The Nation Newspaper

Category: Pension

  • Coronation Insurance records N5.2b profit, grows turnover

    Coronation Insurance records N5.2b profit, grows turnover

    Coronation insurance has announced an impressive performance for the 2022 financial year.

    This was made known at the company’s Annual General Meeting (AGM, where shareholders were presented with the company’s accounts.

    A review of the company’s financial results indicated a significant improvement over last year’s performance and evidenced strong growths across key financial indicators, which is a testament to the insurance group’s financial health.

    The group recorded an increase of 322 per cent in underwriting profit from N1.2 billion in 2021 to N5.2 billion in the year under review.

    Similarly, the company’s underwriting profit moved from N659 million in 2021 to N2.3 billion in 2022, a 242 per cent increase.  

    In the same vein, the group reported N19.8 billion Gross Premium Written (GPW), which is a 40 per cent increase, reflecting a substantial rise from N14.1 billion Gross Premium Written (GWP) in previous year.

    The company also ended the year with a GPW of N13.9 billion, which is a 57 per cent growth when compared with Gross Premium Written (GWP) of N8.8 billion in 2021.

    The group net claim expenses reduced from N7.3 billion in 2021 to N3.3 billion in 2022, amounting to 54 per cent decrease.

    The company also experienced a decrease in net claim expenses, from N4.4 billion in 2021 to N1.6 billion in 2022, which is a 63 per cent reduction, as a result of sound underwriting and risk reinsurance practices

    For investment income, N3.4 billion was achieved, representing a 35 per cent increase compared to the year 2021 N2.5 billion record. In 2022, significant strides were made in the company’s financial performance as a result of the reduction in Loss Before Tax, marking a pivotal turning point in the company’s journey towards profitability.

    The group’s impressive performance is attributable to its commitment to financial sustainability and operational excellence.

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    Specifically, the Coronation Insurance Group addressed its challenges by embracing innovation and implementing strategic initiatives that placed the company on a trajectory toward profitability.

    Analysts commended the company’s leadership for the remarkable performance and noted that the results reflected a strong financial foundation inspired by a strategic vision for sustained success in the years to come.

    This commendation reinforces the encomiums shareholders at the meeting showered on the company’s management and Board regarding the growth in revenue across all its business lines despite the domestic and global headwinds, the clean bill of health issued by the National Insurance Commission, following the risk-based supervision conducted on the company recently.

    Olamide Olajolo, the company’s Chief Executive Officer, who had earlier informed shareholders about the improved service culture at Coronation insurance as a result of the robustness of the company’s complaints channels, which has now facilitated 100 per cent resolution of complaints received, thanked the company’s shareholders for the for the confidence vested in the Company’s Board and Management.

    According to him “We are appreciative of your support and encouragement.  Your kind words and acknowledgement of the dedication of the management, and especially the Board members, who had full attendance and participation in Board meetings in the financial year under review, will undoubtedly stimulate us to a higher level of commitment”, he stated.

  • Leadway Assurance, Gamp launch plan for gadgets

    Leadway Assurance, Gamp launch plan for gadgets

    A startup, Gamp is partnering Leadway Assurance to deliver Africa’s first insurance, after-sales support, and repairs of devices.

     Head, Partnership and Microinsurance, Leadway Holdings, Umashime Oguzor-Doghro, said the partnership is aimed at providing device insurance for individuals and businesses.

      In a statement, she said the insurance plan covers the cost of repairs of damaged devices for policyholders through the provision of access to a wide network of repair centres through accredited Original Equipment Manufacturer (OEM) partners.

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    Under the plan, a policyholder can request a repair online from the comfort of their home, where the affected gadgets will be picked up, repaired and delivered from any of the designated experience centers, she noted.

    She said: “This partnership is part of efforts by Leadway to expand access to insurance services by embedding them into the customer’s lifestyle. With over 130 million devices in Nigeria, the need to provide an insurance cover to indemnify consumers against the cost of repairs cannot be overemphasised.

    “The device protection plan is priced at the affordable cost of N1,500 per year, with the plan covering all types of gadgets, regardless of brand, location of purchase, condition, or model. The plan can be purchased online or in-store from partner stores.’’

