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.

Retirees from the Federal Civil Service, paramilitary institutions have  faulted the management of National Pension Commission(PENCOM) over shoddy implementation of  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.

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.

The National Pension Commision (PenCom),says  pension fund assets had risen to N12.66 trillion as at June 30, 2021.

It also said  contributors under the Contributory Pension Scheme (CPS) has grown to  9.38 million mark.

The Director General, PenCom , Mrs Aisha Dahir-Umar,disclosed this in Lagos at the 2021 Journalist Workshop, where she maintained

 that the consistent growth trajectory justified the commission’s overriding investment philosophy of ensuring the safety of pension fund assets.

She assured pension stakeholders that the implementation of the CPS remained on course.

Dahir-Umar,who was represented at the event

by Mr Peter Aghahowa, Head,  Corporate Communication, PenCom, Dahir-Umar,explained that the emergence of the COVID-19 pandemic necessitated a review of business processes across various organisations, which made it imperative for the commision to deepen technology innovation.

She said:“COVID-19 has engendered socio-economic disruptions of the entire global order, with multifarious challenges in conducting hitherto routine activities. It was, therefore, imperative for the commission to deepen technological innovation to navigate through the challenges imposed by the pandemic.

“The most recent technological innovation introduced by the commission is the in-house designed and developed online enrolment application. The application has capabilities to register, verify and enroll prospective retirees of Treasury-Funded Federal Ministries, Departments and Agencies (MDAs),” she said.

She said based on the deployment of this new application, mass gathering of people has been avoided while enhancing convenience for the prospective retirees through a seamless enrolment process.

She said that public enlightenment and education was one of the five strategic focus areas currently pursued by the commission.

“This is considered germane considering that 17 years after the pension reform in Nigeria, there still exists a knowledge gap on the CPS.

“Consequently, the commission is committed to reinvigorating its public enlightenment and education drive in order to address this challenge,” she said.

According to her, other strategic focus areas of PenCom include the resolution of outstanding pension liabilities of the Federal Government; portfolio diversification of pension fund investments.

AXA Mansard Insurance Plc., has launched an  empowerment program that enables participants be their own boss.

The  company said the empowerment program entails partnering with highly motivated individuals who have experience in financial services and sales.

It said program offers business-minded individuals an opportunity to utilise their experience while leveraging on AXA Mansard’s strong brand.

The criteria for eligible participants include: Over 5 years sales experience, preferably in insurance or financial services, financial capacity to take up associated capital expenditure of an AXA Mansard agency office and access to a potentially large customer base or network of contacts.

The Head, Retail Division of the company, Adeola Adebanjo, said:“Under employment remains a big challenge in Nigeria, our aim is to empower as many people as possible to achieve their dreams of owning their own businesses and ultimately become financially independent. It is our expectation that this program will provide a platform for entrepreneurially minded people to break free and become their own boss.”

The company has stated that interested participants can sign up by sending their credentials to partnershipopportunities@axamansard.com

Also speaking about the empowerment program, the Head of the Entrepreneurial Sales Group, Anthony Ode,  stated that “the driving force behind the development of this program is AXA Mansard’s purpose which is to “Act for human progress by protecting what matters”.

The Nigeria Deposit Insurance Corporation (NDIC),says it established  strong structure to meet its obligations of settling depositors who lost money in any closed banks.

Managing Director/Chief Executive Officer NDIC, Mr. Hassan Bello,who disclosed this during a courtesy  by the executive members of the Finance Correspondents Association of Nigeria (FICAN) in Abuja,implored such depositors to file their claims through the zonal offices of the corporation in Nigeria

Besides,the NDIC has  appointed ten agent banks to help facilitate payment across the nation.

The banks are; First Bank of Nigeria, United Bank of Africa, Zenith Bank, Wema Bank, Heritage Bank, Union Bank, Fidelity Bank, Polaris Bank, Unity Bank and Access/ Diamond Bank.

