. I went on to process his entitlement as his next-of-kin in 2015 in PTAD office, Abuja where I was verified and captured with pensioner number.

    But up till date, I have not been paid. Kindly help me.

    PTAD: There was incomplete documentation at the time of verification. NOK is requested to come forward with these additional documents: Enlistment form, Emolument form, Letter of Administration, Marriage Certificate, Introduction Letter from Last Command,Valid Means of Identification; NOK’s Birth Certification, and NOK’s BVN.

    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 screening 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 accounts, which I did.

    From your publication of my case, PTAD is asking for the verification number, which I scanned and sent since then. I hope The Nation will assist me.

    PTAD: NOK should provide the deceased name and bank statement.

    OJEDIRAN: My name is Sgt. Ojediran (rtd). I retired in 1994. I learnt that PTAD has harmonised the pension allowance of IGP, DIG, and AIG without doing same for CP to rank and file.

    Please, what is the correct position on this? Thanks.

    PTAD: The Directorate is yet to receive any formal directive on the harmonisation from the relevant authority.

    DAMARIS: Good day, I am Damaris from Ikeduru Local Government Area, Imo State.

    I retired on December 1, 2000 from a primary school under SPEB. My retirement number is anonymous.

    My grade level is 128. My pension type is local government. We were owed for four years before we started getting our pay. I received my last pension pay in June 2020. Kindly help me.

    PTAD: Pensioner retired from Local Government.

    BAWA: Dear Omobola, we are the administrators of our late father Bawa. He worked at the Nigeria Immigration Service (NIS) from 1987 and was down size during the presidential task force of 2006. Since then, we have not been paid a Kobo. We don’t know where to go or what to do sir. Kindly help us out.

    PTAD: NOK was contacted to come for verification

  • Coronation Insurance to delist, pay off shareholders

    Coronation Insurance to delist, pay off shareholders

    Coronation Insurance Plc is set to delist from the capital market as its Board of Directors has agreed to pay off the company’s minority shareholders.

    At a Court-Ordered Meeting recently in Lagos, the company’s Chairman, Mr. Mutiu Sunmonu, said the proposal is an offer from core shareholders to acquire the shares held by other shareholders, except those who opted to remain as shareholders of Coronation Insurance Plc, with each shareholder receiving 65 kobo as consideration for every share transferred.

    Starting with an initial offer of 65 kobo, even though the company’s share is valued at 50k per unit, the shareholders at the meeting requested an upward review of the offer price. This request was granted by the company’s Board of Director as a final offer of 78 kobo per share, which represented a 20 per cent increase over the initial offer of 65 kobo was communicated and accepted by shareholders.

    Sunmonu said  by this development, Coronation Insurance Plc is expected to approach regulators, comprising of the Nigerian Stock Exchange (NGX), Securities and Exchange Commission (SEC), the National Insurance Commission (NAICOM), and Court to affirm this decision, and begin the process of delisting from the NGX to become a Limited company.

    Read Also; Why I didn’t sack Emefiele, Buhari explains in Adesina’s memoir

    Addressing the over 600 shareholders who voted at the meeting, Sunmonu said the Board took this decision in view of the anticipated recapitalisation in the industry, noting that the insurer will need to deploy significant capital, which is unlikely to be met by profit retention alone.

    According to him, “the ability to raise capital through the public equity markets was considered and not favoured given current market conditions. It is also unclear if all shareholders will be willing and able to invest additional capital in the business”.

    “Few shareholders participated in the company’s rights issue in 2020, which was about 68% subscribed, with 96 per cent of that coming from Coronation Capital (Mauritius) Limited and other related parties. As such, any new capital raise will result in significant dilution of equity stake of minority shareholders. It will also be prudent for the company to save all generated profits which suggests that no significant dividends will be paid in the short to medium term.”

    These reasons, he said, have resulted in extensive discussion around the optimal corporate structure for the company, considering its plans and capital requirements, adding that, pursuant to these discussions, the company received a proposal from Coronation Capital (Mauritius) Limited on behalf of itself, and other core shareholders, who collectively own 73.4% of the share capital of the company to acquire the shares of other shareholders.

  • Tips for growth, by Igbiti

    Tips for growth, by Igbiti

    Identifying provision of comprehensive coverage, offering sound risk management solutions, delivering top-notch customer service, among others, are growth drivers for sector in the year, the President, Chartered Insurance Institute of Nigeria (CIIN) Edwin Igbiti, has said.

