The Nation Newspaper

Category: Pension

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    AHMED: Good day, my name is Ahmed. I retired from NIWA in 2007, my complains are I haven’t received any of the arrears paid to some of the pensioners ranging from the 24 per cent and the N32,000 arrears. I was told my name fell on the second batch since August 2024. Kindly help me out

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

    ANONYMOUS: I have no other option than to continue to complain of deduction of my pension allowance sum of #9000, since September last year.  Please use your office to rescue me from this situation l have written several times for correction to no avail why?

    PTAD: Dear PTAD pensioner, please send your verification slip to our email complaints@ptad.gov.ng to enable us to investigate and respond further. However, note that PTAD obtained a directive for the re-implementation of the CPA based on grade level in line with the clarification from the NSIWC before implementing the new 20 per cent and 28per cent increment as applicable. The CPA which was as a result of the minimum wage approval in April 2019 was implemented in May 2021 based on pay-band application with subsequent payment of 24 months arrears covering from April 2019 to April 2021. It is, therefore, instructive to mention that arrears reconciliation arising from the re-implementation of the CPA based on grade level is set aside pending further directive.

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    The clarification from the NSIWC which revised the implementation of the CPA to Grade level was taken into cogni NAICOM, FRSC, NHIA Partner on Road Safety, NIIRA 2025 sance and accordingly implemented on the payroll before the application of the new pension increment of 20-28per cent as applicable which will take effect from September 2024.

    Further to the above, the Executive Secretary gave directive to pay the 20per cent / 28per cent pension increment arrears to only the pensioners whose monthly pension have been correctly computed and implemented as per the August payroll. In line with the directive of the Executive Secretary, the Department reviewed the August 2024 pension payroll to ascertain that only pensioners who are on their correctly computed monthly pension are paid the 20 – 28per cent pension increment arrears and thereafter identified and excluded the following categories of pensioners:

    •Pensioners on the payroll with inherited monthly pension and whose monthly pension entitlement is yet to be computed to date;

    •Pensioners on the payroll with inherited monthly pension but whose monthly pension entitlement have been computed but not yet implemented;

    •Pensioners on the payroll with monthly pension figure that appears to be higher than the maximum monthly pension for their Grade Level.

    Thank you.

  • Everything you need to know as a retiree under PTAD

    Everything you need to know as a retiree under PTAD

    Losing a loved one is hard enough but dealing with paperwork shouldn’t make it harder.

    This is why understanding who a Next-of-Kin (NOK) is and how to complete verification is so important. PTAD’s verification process ensures pension benefits go directly to the rightful person without stress.

    In this report, PTAD explains everything you need to know about NOK verification, the documents required, and how to handle special cases like being abroad or unfit to travel.

    Who is a Next of Kin (NOK)?

    A Next-of-Kin (NOK) is the individual chosen by the principal to inherit his or her entitlement in the event of his/her death. The NOK could be the child, wife, brother, parent, friend or any relation of the deceased,   selected by the deceased while he/she was alive.

    If there are more than one NOK, do we all need to be present for verification?

    Yes. You all need to be present as NOKs. Verification can only be successful and recognised when all NOKs are present in compliance to the will of the deceased pensioner.

    Read Also: NFF, Jalla bicker over planned workshop on  amendment of statues at Ibadan AGM

    What are the documents needed for NOK verification?

    Depending on the department, documents required for verification of NOKs varies. Here is the list of documents required; Letter/Gazette of 1st appointment/Letter of Enlistment; Letter/Gazette of 1st Confirmation of Appointment; Letter/Gazette of Last promotion; Approved Letter of Retirement/Disengagement.; Severance Pay Slip (Disengaged Retirees Only); Evidence of payment of Gratuity; Computation Sheet stamped and signed by the State Auditor General ( for State pensioners with Federal Shares only); and Death Certificate of the Deceased from a Government recognised hospital or National Population Commission.

