Underwriting firm, Prestige Assurance Plc, has secured the approval of its shareholders to cancel issued shares of the company amounting toN6,747,438,112.

This is in compliance with section 124 of the Companies and allied Matters Act (CAMA) 2020, and the Companies Regulations 2022. Speaking at the Company’s Extra Ordinary General Meeting held in Lagos, the Chairperson, Mrs. Funmi Oyetunji said the board having considered all available options have decided to take the option of cancellation in line with regulatory requirements.

She told shareholders that the board of directors are very sensitive to all the options, but have chosen to take this route in order to protect the goal sanctity of the company.

She said: “The Directors are hereby authorised to enter into and execute agreements, deeds, notices, and all relevant document, take all such lawful steps as may be required, by statue and/or regulations, give such directions as may be necessary or incidental, and appoint such professional parties, consultants and advisers as may be required, to comply with the directive of the regulatory authorities.

“That pursuant to the cancellation of all the unissued shares in the share capital of the company in accordance with resolution 1 above, Clause 6 of the Memorandum of Association of the company be and is hereby deleted in its entirety and replaced with the following: ‘‘The share capital of the company is N6,626,280,944 divided into 13,252,561,888 ordinary shares of 50 kobo each.That pursuant to the cancellation of all the unissued shares in the share capital of the company be amended as necessary to reference only the issued share in the share capital of the company to read: ‘The share capital of the company is N6,626,280,944 divided into 13,252,561,88 ordinary shares of 50 kobo each; That the sections of the repealed CAMA 1990 cited in the Memorandum and Articles of Association of the company be and are hereby replaced with the relevant sections in the CAMA 2020”

‘‘That the directors be and are hereby authorised to do all such acts, deeds, matters and things as the board may deem necessary to give effect to the aforementioned resolutions of the company”, she added.

Crusader Sterling Pensions Limited and Guaranty Trust Company seems to be struggling with micro pension business as both register the least contributors among other Pension Fund Administrators (PFAs) in Quarter 3, 2022.

While Crusader Sterling Pensions Limited registered only four contributors, Guaranty Trust Company registered one contributor during the period under review.

This does not complement the regulator, the National Pension Commission (PenCom) plans to capture informal sector workers. The commission aims to capture market women, members of the road transport workers, textile, garment, and tailoring associations, tricycle operators and commercial motorcycle operators’ associations, butchers associations, workers in the movie and performing art industry, mechanics and workers in the automotive industry as well as single professionals like lawyers, accountants among others into the Micro Pension Plan (MPP) in no distance time.

While these two companies fall into the bottom PFAs to capture contributors into the MPP in Q3, Stanbic IBTC Pension Managers Limited takes the lead in the business.

PenCom made this known in its Micro Pension Registration Schedule, September 2022, which showed the Retirement Savings Accounts (RSAs) registered in third quarter.

PenCom noted that the total number of registered contributors in the quarter stood at 4,193.

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The report further showed that Sigma Pensions Limited also registered 16 contributors in the quarter, while

Stanbic IBTC Pension registered 1137 contributors, representing the highest number registered in the quarter under review.

The PFA has, however, registered 13,514 since inception in 2019 till September 2022, out of the total 84,612 registered by the 18 existing PFAs in the country.

Meanwhile, ARM Pension Managers (PFA) Limited has the highest contributors which was 21,375 since inception of the MPP in 2019 and Sigma Pensions at the bottom with 16 contributors.

The Director-General, PenCom, Mrs. Aisha Dahir-Umar, while speaking with journalists, said efforts to drive the MPP and capture informal sector workers remain one of the focus areas of the commission

Mrs. Dahir-Umar, who was represented by the Head of Corporate Communications Department, Mr. Abdulqadir Dahiru, reassured contributors in the Contributory Pension Scheme (CPS) of its commitment to the safety of pension funds.

She emphasised that adequate structures have been put in place to ensure the safety of the funds.

She reiterated that the objective was to bring in to the CPS, Nigerians working in the informal sector and those who are self-employed through the MPP.

Therefore, she said, it is of utmost importance to make the Plan popular among informal sector workers and the self-employed.

She said: “The MPP was conceptualised to expand pension coverage to the informal sector, including small-scale businesses, entertainers, professionals, petty traders, artisans, and entrepreneurs.

“It was implemented to curb old-age poverty by assisting the workers, as mentioned above, to contribute while working and build long-term savings to fall back on when they become old.

“To create awareness of the Micro Pension Plan, the commission, in collaboration with the Pension Fund Operators Association of Nigeria, is championing an Industry Media Campaign in major cities in the country’s six geo-political zones,” she added.