    Igbiti made this known in his New Year Message to experts, stating that practitioners have the opportunity to build upon the foundation laid by their predecessors and pioneer innovative solutions that will shape the future.

    According to him, from the onset, the industry has played a vital role in safeguarding individuals, businesses and communities from uncertainties.

    He said: “We have continually adapted to changing times, embracing innovative practices and technologies to meet the evolving needs of our clients. The challenges faced in the past year have been unprecedented, but our resilience and determination has been unwavering, and we have emerged stronger together.

    Read Also: We’ll embark on massive education effort to combat insecurity – Tinubu 

    “In the face of a global pandemic, we witnessed significant shifts across the insurance landscape. From health insurance to travel insurance, from business interruption to cyber security, our industry responded swiftly, aiding individuals, families, and businesses in their time of need.’’

    The CIIN chief submitted that investing in technology will be paramount, as operators leverage Artificial Intelligence, data analytics, and blockchain to streamline processes, enhance underwriting capabilities and improve customer experiences.

    He noted that by harnessing the power of these tools, they can navigate the ever changing landscape with confidence and efficiency.

    “As an industry, we must also recognise the importance of sustainability. Climate change and environmental concerns continue to impact our planet and communities.

    “Embracing green initiatives, promoting eco-friendly practices and offering sustainable insurance solutions will not only protect our environment but also reinforce our commitment to corporate social responsibility,” he added.

  • Staco Insurance aims for the top

    Staco Insurance aims for the top

    Staco Insurance Plc is set to occupy the top spot in the sector in 2024, having tested its capacity in customer service, regulatory compliance, among others.

    Its Managing Director/Chief Executive Officer, Dr. Wale Banmore, in a New Year Message, said the company has had a turbulent voyage to stand tall today.

    He submitted that there were several pitfalls in the firm’s business, but it met grace and favour at various points of contact on their journey of pursuing production and collections while selling its services.

    Read Also; Why I didn’t sack Emefiele, Buhari explains in Adesina’s memoir

    Banmore applauded the company’s Board of Directors, who went beyond their normal functions through physical interventions and constructive advises for the firm to navigate some difficult spots in the recovery path.

    He also lauded the contributions by the management and staff, imploring them to build on the successes recorded last year.

  • Capital Express Assurance appoints Ogwezhi as Ag. MD

    Capital Express Assurance appoints Ogwezhi as Ag. MD

    The Board of Directors, Capital Express Assurance Limited has appointed Mr. Mathew Ogwezhi as the Acting Managing Director/Chief Executive Officer (CEO).

    It also appointed Gbenga Owodunni as Acting Deputy Managing Director/Chief Operating Officer (COO).

    The appointees are undergoing approval by the National Insurance Commission (NAICOM).

    In a statement, the Chairman of the Board, Otunba Ademola Adenuga, said the appointments followed the exit of the former Managing Director/CEO, Mrs. Bola Odukale.

    Read Also: We’ll embark on massive education effort to combat insecurity – Tinubu 

    They also align with NAICOM’s  circular on executive tenure limits.

    The chairman urged that the new leadership to focus on growth and ensure profitability that would take into consideration the interest of  the stakeholders.

    Ogwezhi is a seasoned professional with over 20 years’ experience in insurance, with expertise in strategic partnership management, deal structuring, contract negotiations, channel development, marketing, and leadership.

    His journey at Capital Express Assurance began in 2003, where has served as Personal Assistant to the then Managing Director/CEO, Head of Educational Institutions, and Regional Director of Southsouth/Southeast and Head of Marketing, Sales and Distribution.

  • ‘How our initiatives, achievements shaped the industry in 2023’

    ‘How our initiatives, achievements shaped the industry in 2023’

    • Pension assets grew by N2.67 in 10 months

    In 10 months of last year, pension assets increased by N2.67 trillion from N14.99 trillion as in December 2022 to N17.66trillion in October 2023.

    Also, the Contributory Pension Scheme (CPS) membership increased by 278,800 new Retirement Savings Accounts (RSAs) from 9.86 million in December 2022 to 10.14 million last October.

    The Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, made this known in a statement entitled: “Growth of Pension Fund Assets and CPS Membership”.

    She stated that PenCom marked last year as a momentous period in the history of pension regulation and administration.