    Others are Letter of Administration from a Federal High Court; Birth Certificate of NOK; Letter of Introduction from MDA (Death in active service); Record of Service; NOK Identity card (Driving Licence, Int’l Passport, National ID Card or Voters Registration Card); Letter of Introduction from the Command Headquarters (Police); Letter of Introduction from the Association of War Affected Police Officers (AWARPO).; Letter of Amnesty from the Police Service Commission (Police); Joint Account of NOKs(Duly Stamped/Signed); Marriage Certificate (For Spouses); Duly signed and stamped NUBAN Joint Bank Account Statement of the NOK (s) with bank logo; Stamped Bank Verification Number (BVN) Slip print out of the NOKs; One colored Passport Photograph for each NOKs; Duly signed and stamped NUBAN Bank Account Statement of the deceased from retirement till date; Birth certificates/sworn affidavit of the NOKs; Evidence of change of name where applicable); and Evidence of Transfer of Service where applicable).

    I am not in Nigeria at the moment and I missed the verification exercise that was previously conducted. My monthly pension has been stopped. What do I do?

    You can go to the nearest Nigerian Embassy or High Commission to you, obtain an “I am alive” Certificate, attach your resident permit and data page of your international passport. 

    Also attach all relevant career progression documents and forward to the Directorate through a third party or email to info@ptad.gov.ng or complaints@ptad.gov.ng. Consequent upon a successful validation, your monthly pension will be restored pending when you make effort to come into the country for verification.

    Customs, Immigration and Prisons, as well as Parastatal pensioners are treated every Tuesday; Civil Service Pensioners are treated every Wednesday while Police pensioners and Parastatal pensioners are treated every Thursday However, in light of the COVID 19 pandemic, verification is strictly by invitation. Pensioners must send their documents to verification@ptad.gov.ng for review before they are invited for verification

    Do I have to submit all my documents when I have a complaint even after I have been verified?

    Once a pensioner is verified, the submission of documents is no longer a requirement for forwarding of complaints. It is only the verification slip and statement of account (six months) before the period of complaint that will be required.

    Customs, Immigration and Prisons, as well as Parastatal pensioners are treated every Tuesday; Civil Service Pensioners are treated every Wednesday while Police pensioners and Parastatal pensioners are treated every Thursday. However, in light of the COVID 19 pandemic, verification is strictly by invitation. Pensioners must send their documents to verification@ptad.gov.ng for review before they are invited for verification

    I am not living close to any of your Zonal offices. I am frail and do not have the means to travel. How do I get verified? Is there any other medium that I can use to send in my complaints?

    The pensioner can still be verified. He or she should send in the required documents with a full sized photograph, complete contact details, career documents and a medical report ascertaining conditions which are against travels to confirm inability to travel to any of our Zonal offices that is close to him/her through a third party, with a request for Mobile Verification. Once the documents are reviewed and found acceptable, a team of mobile verification officers will be sent to verify him or her.

    My spouse is bedridden and cannot attend the verification exercise. How can he/she be verified?

    You are required to bring documents with a full sized photograph, complete contact details, career documents and a medical report ascertaining conditions, towards being verified and subsequent enrolment for Monthly Pension (MP). You should arrange all the documents stated and go to the nearest Zonal Office close to you and inform the Team Lead. He will make arrangement for your husband or wife to be verified at home.

  • Ezeibe becomes NCRIB President as Oguntade bows out

    Ezeibe becomes NCRIB President as Oguntade bows out

    • NAICOM calls for broker-led microinsurance, takaful

    The Nigerian Council of Registered Insurance Brokers (NCRIB), has sworn in its 23rd President and Chairman, Governing Board, Mrs. Ekeoma Ezeibe.

    Ezeibe was sworn in as the third female president of the council in its 63 years of existence. She takes over from Babatunde Oguntade, who served for two years.

    The Chairman of the occasion and doyen of insurance, Olola Olabode Ogunlana while speaking at the ceremony, called for collaboration within the sector and beyond.

    Ogunlana said that ideally, there should also be linkages across all sectors of the Nigerian financial system.

    He stated that this collaboration must extend to insurers, regulators, and governments alike.

