By Sola Alabadan

After having restructured and rebranded the Micro Pension Plan into the Personal Pension Plan, the National Pension Commission has simplified onboarding, expanded digital enrolment, and crucially introduced Accredited Pension Agents.

PenCom’s Director General, Ms Omolola Oloworaran, who disclosed this at the 2025 Media Conference in Lagos, clarified that the Accredited Pension Agents are not merely distribution channels, but an employment strategy as thousands of young Nigerians are expected to be trained, certified, and deployed as pension professionals, earning livelihoods, while expanding pension coverage.

The Commission is also excited by the Presidential approval and disbursement of N758 billion to settle outstanding pension liabilities, saying “This unprecedented intervention sent a clear and powerful signal that Nigeria honours its promises to its workers and retirees.”

Similarly, PenCom equally cleared long-standing pension increase backlogs for Federal Government treasury-funded retirees, some dating as far back as 2007.

The PenCom boss added that “zero waiting time for the payment of accrued pension rights was restored with effect from July 2025. Today, retirees receive their benefits when due, not months or years later.”

“To further enhance benefit adequacy, we introduced Pension Boost 1.0, which has already added N2.68 billion to monthly pension payments for CPS retirees.

“On the technology front, we achieved full automation of critical pension processes, including the Pension Clearance Certificate system, benefit processing, and contribution remittance platforms.

“Operational efficiency has improved, leakages have reduced, and transparency has increased. We will continue to upgrade our systems and application as technology evolves.

“We also inaugurated the Board of Trustees of the PenCare Initiative, a landmark industry-wide intervention to provide free and accessible healthcare for low income retirees. Retirement should be a season of peace, not a period defined by anxiety over medical bills.

Speaking on the fact that pension operators were asked to raise their capital requirements, she maintained that this was not punitive but purposeful, stressing that stronger capital means stronger institutions, better risk management, deeper expertise, and a greater capacity to attract and retain skilled professionals.”

“We also strengthened governance regulations to eliminate shadow directorships. Let me state this clearly. Pensions cannot be managed from the shadows. Transparency, accountability, and fit-and-proper leadership are non-negotiable. A system entrusted with Nigerians’ life savings must be governed by integrity and competence,” she further stated.

With regards to the compliance circular issued by PenCom in the second quarter of this year, linking Pension Clearance Certificates to participation across the pension industry value chain, she said that the impact was immediate and unmistakable, pointing out that “From January to November 2025, total pension recoveries reached N4.04 billion, compared to N1.44 billion for the whole of 2024. This represents an increase of over 180 percent. Most notably, N2.06 billion was recovered in the third quarter of 2025 alone, almost 150% of total recoveries recorded in the entire year 2024.

“A similar shift is evident in compliance behaviour. Prior to the third quarter, Pension Clearance Certificates were issued at a modest quarterly average of about N150 billion. Following the circular, the third quarter recorded issuances of about N233 billion, far exceeding the average of preceding quarters. This clearly demonstrates that when compliance is tied to real economic consequences, behaviour changes.”

The chairman of NEM Insurance Plc, Mr. Tope Smart has promised to keep doing the best he can to ensure that insurance becomes a household name to Nigeria.
He gave this assurance while receiving an Award of Excellence from the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos at the weekend.

Smart was one of the five awardees of NAIPE Award of Excellence and Stewardship for the impact he made, not only in Nigeria, but at the continental level as the past president of the African Insurance Organisation (AIO). Aside being the past group managing director/CEO.of NEM Insurance Plc, he was also the past chairman of the Nigerian Insurers Association (NIA), among others. In all these, Smart distinguished himself as exceptional operator and a friend and supporter of insurance journalists.

While receiving the award, Smart said, the accolade is a message for him to do more to ensure insurance takes its rightful place in the national polity and discourse.

According to him, “I have a personal philosophy that what is worth doing is worth doing well. What shaped my perception was the derogatory image at which our Head of department in the University created about insurance companies in Nigeria then.