  • ‘Why PFAs invest pension funds in Fed Govt bonds’

    ‘Why PFAs invest pension funds in Fed Govt bonds’

    • Fund hits N17.29 tr

    With Nigeria’s pension fund hitting N17.29trillion as at August 31, the fund landscape is witnessing a robust investment strategy, the Director-General, National Pension Commission, Mrs. Aisha Dahir-Umar, has said.

    She said the Pension Fund Administrators (PFAs) are investing funds in Federal Government’s bonds and other eligible securities.

    According to her, this approach  aligns with the Pension Reform Act 2014 (PRA 2014).

    The PenCom boss, who made this known in a statement, said the total pension assets under management  are worth N17.29 trillion, describing this as impressive.

    She explained that pension fund assets are managed by licensed PFAs and safeguarded by Pension Fund Custodians (PFCs) in line with the  the PRA 2014.

    She maintained that the primary  principle of investing pension funds is to ensure safety and maintenance of fair returns, with a prohibition on borrowing or lending pension fund assets.

    She said: “The allowable instruments for investing pension funds, as outlined by the PRA 2014, include bonds, Sukuk, Treasury Bills, and other securities issued by the Federal Government and the Central Bank of Nigeria (CBN), or their agencies.

    “Also, Special Purpose Vehicles and Companies created or owned by the Federal Government  are eligible, provided these securities are guaranteed by the CBN or the Federal Government.

    “Other allowable instruments for investment of pension funds include state government securities, corporate bonds, money market instruments, equities, Real Estate Investment Trusts (REITs), Infrastructure Bonds, Private Equity and Venture Capital as well as Open-End and Closed-End Funds.

    “At the end of August 2023, Nigeria’s pension assets increased by N530.79 billion representing 3.17 per cent from June 2023. Out of the net pension asset of 17.29 trillion, N11.47 trillion is invested in Federal Government’s Securities. This comprises N10.99 trillion in Federal Government Bonds, N211.77 billion in Federal Government Treasury Bills, N11.02 billion in Agency Bonds (Nigeria Mortgage Refinance Company), N154.76 billion in Sukuk Bonds, and N98.55 billion in PenCom Green Bonds.”

    The remaining investments, she added, are in money market instruments, corporate debt securities, quoted equities, among others.

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    She stated that in line with global best practice, the Federal Government’s securities are considered safe and are usually a significant portion of pension fund investments.

    “In Nigeria, Federal Government’s bonds are considered the safest investment in the domestic debt market due to their backing by the ‘full faith and credit’ of the Federal Government. They are deemed risk-free, ensuring certainty in interest and principal payments. Furthermore, the interest income earned from these bonds is tax exempt.

    “Since the establishment of the Contributory Pension Scheme (CPS), the Federal Government has consistently met its obligation to repay pension funds invested in its bonds along with all accrued interests, without any defaults.”

    “It is important to clarify that investments in Federal Government’s securities are not direct loans to the government; PFAs have the liberty to divest from these securities according to the Regulation on Investment of Pension Fund Assets.

    “It is significant to note that investments in Federal Government’s bonds are not exclusive to PFAs as other institutional investors also invest in the bonds.

    “The PRA 2014 underscores that PFAs must manage pension funds in the best interest of retirement savings account holders. All investments in eligible securities and corporate entities are ‘ring-fenced,’ meaning they belong exclusively to the RSA holders and other pension beneficiaries and cannot be appropriated to any individual or related party of the PFA.

    “To ensure compliance with the PRA 2014, each PFA is required to establish an Investment Strategy Committee and a Risk Management Committee.

    These committees play a crucial role in formulating internal investment strategies and assessing acceptable risk profiles for investment portfolios.

    “They are vital components of a comprehensive risk management system that ensures the safety and stability of pension fund investments. It is noteworthy that pension funds invested in Federal Government bonds have aided in deepening Nigeria’s financial sector and provided a platform for attaining strategic programmes of Government in the areas of infrastructure and real sector of the economy. It is evident from the vibrant pension industry in Nigeria today that the objectives of the pension reform have been significantly achieved in the areas of accumulation of long-term savings for Nigeria, as well as transparency and efficiency in funds management and benefits administration”.

    Mrs. Dahir-Umar further stated that generally, pension funds around the world invest in a diverse range of assets, noting that in Chile, from where Nigeria adopted the CPS, Government bonds account for the highest investments using pension funds.