The corporation also disclosed that the maximum deposit insurance coverage (MDIC) per depositor per bank has progressively increased from ₦50,000.00 at inception in 1989 to its current ₦500,000 per depositor per deposit money bank (DMB).

The insured limit for microfinance banks (MFBs) and primary mortgage banks (PMBs) in 2009 was increased from ₦100,000.00 to ₦200,000.00 per depositor per MFB/PMB in 2010.

Five years ago  there was an upward review of the deposit insured limit for depositors of PMBs to ₦500,000.00 in order to ensure coverage of over 90 percent of depositors in that sub sector.

The NDIC  further extended deposit insurance coverage to the subscribers of Non-interest banking institutions, under the sharia compliant banking services to the maximum limit of ₦500,000.00 per depositor.

Besides,the corporation had developed framework on Pass-Through Deposit Insurance Scheme (PTDIS) to protect the subscribers of Mobile Money Operators (MMOs) with a maximum insured limit of ₦500,000.00 per subscriber of this banking product.

The  corporation  has emphasized the need for media support to help in creating the needed awareness and as such has assured that the it will continue to support capacity building initiatives in the Nigerian Media industry, especially in areas covering bank failures and deposit insurance.

Bello said NDIC launched its capacity building workshop for finance correspondents and business editors in 2002 as a veritable means of building capacity in the media industry especially on the workings of deposit insurance system in Nigeria as well as other topical issues in the Nigerian financial services sector.

Ever since the commencement of the capacity building program the symbiotic relationship between NDIC and financial journalists has remained cordial.

He said through this platform, the  horizon and knowledge of deposit Insurance of members of FICAN has broadened while the corporation has enjoyed robust and informed reportage of its mandate and activities.

“You have demonstrated such an understanding and support that cannot be quantified. This means the collaboration has been a win, win situation for both NDIC and FICAN. It is on this note that I want to commend your entire membership in particular and the media in general for this wonderful relationship.”

He said the desired level of knowledge of the deposit insurance system in Nigeria among different strata of the banking public has not been achieved, as evidenced by the result of a survey carried out by NDIC in 2019/2020.

This is why he added, the corporation will continue to collaborate with the media in order to Increase this awareness, stressing that there is need for increased collaboration between regulatory agencies and the media.

Nigeria Deposit Insurance Corporation (NDIC) says it is  partnering with relevant stakeholders to manage risks arising from the growing adoption of financial technology (fintech) in the financial sector.

Speaking a t the 2021 retreat organised by the NDIC in Lagos, recently, Chairman of the board, Ronke Sokefun, said while banks are rapidly employing fintech to innovatively deliver financial products and services, the nature and scope of banking risk are significantly increasing with the adoption of fintech.

She said that development in fintech continues to open up new opportunities for the banking system, which creates additional risks.

Sokefun,who was represented by a member of the board of directors, Adewale Adeleke, said that the risks had increased significantly as the need for fintech accelerated during the pandemic to minimise human contacts.

She noted that the corporation had put in place mechanisms that continually improve the skills of its staff and equip them with relevant tools for effective supervision of risks emerging from fintech, new technologies and other innovations.

“We recognise and appreciate the fact that the National Assembly is a critical stakeholder in achieving our goals and objectives, and this is why this retreat is a vital step towards moving the Corporation forward to effectively carry out its operations and ensure the safety and stability of the financial system,” she said.

Managing Director/CEO, Bello Hassan, said the corporation was committed to strengthening the deposit insurance framework, providing timely support to insured institutions as and when required, implementing faster resolutions of problem-insured institutions and assisting the monetary authority in its efforts at promoting stability in the nation’s banking system.

He assured that NDIC would continue to engage and cooperate with the National Assembly through the House Committee on Insurance and Actuarial Matters to address issues that are germane to the efficient operation of the deposit insurance system in Nigeria and by extension the sustenance of the safety and stability of the nation’s banking industry.

