The Director-General (DG) of the National Pension Commission (PenCom) Ms Omolola Oloworaran, made the commitment in Abuja on Tuesday.

Oloworaran spoke during the national thanksgiving conference of the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS)

The theme of the event was, “Strengthening Contributory Pension Scheme (CPS) administration for dignity, timelines and trust”.

She said the administration was prioritising pension reforms to address challenges faced by retirees, particularly those living in hardship after years of service.

Oloworaran said that the ongoing reforms were working as senior citizens across the country had begun to acknowledge improvements in pension administration and service delivery.

According to her, the government remains committed to delivering more impactful policies for citizens, especially the elderly, who deserve comfort and stability after retirement.

“I do not take the plight of senior citizens lightly.

“When you see people who have served this nation diligently retire into penury, it is simply not acceptable,” she said.

Oloworaran said that since her assumption of office, the agency had focused on ensuring that retirees receive their benefits promptly and without unnecessary delays.

She said that the Federal Government had cleared outstanding pension liabilities, adding that retirees are now paid within weeks and in some cases, within days of retirement.

“Since last year, we have been paying retirees almost immediately after retirement.

“Pension Fund Administrators (PFAs) are even working towards processing payments within 24 hours,” she said.

Oloworaran said that the introduction of Pension Reform 2.0, had significantly overhauled the pension system since the enactment of the Pension Reform Act of 2004 (PRA2004)

She said that the initiative was designed to guarantee dignity and financial security for retirees, with a strong focus on healthcare and income stability.

The D-G said that under the reform efforts were underway to integrate healthcare support into pension benefits, recognising the critical needs of elderly citizens.

She said that there were plans to introduce a minimum pension guarantee aimed at addressing low monthly pensions received by some retirees.

“For those earning between N10,000 and N30,000 monthly, those days are coming to an end.

“We are working to establish a pension floor that ensures a more livable income for senior citizens,” she said.

Oloworaran said that actuarial assessments were ongoing to determine sustainable benchmarks for the proposed minimum pension.

The DG also emphasised the importance of improved investment strategies with higher returns on pension funds to help enhance retirees’ earnings.

She said that the commission would continue to explore innovative approaches to strengthen the pension system and improve the quality of life for retirees.

“With sustained commitment and reforms, we will continue to make life better for our senior citizens,” she said.

The National Chairman of NUPCPS, Mr Sylva Nwaiwu, said that after two decades of neglect and suffering of retirees under the CPS, the Federal Government had cleared all their outstanding.

He said that the Federal Executive Council (FEC) had regularised monthly remittance of accrued right by the Federal Government.

Nwaiwu said retirees no longer wait to receive their benefits, adding that they receive it within the month they retire.

He also said that gratuity was an exit benefit to retirees and it has been approved.

Nwaiwu also appealed to President Bola Tinubu to add the retirees who had retired before the gratuity approval.

He said that the omission of eligible retirees on the ongoing payments of pension increment arrears from the N758 billion should be added.

“The eligible retirees from organisations classified as under the first line charge and the self funded organisation were all employed under the CPS from 2004 and below.

“Retirees from the defunct Power Holding Company of Nigeria (PHCN), which legacy liabilities were taken over by the Federal Government at the privatisation were excluded.

“We appeal for their immediate and equitable inclusion,” Nwaiwu said

He also called on the Federal Government to intervene in the unnecessary delay in the implementation of pension increments arrears and unjust treatments of retirees the their PFAs.

He commended the president for his intervention and for making retiree retire with dignity and peace.

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The approval was given at an Extraordinary General Meeting (EGM) held virtually in Lagos on Monday, in compliance with the Business Facilitation (Miscellaneous Provisions) Act 2022 and the Companies and Allied Matters Act (CAMA) 2020.

Following the resolutions, shareholders approved an increase in the company’s minimum issued share capital from N4 billion, comprising eight billion ordinary shares of 50 kobo each, to N19billion, comprising 38 billion ordinary shares of 50 kobo each.

They also endorsed a plan to raise up to N15 billion in additional equity through a combination of rights issue and private placement.

Speaking at the Extraordinary General Meeting, the Chairman of the Board, Mr Temitope Borishade, described the shareholders’ approval of the recapitalisation plan as a pivotal milestone in the company’s transformation journey.

He emphasised that the capital raise would strengthen the company’s balance sheet, restore its statutory capital position, enhance underwriting capacity, and support long-term strategic growth initiatives.

Borishade said, “The overwhelming support of our shareholders reflects their confidence in the Board and Management’s strategy to rebuild Guinea Insurance Plc into a stronger, more resilient, and more competitive insurer.