The National Pension Commission (PenCom) has sensitised the general public, especially those in the informal sector comprising Small and Medium Scale Enterprises (SMEs), the private sector and self-employed persons on the benefits of the Micro Pension Plan (MPP).

The commission engaged them at the just concluded 2022 Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry (LCCI).

The MPP is an arrangement under the Contributory Pension Scheme (CPS) that allows the self-employed and persons working in organisations with less than three employees to make financial contributions towards the provision of pension at their retirement or incapacitation.

The Commission showcased the benefits of the MPP as its strategy for expanding pension coverage to the informal sector by educating, enlightening and sensitising the public on the MPP. The fair which was the 36th edition, was officially opened by the Governor of Lagos State, Babajide Sanwo-Olu.

The commission’s stand at the Trade Fair was manned by staff who provided customer care services, sensitised, publicised and offered clarifications on the CPS in general with emphasis on the MPP.

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Numerous visitors including Retirement Savings Account (RSA) holders, interested members of the public and students from various schools were hosted at the stand.

PenCom publications which included Frequently Asked Questions (FAQs) on the CPS and MPP were also given out to various participants at the fair.

Speaking at the Trade Fair, the Head, Micro Pensions Department, PenCom, Mr. Dauda Ahmed disclosed that over 84,000 Nigerians have subscribed to the MPP, adding that the subscription has further spiked in the last two months.

He said: “Since the Trade Fair is an avenue for business people and stakeholders in the informal sector to come together, PenCom utilises this opportunity to sell the benefits they will derive by keying into the MPP.

“Participating at the trade fair is just one of our strategies in creating awareness on the MPP. Aside this, PenCom also reaches out to unions and leadership of associations, to have sessions with them, so that they can convince their members on the benefits of the plan”, Ahmed said.

Similarly, the Head, South West Zonal Office, PenCom in Lagos, Mr. Tunde Alayande, stated that the MPP is being embraced in Lagos, and that the zonal office is intensifying efforts at creating more awareness on the MPP within the South West geo-political zone.

“Going by the data from the commission’s third quarter of 2022, a total of 4,193 micro pension contributors were registered by 18 Pension Fund Administrators (PFAs) bringing the total number of registered micro pension participants from inception to 84,612 as at 30 September, 2022. “Also, the total pension contributions received from micro pension contributors between July to September 2022 stood at N45.135 bringing the total value of the MPP fund to N325.915 as at 30 September 2022”, he added.

ASOROSE: My name is Asorose, I submitted my application for payment of my Lump Sum with Stanbic IBTC pension since July 28, 2022. But up till date, I have not been paid.  I have been moving from Gwagwalada to Area 11. Please assist me.

PENCOM: Annuity application has been processed on the November 1, 2022. Visit your PFA for more details on payments.

LADIPO: Dear Omobola, thank you for not allowing the voiceless Nigerian pensioners to die in penury while those who wickedly trampled upon our rights are enjoying between Dubai and Niger Republic. Please, with the deplorable state of the naira; remind PENCOM of the pension enhancement promised. Also, my RSA Balance was messaged to me last month. Does it mean that if I am still alive after exhausting the balance in my account, there will be no more money for me.

PENCOM: Please provide your PIN and PFA

ISAH: I am Rtd Inspector Isah under NPF Pensions. I retired on January 15, 2020 under Niger State Police Command on age ground of 60 years. But I was paid only 25 per cent lump sum of N1,665,000 on February 2021 out of my total amount of N5,100,000. I was also put-on monthly pension of N31,758 from March 2021 to date. My complaint is that I deserve to be paid at least 50 or 40 percent of my total amount of N5,100,000. I am really aggrieved.

PENCOM: You are entitled to 25 percent lumpsum

AJALA: My name is Ajala, greetings to PENCOM and The Nation staff. I retired from Nigeria Customs Service in June 2009. My complaint is on the increment approved by President Muhammadu Buhari for pensioners last year. My Pension Fund Administrator is Sigma Pension. I visited my PFA on September 19 but was told that there is no remittance from PenCom yet. Based on the edition of October 19 of the newspaper published where I was asked to provide my pin by PENCOM. I visited PENCOM office on October 24 and I met a female staff whom I believe is the boss in complaint office. I showed her a copy of the newspaper and she said okay. She then told me that they have not started paying and but she made a photo copy of my pin.

PENCOM: Work in progress. Please exercise some patience.

SARAFA: Good day, my name is Sarafa. Can you explain Pension Enhancement?