    She said while they demonstrated commitment to effective oversight and innovation, they executed noteworthy initiatives, shaping a positive trajectory for the pension landscape.

    According to her, the initiatives, which manifested in a sustained growth of pension fund assets and CPS membership, paved the way for significant growth of the pension fund assets in 2023.

    Third Pension Enhancement

    Giving account of the year, the PenCom boss said the Pension Enhancement, which started in 2017, is the periodic enhancement of pensions for retirees under the CPS.

    “The third edition of the Pension Enhancement was conducted between February and July 2023. The exercise covered existing retirees under the Programmed Withdrawal mode of access who had accumulated significant growth in their Retirement Savings Accounts (RSAs).

    “Based on the analysis of retirees’ data, 111,187 retirees qualified for the third edition of the enhancement. Implementing the Pension Enhancement is a significant indicator that the CPS provides better retirement opportunities, enhancing the amount of pensions received by retirees.

    Read Also: We’ll embark on massive education effort to combat insecurity – Tinubu 

    “Pension Enhancement is another clear departure from the Defined Benefits scheme of the past, where retirees’ pensions were somewhat fixed. Previous Pension Enhancements were conducted in 2017 and 2020.”

    Additional Benefits Schemes under CPS

    The DG said: “PenCom unveiled the Framework for the Establishment of Additional Benefits Schemes under the CPS to boost retirement benefits for workers. The Framework aligns with Section 4(4)(a) of the Pension Reform Act (PRA) 2014, which allows employers to pay additional benefits to their employees upon retirement.

    “Accordingly, any employer may wish to provide additional benefits, such as gratuity, to its employees upon retirement. The Framework outlines the modalities for establishing and managing Additional Benefits Schemes for employers interested in increasing their employees’ retirement benefits under the CPS.”

    Accessing RSA for Residential Mortgage

    She continued: “PenCom continued to implement the Guidelines on Accessing Retirement Savings Account (RSA) Balance towards Payment of Equity Contribution for Residential Mortgage by RSA Holders in line with the provisions of Section 89 (2) of the Pension Reform Act 2014 (PRA 2014).

    “Section 89 (2) allows RSA holders to apply a percentage of their pension savings towards payment of equity contribution for a residential mortgage.

    “PenCom’s implementation of the Guidelines facilitated many workers in realising their dream of homeownership in 2023. A total of 1,737 pension contributors have so far accessed N18.601 billion from their RSA balances towards payment of equity contributions for residential mortgages in 2023.”

    Online Enrolment/Registration

    “As in the previous year, PenCom conducted the 2023 online Verification and Enrolment for retirees and prospective retirees of treasury-funded Ministries, Departments, and Agencies (MDAs) due to retire in 2024.

    “The nationwide exercise started on October 2, 2023. To simplify the process for prospective retirees and retirees, PenCom provided two options for registration for enrolment: The Self-Assisted option and the Pension Desk Officer (PDO)/PFA-Assisted option.’’

    Pension Clearance Certificates

    “PenCom commenced the issuance of PCC to organisations in 2012 in line with the Pension Reform Act, 2014 (PRA, 2014), which mandates all organisations with at least 3 employees to participate in the CPS. The PCC is evidence of compliance with the PRA 2014 and serves as a prerequisite for suppliers, contractors, or consultants soliciting any contract or business from the Federal Government’s Ministries, Departments, and Agencies (MDAs). Accordingly, PenCom issues PCCs to organisations that apply and have fully complied with the requirements. Consequently, from January to December 2023, PenCom issued 30,293 PCCs to private organisations that applied and fully complied with the set requirements.’’

    Uncredited Pension Contributions

    “PenCom observed that some employers remitted pension contributions of their employees with incomplete documentation. Consequently, PFAs were unable to credit the RSAs of the affected employees. PenCom and PFAs posted the list of affected employers and employees with uncredited contributions on their websites. On September 6, 2023, PenCom issued a  statement directing employers and employees on the list to provide PFAs with the requisite information to facilitate the crediting of pension contributions into the employees’ RSAs before the end of December 2023.’’

    Commission’s Corporate Strategy

    “PenCom developed and commenced implementation of the Commission’s refreshed Corporate Strategy. The strategy introduced several innovations hinged largely on improved service delivery to stakeholders. A highpoint of the strategy was the creation of a Consumer Protection Department to ensure that pension contributors and retirees are served effectively and efficiently. Through the department, PenCom has given more impetus to the expeditious resolution of complaints and issues from pension contributors and retirees.’’

