All Posts in "Insurance&Pension"

NAICOM Liquidates Niger Insurance,Standard Assurance

The National Insurance Commission (NAICOM), has withdrawn the operational certificates of Niger Insurance Plc and the Standard Assurance Plc.

The commission has appointed a receivers to oversee the the liquidation of the two former composite insurers, a statement from.’Rasaaq ‘Salami,Head, Corporate Communications and Market Development on behalf of Sunday Thomas, Commissioner For Insurance, NAICOM,said on Tuesday.

The commission assured stakeholders of the safety and protection of their interest.

The statement reads: “This is to notify all insurance stakeholders and members of the public that the National Insurance Commission, NAICOM has cancelled the certificates of registration of Standard Alliance Insurance Plc, RIC – 091 and Niger Insurance Plc, RIC – 029 with effect from the 21st day of June, 2022.

“Consequently, the Commission has appointed Sanya, Ogunkuade Esq of Plot 217, Upper Grace Plaza, 3rd Floor (Left Wing), Shetima Munguno Crescent, Behind Julius Berger Equipment Yard, Utako, Abuja as the Receiver/Liquidator for Niger Insurance Plc and, Kehinde Aina Esq of Aina Blankson LP, 5/7, Ademola Street, SW Ikoyi, Lagos as the Receiver/Liquidator for Standard Alliance Insurance Plc.

“All stakeholders are advised to forward their enquiries to the respective Receiver/Liquidator for each company for their necessary action.

admin by — June 28, 2022 in Business 0
 Nigeria’s Financial System Sound,Stable — NDIC

Nigeria’s financial system has remained stable and resilient in spite of the macroeconomic shock and stress occasioned by COVID-19,the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has said.

Hassan,who announced this at the opening of a 3-day retreat organised by the corporation for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos,attributed the development to his agency’s   proactive policies, supervision and support of the regulatory authorities.

He said:“The macroeconomic shock and stress brought about by COVID-19 are unprecedented. It has been recognised as the ultimate test of resilience so far to financial systems. As evidenced by the financial soundness indicators, Nigerian banks have remained resilient, by being safe, stable and sound in spite of the challenges posed by the COVID-19 pandemic. This success was due largely to the proactive policies and support of the regulatory authorities,” he said

Some of the measures taken by NDIC to strengthen the deposit insurance system in the country to include, the migration to the Differential Premium Assessment System (DPAS) from the flat-rate method of assessing and collecting premiums with a view to aligning the pricing of deposit insurance to the risk profile of individual banks and the collaboration with the Central Bank of Nigeria, CBN to shift from the compliance-based examination to Risk-Based Supervision (RBS) and the adherence to corporate governance principles in the banks among others.

According to him,NDIC is embarking on robust collaboration and cooperation with relevant stakeholders, other deposit insurance agencies and global bodies, particularly in the area of knowledge and information sharing to effectively address the technological, legal, regulatory, and supervisory challenges facing the deposit insurance system in a rapidly changing environment.

He tasked  the lawmakers on appropriate legislation as well as emphasized  that the maintenance of financial resilience requires preparation, in advance, through diligent planning, laws, robust policies and sound institutions to implement the laws and policies.

admin by — May 7, 2022 in Business 0
NDIC Commences Verification Of Depositors In failed Micro-Finance Banks Next Week

The Nigeria Deposit Insurance Corporation (NDIC) will commence the verification of claims by depositors of the three Micro-finance Banks (MFBs) whose licences were revoked by the Central Bank of Nigeria (CBN) from next Monday

The agency confirmed this in a statement posted on its official Twitter handle.

The failed banks include ;Gufax MFB, Sapphire MFB, both in Uyo, Akwa Ibom State, and ICB MFB in Asaba, Delta State.

It implored concerned depositors to visit the closed banks’ addresses to meet its officials for the verification of their claims.

It also urged eligible depositors to also visit its website – www.ndic.gov.ng/claims/ to download and fill out the claims form.

