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Pension Fund Assets Now N14.27 Trillion, As Micro Pension Records 81,674 Participants

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By Sola Alabadan

The total pension contributions under the Contributory Pension Scheme in Nigeria was N14.27 Trillion, as at June 30, 2022, the Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, said in Lagos today.
The PenCom boss, who was represented by the Head, Corporate Communications Department, Dahiru Abdulkadir, stated this at a workshop organised by the commission for pension journalists. The theme of the workshop waz, “Increasing Informal Sector Participation in the Contributory Pension Scheme (CPS): The case for Micro Pension Plan”.

While micro pension has recorded 81,674 participants as at July 2022, she informed that the total number of registered contributors stood at 9,795,957 million as at June 30, 2022.

She pointed out that the theme of the workshop aligns with the Commission’s objective of expanding coverage of the CPS.

The objective of introducing the micro pension plan, according to her, was to bring in to the CPS, Nigerians working in the Informal Sector and those who are Self Employed through the Micro Pension Plan (MPP). “Therefore, it is of utmost importance to educate the media on the MPP and enlist your support to make the Plan popular amongst informal sector workers and the self-employed. There are three papers slated for presentation by the Commission today;” she said

She said the Commission is mindful of the critical role of Journalists in disseminating factual information to its stakeholders. “So, it is imperative to constantly interact and inform you of recent developments in the pension industry and some of the Commission’s significant activities.

“Strategic efforts to drive the Micro Pension Plan (MPP) remain one of the significant areas of focus of the Commission. The MPP was conceptualized to expand pension coverage to the informal sector, including small-scale businesses, entertainers, professionals, petty traders, artisans, and entrepreneurs. The MPP 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 currently championing an Industry Media Campaign in major cities in the country’s six geopolitical zones,” she noted.

She stated that PenCom increased the Minimum Regulatory Capital (Shareholders’ Fund) requirements of Pension Fund Administrators (PFAs) from N1 billion to N5 billion last year, adding that recapitalization exercise had a 12-month transition from April 27 2021, to April 27 2022 and that as at the deadline, all Pension Fund Administrators (PFAs) have complied with the Commission’s directive to increase the Minimum Regulatory Capital (Shareholders’ Fund) from N1 billion to N5 billion.

“The reason for the recapitalization exercise was to ramp up the capacity of the Pension Fund Administrators to manage the increasing number of registered contributors, and the value of pension fund assets under which I am pleased to inform you stood at 9,795,957million and N14.27 Trillion, respectively, as at June 30, 2022. it is expected that the exercise will bring about increased effectiveness and efficiency as well as improved service delivery in the industry,” she said.

Speaking on “The Administration of Retirement Benefits Under the Micro Pension Plan”,the Head, Benefits & Insurance Department, PenCom, Obiora Ibeziako, said where the fixed portion of Retirement Savings Account (RSA) balance cannot procure monthly pension/annuity up to one third of the prevailing national minimum wage, the contributor shall receive their benefits en bloc.

He added that the prevailing national minimum wage shall serve as the annual total emolument for the purpose of benefits computation where the contributor has no pay slip.

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Business

SanlamAllianz Organises Roadshow To Deepen Insurance Awareness

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By Sola Alabadan

SanlamAllianz, formed from the merger of Allianz and Sanlam, will begin 12-city nationwide roadshow on June 23, following the brand’s recent official introduction to the Nigerian market.
The campaign, which will take place in Lagos, Ibadan, Akure, Warri, Port Harcourt, Uyo, Onitsha, Enugu, Owerri, Kano, Jos, and Abuja, is part of the company’s strategic effort to deepen customer engagement, and raise awareness about the brand and insurance.
It is also intended to demonstrate the company’s commitment to making wealth creation and financial protection capabilities more accessible to individuals and businesses in the country.
Speaking on this initiative, Tunde Mimiko, MD/CEO of SanlamAllianz Life Insurance, said: “This nationwide campaign signals the scale of our ambition and the depth of our commitment to the Nigerian market. At the heart of insurance is trust, and trust begins with presence. Reaching customers where they are is fundamental to how we are building SanlamAllianz.
“This roadshow is a strategic move to bridge the gap between perception and reality, allowing us to engage directly with our customers and Nigerians in general, challenge long-held misconceptions, and position insurance as a practical tool for thriving in financial confidence, building resilience and long-term financial security.”
As part of the roadshow, SanlamAllianz will hold customer engagement forums in each of the 12 cities. The in-person sessions allow customers to interact directly with the company’s leadership and frontline teams. The forums aim to reconnect with customers under the unified brand and reaffirm its long-term commitment to the local market.
“Insurance only becomes relevant when it is understood, trusted, and connected to the realities people face,” said Yomi Onifade, MD/CEO of SanlamAllianz General Insurance.
“These forums are our way of reintroducing SanlamAllianz not just as a merged entity, but as a unified brand committed to showing up for Nigerians. We are creating a platform for real conversations — to listen, address concerns, and deepen understanding. This is how SanlamAllianz intends to lead, by listening actively, showing up with solutions, and shaping a future where insurance is truly embedded in the fabric of everyday Nigerian life,” he added.
By adopting a city-by-city physical rollout, SanlamAllianz Nigeria is positioning itself as one of the few players actively investing in deeper grassroots engagement toward deepening insurance penetration in Nigeria.