    Mrs. Dahir-Umar affirmed that many of PenCom’s critical stakeholders such as Labour Unions, the pensioners’ union, the employers’ association, and the business community have  expressed confidence in how PenCom regulates the pension industry in Nigeria.

    It would be recalled that during the Annual Directors Conference organised by the Chartered Institute of Directors (ClOD) last November 16, 2023, in Abuja, Mr Olusegun Aganga, the Managing Director of Goldman Sachs, commended PenCom for effectively regulating the pension industry.

    “Aganga, also a former Minister of Finance, stated that the pension industry is one of the best-regulated sectors in Nigeria.

    “PenCom remains committed to the effective regulation and supervision of the pension industry to ensure that retirement benefits are paid as and when due,” Aganga had assured.

  • PenCom secures top position among 50 regulatory agencies

    PenCom secures top position among 50 regulatory agencies

    The National Pension Commission (PenCom) has achieved a significant milestone by securing the top position in the 2023 Ethics and Integrity Compliance Scorecard (EICS) among 50 regulatory agencies in Nigeria, according to an assessment by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

    This was made known in a statement made available to reporters by PenCom.

    In the evaluation, PenCom also emerged the overall 14th position out of 404 Ministries, Departments, and Agencies (MDAs) on the comprehensive scorecard.

    Notably, PenCom achieved a commendable score, which was described by the ICPC as “substantial compliance”.

    Read Also; Why I didn’t sack Emefiele, Buhari explains in Adesina’s memoir

    The commission said: “In recognition of this achievement, the ICPC conveyed its commendation to PenCom, acknowledging the organisation’s commitment to upholding ethics and integrity in its operations.The ICPC particularly commended PenCom for its well-established structures and processes that promote efficiency, while encouraging management to maintain high service delivery.

    “The annual deployment of the Ethics and Integrity Compliance Scorecard by the ICPC aims to assess MDAs’ compliance with existing ethical, integrity, statutory, policy, and regulatory standards and practices. This initiative aligns with the Commission’s preventive mandate.

    The scorecard aims to minimise corruption risks, prevent system abuse, and revitalise ethics and integrity benchmarks in MDAs. The overarching objective is to ensure good service delivery while promoting a culture of ethical conduct within public service institutions.

    “PenCom remains committed to sustaining the well-acknowledged transparency in regulating the Nigerian pension industry for the benefit of pension contributors and retirees. This continues to manifest through a consistent increase in pension assets and other key performance indicators.’’

  • Pension complaints and solutions

    Pension complaints and solutions

    ELDER DAVID: Dear Omobola, ‘Re: Pensioners ‘waiting for palliatives’ published on December 25, 2023.

      The Special Adviser, Media and Publicity, Ministry of Humanitarian Affairs, Mr. Rasheed Zubair, said the ministry was still compiling and verifying the pensioners’ list.

      Does it mean there is no previous working data? Are they conducting a National Census? Or they are compiling/verifying their foisted ‘ghost pensioners’, thereby stealing the vulnerable pensioners and shortchanging the nation?

      God remains the judge. And please, is your column now on Thursdays?

    FOLORUNSO: My name is Folorunso. I worked at Vanguard and later joined The Nigerian Tribune.

    On joining Tribune, Stanbic Ibtc Pension opened a new RSA account for me, same Stanbic with Vanguard. I now have double PIN registration. But I am having difficulties in accessing my funds.

    For over a year, I have kept writing both Stanbic and the DG of PenCom but to no avail. After much pressure, Stanbic claimed to have harmonised the two PIN account numbers and it is left for PenCom in Abuja to give approval for me to access my funds.

    My findings show that it will take another one year to get PenCom’s approval.

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

    ANNONYMOUS: Good day, I would like to know document to be submitted to claim my pension. I also want to know the percentage of my total RSA due to be paid to me. I am 60 years old. My PFA is Access Pension.

    EFE: My name is Efe. Sequel to your advice to send my PIN, which I did to enable the commission investigate my complaint in The Nation of Wednesday March 22, 2023, nothing has been heard from you since then.

     I want to know my RSA credit, bond and eligibility status to be able to access the 25 per cent.