PENCOM: Pension Enhancement is periodic pension enhancement for retirees on Programmed Withdrawal under Contribution Pension Scheme by using the surpluses generated from Return on investments. Visit www.pencom.gov.ng for more information.

POPOOLA: My name is Popoola, I retired from Federal Ministry of Agriculture in 2016. I have not been paid 2.5 per cent approved by Mr President since 2021. My PFA is First Gurantee. Kindly investigate.

PENCOM: Work in progress. Please exercise patience.

MOHAMMED: Dear sir, we are the administrator of our late father Mohammed. He worked with Immigration Service from 1987 and was downsize during the presidential task force in 2006. Since then, we have not collected Kobo from National Pension Commission or Nigeria Immigration Service. We don’t know where to go or what to do sir. Help us out. Yours faithfully. Bawa

PENCOM: Please provide the PFA and PIN number to enable the Commission investigate your complaint.

KWAJAFA: My name is Kwajafa, I retired on November 4, 2020 and completed my verification late last year. Till now I have not been able to access my gratuity/pension. Kindly assist me with necessary information to facilitate it. Thank you. Kwajafa, Border Communities Development Agency.

PENCOM: Work in progress. Please exercise patience

LAURENCE: I sincerely express my joy to The Nation and National Pension Commission. I call on the commission to rescue me from dual pin that I have suffered for long. Special thanks for Mr Laurence Ogungbemi of Stanbic IBTC Pension office Abakaliki, Ebonyi State. I traveled to Makurdi, Benue State to process my pension payment. But I was frustrated because they attend to one person per day. The Makurdi branch of Stanbic IBTC Pension should better close down since they only attend to one person daily.

PENCOM: Go and carry out the Data Recapture Exercise with your preferred PFA to resolve the issue of double PIN.

ABUBAKAR: Hello, my name is Abubakar, I am a next of kin. The president approval of outstanding pension said something about 2014 retirees. But my father became late in 2013. Will his death benefit also be paid and what is consolation? How long does it take on average? Thank you

PENCOM: Please note that in order for your late father’s death benefits to be paid; you must submit some necessary documents to his Pension Fund Administrator (PFA) for processing. If you have done this, please forward to the commission the following details: his RSA pin, full name, name of PFA as well as other vital information to enable the commission investigate further. Thank you.

• Do you have problems with your pension? Visit Facebook: omobola pension solution Or send SMS 08117340360

Allianz Nigeria has announced the resignation of Ms. Adeolu Adewumi-Zer as Chief Executive Officer and Managing Director.

Jaideep Goel, Executive Director at Allianz Nigeria has been appointed as interim CEO of Allianz Nigeria, subject to regulatory approval and pending the appointment of a new CEO in due course.

This was made known in a statement made available to journalists by the company.

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According to the statement, Jaideep Goel is appointed as interim CEO of Allianz Nigeria, effective December 1, 2022, pending the appointment of a new CEO in due course.

Brought on board in 2020, Jaideep joined Allanz Nigeria with over three decades of experience spanning general insurance operations, underwriting, claims management, sales and business development.

As Executive Director, Technical, Jaideep was responsible for enforcing underwriting discipline and loss control that helped to santise the books of the company.

In his new role, he will also be responsible for leading the sales, functions and the business at large, in the interim.

The Pension Transitional Arrangement Directorate (PTAD) has paid 15 months of inherited unfunded pension liabilities of Nigerian Telecommunications Limited (NITEL) and Nigeria Telecommunications Limited (Mtel) pensioners.

The Executive Secretary, PTAD, Dr Chioma Ejikeme made this announcement during her presentation at the 58th Session of the State House Briefing where she spoke about the strides in pension service delivery in Nigeria and also provided key updates on the Directorates’ activities.

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Dr Ejikeme said N6.647 billion was paid to 5,907 pensioners which is 15 months out of the outstanding 63 months of the inherited unfunded pension liabilities.

She disclosed that this was settled as part of President Muhammadu Buhari’s commitment to continue to clear backlog of inherited pension liabilities. The Executive Secretary gave the assurance that additional funding of N5,745 billion that is being expected from the Budget of the Federation, will be used to the pay 15 months of inherited unfunded pension arrears to the second and final batch of 5,238 Nitel/Mtel pensioners.

Unitrust Insurance has paid N1.39 billion as claims from January 1 to September 30 2022.

The Chief Marketing Officer Dele Oyetunji in a statement said the company has continued to demonstrate unwavering commitment and capacity to obligate claims as at when due.

He said: “Claims payment is a very important responsibility because our major focus is to ensure that our customers enjoy the benefits of taking all forms of insurance.”