“He had highest regards for foreign insurers and disregard the local ones. From that moment, I decided that I must make a difference. So, when I joined the industry, I tried my best to be able to change the narrative.”

Referencing the NEM Building that has now become the face of insurance on Ikorodu Road, he said; “the NEM building on Ikorodu road was built without any bank loan to the glory of God and it has become the envy of others.”

While apprecating every member of NAIPE, he said, he and the group have come a long way together.

“I run a business and I know it is not easy to run a business. So, for you guys, especially, those who runs their media platforms, to be there with tenacity, despite all the struggles in the business operating environment, and still making a difference, it is commendable and I will continue to support your projects in a joint effort to develop insurance industty,” he pointed out.

On her part, the chairman of NAIPE, Mrs. Nkechi Naeche Esezobor appreciated the support and partnership of Smart and NEM Insurance over the years, saying, the group never took them for granted.

“This building (NEM Insurance) was what made many insurance companies to start making their building big. Every company coming in is looking at doing what NEM did because you have challenged them.

“Your efforts can never be in vain. As an association, we feel it is good to recognise people when they are alive. We appreciate what you have done for the industry and we felt we need to appreciate this feat in our 10th anniversary of organising our annual conference,” she noted.

Meanwhile, the chairman, 2025 NAIPE Annual Conference, Mr. Roland Okoro said, Mr. Smart tick all the boxes when assessing the personalities to be awarded, calling on him not to rest on his oars towards deepening insurance acceptance, penetration and recognition.

By Sola Alabadan

For paying just paid $170,000 (N255 million) as the premium to insure the risk, a consortium of insurance companies in Nigeria paid claims of $55 million (about N83 billion) to Britannia-U Nigerian Limited, for the fire incident that affected the company.

This is contrary to the wrong perception among the other people that the Nigerian insurance industry has not been paying claims.

The company was paid this claim for the massive fire outbreak that razed the 4,000 barrels of crude oil per day capacity Britannia-U1 FPSO operated by Nigerian independent producer, Britannia-U Nigeria Limited, offshore Forcados in Delta State.

the Commissioner for Insurance and CEO, National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, who disclosed this on Friday at the seminar organised by NAICOM for insurance journalists in Abeokuta, applauded the insurance operators for living up to expectation and paying the claim prompt settlement.

Omosehin,who was visibly excited by the industry’s ability to pay $55 million (N83 billion) claims to Britannia-U Nigeria Limited, stated that even the insured did not believe that the industry will have the capacity to pay the claim hence the reason why the case was reported to the National Assembly.

“Nigerian insurers have been paying claims and one major one is the Britainnia-U Nigeria claim that was initially estimated at about $72 million which was subsequently and finally adjusted for $55 million (N83 billion).

“Having adjusted a claim for N83 billion their perception, given what they heard, was, this people might not be able to pay. So they run to the National Assembly. The regulator was summoned and we were asked why are you people not paying. The reality is, there was no need for legislative intervention, and the claim was clearly discharged.

“The provision of the law with respect to timeline for settlement was 90 days because NIIRA had not been assented at that time. So the industry had 90 days and my explanation to the House was, calm down, these guys did not breach any provision, why do you want to descend on them? But, of course, I realized the need for the regulator to step in. So, we wrote to our entities and we gave them a timeline and immediately, the claim was settled.

“Honestly, I must tell you, I have never been proud of this market until that time. I confirmed to you the market has paid the N83 billion claim in full.

“The interesting part is that the premium for this risk was $170,000. The painful part of it is that the payment of this claim has not been publicized. Those are the things I want to see published.

NAICOM boss emphasized the need for industry players to publicize claims paid to change the negative perception by the public about the sector. “We cannot continue as a sector to keep quiet. Billions are being paid on an annual basis, yet people are saying insurance does not exist in Nigeria because they have access to the radio airwaves and those ones will go viral but the billions insurance companies are paying on an annual basis are not publicized.”

The Commissioner emphasised that in appreciation of the fact that insurance is a promise of protection, and its impact must be felt in the society, the promp payment of the claim is a proof that the industry is responsive and reliable when it comes to valid claims.