    He said: “Up to now, we have neglected insurance education for potential insurers. We must now go out of our way to make insurance a household word. Schools, higher institutions of learning, marketplaces, work sites, and wherever potential insurers may be. We must reduce our dependence on government insurer portfolios. The current free-for-all approach neither recognises merit nor encourages innovation or skill enhancement.

    “We must stop worrying our heads and time on those with deep pockets and their collaborators. Of course, we are not giving agriculture the enthusiasm and innovation it deserves. We must prioritise settlement of claims.”

    Read Also: NFF, Jalla bicker over planned workshop on  amendment of statues at Ibadan AGM

    He charged the new NCRIB President to pursue her agenda with vigour, adding, “We shall all support you.”

    Also speaking, the Commissioner for Insurance/Chief Executive Officer of the National Insurance Commission, Olusegun Omosehin, said the emergence of Ezeibe was a powerful statement on inclusion.

    “The emergence of Ezeibe as the third female president in the 63-year history of this council is a powerful symbol of progress and inclusion. It is of quiet strength and strategic impact, both at the NCRlB and generally within the Nigerian insurance industry. Of note is her strategic leadership as the chairperson of the Nigerian Insurance Industry Committee on AfCFTA. Under her guidance, the committee has championed industry enlightenment, capacity building and policy advocacy to ensure the Nigerian insurance industry is well positioned to harness the opportunities of the African Continental Free Trade Area,” he said.

    Omosehin went on to urge the NCRIB to work with it on microinsurance and Takaful options.

    “Inclusive insurance models also become very critical, so we would like to partner with the NCRIB to develop broker-led micro insurance and takaful solutions for our public. NAICOM’s stance is simple. Deliver only what you can support and support everything you deliver. Clear promises and prompt service build trust, and trust drives penetration.

    “We invite the NCRIB, under the leadership of Mrs. Ezeibe, to actively partner with the Commission in implementing the provisions of the Nigerian Insurance Industry Reform Act, 2025. NAICOM, therefore, remains open to dialogue and committed to harmonising the roles of all industry players.”

    Meanwhile, the immediate past President of NCRIB, Prince Babatunde Oguntade while reeling out his achievements as the president of NCRIB in the last two years said brokers have strategically partnered stakeholders including regulators, industry associations, and international organisations to deepen penetration.

    Oguntade said these partnerships opened up new opportunities for collaboration, knowledge-sharing, and business development.

    He stressed that his regime broke several new grounds with constituent bodies where insurance had never been mentioned, particularly in the entertainment and housing environment, believing his successor would sustain the tempo.

  • Lasaco Assurance pays N13.1b claims

    Lasaco Assurance pays N13.1b claims

    • Raises N11. 1b fresh capital ahead of recapitalisation

    Lasaco Assurance Plc has compensated policyholders who suffered mishaps on their insured risks in 2024 to the tune of N13.1billion.

    The claimants were paid, after they suffered disasters on their insured assets and lives respectively, in a move by the insurer to return the policyholders back to the financial positions they were prior to the mishaps.

    The N13.1billion claims paid represents over 50 per cent out the N22. 82billion generated from insurance revenue in its 2024 financial year.

    This payment, is however, an improvement over N6.54 billion paid in its 2023 financial year, an indication that it pays crucial attention to payment of genuine claims as and when due.

    Read Also: NFF, Jalla bicker over planned workshop on  amendment of statues at Ibadan AGM

    Meanwhile, the insurer has also raised additional N11.1billion in a move to meet the July 2026 recapitalisation exercise for the insurance industry.

    Speaking during the 45th Annual General Meeting (AGM) at the company’s headquarters in Lagos, the Chairman, Mrs. Teju Phillips, disclosed to shareholders that the firm’s insurance revenue rose to N22.82billion, representing a 25 per cent increase from N18.29 billion in 2023.

    She attributed this growth to market penetration and enhanced customer engagement.

    She said: “Profit after Tax (PAT) leaped to N1. 54billion, reflecting an 18 per cent increase from N1.31billion within the period under review. This achievement underscores the company’s discipline, cost optimisation and operational efficiency”.

