Category: Insurance & Pension

PenCom to workers, retirees: provide NINs, BVN to PFAs

The National Pension Commission (PenCom) has advised all Retirement Savings Account (RSA) holders and retirees to approach their Pension Fund Administrators (PFAs) to provide their National Idnetity Nimbers (NINs) and Bank Verification Numbers (BVNs), as well and other mandatory biodata information. This is in line with Federal Government’s directive that madates every Nigerian to have…

SUNU Assurances Nigeria Appoints Samuel Ogbodu As Acting MD/CEO

  The management of SUNU Assurances Nigeria Plc has announced Mr. Samuel Ogbodu as the acting Managing Director/Chief Executive Officer following the resignation of its former MD/CEO. This is in accordance with the Code of Corporate Governance stipulated by the National Insurance Commission, a period of 90 days’ notice must be observed before the official…

PTAD pays 500 NITEL, Mtel deceased pensioners’ next of kins

About N1.56 billion has been paid to 500 Next of Kins (NOKs) of deceased pensioners of Nigerian Telecommunications Limited (NITEL), and its mobile subsidiary, MTEL, by the Pension Transitional Arrangement Directorate (PTAD). Its Executive Secretary, Sharon Ikeazor, who made this known in a statement to newsmen, said the NOKs are beneficiaries of deceased Nitel and…

CPS: FG makes National Identification Number mandatory for workers

The Federal Government has mandated all workers under the Contributory Pension Scheme to produce their National Identification Numbers as part of their pension requirements. The National Pension Commission disclosed this in a circular titled, ‘Notice on mandatory use of National Identification Number for all existing RSA holders’, on Wednesday. The circular read, “The Federal Government…

Analyzing Geometric Progression Of Nigeria’s Contributory Pension Scheme

In this analysis Yemisi Izuora looks at articulated initiatives of the National Pension Commission, PENCOM, that laid the foundation of growth of the Contributory Pension Scheme. Without doubt the Contributory Pension Scheme, CPS, has generated appreciable pool of long term investable funds for the first time in Nigeria. The CPS, a product of the Pension…