The Nation Newspaper

Category: Pension

  • NPC rebrands micro-pension scheme

    NPC rebrands micro-pension scheme

    The Nigerian Pension Commission (NPC) said it has commenced rebranding of the existing micro-pension plan for informal sector workers as the Personal Pension Plan (PPP).

    The PPP, according to the Commission, would take care of millions of Nigerians in the informal sector.

     It said 12 states were yet to implement the Contributory Pension Scheme, adding that seven states were at various stages of establishing pension bureaus.

    Director General of the Nigerian Pension Commission, Ms. Omolola Oloworaran spoke in Benin City at the Second Run 2025 Consultative Forum for States and the FCT.

    Oloworaran commended President Bola Tinubu for approving ₦758bn bond through the Federal Executive Council to settle legacy pension liabilities such as accrued rights, pension increases and minimum pension guarantee.

    Represented by the Commissioner Inspectorate of the Commission, Samuel Uwandu, Oloworaran said pension assets now topped ₦26trn.

    She noted that successes of Nigeria’s pension system relied on the extent to which the sub-national governments embraced the full implementation of the CPS/CDBS.

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    The NPC boss commended states that have made significant progress by enacting pension laws and commencing contribution remittances for their workers.

    According to her, “Our mission as an industry is not complete. The success of this national reform rests on its implementation in every State, Local Government, and across the Informal Sector. This Forum is the engine of that collaboration.

    “This November marks one year since I assumed office as Director General of the National Pension Commission. It has been a year of deliberate reform, focused on strengthening governance and expanding the value of the pension system for all Nigerians.

    “The timely payment of Accrued Pension Rights. The planned re-introduction of Gratuity Payments for Federal Civil Servants under the CPS. Introduction of a new Pension Contribution Remittance System (PCRS) to eliminate errors and delays in pension remittances” among others.

    Governor Monday Okpebholo, who was represented by Secretary to State Government (SSG), Musa Ikhilor, said his administration was expecting a report of the pension scheme in the state and pledged to abide by its recommendations.

    He said his administration released N3 billion out of the N5bn owed to staff of the state owned College of Education who were disengaged when the school was handed over to the federal government.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    MICHAEL: Dear Omobola, while I commend PTAD for additional token added to my money in my April, 2025 pension, I wish to implore The Nation newspaper to request PTAD to kindly do the needful on nonpayment of my gratuity in which I complained severally but to no avail. Thanks for your good work.

    PTAD: Dear Mr. Micheal, please send your verification slip to our email complaints@ptad.gov.ng to enable us to investigate and respond further. Thank you.

    SAMUEL: Good day, my name is Samuel. I retired on grade level 9, step 5. My monthly pension is N17000 but has been reduced to N9000. Please I will like to know why. I am alive.

    PTAD: Dear Mr. Samuel, please note, according to the record available to us you’re on your rightful pension payment. And for your gratuity from our record, your retirement date was 21/9/1993. Therefore, your gratuity should be paid or has been paid by the state government. However, you can scan and send your bank statement six months before your retirement to date to enable us to investigate and respond further. Thank you

    OSUWA: Good day, my name is Osuwa. This is to remaind PTAD on short payment in my monthly pension. My mates are receiving N30,000 and more but I continue to receive less than N27,000. Kindly help me to correct this.

    PTAD: Dear Mr. Osuwa, kindly be informed, based on the documents you provided during verification, you retired on grade level 8 step 5 and structure HAPSS2003 and you’re on your rightful pension payment.

    ADEREMI: Dear Omobola, my name is Aderemi. The reply of PTAD to my complaint which was published on the March 12, 2025 was correct. Truly PTAD called me and asked me of my account details. The person that called me said that the account did not show my name. He also asked for some other information but I was unable to as my documents were not with me and I didn’t know them offhead. He promised to call the next day but he has not called back.

    PTAD: Dear Mr, Aderami, kindly note that we placed several calls to you, but were unable to get through as your phone was not answered. You can reach us via 02094621700 for clarification and resolution. Thank you.

    ANNONYMOUS: Good day, please, save my soul. I have no other hope. I have not received my                   pension. The late payment  of my monthly pension is now becoming a regular occurrence and this is not good for PTAD’s image.

    PTAD: Dear PTAD PENSIONER, please send your verification slip to our email complaints@ptad.gov.ng to enable us to investigate and respond further. Thank you.