The National Pension Commission has compelled Pension Fund Administrators to stop charging any fee on micro pension funds under their management that are below N5m.

It disclosed this  in a circular signed by the Head, Surveillance Department, PenCom, Ehimeme Ohioma, to all licensed PFAs titled ‘Circular on fee structure for the micro pension fund’.

It said, “In order to mitigate the concern of depletion of the MPF, the following additional conditions shall be followed: No fee shall be charged with the fund until management reach a threshold of N5m.

“Pension Fund Administrators shall not charge fees once the daily value of accounting unit of the fund falls below N1 to ensure that principal contributions are not eroded; and the commission shall not participate in micro pension fund fee regime until fund under management of a PFA attains the threshold of N4bn.”

PenCom  disclosed that  it observed the need to review the fee structure of the Micro Pension Fund in the light of the challenges in implementing the Micro Pension Plan by licensed pension fund operators.

It said the commission had undertaken extensive consultations on the appropriate fee structure of the MPF, which was expected to incentivise the pension operators to market the MPP and grow micro pension assets.

The commission said in the line with the above, it approved a new fee structure for the MPF.

It added that the fees to be charged on Fund V would be based on the adoption of the hybrid asset and income based fee structure.

According to PenCom, the circular took immediate effect and supersedes its circular of December 19, 2019 on fee structure for micro pension fund.

Governor Babajide Sanwo-Olu of Lagos,has described the launch of Heirs Holdings’ new insurance businesses  – Heirs Insurance and Heirs Life Assurance  as a fresh hope for the nation’s insurance industry.

He spoke at the launch of the two insurance firms in Lagos,where he said Heirs Insurance and Heirs Life are bringing insurance that is simple, accessible, and affordable – three strong words that businesses of today need to thrive in highly saturated markets.

He said the firms  are two of the most liquid and well-capitalized insurance

companies currently,adding they are desirous to bring freshness into the nation’s insurance  sector.

He added: “Insurance to GDP is still relatively low in the country. We need to change the narrative and I am sure that Heirs Insurance and Heirs Life can change that. Looking at the people sitting on the board it is clear to me that you will bring your world of experience that is required to take this sector to greater heights”.

Speaking,the  National Commission for Insurance, Mr.Olorundare Sunday Thomas,said the timing of the launch could not have been more auspicious as the insurance commission is currently rolling out different initiatives for National development.

He added:”To Heirs Insurance and Heirs Life, I want to say thank you for coming into our industry, making a difference, impacting the economy, and helping us to deepen the insurance sector in Nigeria.”

The event also marked the commissioning of Heirs Towers, the 7-storey headquarters of Heirs Holdings, an impressive structure developed by Afriland Properties Plc, one of the investee companies of the Heirs Holdings group.

The chairman of Heirs Holdings, Tony O. Elumelu, introduced the leadership of both companies and their distinguished Board of Directors, all seasoned individuals with decades of Nigerian and international experience.

The CEOs, Dr. Adaobi Nwakuche, Ag. MD/CEO, Heirs Insurance Limited and Niyi Onifade, MD/CEO, Heirs Life Assurance Limited, both have decades of experience in the insurance industry.

In his earlier remarks, the chairman of Heirs Holdings Group, Tony Elumelu said Heirs Insurance and Heirs Life have a paid-up share capital of N10billion and N8billion respectively, and are backed by leading reinsurers, providing a second layer of security for clients’ insurance portfolios.

He assured  the readiness of both companies to usher in a new era in the insurance industry,adding that they demonstrate the vision of Heirs Holdings to position the private sector as a key enabler of economic and social wealth creation in Africa.

He added:“Heirs Insurance and Heirs Life once again demonstrate our core purpose of improving lives and transforming Africa.  In our years of operations.  Across different industries and countries, we have become synonymous with customer focus and the highest levels of corporate governance.  These are the hallmarks for these new businesses.  We know that our promise, our people and our proven track record will transform the insurance industry, put the customer first and empower people, in good and bad times”.