According to the statement, “NDIC, the official liquidator of the underlisted defunct Microfinance Banks (MFBs) whose licences were revoked, is in the process of paying insured depositors.Depositors of ICB MFB should come forward for verification and payment of their insured deposits at the premises of the closed bank from May 9 to 20, 2022.”

admin by — May 6, 2022 in Business 0
20 PFAs Meet N5bn Capital Base

The National Pension Commission (PenCom),says 20 Pension Fund Administrators have met the new statutory requirement of N5billion each for their operation in Nigeria.

The commission said the development means that N100billion is now available for operational effectiveness and efficiency of the sector.

A departure from the initial N22billion the operators were working with prior to the announcement of the new capital regime on April 2021.

While issuing the directive last year,the commission had said that the new capital would allow the operators to have more funds for expansion and operational efficiency given the huge pension assets under management which currently stands at over N13trillion.

The statement reads:“The National Pension Commission (PenCom) is pleased to inform all stakeholders and the general public that as at 27 April 2022, all Pension Fund Administrators (PFAs) have complied with the Commission’s directive for the increase of the Minimum Regulatory Capital (Shareholders’ Fund) from N1 billion to N5 billion.

“Recall that the Commission had approved the recapitalisation exercise for the PFAs with a 12-month transition period from 27 April 2021 to 27 April 2022. The exercise became expedient as the value of pension fund assets under management and custody had grown exponentially by 244 percent, from N3 trillion in 2012 (when the previous recapitalisation was done) to N12.29 trillion (as at December 31, 2020).

“The sustained growth in assets implies greater fiduciary responsibilities that require more operational capacity by the PFAs. The urgent need to ramp up PFAs capacity to manage the increasing number of registered contributors and value of pension fund assets under management led to the recapitalisation exercise.

“It is worthwhile to state that 10 PFAs had met the new regulatory capital requirement of N5 billion as at 31 December 2021, while the others intensified 2 efforts to meet the deadline of 27 April 2022. This resulted in some mergers and acquisitions, which led to the reduction of the number of PFAs from 22 to 20”

The Commission added that it had approved the acquisition of AIICO Pension Managers Limited by FCMB Pensions Limited; and the merger between Tangerine Pensions Limited and APT Pension Funds Managers Limited and subsequent change of name of the merged entity to Tangerine APT Pensions Limited.

It further approved Norrenberger’s acquisition of IEI-Anchor Pension Managers Limited, after its acquisition of the majority shareholder, IEI Plc.

The agency said following the conclusion of the recapitalisation exercise, stakeholders, particularly retirement savings accounts (RSA) holders, should expect increased effectiveness and efficiency as well as improved service delivery from PFAs.

Meanwhile,the Conference of Civil Society of Nigeria, has commended the Director General of the National Pension Commission (PenCom), Hajia Aisha Dahiru Umar, over the full compliance of Pension Fund Administrators (PFAs) with the N5 billion minimum regulatory capital requirement set by the agency.

The chairman of the group,Comrade Adams Otakwu, told newsmen on Saturday that the development was laudable and in the best interest of national development.

He said: “The growth of the pension industry in Nigeria owes a great deal to the dedication, vision and profound personal commitment of the likes of the current Director General of PenCom, Hajia Aisha Dahiru Umar.In the last three years or so, we have seen very remarkable rise in pension assets alongside other tangible reforms in the industry including the current compliance of PFAs with the minimum regulatory capital requirement of N5 billion, which affords PFAs reasonable capacities for greater efficiency.”

“The DG over the period has demonstrated uncommon verve in the management of a sensitive commission like PenCom that has significant impact on the country’s economy and national security.”

admin by — April 30, 2022 in Business 0
NAICOM Okays Anchor Insurance’s Flight Welfare Scheme

The National Insurance Commission (NAICOM) has approved the Local Passengers’ Flight Welfare Scheme for Anchor Insurance Company Limited.