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    KOLADE: Dear Omobola, my name is Kolade. Kindly look into the issue of N32,000 minimum wage for us who are still on old pension payment.

    PTAD: Dear Kolade, Please be informed that the N32,000 increment will be paid to every pensioner except for some agencies like PHCN, Peoples Bank, NICON Insurance, Nigerian Reinsurance, NITEL, PTI AND Assurance Bank.  Thank you.

  • PTAD disburses N3.9 billion arrears to 91,146 eligible pensioners

    PTAD disburses N3.9 billion arrears to 91,146 eligible pensioners

    The Pension Transitional Arrangement Directorate (PTAD) has completed the payment of N3.9billion arrears to 91,146 eligible pensioners under the Defined Benefit Scheme (DBS)., the Executive Secretary , Tolulope Odunaiya, has said.

    This payment according to her, is part of the N32,000 increment approved by President Bola Ahmed Tinubu.

    Odunaiya reaffirmed the Federal Government’s commitment to settling outstanding arrears and improving Pensioners’ welfare under the Renewed Hope Agenda of President Tinubu.

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    Giving a breakdown of payment in a statement made available to journalists, she stated  that N1.9 billion was paid to 59,865 pensioners under Parastatals Pension Department while N830 million was paid to 12,976 Pensioners under Civil Service Pension Department

    She disclosed that 9,689pensioners under Police Pension Department received N620 million while 8,616 pensioners under Customs, Immigration, and Prisons Pension Department received N551million.

  • SUNU Assurances shareholders approve N9b Recapitalisation Plan

    SUNU Assurances shareholders approve N9b Recapitalisation Plan

    Shareholders of SUNU Assurances Nigeria Plc have unanimously approved a comprehensive recapitalisation programme that will enable the company raise up to N9 billion to meet the new Minimum Capital Requirement (MCR) for non-life insurers under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

    The approval was granted at the company’s Extraordinary General Meeting (EGM) held on Tuesday in Lagos, which recorded an impressive physical turnout of shareholders.

    The resolutions empower the Board of Directors to raise capital through a mix of rights issues, private placements, public offers or any other fundraising structure, subject to regulatory approval. The board was also authorised to increase the company’s share capital as required, allot new shares, trade untaken rights, engage advisers, and register all changes with the Corporate Affairs Commission.

    Speaking at the meeting, Chairman of the Board, Mr. Kyari Abba Bukar, said the recapitalisation was necessitated by the NIIRA 2025 regime, which raised the MCR for non-life insurers from N3 billion to N15 billion, with a compliance deadline of July 30, 2026.

    “As at September 30, 2025, the company requires N9 billion to close the gap. This makes it imperative that we take decisive action to strengthen our capital base,” he said.

    Bukar added that the recapitalisation would enhance SUNU’s balance sheet, deepen underwriting capacity, attract fresh investment and reinforce market presence. He also disclosed that the company plans to address its free-float deficiency on the Nigerian Exchange (NGX) as part of the capital-raising exercise.

    He noted that SUNU has maintained strong dividend consistency for the past four years and has continued to grow shareholder value.

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    Speaking to journalists after the meeting, Bukar stated: “We will go in full force using a combination of rights issue, public offer, private placement or strategic investment. The goal is to meet NAICOM’s requirement ahead of the July 2026 deadline.”

    Managing Director/CEO, Mr. Samuel Ogbodu, revealed that the SUNU Group, which currently holds 83% equity, intends to reduce its stake to 70% to enable more Nigerian investors participate in the company.

    “This EGM was crucial for transparency and shareholder involvement. We now have full authority to proceed with the capital raise,” Ogbodu said.

    He added that SUNU’s share price, which once rose to N11 and now trades between N4.70 and N5.70, is expected to double within six months based on the company’s growth plans.

    Executive Director, Mr. Elie Ogounigni, reaffirmed SUNU Group’s commitment to the Nigerian market, saying:

    “When SUNU gives its word, we keep it. We are in 17 countries, and we intend to ensure full compliance and support SUNU Nigeria through this recapitalisation.”

  • PenCom embarks on customer satisfaction survey

    PenCom embarks on customer satisfaction survey

    The National Pension Commission (PenCom) has commenced the 2025 Annual Customer Satisfaction Survey for active contributors and retirees under the Contributory Pension Scheme (CPS).

