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Rotimi Edu Now President Of NCRIB

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By Sola Alabadan

Barr. Oluwarotimi Edu has been sworn in as the 21st president of the Nigerian Council of Registered Insurance Brokers (NCRIB) to, as his investiture held in Lagos today.

Edu, who was until now the deputy president of the council, had worked assiduously with the immediate past president. Dr. Bola Onigbogi, to deepen insurance awareness through improved education and sensitisation exercise across the country.

He was born more than 60 years ago into the families of Late Alhaji Salaudeen Edu in Lagos.
Edu began his early education at the Surulere Baptist Primary School, in Lagos, before proceeding to the Lagos Clerical Training College which was a famous school for the training of would-be white collar jobbers at the time.
He later switched to Premier College, Yaba, for his West Africa School Certificate, which he bagged with flying colours.

The quest for higher scholarship propped him to secure admission with Lagos State Polytechnic, Isolo Lagos for his National Diploma and Higher National Diploma Certificates in Insurance.

He secured his first job with Security Insurance Company under the tutelage of Late Mr. Idowu Silva, where he horned his skills in Insurance Marketing.

Though, he had a flourishing career in the Insurance Industry, starting his career at the defunct Mulumba Assurance Co. Ltd, where he was employed as a Senior Manager, Oluwarotimi briefly left for banking and later returned to the famous Industrial and General Insurance Ltd where he exited as Deputy Director (Marketing).
He later became the acting Managing Director of International Health Management Services before establishing his own Brokerage firm, Quicklink Insurance Brokers Limited.

His foray into NCRIB was when he was appointed as the Auditor of the council under its first female President, Barr Mrs. Laide Osijo.

From that point, there had been no turning back for Edu, as he rose through the ladder to become Hon Treasurer, Vice President, Deputy President and today ascending the number One position as 21st President.

His thirst for knowledge make him apply for a degree in Accounting, and crossing in his 2nd year to Law at the University of Lagos, where he bagged his Bachelors of Laws degree, and was called into the Nigerian Bar after completing his Law School.

He went back for his Master’s Degree in Law specialising in Secured Credit, Family Law and he later became a Notary Public of the Federal Republic of Nigeria thereafter. These battery of certificates and knowledge he has brought to bear on his profession and the NCRIB in several capacities.

A Chartered Insurance practitioner from the Chartered Insurance Institute London, Barr Oluwarotimi Edu is a proud product of the famous National Institute of Strategic Studies, Kuru, Jos. He was a one-time speaker at NIPSS (SEC 41) and a strong advocate of agricultural insurance development in Nigeria.

As one of the Past Presidents of the famous Lagos Lawn Tennis Club, Barr Oluwarotimi Edu left an impressionable footprints on the Club. Aside from enhancing its financial vibrancy, Barr Edu is remembered for re-energising the Club through aggressive membership drive and drawing more attention of the powers that be to the Club, making it a primus interperes amongst its peers nationally.

Similarly, he is a Chartered member of the Nigerian Institute of Chartered Arbitrators(CIArB); Current Chairman of the Insurance Brokers Forum of the West African Insurance Companies Association (WAICA); Member of the 9th Governing Council of Lagos State Polytechnic (LASPOTECH); Past President of the Lagos State Polytechnic Alumni Association); Member, Institute of Directors (MIoD); Principal Partner of Rotimi Edu & Co. a firm of Estate Managers, among others.

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PenCom Approves Full Payment To 2,024 Retirees, 25% To 7,906 Disengaged Workers

