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Using Pension Fund For COVID-19 Palliatives

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Some media outfits on Saturday 25th April 2020, carried the response of the President of the Nigeria Labour Congress (NLC), Comrade Ayuba Wabba, mni to a question as to wether the Contributory Pension Fund could be used as palliatives as the lockdown entered the fourth week. The said question was asked during the Joint National Briefing of the Presidential Task Force on COVID-19 in Abuja on Friday 24th April 2020. The NLC President as expected, opposed using Contributory Pension Funds for palliatives. He was quoted to have said that “pension fund is not free money; it is the money that belongs to pensioners, which is in pensioners retirement savings accounts. It is structured in such a way that a pensioner continues to draw this money throughout his life. He talked about the need to protect the fund and ensure that pensioners or the workers contributing the monies would have something to rely on”. He was further quoted as haven concluded by saying that the money should not be used for COVID-19 palliatives. For taking this position and saying it out and clear, we at the Centre for Pension Rights Advocacy (CPRA) are proud of him.

The Secretary to the Government of the Federation and Chairman of the Presentational Task Force (PTF) on COVID-19, Boss Mustapha, was quoted to have assured that the federal government will not borrow from Contributory Pension Fund to provide palliatives to cushion the effect of COVID-19 lockdown in the country. He was quoted to have said: “We had looked at the issue of pension funds. As a matter of fact we even got the Minister of State of Education to do us a position paper and our conclusion is that the time is not even right for us to go there because the entire world order in terms of our economy and in terms of our health system has been disrupted by COVID-19 and the consequences nobody can imagine until the dust is settled.”

We at the Centre applaud the conclusion reached by the Presidential Task Force on the matter. This conclusion and the response of the NLC President would have been sufficient to put to rest, any further comment of the matter. However, some issues in the SGF’s response need to be addressed and that is what we intend to do here.

The SGF was quoted to have said: “As a matter of fact we even got the Minister of State of Education to do us a position paper and our conclusion is that the time is not even right for the us to go there …”. The federal government has been eyeing the Contributory Pension Funds for a long time now. First it was for infrastructural development and now for COVID-19 palliatives. The Centre along with other critical stakeholders of the fund including the NLC had made it known that they are not opposed to using pension funds for infrastructural development because pension funds are long term investable funds that are also opened for investment in infrastructure, provided that is done within a legal framework acceptable to all. Therefore we will rest the case with regard to infrastructural investment of pension fund.

What is worrisome at the moment to us at the Centre is the idea that government had even eyed the Contributory Pension Fund for COVID-19 palliatives. Unfortunately, whenever there is a slide confusion in the economy, government without first taking into consideration the principal objectives for which the fund was established; which is ensure that every person who worked in either the Public Service of the Federation, Federal Capital Territory, States and Local Governments or the Private Sector receives his retirement benefits as and when due; and assist improvident individuals by ensuring that they save in order to cater for their lively hood during old age.

That the PTF even remotely considered the use of the Contributory Pension Funds for COVID-19 palliatives to the point of getting a Minister to do a position paper for government on the matter, is a matter of great concern to some of us stakeholders of the fund. This discussion will limit itself and will therefore not go into discussing the federal government compliance with the provisions of the Pension Reform Act 2014. The Act established the Fund, and laid down rules and guidelines on how the fund should be manage, invested and pensions paid.

It is impossible for the government, to take pension fund for any purposes outside the law establishing the Fund. In the first place, almost 70% of the funds had been invested in government treasury bonds. The money is not cash. Assuming without conceding that it can be used for COVID-19 palliatives, then the government will have to first provide the cash to buy back the bonds.

In the total funds in the kitty, Federal and States Governments workers account for less than 50% of the value of the over 10 trillion Naira Contributory Pension Fund. The balance is owned by private sector workers. The composition of the Fund is the contributions of public sector workers, private sector workers and the return on investments. The fund is being used for the payment of current pensioners under the Contributory Pension Scheme (CPS) and future pension for current workers (contributors) in both the public and private sectors. The fund is in the respective Retirement Savings Accounts (RSA) of the pensioners and workers. Moreover part of the fund, has been used to purchase annuity with Life Insurance providers, for retirees who opted for Annuity as against Programme Withdrawals housed by Pension Funds Custodians and managed by PensionFunds Administrators.