    The commission made this known while calling on the public and all stakeholders to participate in the survey.

    In a statement, PenCom said the survey, which began on November 3, 2025, will run until December 17.

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    The survey, the commission said, is designed to assess customer satisfaction, brand awareness, and pension literacy among Retirement Savings Account (RSA) holders and retirees under the scheme.

    PenCom encourages all active contributors and retirees to kindly complete the survey.

    The link for the survey can be found on the commission’s website and on social media handles.

  • Leadway Assurance announces Adebisi Lamikanra as first female Board chairperson

    Leadway Assurance announces Adebisi Lamikanra as first female Board chairperson

    Leadway Assurance, Nigeria’s leading insurance company, has announced the appointment of Mrs. Adebisi Lamikanra as the new Chairperson of the Board, following the tenure expiration and formal retirement of General (Rtd) Martin Luther Agwai, who has admirably served as Board Chairman since November 2016.

    In a statement made available by the company, Mrs. Lamikanra is a Chartered Accountant and Fellow of the Institute of Chartered Accountants of Nigeria (ICAN).

    According to the company, she brings nearly four decades of exceptional leadership and advisory experience to the role.

    The statement read: “She was a Partner at Andersen Nigeria and made history as the first female Partner at KPMG Nigeria, where she retired as Head of Advisory Services and Lead for the African Region Advisory Practice.

    “Her career has been defined by strategic consultancy to leading local and multinational organisations across sectors. A proud alumna of the University of Lagos and the Lagos Business School, she has also honed her leadership skills through advanced executive programs at Harvard Business School, INSEAD University, and the Kellogg School of Management.

    “Mrs. Lamikanra currently serves on the boards of Standard Chartered Bank Nigeria, Evercare Hospital Lekki, and Nestle Nigeria, where her governance acumen and cross-sector insights continue to shape corporate excellence”.

    Speaking on the appointment, the outgoing Chairman, General (Rtd) Martin Luther Agwai, expressed his confidence in Mrs. Lamikanra’s leadership, stating, “It has been a profound honour to serve Leadway Assurance, a company that continues to define trust and innovation in Nigeria’s financial services sector. As I pass the baton, I take pride in the enduring culture of excellence we have built together. Mrs. Lamikanra’s appointment represents a seamless continuation of this legacy; her integrity, professionalism, and wealth of experience will ensure that Leadway continues to grow stronger and advance firmly into its next chapter of success.”

    The company further stated that under General Agwai’s stewardship, Leadway Assurance achieved significant milestones, including restructuring into a holding company, expanding across West Africa, and solidifying its position as one of the West Africa’s most trusted financial services institutions.

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    “His tenure will be remembered for stability, innovation, and a commitment to governance excellence. His exit, after his successful tenure, reinforces Leadway’s penchant for uploading good governance principles”.

    Meanwhile, speaking on her appointment as the first female Board Chairperson of the Company, Mrs. Lamikanra expressed gratitude and optimism about the company’s future.

    “I am deeply honoured to assume this responsibility at such a pivotal moment in Leadway Assurance’s journey. The organization’s legacy of trust and innovation, built over five decades, continues to inspire confidence in Nigeria’s financial ecosystem”, she said.

    She expressed gratitude to her predecessor, Gen (Rtd.) Martin Luther Agwai, recognizing his outstanding leadership and mentorship skills in steering the affairs of the Board during his tenure as the Board Chairperson.

    She further called on the Board, management, and all stakeholders to collaborate and work together in strengthening the Leadway legacy, driving sustainable growth, advancing digital transformation while reinforcing Leadway’s role as a catalyst for financial inclusion and economic development.

    Mrs. Lamikanra’s appointment signals a continuation of this legacy, blending experience, foresight, and the dynamism required to navigate Nigeria’s evolving financial landscape. Her leadership is expected to strengthen further the organisation’s culture of excellence, innovation, and sustainable growth.

  • STI preaches caution at Ember month

    STI preaches caution at Ember month

    Sovereign Trust Insurance Plc has called on Nigerians to be safety-conscious during this  ‘ember’ months so as to safeguard lives and properties.

    The Managing Director, Olaotan Soyinka in a statement, said the possession of insurance policies should not be a reason for carelessness by holders of such policies.