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By Sola Alabadan

The National Pension Commission (PenCom) approved Enbloc payment of retirement benefits to 2,024 retirees whose Retirement Savings Account (RSA) balances were N550,000.00 or below and considered insufficient to procure Programmed Withdrawal or Retiree Life Annuity of a reasonable amount for an expected life span.
In this regard, a total sum of N527.23 million was paid to the 2,024 retirees from both the public and private sectors during the second quarter of the year.
The nation’s pension regulator disclosed this in its latest quarterly report issued recently.
This is in keeping faith with the objectives of the Pension Reform Act 2014 to ensure that every person who worked in either the Public Service of the Federation, Federal Capital Territory or Private Sector receives his retirement benefits as and when due.
In a related development, the Commission also approved the payment of N4,430.37 million to 7,906 RSA holders under the age of 50 years, who were disengaged from work and unable to secure jobs within four months.
This is in accordance with section 7(2) of the Pension Act, which provides that “Where an employee voluntarily retires, disengages or is disengaged from employment as provided for under Section 16(2) and (5) of this Act, the employee may, with the approval of the Commission, withdraw an amount of money not exceeding 25 per cent of the total amount credited to his retirement savings account, provided that such withdrawals shall only be made after four months of such retirement or cessation of employment and the employee does not secure another employment.”

Meanwhile, the Commission also informed that applications were received for transfer of Nigeria Social Insurance Trust Fund (NSITF) contributions on behalf of 332 NSITF contributors.
However, approval was granted to transfer N17,026,367.10 to the Retirement Savings Accounts (RSAs) of 298 members.
On a similar note, PenCom approved monthly pensions in the sum of N62,327,832.97 to 3,629 NSITF pensioners.

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4,438 Retirees Choose Programmed Withdrawal, 1,708 Opt For Annuity In Second Quarter

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By Sola Alabadan

The National Pension Commission (PenCom) approved 4,438 requests, comprising 1,406 public (FGN & States) and 3,032 private sector retirees to draw pension through the Programmed Withdrawal mode during the second quarter.
These retirees received a total lump sum of N13,059.79 million, while their total monthly pension amounted to N209.05 million.
PenCom disclosed this in the second quarter report uploaded on the commission’s website recently.
Similarly, the Commission granted approval to 1,708 retirees under the Retiree Life Annuity during the quarter.
A total lump sum of N4,586.16 million was approved for payment to the retirees, while the sum of N12,346.89 million was approved for payment to 14 Retiree Life Annuity Providers as premium in return for total monthly/quarterly annuities of N122.46 million.
In a related development, approvals were granted for payment of death benefits amounting to N6,175.13 million to the legal beneficiaries/administrator of 1,209 deceased employees and retirees. This comprised 835 public (FGN & State) and 374 private-sector employees/retirees.
During the quarter under review, the Commission equally approved enbloc payment of retirement benefits to 2,024 retirees whose RSA balances were N550,000.00 or below and considered insufficient to procure Programmed Withdrawal or Retiree Life Annuity of a reasonable amount for an expected life span. In this regard, a total sum of N527.23 million was paid to the 2,024 retirees from both the public and private sectors.
Besides, the Commission approved the payment of N4,430.37 million to 7,906 RSA holders under the age of 50 years, who were disengaged from work and unable to secure jobs within four months.

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CHI Renews Group Accident Cover For insurance, Pension Journalists

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Sola Alabadan

Consolidated Hallmark Insurance(CHI) Plc has again renewed the Group Personal Accident Insurance cover worth N24 million Sum Assured, which was arranged for insurance and pension journalists in Nigeria.

This is part of the company’s Corporate Social Responsibility (CSR) project, to ensure that journalists who are exposed to danger and hazard in the discharge of their civic duties are adequately protected.
The Group Personal Accident Insurance policy covers death, permanent disability and medical expenses.

The policy, now in its 10th year, has been running since 2012, and is renewed annually by the company. The cover, which was renewed on October 1, 2021, is due to expire on September 30, 2022.

The policy cover all members of the National Association of Insurance and Pension Correspondents(NAIPCO) across the country while the company has promised to continue to renew the coverage for the journalists every year.

Speaking on the issue, the group managing director of Chi, Eddie Efekoha, said, this gesture is to show the kind of values and respect his insurance firm has for journalism, believing, journalists, who are the shaper of the society, and by extension, the insurance industry, must be protected.

Journalism, he said, is a risky profession, hence, the need to adequately provide insurance for those covering the insurance industry.

In the case of the death of any of the concerned journalists, he said, the family of the deceased is entitled to N1 million death benefits. “A journalist who suffers permanent disability in the discharge of his duties will also be entitled to N1 million. The cover provides for medical expenses to the tune of N200,000 per journalist in the case of an accident,” he pointed out.

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