    “Similarly, Pension asset managers in many countries prioritise investments in defensive assets, including fixed interest securities such as bonds and treasury bills. These assets offer stable income at a lower risk level, which suit the moderate risk appetite of pension funds.

    “Consistent with the investment culture in Nigeria’s pension landscape, countries such as Singapore, Korea and India have invested 90 per cent of their pension funds in defensive assets, mostly Government bonds. Asset allocation decisions are made to achieve safety and fair returns.

    “In summary, the strategic investment of pension funds in Federal Government securities demonstrates a prudent approach by PFAs, aligning with the overarching goal of ensuring the safety and fair returns for the retirement savings account holders and other pension beneficiaries”, she added.

  • Pension complaints and solutions

    Pension complaints and solutions

    Adebayo: Good day, my complaint is about my mother’s death benefit that has not been paid for the past 11 years. Her name is Adebayo. She died in active service at the Police Service Commission.

    Please let me know if you need more information.

    Thank you for your anticipated assistance.

    PENCOM: Dear Sir, your mother’s death benefit is being processed. The PFA will contact the named beneficiary once the process has been completed.

    OLAJUWON: Good day, my name is Olajuwon. I requested for my 25 per cent lump sum benefit from Leadway Pensure and they  said they couldn’t process it because my former employer misspelt my middle name as “Enitan” instead of “Eniitan” which is on Leadway system.

    They said the change is as a result of change of name that I recently did.

    I worked with my former employer for over eight years before leaving.

    Kindly assist me.

    PENCOM: Dear Ms. Olajuwon, kindly approach the PFA with the evidence of the change of name to guide you through the process to rectify the issue.

    INSPECTOR YAJI: Hello, I have a complaint about the delay of my late father’s benefits.

    He is Inspector Yaji, who was attached to Leadway Pensure, and died on July 16,  2013.

    Painfully, 10 years after, we are yet to be paid of his benefits.

    PENCOM: Dear Mr. Yaji, please note that the documentation to process your father’s death benefit is incomplete. You are to approach the PFA of the deceased to submit required documents.

    EZUGWU: Good day, my name is Ezugwu, a retired Assistant Comptroller- General of Immigration Service.

    Since I retired, I have been able to  upload my slip. Happily, that has been done now by Premium PFA.

    But I want to draw the attention of my schedule officer to it, so it can be attended to. Thank you.

    PENCOM: Dear Mr. Ezugwu, the request for your retirement benefit is being processed. Your PFA will contact you once it is processed.

    FADA: Hello, my name is Fada. My PFA is Legacy Pension.

    I applied for my 25 per cent some weeks ago, but up till now, I have not seen any payment.

    When I contacted them, they said they had done their part and were waiting for approval from PenCom and that it would take about five working days before it would be approved.

    It is over five days and I have not heard from anyone. I have a patient in the hospital and I need money for his treatment.

    Please help me. Thank you.      

    PENCOM: Dear Mr. Fada, your request was approved on September 13, 2023.  Kindly approach your PFA.

    JACK:  Hello, my name is Jack. My Pension Administrator is Stanbic IBTC Pension Managers.

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    For over four months, the National Pension Commission is yet to approve my retirement pension fund.  There has been several re-filing and re-submission, yet no positive feedback, according to Stanbic IBTC on my pension fund. What do I do? Do I engage Lawyers to take up this matter in court? Because I am tired of waiting for PenCom’s over-due approval and non-remittance of my pension fund. Thank you.

    PENCOM: Dear Mr. Jack, you are yet to undergo the enrolment, Kindly approach your PFA for Enrolment and Verification to process your retirement benefit

    JAKALAMMA: Good day, my name is Jakalamma from Jalingo, Taraba State.

    I worked at Mainland Resources, a security company and was disengaged on April 4, 11, 2022.

    An excess of N77,760.10 was paid into my pension account after my disengagement. I wrote a consent letter to PenCom to withdraw the  amount from my pension account and send it to Mainland Resources account. But up till now, therehad been no response from PenCom. Please help and respond to the mail sent from FCMB Pension on this. Thank you. PENCOM: Dear Mr. Jakalamma, your employer should write to your PFA requesting for refund of the excess pension contributions.