    He stated that while it is generally known that accidents are common during the ‘ember’ months as a result of increased activities during the period with people rushing to meet up with their goals as the year rounds up.

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    He advised that even in the midst of such activities; people should still exercise caution so that we do not get involved in unnecessary mishaps that could have been averted.

     He said: “While it is not in dispute that insurance helps to mitigate against risks, it should not be taken as a licence to throw caution to the wind and be careless. Rather, insurance should be seen as a respite in case of the unforeseen and inevitable.

    ‘‘It is widely known that cases of motor crashes, fire outbreaks and other perils are usually on the increase during the last months of the year, hence the need for caution to be exercised by all and sundry so as to prevent such misfortunes””, he added.

  • Linkage Assurance launches Mobile App to deepen digital insurance access

    Linkage Assurance launches Mobile App to deepen digital insurance access

    As part of its strategic commitment to enhance customer experience and expand digital access to insurance services, Linkage Assurance Plc has launched its new mobile application, now available for download on both iOS and Android platforms.

    The Linkage Assurance App offers Nigerians a seamless, secure, and convenient way to purchase, verify, and manage motor insurance policies anytime, anywhere. With just a few taps, users can obtain genuine motor insurance certificates, renew existing policies, and access instant customer support—all from their mobile devices.

    Speaking on the innovation at the official launch in Lagos , the Managing Director/CEO of Linkage Assurance Plc, Mr Daniel Braie described the launch as a major milestone in the company’s ongoing digital transformation journey.

    He said: “Our goal is to make insurance simple, transparent, and accessible to everyone. The Linkage Assurance App demonstrates our commitment to customer-centric innovation and our vision of deepening insurance penetration through technology.

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    “The App features secure payment integration, a real-time policy management dashboard, and 24/7 customer assistance, ensuring that policyholders enjoy a smooth, convenient, and trustworthy digital experience”.

    “While the current version focuses on motor insurance, the company noted that plans are already underway to expand the App’s functionality to include other product lines—such as general, retail, and corporate insurance solutions—in future updates”, he noted.

    Industry observers note that the rollout of the Linkage Assurance App highlights the growing importance of digital innovation in Nigeria’s insurance sector, as firms adapt to evolving customer expectations and the need for speed, convenience, and accessibility in financial services.

    The company emphasized that the App will not only enhance convenience for existing customers but also help attract new users, particularly among younger, tech-savvy Nigerians who prefer mobile-enabled financial solutions.

    Consumers can now download the Linkage Assurance App from the Google Play Store or Apple App Store to experience a smarter and more convenient way to stay insured.

    Linkage Assurance Plc is one of Nigeria’s leading insurance companies, providing innovative risk management and financial protection solutions across motor, fire, marine, engineering, agriculture, general business, oil & gas, and other specialized lines. The company remains committed to delivering excellent customer service, digital innovation, and sustainable value creation for all stakeholders. AM Best, a global credit rating agency, has assigned Linkage Assurance Plc a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    TSWANYA: Good day, I retired on September 21, 1993. Recently, N8000 is deducted from my monthly pension. I was receiving N17000 before but I now receive N17000 since January till date. Why is this so? Kindly help me.

    ADEPITE: Good day. My name is Adepite. I have two pension accounts. The first one is with Stanbic IBTC Pension which I opened when I was still working with NIP0ST. The second account is with Leadway Pensure which I opened after I left NIPOST for Local Government Service. I recently wanted to merge the two accounts but was told it has already been done since I am not allowed to have two pensions. I just want to know if this is true as I will be exiting service soon.

    DANIYAN: Dear Omobola, I lost contact with PTAD due to my absence during their first screening transition in 2018. I will like to be reinstated. I need your advice and assistance. Kindly let me know what to do.

    ALEXANDER: Dear Omobola, my name is Alexander. I am a retiree of Power Holding Company Nigeria. My complaint is about the wrong placement of my incremental steps for corrections. After the computation exercise by PTAD in 2023, I discovered in my career table that l was wrongly placed on grade level 08/step/11 instead of my correct retirement grade level 08/step/13. However, I received call on July 30 from PTAD and they requested that I should send evidence of document to support my claim, which I did. It is the third month running and no changes have been made.

    OLADIPO: Good day, my name is Oladipo. One of our members from Ado Ekiti who is a Nitel/Mtel pensioner said that he didn’t receive his July monthly pension. We asked him to go and do his ‘I am Alive’ which he did last week. What can we do?