The company’s Managing Director, Ebose Augustine, conveyed this in a statement,adding that the scheme would run concurrently with its existing general insurance products,he said .

NAICOM,in its approval letter stated: “In the exercise of the powers conferred on the Commission by Insurance Act 2003, your company is hereby granted a ‘no objection’ to introduce your product tagged ‘Local Passengers’ Flight Welfare Scheme’ to the Nigerian Insurance market.”

Augustine explained that the company sees the development as another opportunity to make the Nigerian local flight passengers enjoy more peace of mind while flying.

He implored the local aviation operators to see the insurance product as a value-added package that will endear them to valued passengers.

He added: “As one of the fastest-growing insurance companies in Nigeria, we thrive in providing our clients with top quality insurance care through our friendly and experienced professionals, timely claim administration, customer-friendly products and super customer experience delivery.”

admin by — April 19, 2022 in Business 0
NDIC Launches Platform For Micro Finance Banks To Reimburse Depositors

The Nigeria Deposit Insurance Corporation (NDIC) has launched a Single Customer View (SCV) platform to be deployed to microfinance banks (MFBs) to stop delays in reimbursing depositors in the country.

The platform was necessary following the revocation of failed MFBs licences by the Central Bank of Nigeria (CBN),Bello Hassan, managing director/chief executive of the corporation.

Hassan,who announced this when the executive members of the National Association of Microfinance Banks (NAMB) visited the NDIC management in Abuja,explained that the corporation introduced the platform in order to strengthen its processes.

The platform would not only ensure rendition of quality, timely and complete data to NDIC by MFBs but also give complete position of depositors’ data at any given time which would go a long way in enhancing prompt reimbursement in case of bank failure,he said in a statement signed by the corporation’s director of communication and public affairs department, Bashir Nuhu

He said the corporation would expose the template for the platform to the association with a view to getting more inputs towards optimising the noble innovation.

He implored the association to promote the adoption of sound risk management practices by its members, stressing that it is key to the maintenance of safe and robust MFB sub-sector.

Speaking,Yusuf Gyallesu, president of NAMB, commended the corporation for its continued collaboration with the association and its members in strengthening microfinance bank operations in the country.

He noted NDIC’s contribution towards the acquisition of the National Association of Microfinance Banks Unified Information Technology (NAMBUIT) and continuous capacity building for operators among other support that the corporation had given to the association.

He explained the establishment of a monitoring and evaluation department by the association was aimed at promoting sound practices through self-regulation among MFB operators.

admin by — April 8, 2022 in Business 0
Provision of Health Insurance to Pensioners is our priority – PTAD Executive Secretary 