  • Pension complaints and solutions

    Pension complaints and solutions

    JOSEPH: Hello, my name is Joseph. I am the Next-of-Kin (NOK) to the late Mr. Jaya. He worked at the Federal Polytechnic, Kaduna. His benefits have not been paid.

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

    AKINBIYI: Good afternoon, my name is Akinbiyi. I retired in August 2022. My request for payment approval was forwarded to PenCom for action on August 28, 2023. But I am yet to get an update.

    PENCOM: Dear sir, kindly provide the details of your Pension Fund Administrator and Retirement Savings Account PIN to enable the Commission process the complaint.

    ANNONYMOUS: Good day, we would like to get a PenCom Certificate. Our staff have different PFAs. What can we do to get the certificate? Thank you.         

    PENCOM: Dear Sir, kindly make the remittances into the Retirement Savings Accounts of your employees with their Pension Fund Administrators.The evidence of the remittances should be attached to your application for the Pension Clearance Certificate along with the other required documents.

    BITRUS: Good day, I am Bitrus. My PFA is NPF Pension. I have a problem rolling into the NPF Pension. NPF Pension said my account is not funded, so I visited the office of my former PFA, which is Premium Pension in Asaba, and they responded that my data capture was successful. But NPF Pension cannot access my pension account. Kindly help me find out what the problem is because I am confused.

    PENCOM: Dear Sir, kindly approach NPF (PFA) and undergo the data recapture  to ensure that your RSA is transferred to NPF PFA.

    OLAYINKA: Good day, my name is Olayinka. My employer is the Nigerian Defence Academy (NDA), Kaduna and my PFA is Leadway Pensure. l want to know the status of the reconciliation of my account. I completed my verification about two months ago and it was forwarded to PenCom for reconciliation.

    PENCOM: Dear Mr. Olayinka, your organisation joined IPPIS in 2011 prior to your First Appointment in April 2012, your remittances prior to the time were done by the Office of the Accountant-General of the Federation. You should approach the IPPIS office for reconciliation of your RSA.

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    JOHN: Good morning, I was informed by my PFA that my application had been forwarded to PenCom for approval since August 25 but I am yet to get any feedback. I understand it takes five working days for approval to be granted. This was due last Friday. My PFA is Stanbic IBTC Pensions. Kindly assist me by looking into the approval. I will be ready to provide more information if necessary. Thank you.

    PENCOM: Dear Sir, please note that your payment has been processed and paid on September 5, 2023. Kindly approach your bank for confirmation

    SOSAN: Good day, my name is Sosan. My PFA is Stanbic IBTC. My complaint is that I have been waiting for approval for my Voluntary Contributions for weeks, and I would like to get your attention to this.

    PENCOM: Dear Mr. Sosan, please note that your Voluntary Contribution was paid on September 12, 2023. Kindly approach your bank for confirmation

    Ms Manjalo: I am Ms Manjalo. I submitted my provisional agreement to Premium Pension for my transfer to annuity pension with Leadway Pensure since June 6, 2023 but no action has been taken by Premium Pension up till date. I made calls for reminders but no response. In July, one Bilkisu Mammam Mahmoud called to convince me to remain with them but I insisted on going to annuity. Since then no actions have been taken and she no longer picks my calls. I want you to intervene because I should be entitled to my rights. Thank you in anticipation of a swift response.

    PENCOM: Dear Ms. Manjalo, kindly note that the request was approved on September 14, 2023, please approach your PFA for confirmation.

    ELEZIEANYA: Good day, My name is Elezieanya. I applied for 25 per cent payment through my PFA, Norrenberger Pension, on August 11, 2023. I was informed that the request is pending with PenCom. Kindly give approval to enable me to meet my financial demands.

    PENCOM: Dear Mr. Elezieanya, kindly note that the request was approved on September 12, 2023.You should approach PFA for confirmation.

    INUWA: My complaint is about my father’s death benefit. My PFA is Trustfund Pension.

    PENCOM: Dear Mr. Inuwa, your father’s death benefit is being processed. The PFA will contact the named beneficiary once the process has been completed.

  • PFAs’ fiduciary role, investments safe under CPS

    PFAs’ fiduciary role, investments safe under CPS

    The fiduciary role of licensed Pension Fund Administrators (PFAs), including investments made in securities and corporate entities, are “ring-fenced” and belong to the Retirement Savings Account (RSA) holders and other pension beneficiaries, the Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, has said.