    LIASU: Dear Omobola, my name is Liasu. Please help me to look into my pension issue. I am sick and I need my pension to be paid so that I can treat myself medically.

    CHIEF BAIYEGUN: Hello Omobola, I am Chief Baiyegun. I am an Ondo State pensioner with federal share. This is a ‘Save my Soul’ call to PTAD because I have no other hope. I will like to remind you that I have not received my token pension for the month of March. The late payment of my monthly pension is now becoming a regular occurrence and this is having a negative effect on the good image of the establishment. Please look into my matter.

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    FOLAGBADE: Good day, my name is Folagbade. I am a state pensioner with federal share. I have not been paid my NSIWC 2024  pension increment arrears while my colleagues have received theirs. Is PTAD paying in batches.? Please help me.

    OSUWA: Hello, this is a remainder on short payment in my monthly pension. My mates are collecting N30,000 and above but I continue to receive less than N27,000. Kindly help me correct this.

    ENGR. DADA: Good day, I write on behalf of Engr. DADA. I have been forwarding his details to our union in Abuja without a response. Presently he is our Chairman for Ekiti State Nitel/Mtel Pensioner’s Association. His September 2019 pension is omitted. We can send his statement of Account for the period to you. We need your reply and solution. Also, for nearly one week now, some of our members are trying to do their ‘I am Alive’ verification but they are not able to.

    THE NATION: The Newspaper will intervene by sending your complaint to PTAD. Therefore, TSWANYA, ADEPITE, DANIYAN, ALEXANDER, OLADIPO, LIASU, CHIEF BAIYEGUN, FOLAGBADE, OSUWA and ENGR. DADA should watch out for the pension page on Wednesdays for response from PTAD and subsequently every Wednesday for pension news.

  • ‘PTAD enhancing pension welfare with integrity, innovation’

    ‘PTAD enhancing pension welfare with integrity, innovation’

    The Pension Transitional Arrangement Directorate (PTAD) has continued to strengthen Nigeria’s Defined Benefit Scheme (DBS), delivering critical reforms that enhance transparency, accountability, and dignity for federal pensioners, The Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD), Tolulope Odunaiya has said.

    Odunaiya, in a statement, said since its establishment in 2014 under the Pension Reform Act, PTAD has made measurable progress in streamlining pension administration for retirees of the Civil Service, Police, Customs, Immigration, Prisons, and Parastatals.

    Speaking on the milestone achievements of the Directorate, she said they have recorded huge success in biometric verification and pension payroll clean-up and digitisation of pension records.

    She also said that they have ensured regular pension payments.

    She said: “Through nationwide verification and the recent “I Am Alive” digital confirmation platform, PTAD has eliminated fake pensioners, saving the government billions and ensuring pensions go to the rightful beneficiaries.

    “PTAD has digitised millions of legacy records, enabling more efficient tracking, validation, and complaint resolution. Similarly, monthly pensions are now paid promptly and consistently, an improvement that has restored confidence and stability among retirees.

    “PTAD remains committed to its mandate, serving Nigeria’s pensioners with transparency, compassion, and efficiency. With stronger inter-agency collaboration, improved funding, and expanded outreach, the directorate is poised to deepen pension security and deliver greater peace of mind to retirees nationwide”, she noted.

    Odunaiya stressed that PTAD has marked a significant milestone-10 years of revolutionising Nigeria’s public sector pension administrative system.

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    “Established in 2013, PTAD was tasked with consolidating and managing pensions under the DBS for pensioners who retired on or before June 30, 2007 and did not transit to the Contributory Pension scheme. When the Directorate was created, it inherited a host of challenges that had long plagued the legacy pension offices.

    “These offices, comprising the Police, Customs, Immigration, Prisons, and the Civil Service, as well as the Boards of Trustees of Treasury funded Parastatals, Universities and Research Institutions and Agencies, were historically managed in a fragmented, inefficient, and underfunded manner. By 2004, this mismanagement had culminated in pension liabilities exceeding N2 trillion.

    “Additionally, there was no formal database of pensioners’ records, and reports of ghost beneficiaries, coupled with widespread allegations of fraud, further compounded the dysfunction within these offices.

    “Since its establishment, the Directorate has addressed these challenges and transformed the management of the DBS in a number of significant ways”, she added.