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FG Approves N9.24bn Premium For Group Life Assurance Scheme

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By Sola Alabadan

The Federal Executive Council (FEC) has approved N9.24 billion as premium for insurance firms that will manage the group life assurance for federal civil servants.

The Minister of Information and Culture, Lai Mohammed, who announced this at the Federal Executive Council meeting on Wednesday in Abuja, said the life assurance is for federal government employees, public servants, para-military, as well as the intelligence community for the year 2021-2022.

The group life insurance is a joint regulation of the National Insurance Commission (NAICOM) and National Pension Commission (PenCom).

Section 9 (3) of the Pension Reform Act 2004 (now PRA 2014) requires that every employer, to which the Act applies, to maintain Life Insurance Policy in favour of the employee for a minimum of three times the annual total emolument of the employee. The policy provides cover to the insured against death.

Mohammed said: “On behalf of the Head of Civil Service of the Federation, I will like to report that council today (Wednesday) approved the award of contract for the appointment of insurance companies for group life assurance for federal government employees, public servants, para-military and the intelligence community for the year 2021-2022 in the sum of N9, 248. 995, 907 and this premium is for a period of 12 months.

“This is part of the government’s welfare programme for our public employees so that in case of death, they are assured that there would be compensation,” Mohammed said.

NAICOM and PenCom had released regulatory guidelines induced by the enactment of the Pension Reform Act of 2004 which made it mandatory for any employer in the Federal Public Service, Federal Capital Territory and the private sector to establish a contributory pension scheme from which payments of retirement benefits will be made to retiring employees.

As provided for by the Act, the modalities for payment of retirement benefits are through life annuity, which is obtainable from Life Insurance companies or through Programme Withdrawal, which is obtainable from Pension Fund Administrators. Either of the two methods is available depending on the choice of the employee.

In August 2020, the federal government had paid about N15 billion premium under the group life insurance scheme to insure over 89,000 workers across the country.

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Business

Leadway Health HMO Wins Award Again

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Leadway Health HMO has been honoured with the Health Maintenance Organisation (HMO) of the Year award at the Nigerian Healthcare Excellence Awards (NHEA) for the third consecutive year.
This achievement affirms Leadway Health HMO’s position as a consistent leader in delivering innovative, accessible, and customer-focused healthcare solutions across Nigeria. Leadway Health HMO set a new record, one that has never been achieved in the 15-year history of the NHEAwards.
The award, presented in Lagos recently, 2025, celebrates the organisation’s excellence in service delivery, technology integration, unmatched service delivery, and its expanding provider network.
Speaking on this achievement, Chief Executive Officer, Leadway Health HMO, Dr. Tokunbo Alli, stated, “Receiving the HMO of the Year award for the third consecutive year is a deeply meaningful milestone for us at Leadway Health HMO. It is more than an accolade; it is a resounding validation of our commitment to transforming healthcare delivery in Nigeria, Africa, and the world at large.
“In a country where fewer than one in ten people have access to health insurance, we recognise the immense responsibility we carry. Through our investment in digital innovation, operational efficiency, and inclusive health plans, we are not only improving access to quality care but also setting new benchmarks for service excellence within the industry. This recognition reflects the trust our customers place in us and the unwavering dedication of our team and partners who make our vision a reality every day.”
Alli added, “We will continue to scale our hospital partnerships, enhance claims transparency, and leverage technology to deliver even more accessible, affordable, and customer-centric healthcare solutions. This award strengthens our resolve to be at the forefront of Nigeria’s health transformation journey—driving meaningful change, one life at a time.”
Leadway Health HMO’s triple win comes at a time when trust and performance in the HMO sector are under scrutiny. With a growing population, rising healthcare costs, and a national goal of achieving Universal Health Coverage (UHC) by 2030, the company’s performance positions it as a crucial stakeholder in driving Nigeria’s health transformation agenda.
The Nigerian Healthcare Excellence Awards, founded in 2014 by Global Health Project and Resources in collaboration with Anadach Group USA, is the industry’s most respected recognition platform. This year’s edition was themed “Collaborating for Impact: Strengthening Health Systems through the SWAP Approach”, emphasising unified efforts to drive change.

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NAICOM Wants Nationwide Conversation About Power Of Insurance

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By Sola Alabadan

The National Insurance Commission (NAICOM) has enjoined insurance operators to ensure that they ignite a nationwide conversation about the power of insurance as the inaugural edition of Insurance Week holds across the country.

The Commissioner for Insurance and Chief Executive of NAICOM, Olusegun Omosehin who spoke in Lagos on Monday, affirmed that the Insurance Week is designed to raise national awareness about the vital role of insurance in Nigeria’s growth and development.

To truly secure Nigeria’s future, he pointed out that “we must educate the public on the benefits of insurance, develop products that meet the needs of all Nigerians, wnsure prompt and transparent claims processing, as well as invest in talent and technology to drive innovation and trust.

At NAICOM, he said the regulatory body is committed to building a strong, inclusive, and globally respected insurance industry, and has been driving reforms to strengthen consumer protection, promote digital innovation, ensure capital adequacy and sound governance, while expanding access to underserved communities.

On why insurance matters, he stated that “In today’s fast-changing world, risks are everywhere—economic shocks, natural disasters, health crises, and more” adding that these uncertainties can disrupt lives and derail national progress.

“Insurance is our shield. It helps individuals, businesses, and governments manage these risks, recover from losses, and build resilience.
Without insurance, your economy would be more vulnerable, and our people less secure. That’s why this year’s theme, “Insurance for All: Securing Nigeria’s Future,” is both timely and essential” he emphasised.

Omosehin maintained that “The future of Nigeria depends on how well we manage risk. Every decision—whether by individuals, businesses, or government—carries uncertainty. Insurance provides the tools to navigate these uncertainties and protect our collective future.”

The NAICOM boss further urged the nsurance operators to renew their commitment to building an industry that serves the people and supports national development and use every platform—media, schools, communities, and workplaces—to spread the message that insurance is not a luxury; but a necessity.

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Genuine Money Casino Bonus Offers: A Comprehensive Overview

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When it involves online gambling, among the most significant advantages gamers can enjoy is the accessibility of actual money casino site benefits. These bonus offers not just boost the overall gaming experience but also provide gamers with extra chances to win huge. In this comprehensive guide, we will certainly explore every vulkan (more…)

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