    She made this known in a report entitled: “The Fiduciary Role of Pension Fund Administrators Under the Contributory Pension Scheme (CPS)” obtained by The Nation.

    She said the Pension Reform Act (PRA) 2014 made provisions  against conflict of interest in the investment of pension funds.

    She said the diligent implementation of the Act by PenCom had resulted in the accumulation of pension fund assets of over N17.07 trillion as at July 31, this year.

    She further said the quantum of pension assets shows the huge burden on the PFAs as they conduct fiduciary responsibility for contributors.

    She stated that the provisions of Section 69 (b) of PRA 2014 stipulate that the PFA and PFC shall take reasonable care that the management or custody of the pension funds is carried out in the best interest of the RSA holders.

    She said: “The CPS is often described as fully-funded due to the individual Retirement Savings Accounts (RSAs) where monthly pension contributions are remitted. The individual RSAs opened with a Pension Fund Administrator (PFA) are pooled into a Fund and managed as investments in various allowable instruments.

    “Pension fund investments seek to ensure timely payment of benefits to employees upon retirement. Consequently, the overriding philosophy guiding investments is the maintenance of safety and fair returns. PenCom has issued the regulation on investment of Pension Fund Assets (the Investment Regulation) to regulate all pension fund investments.

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    “While the PFA is responsible for taking investment decisions and ensuring safety and fair returns for the benefit of contributors, the Pension Fund Custodian (PFC) ensures safe custody of the assets. Guided by the Investment Regulation, investment decisions are taken by the PFA on trust, as a fiduciary duty on behalf of pension contributors.”

    She said the pension funds are also segregated from the assets of a PFA, and incomes exclusively for the benefit of pension contributors, noting that Section 86 of the PRA 2014 has outlined the allowable investment outlets for pension fund investments.

    “These include bonds, treasury bills and other securities issued by the Federal Government and State Government Bonds. Pension funds are allowed to be invested in bonds, debentures, redeemable shares and other debt instruments issued by corporate entities and listed on a Stock Exchange under the Investment and Securities Act and ordinary shares of public limited companies listed on a Stock Exchange, under the Investment and Securities Act. In addition, pension funds may also be invested in bank deposits and securities; real estate development investments; specialist investment funds and other financial instruments as enshrined in the Investment Regulation.

    “Furthermore, Section 6.1(iii) of the Investment Regulation dealing with conflict of interest stipulates that “The PFA or any of its agents are prohibited from investing Pension Fund Assets in the shares or any other securities, issued through public or private placement arrangements, by related party/person of any shareholder of the PFA.”   

    Related persons/party as defined in Section 1.10 of the Investment Regulation “includes natural persons related by blood, adoption or marriage; legal entities one of which has control or significant influence over the other, or both of which are controlled by some other person or entity; a corporate entity where any of the aforementioned holds 5 per cent or more beneficial interest; and any other relationship that can be reasonably construed as related persons or parties”.

    “In line with the foregoing, PenCom monitors the PFAs to ensure that all investments are in line with the Investment Regulation. The PFAs are required to submit a daily valuation report on pension fund investments through which PenCom ensures strict adherence to the Investment Regulation,” she added.

  • Japan govt’s pension fund moves to assist the aged

    Japan govt’s pension fund moves to assist the aged

    Japan’s Government Pension Investment Fund, one of the world’s most powerful investors, is overhauling the way it chooses active managers, in a bid to secure the higher returns needed to support a rapidly ageing population.

    As its sheer size makes it harder to achieve above average performance, the world’s largest pension fund is leaning increasingly on data science to find those managers who can beat the market.

    “If asset owners can develop a scientific method for selecting active funds that stably generate excess returns, I think the proportion of active management in the capital market will increase,” says Eiji Ueda, GPIF’s chief investment officer. “GPIF is currently in the process of implementing such an approach.”

    He notes: “We have selected 19 funds in North America and 14 funds in developed countries [excluding Japan], and are considering selecting a Japanese stock fund next”. In North America, GPIF ran investment simulations to winnow down a list of 1,400 funds.