The question, which the person who asked the question during Friday’s Joint National Briefing of The Presidential Task Force on COVID-19 and the Presidential Task Force that commissioned the Minister to State of Education to do a position paper on the matter have to answer is: how can money that already belongs to the pensioners and workers become a palliative?

We conclude by siding with the NLC President’s position that the Contributory Pension Fund can not be used for COVID-19 palliatives now or in the future. Rather the fund should be protected for the achievement of objectives for which it was established. We also want to remind all that the Federal Government lacks jurisdiction over the management of the Fund; the mandate of the government is to provide the enabling law and the regulation of the Fund.

Ivor Takor, Director, Centre for Pension Right Advocacy

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Daily Economy To Unveil New Insurance Book Today

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Daily Economy Concept, the Publisher of Daily Economy, a multimedia platform, has announced plans to celebrate its second anniversary with the official launch of a landmark book titled “Trends in Nigeria’s Insurance Industry (2005–2025) & Selected Insurance Icons.”

The event is scheduled to hold today in Lagos and is expected to bring together key stakeholders from across Nigeria’s insurance and financial sectors.

The occasion will feature prominent personalities in the insurance and financial services industry. The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, will be the Chief Keynote Speaker and Chief Presenter of the book.

The Chairman of the Occasion is the Chairman of Prestige Insurance Brokers Limited, Prince (Dr.) Feyisayo Soyewo, while the Special Guest of Honour is the Group Managing Director/CEO of the African Reinsurance Corporation, Dr. Corneille Karekezi.

Other distinguished guests expected at the event include the President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Ilori; Chairman of the Nigerian Insurers Association (NIA), Mr. Kunle Ahmed; and President and Chairman of the Governing Board of the Nigerian Council of Registered Insurance Brokers, Mrs. Ekeoma Ezeibe.

The book, written by Nike Popoola, a multiple award-winning journalist and Editor of Daily Economy, provides a comprehensive account of the transformation of Nigeria’s insurance industry over the past two decades. It documents major reforms, regulatory developments, recapitalisation efforts, and the contributions of notable industry leaders.

Speaking ahead of the launch, Popoola said the publication was inspired by the need to document the industry’s evolution and preserve its institutional memory.

“This book is the product of extensive research and years of covering the insurance sector. It tells the story of how the industry has evolved from a relatively underdeveloped sector into one that is increasingly relevant to Nigeria’s economy. Importantly, it highlights the people whose contributions have shaped this transformation,” she said.

Also speaking on the significance of the event, the Publisher of Daily Economy noted that the anniversary and book launch represent a major milestone for the organisation.

“As a publication committed to deepening financial literacy and industry knowledge, we are proud to present this book as a contribution to the insurance ecosystem. It is not just a celebration of our journey over the past two years, but also a platform to spotlight the growth and potential of Nigeria’s insurance industry,” the Publisher said.

The publication offers rich insights for industry professionals, policymakers, researchers, and students, while also featuring photographic documentation of key events that have shaped the industry over the last 20 years.

The event will provide a unique platform for knowledge sharing, networking, and reflection on the future of insurance in Nigeria.

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Leadway Assurance To Champion Climate Risk Solutions At Symposium In Germany