    However, in a bid to strengthen the company, she said, Lasaco Assurance raised N11.1billion through a private placement, adding an additional 9.25 million shares to its existing shares, to enable it perform and compete better in the insurance industry.

    Assuring that the underwriting firm is driving digital transformation and innovation by investing in various software and omnichannel customer engagement to enhance efficiently and accessibility, she noted that, the company remains committed to sustainability by expanding retail insurance solutions, through targeted policy offerings. Market expansion efforts focus on strengthening current market deepening and leveraging strategic partnership to deepen reach.”

    To ensure long-term competitiveness, she said  the company is upskilling its workforce even as risk management and governance framework are being enhanced through robust stress-testing measures to mitigate currency volatility regulatory shifts and geopolitical uncertainties.

    “Furthermore, we are actively exploring strategic alliances to co-create embedded insurance products, alligning with Nigeria’s expanding digital economy, “ she pointed out.

    Responding to the shareholders’ questions on recapitalisation, the Managing Director/CEO, Mr. Razzaq Abiodun assured that the insurer is on the right track to recapitalise both its Life and Non-life businesses.

    He said shareholders’ fund of the company is now in excess of N21.4billion, adding that, additional N11.1billion fresh capital raised is also a move in this direction.

    “So, we are doing everything possible to meet the deadline. The company will continue to operate with both life and non-life licenses. The recapitalisation plans submitted to the National Insurance Commission (NAICOM) exceeded the regulatory capital benchmark, a sign that the company is moving in the right direction.

    “The process of recapitalisation is currently ongoing and we believe we will conclude all the necessary processes and documentation before the deadline slated for next year”, he added.

  • NAICOM, others partner on road safety

    NAICOM, others partner on road safety

    The National Insurance Commission (NAICOM), Federal Road Safety Corps (FRSC) and National Health Insurance Authority (NHIA) have met to strengthen their efforts in improving safety and emergency response on Nigerian roads through the Motor Third Party Insurance Scheme.

    A statement made available to journalists stated that this development follows a courtesy visit by the FRSC Corps Marshal Shehu Muhammed to the Commissioner for Insurance Mr. Olusegun Ayo Omosehin at NAICOM Headquarters.

    During the meeting, NAICOM said, the Corps Marshal congratulated NAICOM on the signing of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and acknowledged the Commission’s efforts in driving reforms in the industry.

    “He emphasised the need for enhanced data exchange between NAICOM and FRSC to develop a robust system for quick response to road accidents and compensation. The Corps Marshal also stressed the importance of digitising the process for prompt emergency response and eliminating fake motor insurance policies.

    “The Commissioner for Insurance, in his response, thanked the Corps Marshal for the visit and commended his efforts in upgrading the licensing system.

    He highlighted that NIIRA 2025 has strengthened the compulsory third-party motor insurance policy and established a fund for compensating road accident victims, which will be administered by a committee that includes FRSC representation.

    Read Also: NFF, Jalla bicker over planned workshop on  amendment of statues at Ibadan AGM

    “The Representative of the National Health Insurance Authority (NHIA), Mr. Ajodi Nuhu Nasir expressed profound satisfaction at the collaborative efforts among the agencies, noting that this synergy will culminate in a robust system that not only safeguards our roads but also ensures prompt and quality medical treatment for accident victims, thereby reducing the morbidity and mortality associated with road crashes.

    The meeting culminated in agreements such as Data Sharing Integration where NAICOM and FRSC will integrate their data sharing systems to enable seamless information sharing; and Joint Awareness Campaign where the agencies will develop a joint awareness campaign strategy to educate the public on insurance benefits and road safety. Others are Enforcement Committee where a joint committee will be established to collaborate on enforcement of proper insurance coverage and address cases of fake insurance policies; and Inclusion of Insurance Requirements: FRSC will include insurance requirements, especially for valid third-party motor insurance, in its awareness and enforcement efforts”, the statement read.

    The collaboration aims to promote road safety, ensure prompt treatment for accident victims, and protect the interests of motorists and other road users. A date will be announced for the inauguration of the joint committee.