    That push has seen the number of active foreign equity funds awarded mandates by GPIF increase from seven at the end of 2021 to 25 at the end of last year — a figure Ueda says could increase again, if risks remain manageable.

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    The vast majority of its investments in bonds and equity are still being passively managed, with about 16 per cent in the hands of active managers.

    Ueda, who has kept a low profile since taking over as CIO, remains confident he can push asset management companies into providing more data, which in turn he can use to make better decisions.

    The fund, he says, is “planning the development of an IT infrastructure, so that we can take advantage of our ability to collect vast amounts of investment data in making investment decisions”.

    A former Goldman Sachs bond trader, Ueda joined in 2020, taking over from Hiromichi Mizuno. With markets roiled by the Covid-19 pandemic, Ueda has implemented what people familiar with the matter say is an increasing focus on risk management.

    GPIF, established as an independent agency in 2006 to invest the financial reserves of Japanese public pensions schemes, has more than ¥200trillionn ($1.3trillionn) at its disposal, and targets a real investment return of 1.7 per cent above nominal wage growth. But that performance matters more than ever as Japan’s demographics act as an experiment for the world: last month, for the first time, people over 80 made up more than 10 per cent of the population.

    •Culled from Financial Times

  • Fed Govt’s N25,000 palliative excites pensioners

    Fed Govt’s N25,000 palliative excites pensioners

    Pensioners have expressed excitement following the announcement by the Federal Government to pay vulnerable pensioners N25,000.

    The money forms part of palliatives to ease the pains of 15 million households across the country, including vulnerable pensioners.

    A pensioner, Muri Adegbola, who said he was excited about the news, lauded President Bola Ahmed Tinubu, the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) for considering pensioners in their negotiations.

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    Another pensioner, Innocent Okon, said he was happy and worried.

    He said he was worried that the plan might either not be carried out or might be hijacked by bad elements in government.

    On the other hand, Mrs Abdulsalami Lawan, said he would not believe the President’s announcement until he received it.

    He urged the NLC and TUC not to relax their grip on the government but should continue to defend the vulnerable.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    EKOP: Good day, I am Ekop Andem Emah from Akwa Ibom State. I am among the federal share beneficiary.

      I retired since 2007 and I have been receiving regular monthly pension.

      My complaint is on non-payment of gratuity. As requested, I have sent my bank statements since 2007 to PTAD Thank you.

    OLAWUNMI:Dear Omobola, my name is Olawunmi. My complaint is on the stoppage of my pension payment since August 2020.

    I retired from News Agency of Nigeria (NAN) as Assistant Editor-in-Chief on Grade L 14, Step 10 on January 1, 1997.

    I was verified in Lagos on July 26, 2023.

    Please, when can I expect my pension payment to be reinstated? Thank you.

    ELLIS: My name is Ellis, I still have not received any response from PTAD on what to do? My brother Kelvin and I have not been paid since our verification in 2015 by PTAD in lagos. We are Next of Kin to Francis, a police officer.

    OJO: My name is Ojo and my employer is the Federal Goverment. I retired on December 31, 1992 and I am still alive. I had a serious accident at the end of august. I have sent my details to PTAD but I do not know when they will respond to my request after sending all the details requested to them. I am on a sick bed. Kindly help me.

    SAKA: Dear Omobola, I have been going to the business centre since July 1, 2020 to do “I am ALIVE” verification and each time I am not captured. I am sick and cannot walk properly.

    Please what can I do now? Thanks and God bless.

    ADEKUNLE: Dear Omobola,  some pensioners and I who were verified since January 20I8 are yet to receive our pension from PTAD. This has overruled the circular number B633O4XIII-879 of June 29, I992.

    The report of the panel is with the Bureau of Pubic Enterprises (BPE) and l believed that PTAD will also have a copy. I thank you and your good office.

    KIRIKI: Hello, Omobola Pension Solution. Can you help me out with my pension matter that has been pending since February 2022 to date?

    I am Kiriki. My federal pension was stopped in February 2022. I have made several complaints to PTAD via the website all to no avail.

    My date of first appointment (federal) was January 1, 1972 to March 31, 1976 at Secondary Mission School, Zion Opuba. The date of retirement was December 31, 2006.

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    When my pension number was slotted into the computer system, it showed that the number did not exist.

    I have imputed my PTAD verification number and account number several times, yet the system brings out “The number did not exist”.