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The Managing Director, John Ijerheime said: “We also understand the importance the National insurance Commission (NAICOM), places on claims payment. In 2021 Q3, we paid a total of N1.09 billion as of September Q3 2022, we have already paid N1.39 billion.

We entered into strategic partnerships with various organisations to broaden our visibility and accessibility and we are developing in-house platforms to ensure a seamless end-to -end customer journey, he stated.

OKUNOLA: Dear Omobola, thanking you and your good office The Nation newspaper for the wonderful job you are doing for pensioners of this country. l am a NITEL retiree. l did my verification since January 20I8 but l am yet to get my pension from PTAD. My date of first appointment is July 02, I979 and date of retirement is November I4, I99I. Kindly help me.

PTAD: Kindly provide the original documents of Letter of First Appointment; Letter of Last promotion; and Letter of Retirement

BASSEY: My name is Bassey and my complaint is non-payment of my long overdue monthly pension and arrears. Since I retired from Federal Ministry of Works and Housing in 2006, series of letters/bank statement and verification slip were sent to PTAD but nothing has been done. PTAD keep on promising to pay but nothing has been paid till today. They have refused to pay my money for 17 years now.

PTAD: Kindly provide bank statement showing severance payment.

SURAJU: Dear Omobola, I saw your response to my request in the paper of Wednesday July 6, 2022 where you wrote that PTAD said they are recomputing my matter. Why? Well, thanks for your efforts and please help me keep it in view.

PTAD: Kindly provide bank statement from March 2003 to January 2011

Sunday: Good day, my name is Sunday from Cross River State. My father died since July 10, 2005 while in police service. He is late Inspector Okimba. His last place of service is Akwa-Ibom State. I went on to process his entitlement as his next- of- kin in 2015 at PTAD office Abuja where I was verified and captured with pensioner number. But up till date, I have not been paid. Kindly help me.

PTAD: Please provide documents comprising of Enlistment Letter; Letter of Administration; Emolument record or deceased’s Bank statement showing salary before death; Next-of- kin bank statement from July 2005 to date; BVN slip; Valid ID card.

ARINZE: The publication in The Nation of September 28, 2022 is a welcome relief to pensioners. My name is Arinze Christopher Nnam I retired in February 2010 from State Universal Basic Educ Board Asaba (SUBEB) and up till date I have not been paid a kobo despite more than three times verification exercise frm ABUJA, instead, I have been getting messages of over payment from PTAD Abuja.Pls help me. Thanks in anticipation

PTAD: The pensioner is on payroll. He should provide bank statement as proof of non-payment.

IDOWU: Good day, my name is Idowu. This is a reminder to the newspaper that I have sent my scanned verification details to PTAD as directed since July 22, 2021 but I have not received any response from them. I retired statutorily from the Lagos State Post-primary Teaching Service Commission on April 30, 2004. The date of my first appointment at Epe Division Grammar School, Lagos State is June 1,1969. I spent all my service years in Lagos State (35 years). My complaints are that I have not been paid the Federal Share of my Gratuity (1969-1976). Secondly, my pension from May 1, 2004 to February 2008 was not paid. Instead, I was paid from March 1, 2008 to date. I thank you for the effort of your organisation to help us. God bless you.

PTAD: The Directorate would require your bank statement from retirement to date.

NKANU: My name is Nkanu, I retired on February 29, 1995 from University of Jos. I have not received my pension salary for the month of May.

PTAD: Mr. Nkanu’s pension has been paid already.

FASHAKIN: Dear Omobola, I read your column concerning pension in The Nation Newspaper and I decided to contact you. My name is Fashakin, a pensioner from Nigerian Railway Corporation. After our retirement 17 years ago, the management of the corporation paid part of our entitlement and refused to pay the remaining. Several letters had been written and efforts made to get our legitimate right but they were rebuffed by the management. Then, we engaged the service of a lawyer who wrote to ask for our money. The management replied our lawyer to forward the names and other information of his clients that they are owing. The names were sent to them, still the management refused paying. All these happened last year. The case was referred to EFCC in January 11 this year. We waited for EFCC to call us for investigation according to our lawyer, but when we did not hear from them, I went to their office on May 20, 2022 with a letter of reminder. The letter was refused, to my greatest surprise. I was told that EFCC declined to investigate the case of fraud brought against the railway management. Madam, I have the proof of all I have writing here. Pls, for further inquiry for publicatio, my phone number is 08061224837. I would be glad if you can step in and look into our case. Thank you, madam.

PTAD: Pensioner did not state nature of complaint. He did not respond to phone calls, he can contact PTAD directly.