  • Pension assets grow by N1.16tr

    Pension assets grow by N1.16tr

    The total pension industry net assets has jumped from N24.62 trillion in June 2025 to N25.79trillion in July marking a N1.16 trillion increase in one month, The Nation has learnt.

    This was shown in the National Pension Commission (PenCom) unaudited monthly results of June, July and August 2025.

    In analysing the Fund-wise gains of June and July, the report showed that all Retirement Savings Account (RSA) fund classes showed positive movements.

    Even more conservative funds like Fund I and Fund II posted gains, proving that safety and performance are not mutually exclusive.

    Besides, RSA membership stands at 10,796,862 contributors in June; 10,834,769 in July, showing that the reach continues to expand.

    It also indicates rising public engagement with pension instruments, with the trends reflecting contributors’ trust in the regulated system and the capacity of Pension Fund Administrators (PFAs) to manage growing capital.

    On the part of asset allocation by the PFAs, Government Securities continue to dominate as at July, with FGN bonds, treasury bills, and related instruments constituting the bulk of holdings.

    This underscores the sector’s preference for stable, low-risk instruments.

    Domestic equities investments in real estate, private equity, and infrastructure funds are part of the broader mix, showing cautious diversification.

    Significant allocations were made to Corporate Debt & Money Markets, illustrating how PFAs pursue higher yields within permitted risk boundaries.

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    This composition shows that portfolio strategies are becoming more balanced—with incremental steps toward growth assets, while still anchoring portfolios in fixed-income safety.

    Meanwhile, the conservative funds are still vulnerable. While growth is encouraging, Fund I and Fund II typically reserved for older or lower-risk contributors are not immune to market pressures.

    While their gains were relatively modest, interest rates and yields shift may subject the funds to greater scrutiny.

    Further analyses shows that with large sums held in government securities, returns are tethered to macroeconomic performance. If fiscal stress deepens, yields may underperform expectations, challenging PFA profit margins and member expectations.

    Overall, the July 2025 industry summary shows growing confidence, strategic allocations, and investor traction.

    Meanwhile, the Monthly Industry Summary of August 2025 showed that the pension industry’s Net Asset Value (NAV) moved from N25, 797trillion to N25, 895trillion, an increase of N97.88billion, a 0.38per cent increase. 

    The RSA Membership stands at 10,882,661 contributors as of August.

    On the other hand, Fund I and Fund II saw reductions from N10, 185billion and N8, 103billion respectively.

    The Director General of PenCom, Ms Omolola Oloworaran had earlier disclosed that it is reviewing raising funds limit for infrastructure and equity investment by PFAs to boost returns on retirement savings.

    She said the commission is worried about the imbalance in the investments of pension fund assets.

    For instance, she said, a situation where over 80 per cent are invested in fixed income securities with Federal Government Securities accounting for 62 per cent of total pension assets valued at N24.11 trillion as of 30 May 2025, while allocation to alternatives assets, that is private equity and infrastructure funds stands at only about three per cent had worried the commission.

    She noted that this led to the commission’s consideration of diversification to alternative asset classes for higher returns, amid rising volatility in the economy.

    Oloworaran stressed that while traditional asset classes such as bonds and public equities have served their purpose, the current economic landscape characterised by volatility, rising inflation and declining purchasing power of RSA Contributors, requires dynamic and resilient investment strategies.

    She said: “We are reviewing the share of funds that can be invested in infrastructure and private equity. The move is to boost returns on retirement savings. We are in the final stages of reviewing the limit on pension fund investments in the aforementioned asset classes, currently capped at five per cent. We are not really okay with returns the way they are because inflation is having significant negative impact.

     “The limit being considered will significantly cut a requirement that pension fund administrators can only invest in infrastructure funds, devoting at least 60 per cent of their portfolio to projects domiciled in Nigeria”, she added.

  • Lagos pays 465 retirees over N1b pension bonds

    Lagos pays 465 retirees over N1b pension bonds

    • Prepares 1000 workers for retirement

    The Lagos State Government has once again demonstrated its commitment to the welfare of its workforce as it celebrated the 111th batch of retirees with the presentation of Retirement Bond Certificates of over N1billion.