Provision Of Health Insurance To Pensioners Is Our Priority – PTAD Executive Secretary – Independent Newspaper Nigeria
The  Executive Secretary of Pension Transitional Arrangement Directorate, (PTAD), Dr. Chioma N. Ejikeme has expressed the commitment of the Federal Government to provide Health Insurance  mato Pensioners in the country.
She stated this on Thursday during the South East stakeholders forum held in Enugu with the theme Pensioners Welfare is our Priority.
 According to her,  the Government, under the auspices of the Federal Ministry of Health has established a Ministerial Committee to look into the issue of providing Health Insurance for senior citizens adding that PTAD and representatives of the Nigerian Union of Pensioners are members of this Committee.
“We are consequently in collaboration with some of our stakeholders including the National Health Insurance Scheme, the National Senior Citizens Centre, and Federal Ministry of Health, to see how making health insurance available to our Pensioners can be a reality,” she said
She said despite the challenges posed to the country due to Corona Virus Pandemic, PTAD has be up and doing to prioritize the welfare of the pensioners
“In the  past two years, the whole world has been thrown upside down by the Corona Virus pandemic which virtually grounded all activities all over the globe, and Nigeria was not an exception.
“Bearing in mind that the safety of our Pensioners is of utmost importance to us, we opened up more channels of communication and complaints resolution to enable us serve you better while the country battled to contain the Virus.
“We are not completely out of the woods yet, with the various variants springing up here and there, but the situation has greatly improved, especially with the Covid-19 Vaccine. I do hope that you all have availed yourselves of the opportunity of the free vaccination being offered by the Government.
“However, despite the lockdown, PTAD continued to pay monthly pensions promptly, resolve complaints, cleared arrears, paid death benefits to some Next-Of-Kin and one- off payments of some Defunct Agencies such as the Nigerian Aviation Handling Company (NAHCO), Aluminium Smelter Company of Nigeria (ALSCON), as well as Ex- workers of Savannah Sugar Company who have submitted themselves for verification.
“ Most recently, on the 14th of December, 2021, PTAD completed the payment of all outstanding inherited liabilities due to Ex-workers of two of the Defunct Agencies; namely Nigeria Reinsurance Corporation (total 126 months of inherited liabilities completely liquidated). New Nigeria Newspaper Limited (total 219 months of inherited liabilities completely liquidated).
“We also settled a significant portion of the outstanding inherited liabilities due to Ex-workers of another three (3) Defunct Agencies:- NICON Insurance, Delta Steel Company Limited and NITEL/MTEL.
“Also in December 2021 we implemented the approved 9.7% Pension Increment for Pensioners of the Defunct PHCN. This Increment took effect from June 2016.
 “The accrued arrears were paid along with the 6months balance of the arrears as a result of the consequential adjustment to pensions. The total amount paid to this sector was N6.9B
“In the year 2020, I declared a state of Emergency in the Civil Service Pensions Department and approved the commencement of an expanded re-validation and re- computation exercise in a bid to on-board verified Pensioners not on payroll, clear all outstanding pension arrears and resolve all complaints of short payments and outstanding gratuities for the Civil Service
“Pensioners and their Next of Kin (NoK). At the end of the project, the Directorate was able to review, compute, re-compute and pay over Seven Billion Naira (N7B) to over Twenty-Four Thousand (24,000) Pensioners.
“This computation exercise has been ongoing leading to the computation of a total of 25,950 files so far with total payment to date at N8.1B.
The post verification validation for the Parastatal Pension Department is ongoing. Over 21,000 unverified Pensioners were dropped from the payroll in October 2020. So far, 4,069 of the October dropped have been verified, restored to the payroll with the attendant arrears paid. The on-boarding of verified and not on payroll Pensioners is ongoing. So far 358 verified, not on payroll Parastatals Pensioners have been brought on board,” Dr Ejikeme said
“I also wish to use this opportunity to inform you all that our quest to recover the pension assets with some Insurance Underwriters has been yielding some positive
“On another happy note, on the 12th of October 2021, PTAD formally launched the “I Am Alive” confirmation platform, an online application to confirm that Pensioners on our monthly pension payroll are alive and should continue to receive their pension.
“This is a web-based platform designed to enable our Pensioners easily confirm their aliveness from the comfort of their homes or neighbourhood using either a smartphone or a computer system.
“This solution takes the Pensioner through a three-step confirmation process that ends with a text message response.
“The Directorate has decided to deploy the application in phases, starting with fifty thousand (50,000) Pensioners cut across the four operational departments and the six geo-political zones, selected to participate in this pilot phase. On the successful implementation of this pilot phase, we will deploy the application on a full scale at predetermined intervals on a continuous basis for all verified Pensioners on the payroll.
We will conduct the exercise here on all of you as you have been informed, so you can see and understand how it works. Other Pensioners who are part of this pilot phase have equally been notified by PTAD via SMS.
We earlier promised that the era of bringing out our aged Pensioners for field verification is over, and we stand by our promise.” She said
The Executive Secretary thereby assured that PTAD will continue to prioritise the welfare of Pensioners in Nigeria calling  on all the Pension Unions under the Defined Benefit Scheme, and other stakeholders for their support in achieving this
Online Editor by — January 14, 2022 in Insurance&Pension 0
NDIC Pays  N11.76bn To  Depositors Of Failed Banks