    Read Also; Why I didn’t sack Emefiele, Buhari explains in Adesina’s memoir

    ROLUYO: Dear Omobola, I am Roluyo. Please, I have retired from the Ministry of Petroleum Resources since February 15, 2023. Stanbic IBTC Pension is my PFA. I have, however, not heard any message about my payment. Do please help find out the problem. Thank you.

    ODUWAN: I retired from service in September 2022 and after one year, I did not received any thing from PenCom. My PFA is Access Pension.

    Please, help me to know.

    ADESAKIN: My name is Adesakin. My employer has not remitted my pension deducted for about 70 months. What can I do?

    ODUTAYO: My name is Odutayo. I am a staff member of Federal Polytechnic, Offa. My pension is not ready since I left service in May 2022.

    Bamidele: My name is Bamidele. Since I left the service of Federal Polytechnic, Offa, Kwara State in May 2022, my gratuity is yet to be paid. When is it likely for me to be paid? Thanks you.

    ABUBAKAR: Dear Sir, my name is Abubakar from Ilorin. I worked at the Nigerian branch of the Danish Yoghout Company, FANMILK PLC, for 31 years. It was the illness brought on by my workplace accident that made them lay me off. Yet, without compensation.

    I beg to use this forum to appeal to the Corportae social Responsibility (CSR) conscience of FANMILK PLC and the Embassy of Denmark. Thank you to look into my case.

    ANNONYMOUS: Stanbic IBTC sent a message to me stating: “Dear Client, thank you for your continuous patience. While we await payment approval from PenCom for your benefit application received  15-8-2o23 from ibtc Pension”.

    Kindly tell me if the message is from either LASPEC or PenCom.

    CHARLES: My name is Charles. My date of retirement is March 30, 2021. Date of submission is May 18, 2021. Voluntary Contribution Balance N1, 961 638. 79. They paid me N1,661.694.65 on June 16, 2021. My balance is N299, 944. 14. I sent it on  July 11, 2023, but no response till date.  

    BOLAJI: My name is Bolaji. I sent an sms on November 11, but there was no response in The Nation yet. I’m soliciting PenCom’s intervention to enable me access additional 25 per cent of my pension contribution.

    I worked at GTBank between 2006 and 2017 and accessed 25 per cent of my contribution in 2017, which was paid into my salary account that was in debit position owing to outstanding car loan.

    I can present my account statement if need be. I contacted my PFA, Stanbic IBTC but they said I needed PenCom’s approval for my request.

    Kindly assist, this lifeline is all I need to get back on my feet. Thank you.

    OKPOGADIE: My name is mr Okpogadie from Warri, Delta State. I am a retiree (2016) and I have submitted my documents with Oak Pension, Warri for annuity since  November 14, 2023. My expected payment day supposed to be on November 26, 2023 but up till now there is no response. 

  • Consolidated Hallmark transits to HoldCo

    Consolidated Hallmark transits to HoldCo

    • Adeyanju becomes CHI MD

    Consolidated Hallmark group has transited to a holding company with the insurance arm becoming one of the four subsidiaries of the holding firm.

    While the holding company will now be known as Consolidated Hallmark Holdings (CHH) Plc after the shareholders of its insurance arm transits their shares to the CHH, its underwriting firm will be known as Consolidated Hallmark Insurance(CHI) Limited.

    The other three subsidiaries are Hallmark HMO, CHI Microinsurance Limited and Hallmark Finance Company Limited.

    Consequently, Eddie Efekoha has quit as the MD/CEO of Consolidated Hallmark Insurance to take up the Group CEO’s position at CHH Plc.

      The new Managing Director/CEO of Consolidated Hallmark Insurance Limited is Mary Adeyanju. She was the Executive Director, Operations. Mr. Jimalex Orjiako takes over from her.

    Also, Katherine Itua was appointed as Executive Director, Finance and Investments.

    At a briefing in Lagos, Efekoha said the plan to operate a holding structure precedes the 10-year tenure limit policy in the industry.

    He said he had nothing against the tenure limit as it allows a succession, such that there is no vacuum whenever a managing director or an executive director leaves.

    He noted that Consolidated Hallmark had been planning its succession plan by becoming a HoldCo, long before the regulator came up with the tenure limit policy.  He said the company is proactive to regulations and operations to become one of the leading insurers in the country.

    Read Also: ‘NDDC has secured agreement with WHO on health insurance’

     Adeyanju’s appointment has been  approved by the National Insurance Commission (NAICOM).