    During the event, held at NECA House, Alausa, the Head of Service, Mr. Bode Agoro, represented by the Director of the Post-Service Department, Mrs. Bukola Durodola, advised the retirees to invest wisely and take advantage of post-service empowerment initiatives and wellness programmes provided by the State Government

    Agoro commended Governor Babajide Sanwo-Olu for approving N1.003billion for the payment of accrued pension rights to 465 retirees across the state’s civil service, local governments, State Universal Basic Education Board (SUBEB), the Teaching Service Commission (TESCOM) and parastatals.

    He noted that the gesture reflects the Governor’s compassion and dedication to ensuring that those who have served Lagos faithfully are not forgotten.

    He reminded the retirees that their pension benefits were designed to sustain them in retirement.

    Agoro lauded Governor Sanwo-Olu and LASPEC for maintaining a transparent and reliable pension administration process.

    In his welcome address, the Director-General of LASPEC, Mr. Babalola Obilana, expressed deep appreciation to the State Government for consistently prioritizing workers’ welfare despite prevailing economic challenges.

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    He noted that under the leadership of Governor Sanwo-Olu, Lagos has remained a model for pension administration in Nigeria, ensuring prompt and transparent disbursement of retirement benefits.

    Obilana reaffirmed LASPEC’s dedication to ensuring that every retiree who served the State receives their entitlements without delay.

    He said: “Our duty at LASPEC is to ensure that no one who has served Lagos faithfully leaves without receiving what is due to them. We have leveraged automation, data management, and collaboration with Pension Fund Administrators to enhance transparency and efficiency,” he said.

    He congratulated the retirees and encouraged them to invest prudently, remain active, and enjoy a peaceful and rewarding retirement.

    In his goodwill remarks, the Executive Director of LASPEC, Mr. Olumuyiwa Oshin, encouraged the retirees to “refire, not retire,” noting that retirement is not an end but the beginning of a new chapter filled with opportunities for service and fulfillment.

    Meanwhile, LASPEC has again prepared over 1000 public servants from the State Public Service for retirement.

    The would-be retirees were provided with detailed information and comprehensive assistance during the 29th Retirement Benefit Documentation Seminar in order to transition effortlessly to the next chapter of their lives.

    The Head of Service, Mr. Bode Agoro, said the sensitization programme marks the 3rd Seminar of its kind organized by LASPEC this year.

    He stated that such consistency demonstrates the importance placed on a smooth and efficient documentation process for all retirees and reinforces the State’s commitment to supporting its workforce through every stage of their service journey.

    Agoro assured the prospective retirees that the administration of Mr. Babajide Sanwo-Olu, the Governor of Lagos State, is steadfast in its unwavering commitment to guaranteeing their welfare and well-being, even after retirement.

    He said: “The main objective of this programme is to provide detailed information and comprehensive assistance for retiring Officers in order to transition effortlessly to the next chapter of their lives. It is of utmost importance that retiring officers take advantage of this seminar by listening attentively and asking relevant questions that will shed more lights on simplifying the processes of remitting their retirement benefits without delay.

    “Let me mention that the Lagos State Government appreciates your selfless service, sacrifices and commitment to our beloved State. Without a doubt, your expertise, experience, and institutional knowledge have shaped our public service and in appreciation, the Institution has deemed it fit to give the necessary assistance that will ease the process of remittance of your retirement benefit.

    “Let me also assure you that as long as your documentation is up to date, the Lagos State Government, through the Lagos State Pension Commission, will ensure prompt processing and remittance of your retirement benefits”, he said.

  • Stanbic IBTC Pension champions flexible options for Nigerians at home and abroad

    Stanbic IBTC Pension champions flexible options for Nigerians at home and abroad

    Stanbic IBTC Pension Managers Limited, a subsidiary of Stanbic IBTC Holdings PLC, is championing flexible pension options for Nigerians at home and abroad.