The Nigerian Depositors Insurance Corporation(NDIC) on Thursday declared that the corporation has paid a whooping sum of N11.76billion as insured sums to , 535,815 depositors, while N101.666 billion had been paid as uninsured sum from 1989 to June 30, 2021.
Mr. Bello Hassan, the Managing Director, Chief Executive Officer of NDIC, made the revelation in Benin City, Edo State at the corporation’s special day at the ongoing Edo International Trade  Fair.
Bello Hassan spoke through Mr Udofor Ukpom, Senior Manager, NDIC, Benin Zone, at the Edo International Trade Fair with the theme, “Expanding the Frontiers of MSMEs through Collaboration and Capacity Building” organized by Benin Chamber of Commerce, Industry, Mines and Agriculture (BENCCIMA)
According to him:”From inception till date, NDIC has been living up to it’s mandate and public policy objectives of contributing to financial system stability and paid cumulative amount of N11.76bn as insured sums to 535, 815 depositors of closed banks while a total of N101.666bn had been paid as uninsured sum as at June 30, 2021.
“In addition, a total of N6.159bn had been paid as liquidation dividend to 1,955 creditors and shareholders of closed banks.
“Instructively, the Corporation has declared full payment of insured and uninsured sums to depositors of eighteen  banks in-liquidation.
“This implies that the Corporation has realized liquidation dividend to pay all depositors of the banks who present themselves for payment.
“Likewise, NDIC has continued to strive for a sound, safe and stable financial system which is pivotal for sustainable economic growth and in that regard, has responded to innovations in the financial system by extending deposit insurance cover to MFBS, PMBs, NIBs and MMOs and also to the recently licensed Payment service banks (PSBs) in order to engender confidence in the financial system.”
He implored Nigerians to remain vigilant and  not disclose their ATM details and account information inadvertently and also not patronize the services of Ponzi schemes and illegal fund managers, who parade themselves as deposit taking institutions.
Speaking, the Managing Director, of Benin   Chamber of Commerce, Industry, Mines and Agriculture (BENCCIMA), Mrs Aina Omo-Ojo, thanked NDIC for coming to the fair in order to enlighten the public on their operations and also on how to make sure that as business people they don’t lose their hard earned money through  banks.
Online Editor by — November 26, 2021 in Insurance&Pension 0
Retirees Rap PENCOM Over Shoddy Implementation Of Contributory Pension Scheme 

