Connect with us

E-News

Senate Urged To Expedite Action On Confirmation Of PenCom’s Board

Published

on

 

The Senate have been urged to expedite action to confirm the appointment of the Chairman, Director General and four Commissioners for the National Pension Commission (PenCom) forwarded by President Muhammadu Buhari in line with Section 19 (3) of the Pension Reform Act 2014.
Executive Director, Centre For Pension Right Advocacy, Ivor Takor, who made this call in Lagos, lamented that the absence of the Board and Executive Committee for more than five years, was a setback to the work of PenCom.
He said “The Board of PenCom was dissolved in 2015 or thereabout and for almost five years, the Commission has been without a Board. It has become a convention in Nigeria that once a new administration is sworn in at the Federal level, all Governing Boards of Federal Government Agencies are dissolved and reconstituted at the pleasure of the President. In the absence of the Board, PenCom has been managed by a Director-General and currently by an Acting Director-Director General.”
Takor pointed out that the lawmakers should bear in mind that out of a Board membership of 16, ten of them are Institutional representatives of critical stakeholders in the pension industry, whose inputs are critical in the formulation and provision of general policy guidelines for the discharge of the functions of the Commission; monitoring and ensuring the implementation of policies and programmes of the Commission; and carrying out such other functions as necessary or expedient to ensure the efficient performance of functions of the Commission under the Act.
He maintained that the pension industry looks forward to Senate’s expeditious confirmation of the appointments that will bring a new lease of life in PenCom and the industry that is emerging as the fasted growing industry in the country, creating jobs and value chain across industries within the financial sector of the economy.
The appointment of Mrs. Aisha Dahir-Umar as the substantive DG of the commission, he stated was in line with Section 19 (3) of the Pension Reform Act 2014.
The Section provides that “The Chairman, Director-General and the Commissioners shall be appointed by the President subject to the confirmation by the Senate”. Section 19 (2) provides that the Board of the Commission shall consist of (a) a part-time Chairman who shall be a fit and proper person with adequate cognate experience in pension matters; (b) the Director-General of the Commission; (c) four full-time Commissioners of the Commission; (d) a representative each of the following agencies and institutions: Head of the Civil Service of the Federation; Federal Ministry of Finance; Nigeria Labour Congress; Trade Union Congress of Nigeria; Nigeria Union of Pensioners; Nigeria Employers Consultative Association; Central Bank of Nigeria; Security and Exchange Commission; Nigeria Stock Exchange; and National Insurance Commission,”he added.
By the Organogram of PenCom, he said the Commissioners who together with the Director-General are members of the Executive Committee of Pencom, will be heading various departments of the Commission.
He maintained that it is to the credit of the Acting Director-General of PenCom, Aisha Dahiru-Umar and members’ of the Management Team that PenCom has been able to move the pension industry forward through effective regulation and supervision of the industry; ensuring increased level of compliance by private sector employers; under their watch, small and medium enterprises are increasingly embracing the CPS; expanding the coverage of the CPS through the Micro Pension Plan, which as at June 2020, witnessed 51,974 informal sector workers enrolling into the CPS, contributing N42.1 million; under their watch, RSA registration grew to 9, 039,727 as at second quarter of 2020 growing pension assets to 11.08 trillion naira during the same period; and by ensuring that pension operators are managed by fit and proper persons, thereby ensuring that the industry continue to be insulated from fraud and maladministration thereby securing pension funds and assets.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

IMT 2025 Edition Names Former McKinsey Partner As Speaker

Published

on

By

By Sola Alabadan

The fourth edition of Insurance Meets Tech (IMT), a conference focusing on the convergence of insurance and technology, is scheduled to hold on September 11 in Lagos.
With the theme, “Innovating for the New Trybe,” IMT 4.0 will convene stakeholders across the financial, tech, and creative ecosystems, redefining how insurance meets digital innovation, lifestyle, and Africa’s future economy. This year’s edition will once again deliver a powerful dual-experience format:
IMT 4.0, the flagship C-suite and policy-focused discourse
IMT Redefined 2.0, the youth-forward segment exploring the convergence of insurance, culture, and innovation.
The 2025 headline speaker is Per Lagerström, a global thought leader, an insurtech innovator, financial expert, and entrepreneur with over 30 years of experience across financial services, technology, FMCG, and strategy consulting. A former Partner at McKinsey & Company, he founded BehaviorTech, a groundbreaking field that merges behavioural science, AI, and innovation to deliver transformative outcomes for people, businesses, and society.
As CEO of Yellowspot, an Ireland-based venture studio, he leads the development of disruptive ventures focused on financial planning, education, longevity, and human-centred digital transformation. Known for navigating complexity with clarity, Per has advised boards and executives across Europe, Africa, and the Americas. His work is driven by an unrelenting passion for unlocking potential at the intersection of science, technology, and human insight.
Odion Aleobua, Convener of IMT and CEO of Modion Communications, expressed his delight ahead of the event. “We are incredibly honoured to welcome Per Lagerström to Lagos, Nigeria for IMT 4.0. His experience at the cutting edge of behaviour-tech research, an astute financial guru and huge insight into insurtech innovation align with the conversations we drive at this year’s conference. IMT is about the future of protection for a new generation, and we are convening voices and celebrating ideas that matter.”
IMT 4.0 will also continue to explore the role of predictive technology, embedded insurance, disruptive underwriting, and inclusive innovation. With engaging panels, immersive workshops, product demos, and youth-led showcases, the event promises actionable insights and bold ideas for building relevance in a shifting risk landscape.
Commenting, Per Lagerström stated, “Financial services are undergoing rapid and fundamental change, driven by AI inflection and BehaviorTech advances, blurring industry boundaries and shifting consumer behaviours. The result places incumbent business models under tremendous pressure and create unrivaled opportunities for growth and value creation. I am excited to join the year’s edition of IMT to unpack the forces at work and share my playbook for navigating these extraordinary times.”
IMT 4.0 proudly announces an early strategic partner powering this year’s event. CubeCover, one of Nigeria’s leading insurtech and microinsurance providers, comes aboard as a proud Gold Sponsor, racing ahead as early co-travelers for this year’s edition.
To register for IMT 2025, visit www.insurancemeetstech.com. For inquiries, contact Odion at +234 902 222 2226.
About Insurance Meets Tech (IMT)
The Insurance Meets Tech (IMT) Conference is one of West Africa’s leading platforms for exploring the future of insurance through the lens of technology, innovation, and culture.
In its fourth year, IMT offers a robust, multi-stakeholder, two-pronged experience featuring IMT 4.0, focused on C-suite insights, and IMT Redefined, a dynamic youth engagement segment inspired by innovation, lifestyle and creativity. IMT is curated by Modion Communications, one of Africa’s most celebrated young Public Relations consultancies.

Continue Reading

Business

SanlamAllianz Organises Roadshow To Deepen Insurance Awareness

Published

on

By

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.

Continue Reading

Business

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

Published

on

By

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.

Continue Reading