    This according to the pension manager is in support and alignment with the regulator, the National Pension Commission’s (PenCom’s) recent reforms aimed at enhancing flexibility, inclusion, and global access within Nigeria’s pension system. The Chief Executive, Stanbic IBTC Pension Managers, Olumide Oyetan, made this known during a briefing at the company headquarters in Lagos. He said the new regulatory guidelines introduced two distinct pension options, the Personal Pension Plan (PPP) and Foreign Currency (FCY) Pension Contributions, both designed to empower individuals to save for retirement in ways that reflect their evolving work patterns and income sources.

    Speaking on the development, Oyetan said the Personal Pension Plan (PPP), formerly known as the Micro Pension Plan, allows self-employed individuals, and informal sector workers to build retirement savings at their own pace.

    He stated that it also enables 9-5 employees in the formal sector to make additional voluntary contributions beyond the mandatory scheme.

    He said: “Through the PPP, participants can contribute as they earn, make partial withdrawals up  to 50per cent after three months of initial deposit when needed, and enjoy flexible investment options suited to their financial goals. Contributions are tax-free after five years, and participants can choose between conservative and growth investment funds for better control of their savings.

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    “Complementing this is the Foreign Currency (FCY) Pension Contributions framework, which enables Nigerians earning in foreign currency, both those living abroad and those residing in Nigeria, to make pension contributions in United States Dollars (USD). This structure allows contributors to safeguard their savings against currency depreciation and access a wider range of global investment opportunities such as Eurobonds, Global Depository Notes, and Exchange Traded Funds. Withdrawals can be made after six months from the contingent portion of the account, while long-term balances are preserved for retirement. Benefits are payable in USD or converted to Naira at the contributor’s request.

    Öyetan commended PenCom’s forward-thinking approach to broadening participation and accessibility in the pension industry.

    “These enhancements reflect the evolution of Nigeria’s workforce and the increasing global mobility of Nigerians. Stanbic IBTC Pension Managers will continue to help individuals, whether self-employed, salaried, or earning in foreign currency, take full advantage of these opportunities through expert guidance, transparent processes, and a seamless digital experience.

    “The company’s focus is on promoting financial inclusion, trust, and lifelong retirement planning, ensuring that more Nigerians can participate in the pension system regardless of where or how they earn. With over two decades of leadership in the pension industry, we will continue to align our service offerings with PenCom’s vision for a more inclusive, technology-driven, and globally competitive pension landscape”, he stressed.

  • IEI Plc charts bold recovery path

    IEI Plc charts bold recovery path

    • Sets N22.5b recapitalisation agenda ahead of next month’s EGM

    In a decisive stride toward sustained financial recovery and growth, International Energy Insurance (IEI) Plc has convened a strategic stakeholders’ engagement to unveil its recapitalisation roadmap ahead of an Extraordinary General Meeting (EGM) scheduled for next month.

    The session, which brought together members of the board, management team, and key stakeholders, outlined the company’s N22.5 billion recapitalisation target, signalling IEI’s renewed commitment to financial stability, market leadership, and long-term value creation within Nigeria’s insurance landscape.

    The move comes on the heels of remarkable milestones that have redefined the insurer’s trajectory. Earlier this month, IEI Plc announced its successful relisting on the Nigerian Exchange (NGX), alongside the full repayment of a longstanding N14 billion Daewoo loan, which had constrained its growth for years.

    This financial rebound has been further strengthened by the receipt of N2 billion in deposits for shares, expected to be converted to equity within the current financial year pending regulatory approval — a testament to investor confidence and IEI’s strengthened market credibility.

    Speaking during the session, Dr. Joyce Odiachi, Acting Managing Director of IEI Plc, reaffirmed the company’s renewed focus on transparency, accountability, and stakeholder value.

    “IEI has turned a critical corner. We have navigated through our legacy challenges and are now strategically positioned for sustainable growth. Our recapitalisation programme is not just about meeting regulatory requirements; it is about deepening our capacity to deliver consistent value to policyholders, shareholders, and the Nigerian insurance sector at large,” she said.

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    Also addressing the forum, Dr. Adeyinka Hassan and Mr. Tony Edeh, both Non-Executive Directors, emphasised that the recapitalisation exercise reflects IEI’s governance discipline and inclusive approach to stakeholder engagement.

