By Sola Alabadan

The National Pension Commission (PenCom) has barred all Licensed Pension Fund Operators (LPFOs), comprising Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) from transacting with service providers and vendors that do not remit pensions for their employees as evidenced by a Pension Clearance Certificate issued by the commission.
The pension operators have been given a grace period of six months to comply with this new directive aimed at expanding coverage of the Contributory Pension Scheme (CPS) in Nigeria,
Section 2 of the Pension Reform Act 2014 mandates all employers in the public and private sectors, including Federal, State, and Local Governments, to participate in the Contributory Pension Scheme and remit pension contributions no later than seven working days after salary payments.
However, PenCom lamented that in spite of the continuous engagement and enforcement measures, a significant number of employers remain non-compliant with this legal obligation.
This development made PenCom intensified its regulatory actions by appointing Recovery Agents to audit defaulters, recover outstanding contributions, and enforce sanctions.

To further strengthen enforcement, improve compliance, and broaden pension coverage, the commission directed all pension operators to ensure that any vendor or service provider they engage presents a valid Pension Clearance Certificate (PCC) issued by the Commission as a condition for entering into or renewing Service Level or Technical Agreements.

The pension operators are also mandated to ensure that investments are made only with companies and financial institutions that require PCCs from their own vendors and service providers.

Every Counterparty is required to execute a Compliance Attestation, confirming that it enforces the PCC requirement across its vendor network, and this attestation must be updated annually and included in the pension operator’s investment documentation.

Besides, counterparties are to submit valid PCCs from their own vendors/service providers before engaging in any investment transaction with the pension operators, including those involving commercial papers, bond issuances, and bank placements.

PenCom further directed the pension operators to integrate these requirements into their internal policies, vendor selection processes, due diligence procedures, governance, and investment risk assessment frameworks.

Based on the new directive, the Parent Companies, Subsidiaries, Holding Companies and Institutional Shareholders of pension operators are required to possess valid Pension Clearance Certificate and ensure that every vendor and service provider engaged by them complies with the requirement of the PCC as a precondition for entering into any Service Level or Technical Agreement. The requirement for compliance attestation is also applicable to the categories.

emPLE Life Assurance Limited has announced the launch of BETA Life, an endowment policy designed to empower Nigerians to grow their wealth, secure their future, and protect what matters most.
The product offers a unique combination of protection and savings in one simple, flexible plan helping Nigerians meet their financial goals, while staying protected through life’s uncertainties.
With three cash benefits spread over the policy term, BETA Life helps customers plan for real goals, be it education, rent, homeownership, or business without having to wait till the end of the tenure to benefit from their plan.
Speaking on the launch, Rantimi Ogunleye, MD/CEO of emPLE Life Assurance Limited, said: “BETA Life is more than a product; it’s a solution built around the realities of our customers. It’s for the parent who wants to secure their child’s future, the entrepreneur planning ahead, or the individual who wants to save smartly without losing the safety net of protection. We’ve brought together savings and life insurance into one plan, because we believe financial empowerment shouldn’t mean choosing one over the other.”
With flexible policy durations and multiple payout points, BETA Life is designed to adapt to a customer’s journey while providing peace of mind. In the unfortunate event of death or permanent disability, the plan ensures that loved ones or the policyholder are financially supported, proving that life insurance can be just as much about living well as it is about preparing for life’s uncertainties.
This launch is a continuation of emPLE’s mission to make life insurance more inclusive, relevant, and empowering, giving more Nigerians the tools to build financial resilience with confidence.

As the world marks this year’s edition of Workers’ Day on Thursday, May 1, 2025, the Managing Director of Sovereign Trust Insurance Plc, Mr. Olaotan Soyinka has lauded the efforts of Nigerian workers and their contributions to national development.
Soyinka, who spoke at the company’s Appreciation Day Ceremony in Lagos, noted that a virile and dedicated workforce is instrumental and germane to the progress of any society.
He said the date, May 1, should be seen as a very important one because it is the day set aside to celebrate and give due respect to workers all over the world regardless of their social strata in the society.
According to him, “every legitimate form of work is as important as the other and credence must be given to all and sundry without any bias”.
In appreciating the staff of Sovereign Trust, Soyinka congratulated them and urged them not to relent in the judicious discharge of their duties as they strive to maintain the worldclass standard of the STI brand.
He further said that the management of the company will not stop at investing in the development of the its human capital, while also placing technology at the heart of its business operations. He equally assured the members of staff that their labour will not go in vain as they contribute their quota to the growth and advancement of the organisation.
He wished them a hearty Workers’ Day and encouraged them to always make the customer the focal point in their day-to-day activities.
He said”our customers should be at the heart of our business just as we must not compromise on delivering service excellence at every given opportunity thrown our way”.
The Head of Human Resources for Sovereign Trust, Adeola Onichabor, in her response to the managing director, thanked the management for the uncompromising stance in investing in training and human capital development for members of staff both at the local and international level.
She stated that Sovereign Trust has on parade an array of professionals in different fields of specialisation who effectively compliment the efforts of the professional underwriters in the organisation.
She equally used the opportunity to thank and encourage her colleagues to continue in their stride of hard work and dedication to the ideals of the company.
She enjoined them to also respect and honour one another in the discharge of their duties as the organisation strives to maintain best practice standards in the comity of insurance companies in the country and beyond.
Some members of staff who had been with the organisation from inception were equally recognised and appreciated for their commitment, unwavering dedication and contribution to the growth of the organisation in the last 30 years of the company’s formation.
Sovereign Trust is an equal opportunity employer of labour with an uncompromising stance on high ethical standards and astute professionalism. The Head of Human Resources and Capital Development equally used the opportunity to wish every Nigerian worker and workers globally, a happy celebration on Workers’ Day come May 1, 2025.