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Representatives of Leadway Assurance Company will be participating in the Africa Climate Insurance Symposium 2026, scheduled for March 31 to April 1, 2026, in Frankfurt, Germany, to advance climate risk solutions for Africa.
The symposium aims to kick off an annual cycle of such events bringing together a unique community operating in the area of Agricultural Index Insurance and therefore creating a highly specialized community of practice.
Beyond the annual event the country level experts will form clusters and with support and mobilisation of external solicitors will connect on an interim half year basis virtually to monitor and report on progress made.
During the symposium, Leadway will contribute to the panel discussion on ‘Scaling Agricultural Index Insurance for Resilient Food Systems’ – The private sector perspective and present a case study on innovative insurance models tailored for smallholder farmers. The Group will also participate in the Solution Showcase segment, where it will highlight the Leadway WeatherGuard product and share insights on collaborative initiatives that foster public-private partnerships for climate adaptation.
Themed “How Africa’s Insurers are Reshaping Climate Resilience from the Ground Up,” the symposium brings together insurance experts, development partners, and Agricultural stakeholders to explore practical, scalable responses to climate risks.
Leadway’s participation in the symposium aims to demonstrate how locally tailored made Agricultural Index insurance products have provided climate resilience for over three million Nigerian farmers, providing timely payouts in excess of N15 Billion in payouts over a five year period. This approach supports have farmer livelihoods, enables reinvestment, and underlines insurance’s role in strengthening food security and economic stability for African communities.
Speaking ahead of the event, Mr. Fatona Ayoola Paul, Leadway’s Global Head of Agricultural Risk Solutions, emphasised the urgency of strengthening Africa’s resilient frameworks through innovation, partnerships and collaboration. He explained that Leadway’s agricultural index insurance model stands out for using weather data and satellite technology to trigger automatic payouts when adverse conditions, such as drought or excessive rainfall, are recorded.
Unlike traditional indemnity insurance, this approach eliminates the need for costly, time-consuming farm assessments, enabling faster support to farmers. The insurance also offers bundled services, such as agronomic advisory services and digital enrollment, ensuring practical accessibility and greater impact for smallholder farmers.
“The demand for scaling Africa’s agricultural production is happening at interesting times when climate uncertainties and vulnerability are providing opportunities for innovation. This is where the Agricultural index insurance becomes an innovative concept that is now a practical tool transforming livelihoods across the continent. Platforms like this symposium allow us to deepen collaboration, share proven models, and accelerate impact to broaden such ingenious interventions across the continent,” he said.
The Africa Climate Insurance Symposium unites agricultural index insurance experts to build a dedicated community of practice. It drives cross-country collaboration among insurers, regulators, governments, and development partners, while encouraging international knowledge exchange. Through formal discussions and informal networking, participants will quickly share and replicate successful models to enhance regional cooperation.
The event brings together leaders and partners active in the insurance value chains such as Insuresilience Investment Funds (managed by Blue Orchard), Africa Reinsurance Corporation, Swiss Reinsurance, Continental Reinsurance, Pula Advisors, the Global Secretariat (BMZ/KFW), World Bank Global Shield Financing Facility, the Gates and Bayer Foundation among others to advance climate risk finance in Africa and continue laying the groundwork for regional replication.
With collaboration from key organisations and public-private partnerships, the symposium advances accessible, innovative insurance that bolsters African climate resilience and supports vulnerable communities. Leadway exemplifies African leadership through its actionable solutions and insights.

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Leadway Affirms Commitment To Healthcare Advancement

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Leadway Group has reaffirmed its commitment to advancing healthcare and medical education across Africa with the announcement of its support for the Association of Medical Schools in Africa Medical Education Conference 2026.
The 2026 conference themed “Increasing Capacity and Retention of the Global Health Workforce,” will convene a diverse audience of medical schools, healthcare professionals, academics, and industry stakeholders.
The event is designed to foster learning, collaboration, and innovation, while addressing critical challenges facing healthcare systems across Africa and beyond.
“At Leadway, we recognise that healthcare is fundamental to sustainable development and national prosperity,” said Managing Director, Leadway Pensure, Olusakin Labeodan, on behalf of the Leadway Group.
“Investing in platforms that strengthen medical education and support the development of a resilient health workforce is both a responsibility and a strategic imperative. Our support for the AMSA Medical Education Conference reflects our commitment to building systems that empower healthcare professionals, drive innovation, and improve outcomes across Africa.”
Also speaking on the initiative, Dr. Tokunbo Alli, Managing Director of Leadway Health, highlighted the company’s passion for progressive healthcare delivery.
“We believe that the future of healthcare in Africa depends on how well we equip, support, and retain our medical workforce. By supporting initiatives like this conference, especially the Bioethics workshop, we are contributing to the development of well-rounded professionals who are not only clinically competent but also grounded in ethical practice and global standards.”
The AMSA Medical Education Conference continues to serve as a vital platform for engagement, bringing together thought leaders and emerging professionals to exchange ideas, build networks, and shape the future of healthcare delivery on the continent.

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