    The company’s management team, including Chief Financial Officer, Mr. Uyi Osagie, and Mr. Moses Igbrude, Chairman of the Statutory Audit Committee, fielded key fielded key questions from stakeholders, assuring them of prudent financial management and adherence to regulatory best practices.

    To drive the capital raise, IEI Plc has appointed CardinalStone Partners Limited and Vertiva Capital Management Limited as Lead Financial Advisers. The recapitalisation process—comprising a private placement, offer for sale, and rights issue—is scheduled to commence in February 2026, subject to regulatory and shareholder approvals.

    With the strategic backing of its core investor, the Norrenberger Group, IEI is leveraging a wider financial ecosystem and operational synergies to accelerate execution and deepen market presence.

    “This engagement marks the beginning of a new era for IEI. We are building a more resilient and transparent institution, one that will deliver sustainable profitability and lead innovation in Nigeria’s insurance industry.

    “The upcoming Extraordinary General Meeting is expected to be a defining event, consolidating the company’s recent gains and formally setting it on the path toward sustained profitability and industry leadership”, Dr. Odiachi added.

  • PTAD re-emphasise revised implementation of Consequential Pension Adjustment

    PTAD re-emphasise revised implementation of Consequential Pension Adjustment

    The Pension Transitional Arrangement Directorate (PTAD) has continued clarify revised implementation of Consequential Pension Adjustment (CPA) as a result of increase in national minimum wage of April 2019.

    Responding to complaints and enquiries raised by pensioners and other stakeholders regarding the 20 per cent and 28 per cent pension increases for 2024, PTAD said they were implemented in August 2024 following a circular from the National Salaries, Incomes and Wages Commission (NSIWC) dated July 8, 2024.

    The Executive Secretary, Tolulope Odunaiya said to provide context, in May 2021, PTAD had implemented the approved Consequential Pension Adjustment (CPA) following the increase in the National Minimum Wage of April 2019, based on a circular (SWC/S/04/S.542/1/298) from NSIWC dated 28th April 2021.

    She said: “Upon receiving the circular, PTAD promptly implemented the pension adjustment and paid the accumulated arrears for two years, using budgeted funds and savings.

    The implementation of the CPA and the arrears was calculated using Pension Pay Bands, as recommended by the Technical Sub-Committee (TSC) for pensions in line with the 2019 National Minimum Wage. The TSC’s recommendation aimed to improve the welfare of pensioners at the lower end of the pension scale. This approach significantly reduced the percentage of pensioners receiving less than ₦10,000 monthly, from 27% to 2%, while increasing the number of pensioners receiving up to ₦30,000 monthly, from 32% to 48%.

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    “After the implementation, PTAD received various complaints from pensioners and pension unions regarding the accuracy of the implementation. In response to these concerns, PTAD sought clarification from NSIWC about the implementation model. NSIWC’s response, via a letter dated 8th July 2024, clarified that the 2019 CPA should be applied based on Grade Levels, using the specific figures provided for each Grade Level. The letter also exempted defunct, commercialized, and privatized agencies from the increment, except for those who retired under the listed Salary Structure outlined in the circular.

    “Following this clarification, PTAD engaged with pension union executives and relevant stakeholders to communicate these changes and ensure a smooth implementation. The revised approach was adopted in the August 2024 monthly pension payments. As expected, some pensioners who previously benefited from the Band-based method saw their pensions change due to the switch to the Grade Level method, resulting in a reduction for some and an increase for others.

    “It is important to note that the 2024 20%/28% pension increment was calculated using the Grade Level-adjusted 2019 CPA figures whose salary structure was enumerated in the circular. Therefore, the adjustment depends on the re-computed 2019 CPA, now based on Grade Levels”, she added.

    She reminded all stakeholders that PTAD is a Government Agency tasked with implementing Government Policies and Directives.

    She reaffirmed that the welfare of pensioners remains its utmost priority, in line with its mandate under the Pension Reform Act (PRA) 2014 and its day-to-day operations.