N27.09 billion withdrawn, as 109,284 retirees quit the Contributory Pension Scheme | Nairametrics
Retirees from the Federal Civil Service, paramilitary institutions have  faulted the management of National Pension Commission(PENCOM) over shoddy implementation of  contributory pension scheme.
The agency,they said failed to cater for their needs through their contributory pension scheme.
They  expressed their minds at a  town hall meeting in Abuja organised by the office of the Head of the Civil Service of the Federation, where they accused  PENCOM  of milking their contributory pension scheme,while the retirees are  left to swim  in abject poverty and deprivation.
Besides,the retirees accused  PENCOM of abandoning its statutory mandate and implementation of Pension Reform Act 2014.
Speaking,President of Contributory Pensioners Union of Nigeria, Chief Uchendu Ekpo, lamented that several attempts of the leadership of the Union to interface with Director General of PENCOM, Dr. Aisha Dahir-Umar were unsuccessful
He faulted  a situation where the pensioners have been denied the opportunity to know what their contributory funds are used for.
Earlier in his presentation, Dr. Farouk Aminu, Head,Research and Strategy Department, PENCOM,disclosed  that the total contributory pension fund as of June, 2021, stood at N12.7 trillion.
Aminu maintained that fund and asset have been generated through the discipline and dedication of the PENCOM management.
In her remarks, Dr. Folasade Yemi-Esan, Head of Service,said her office has been inundated with complaints on myriad of pension related issues emanating from officers who retired under  the defined benefits and the contributory pension Schemes.
She disclosed that in  a  bid to support retirees in resolving these complaints, he Office of the Head of the Civil
Service of the Federation established a Standing Committee on Pension Matters comprising the Office of the Head of the Civil Service of the Federation,PENCOM and PTAD, adding that the Committee provides the
opportunity for critical stakeholders to meet and proffer solutions to some of the knotty issues.
She said: “I have also tried to stay abreast of pension matters in the country and I have observed with great concern, that there seems to be vast displeasure
emanating from both serving and retired officers on the implementation of the Contributory Pension Scheme as well as the management of the Defined Benefit Scheme.
“In the same vein, over the past few years, series of articles have been published about the Pension Reform Act, 2014. Furthermore, the Joint NationalPublic Service Negotiating Council, the umbrella body of the Unions in the Public Service in its meetings over the past six years have continued to bring to the fore
some of the challenges encountered by its members as a result of the implementation of the Act.
“We have also received submissions from the Contributory Pensions Union of Nigeria, while a number of officershad also echoed the need for the review of the PRA 2014 to enhance the welfare of officers. Thus, the Office of the Head of the Civil Service of the Federation has identified the review of the Pension Reform Act, 2014 as a major assignment which must be approached headlong and with every sense of responsibility.”
She  reiterated the commitment of the President Muhammadu Buhari- led administration to the effective implementation of the ContributoryPension Scheme and ensuring the welfare of all officers and the retirees, adding that the present administration has clearly demonstrated this commitment in his approval of the payment of outstanding pension liabilities to retired workers of Federal Government treasury-funded ministries, departments and agencies.
Online Editor by — July 30, 2021 in Insurance&Pension 0
N69bn Debt:AMCON Takes Over Jimoh Ibrahim’s Insurance Firms

N69bn Debt: AMCON takes over Nicon Insurance, Nigeria Reinsurance Corporation – Blueprint Newspapers Limited
The Asset Management Corporation of Nigerian (AMCON),has taken   over Nicon Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re)over an alleged N69.4 billion debt.
AMCON has changed the board and management of the two firms to enhance their smooth running, efficient and effective management.
The agency disclosed that its agency’s action has been approved by National Insurance Commission.
AMCON said in a statement that:“The reason for the changes in the board and management of the two insurance firms is sequel to the takeover of the major investor’s interests in the two organisations by the Asset Management Corporation of Nigeria (AMCON), and the Bureau for Public Enterprises (BPE) is working in partnership with AMCON to bring the much-needed stability in the operation of the organisations,” AMCON said in a statement.
The new board of NICON Insurance Limited has Lamis Dikko as its Chairman, Henry Ationuas, Managing Director/Chief Executive Officer and John Oyidih as Executive Director, Finance & Admin.
The insurance firm also has Alexander Okoh, the Director-General of Bureau for Public Enterprises (BPE) as Non-Executive Director and Ahmed Modibbo FIBA ACIS as Non-Executive Director (Independent).
“Similarly, the board and management of Nigeria Reinsurance Corporation has Mela Nunghe as Chairman, Olugbenga Falekulo, serves as Managing Director/Chief Executive Officer and Olusegun Ilori comes in as Executive Director, Finance & Admin. Alexander Okoh, the Director-General of Bureau for Public Enterprises (BPE) comes in as Non-Executive Director while Yvonne Isichei, FCIB joins as Non-Executive Director (Independent),” AMCON said.
It added that the reconstitution of the board and management team of two insurance institutions is to ensure that the firms continue in their quest for transparent and accountable management of insurance in the country, and continue to deliver value to its stakeholders.
Online Editor by — July 28, 2021 in Insurance&Pension 0