    It may likely be that my name has been mistakenly omitted from the PTAD payroll.

    UDOM:My name is Udom. I worked at the Akwa Ibom State Internal Revenue Service.

    My date of first appointment was February15, 1971. I retired on February 15, 2006.

    The federal share of my gratuity has not been paid since my retirement in 2006.

    NIMENGOKA: Dear Omobola, I am Nimengoka. I reside Port Harcourt, Rivers State.

    I am the Next-of-kin to the late Mrs Martha, my mother.

    She died in active service at the University of Port Harcourt, Teaching Hospital (UPTH) in 2005.

    Because I was not up to 25 years, I could not access her money, the reason it lingered till date.

    Now, I am more than 25. Indeed,  I started processing her burial expenses from 2020 at UPTH and have finished the documentation. Yet, my mother’s burial expenses have not been paid.

    The UPTH says PTAD is delaying the payment. I seek your  help.

    DUROJAYE: Dear Omobola, thanks for your publications of the short-payment of my federal pension of N4,261.17 and N12,867.24, since 2015.

    They were published five times, including the one of Wednesday, September 6, 2023, stating that I didn’t reply to the demand of providing bank statements.

    I didn’t receive any information on that.

    Please note that I had sent my  bank statements on May 17, 2023 through an email to PTAD, which receipt was acknowledged on June 13. Please check for confirmation.

    ARASIYU: I am Arasiyu. My pension has not been paid since may 2019. Kindly help me.

    THE NATION: The newspaper will intervene. Therefore Ekop, Olawunmi, Ellis, Ojo, Saka, Adekunle; Kiriki; UDOM, Nimengoke, Durojaiye, and Arasiyu should look out for the newspaper next week for responses from PTAD.

  • Insurers leveraging technology to achieve N1tr premium target

    Insurers leveraging technology to achieve N1tr premium target

    Insurance companies are leveraging digital and technology innovation to increase the industry’s penetration and premium income from over N726.2billion it recorded last year to N1trillion in this financial year, the President, Nigerian Insurers Association (NIA), Mr. Olusegun Omosehin, has said.

    He spoke at the ongoing ‘Insurance Meets Tech 2023′ conference themed: ‘Unlocking policy and tech bottleneck hindering disruptive insurance penetration’ in Victoria Island, Lagos.

    Omosehin noted that the N1trillion gross premium had been a target of the industry, but hopeful that the sub-sector would achieve the feat this year.

    For him, the industry has progressed a lot in technological adoption. He believes that tech and digitalisation will steer the industry to meet its expectations.

    He promised that operators would continue to partner tech companies to get positive results.

    He stressed that the industry has partnered several states, including Lagos, to enhance insurance adoption, especially from motorists.

    He is optimistic that technology  will give the industry the needed breakthrough and that operators are open to its adoption.

    Earlier, the convener of the initiative, Mr. Odion Aleobua, noted that  though in the fourth quarter of 2022, insurance industry recorded a staggering N726.2billion in gross premium income. He believes the industry is merely scratching the surface of what is possible.

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    He said: “The figure is just a testament to the enormous potential that lies within the industry with the capacity for exponential growth and its collective responsibility to unlock the potential.

    “However, when we consider that in the same year, Zenith Bank Plc alone reported N945.5billion in gross earnings in the same economy, it indicates the potential and it is instructive that the insurance industry has yet to scratch the surface of what is possible.”

    Odion, who is also the Managing Director/CEO of Modion Communications Limited, pointed out that the burgeoning success of insurtech with  millions of dollars in investments, underscores the importance of embracing technology and innovation to shape the future of insurance.

    “Let us embrace the challenges before us and transform them into opportunities for growth. Let us harness the full potential of technology to make insurance more accessible, affordable and reliable for Nigerians,” he advised.

    Similarly, founder/CEO, Caladium Consulting, Ayo Bankole Akintujoye, said every industry is harnessing the opportunities in technology and insurance cannot be isolated.

    He also called for a stronger collaboration between the insurers and tech firms to deepen insurance penetration, acceptance and profitability.

    He advised insurers to learn from the banking industry that has led the pace in digitilisation and leveraging  multiple channels to reach out to customers.

    Akintujoye urged operators to move with trends to hasten growth.