     Efekoha said the appointments of  took effect from January 1, this year.

    Adeyanju possesses a Master’s in Business Administration from the Lagos State University (LASU) as well as a B.A (Theatre Arts) and Diploma in Insurance from the University of Jos and Ahmadu Bello University.

    A Fellow of the Chartered Insurance Institute of Nigeria, she has over three decades of experience in the industry. She started her career with Boff Africa Insurance Broker. in Carrier Insurance Brokers, First Chartered Insurance Company, Consolidated Risk Insurers.

    Mrs. Adeyanju was the regional director, Lagos\Western operations of Consolidated Hallmark Insurance Plc and later got appointed as the executive director (Operations), a position she held for over seven years, where she consistently grew the premium income of the company, while revolutionising the operational structure, with far reaching reforms in marketing , underwriting and the claims aspect of the business.

    She is an alumnus of the Lagos Business School and also a non-executive director on the board of Hallmark Finance and CHI Micro Life Insurance company respectively. She is also a member of the Institute of Directors.

  • PFAs invest N303.58b in MTN, Dangote Industries

    PFAs invest N303.58b in MTN, Dangote Industries

    Pension Fund Administrators (PFAs) have invested N303.58 billion in MTN Nigeria Series I and Dangote Industries series I, a report by Pension Fund Operators Association of Nigeria (PenOp) has revealed, the Executive Secretary, Pension Operators Association of Nigeria (PenOp) Oguche Agudah, has stated.

    Agudah said the investments formed part of corporate debt securities in the pension fund assets investments portfolio, and breakdown said N116 billion was invested in MTN Nigeria and N187.58 billion in Dangote industries, amounting to a total of N303.58 billion.

    He said:  “N400 billion was invested in energy power; N40 billion in Flour mills of Nigeria; N11.7 billion in Unity Capital Series 11; N100 billion in LFZC funding special purpose vehicle and N45 billion in Shelter Afrique series 1. N25 billion was invested in Ardova Series 1; N115 billion in BUA Plc and N34 billion in Prescott Plc.”

    He noted that Pension Fund Operators (PFOs) had grew workers pension contributions by over N8 trillion accruing from investments.

    He submitted that the total funds under the Contributory Pension Scheme (CPS) stood at 17.64 trillion as at last October, while contributions made by the workers from the private and public sectors stood at over N9 trillion.

    Oguche stated that workers’ contributions accounted for 54 per cent, while the return on investment accounted for 46 per cent of the entire pension fund assets as at the end of June 2023 from the beginning of the CPS in 2004.

    He submitted that workers’ contributions were judiciously invested and the returns were added to the workers’ pension savings, to reduce the effect of inflation on the funds.

    Further figures from him showed that as at the end of the third quarter of last year, the PFAs had recovered N24.8 billion from defaulting employers.

    The PenOp CEO noted that in second quarter of last year, N665.13 billion had been paid as a lump sum to annuity retirees; and N964.24 billion to programmed withdrawal retirees, making a total of N1.64 trillion to 442,000 retirees.

    He said N208.86 billion was paid to 475,235 workers who lost their jobs before getting to the retirement age and were unable to get another job after four months.

    Read Also: PFAs invest N672.1b in real estate, SUKUK, others’

    Total death benefits paid to 91,214 beneficiaries, he said amounted to N356.32 billion in the second quarter of 2023.

    The report by Oguche showed that 649 contributors got approval to access N7.89 billion from their RSAs for residential mortgages.

    The CEO while highlighting the expectations of the operators in 2024 and beyond, said, it was expecting to celebrate 20 years of the Pension Reform Act, show greater focus on micro pensions, and also look into the revision of investment guidelines.

    He added that the operators looked forward to more applicants and approvals for RSA mortgage, possible kick-off of offshore investment, and infrastructure consortium.

    Oguche maintained that between 2007 and July 2023, contributors under the CPS rose from 2,543,178 to 10,023,314.

    President of PenOp and Chief Executive of Stanbic IBTC Pension Managers Limited Olumide Oyetan, said the CPS remains one of the greatest national policy from democracy, stating that before commencement of the CPS, retirees were subjected to old age poverty as they were unable to get their pension at retirement.

    He posited that the CPS is unique due to the safe valves, checks and balances ensured by the tripod structure which are the regulator, PFAs and Pension Fund Custodians (PFCs).