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Business

NAICOM, OHCSF Move To Ensure Workers Benefit From Group Life Assurance

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By Sola Alabadan

In order to equip civil servants with knowledge and tools to effectively manage and benefit from the Group Life Assurance Policy, the National Insurance Commission (NAICOM) and the Office of the Head of the Civil Service of the Federation (OHCSF) recently organised a capacity-building workshop on the compulsory insurance policy in Abuja.

Section 9(3) of the Pension Reform Act 2014 mandates employers to maintain a Group Life Assurance policy for their employees, with a benefit of at least three times the employee’s annual total emolument.

The workshop brought together stakeholders from government ministries, departments, and agencies to enhance understanding and implementation of the policy.

In her opening remarks, Mrs. Didi Esther Walson-Jack, Head of the Civil Service of the Federation, represented by Mrs. Oyekunle Patience, emphasised the importance of insurance in safeguarding public servants’ welfare and ensuring financial security for their families. She commended President Bola Tinubu for renewing the annuity policy and applauded NAICOM for initiating the training.

The Commissioner for Insurance, Mr. Olusegun Omosehin, represented by Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner for Finance and Administration, expressed appreciation for the collaboration and assured participants of NAICOM’s commitment to transparency and accountability in policy implementation.

The workshop aimed to equip civil servants with knowledge and tools to effectively manage and benefit from the Group Life Assurance Policy, a critical component of the Federal Government’s welfare package.
The event marked a significant step in strengthening life insurance policy implementation across the federal civil service, reinforcing the government’s dedication to employee well-being.

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Business

PenCom Mandates Newspaper Owners To Pay N720m Pension Debt

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The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has raised alarm over widespread non-compliance with the Pension Reform Act (PRA) 2014 by media organisations in Nigeria, revealing that newspaper owners owe journalists over N720 million unpaid pension contributions.
Speaking during a courtesy visit to the President of the Newspaper Proprietors’ Association of Nigeria (NPAN), Mr. Kabiru Yusuf, in Abuja recently , Ms. Oloworaran described the findings as “very troubling” and called for urgent collaboration between PenCom and newspaper proprietors to enforce compliance across the sector.
PenCom acknowledged the deep value of the role of the media in shaping public discourse, and said it is disheartening that many organisations within the media are failing to meet a fundamental obligation to their employees.
The Director General said PRA 2014 mandates all employers to remit pension contributions for their employees monthly, within seven days of salary payment.
However, she said PenCom’s investigations show that many newspaper houses have ignored this obligation, with arrears totalling over N720 milliiaon.
Ms. Oloworaran informed NPAN that PenCom is not seeking to penalise erring organisations at this stage, but prefers a collaborative approach to achieving sector-wide compliance.
She added that PenCom has been engaging employers across industries and recently held discussions with the Nigerian Press Council (NPC) to drive awareness and compliance in newspaper organisations,.
While noting the overall poor compliance within the industry, the DG singled out Daily Trust for commendation, describing the paper as a “leading example” for consistently meeting its pension obligations since 2015.
Responding, NPAN President, Kabiru Yusuf, acknowledged the pension compliance issues in newspaper organisations in Nigeria, but urged PenCom to understand the dire financial situation of the media industry.
NPAN President said the reality is that many newspapers in Nigeria are struggling to even pay staff salaries, let alone pension contributions, adding that only a few are managing to stay afloat, and even among them, there is often reluctance to part with money for statutory payments like tax and pensions.
He welcomed PenCom’s engagement efforts and proposed a broader industry dialogue through the Nigerian Press Organisation (NPO), a coalition that includes NPAN, the Nigerian Guild of Editors (NGE), and the Nigeria Union of Journalists (NUJ). Yusuf suggested that PenCom participate in an expanded meeting of stakeholders in Lagos this year, where the challenges of compliance and potential solutions can be jointly addressed.
Ms. Oloworaran agreed to the proposal, expressing hope that such a forum would serve as a meaningful step toward sustainable pension reform compliance in the media.
“We are not focused on being punitive because the law allows us to sanction. That is not what we are looking at. I believe we can work together to get all these media houses to make the necessary contributions towards the financial security of their workers,” the DG said.
The meeting marked a renewed effort by PenCom to hold employers in the media sector accountable and compliant with the PRA 2014.

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