“This recapitalisation plan is not only a regulatory requirement but also a strategic opportunity to create sustainable value for all our stakeholders.”

The Board further reaffirmed its commitment to transparency, robust governance, and the prudent deployment of the capital to be raised, working closely with regulators and professional advisers.

This initiative underscores a strategic dedication to building a resilient, forward-looking insurer capable of meeting the expectations of policyholders, investors, regulators, and partners, while supporting broader economic activity and delivering sustainable returns to shareholders.

Following the successful approval of all resolutions, the company will now proceed with the required regulatory filings and implementation steps to execute the rights issue and private placement.

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The Council has also made provision for the supply and installation of additional furniture at the Government House Theatre and the Multi-purpose Hall of the Light House, Awka.

The State’s Commissioner for Information, Law Mefor, stated that the agreement was reached at the 23rd ANSEC meeting held at the Light House, Awka, on Monday, 17th November 2025.

Mefor said the Council also approved the modification and completion of the abandoned court building, as well as the renovation and upgrade of associated structures within the Court of Appeal Complex, Awka, the state capital.

Additionally, Governor Soludo’s ANSEC has agreed to the rehabilitation of failed portions of Court Road and Obunagu Road within the Awka Metropolis.

Recently, the governor approved the contract for the upgrade and facelift of the State High Court in Awka, and the furnishing of judges’ residences at the judge’s quarters in Onitsha, as part of his regeneration project.

Also at the meeting, ANSEC called for university autonomy in choosing vice chancellors. The Council also welcomed the recently appointed Vice Chancellor of Nnamdi Azikiwe University, Professor Ugochukwu Anyaehie, wishing him an eventful term.

It further deliberated on making the Christmas season exciting and memorable for the people of the state, with a fiesta themed “Onwa Dezemba.”

The magnificent festivities would be held at the Solution Fun City, Awka, the reconstructed and remodeled Ekwueme Square, among other recreational facilities in the state.

“This is to make the Christmas celebration unlike any other,” Mefor said.

According to the Commissioner, plans to make the yuletide period electrifying will include masquerade festivals, Christmas Carols, masquerade festival, and musical fiestas, with well-known Nigerian musicians, among others.

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The company announced this through a corporate disclosure through the Nigerian Exchange Ltd.

Profit after tax for the six months period declined by 198.95 per cent to a loss of N114.7 million from a gain N115.9 million reported the previous year.

The company’s total asset grew from N5.704 billion in the first half of 2024 to N6.97 billion in 2025.

Total liabilities stood at N1.86 billion, down from N1.85 billion in June 2024

Earnings per share (EPS) of the company dropped to 1.44 kobo from the EPS of 1.46 kobo reported same period last year.

N278.07 million was generated as investment income.

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NIA’s Director-General, Mrs Yetunde Ilori, gave the advice in an interview with our correspondent on Monday in Lagos.

Olori said that insurers invested heavily on technology to enable them to easily verify their insurance policy online.

‘With the help of technology and mobile phone, motor insurance policyholders can now verify the genuineness of their policies online, real-time, using a dedicated platform or code such as askniid.org or the USSD code *565*11#.

“Nigerian insurers have invested heavily in acquiring technology to make its operations seamless and accessible to its customers, hence the introduction of www.askniid.org.

“The www.askniid.org is where all insurance companies and agents are expected to upload the details of any motor insurance policy issued for record keeping and authentication.

“Therefore, any motor insurance policy that you buy and cannot be verified on the NIID portal is not authentic. Even if it was bought from an insurance company.

“Policyholders must ensure the authenticity of their insurance certificate so that they can get adequate compensation when claims occur.

“Claims compensation cannot be paid to those with fake motor insurance certificate whose status cannot be ascertained on the NIID platform,” she said.

According to the director-general, following the recent upward review of premium rates for motor insurances by the National Insurance Commission (NAICOM), effective Jan.1, vehicle owners cannot afford to forfeit the enhanced compensations attached to the new rate.

Ilori explained that the third party insurance premium rate for private vehicles is now N15,000, while the claims limit is N3 million and own goods third party premium is N20,000 with N5 million compensation.

She said premium on staff buses now attract N20,000 premium with N3 million compensation, while commercial trucks and general cartage is N100,000 premium with N5 million compensation.

The director general stated that special types vehicles attracts N20,000 premium with N3 million compensation, while tricycle attract N5,000 with N2 million compensation and motorcycle is N3,000 premium with N1million compensation.

She said: “policyholders whose vehicle insurance details had been uploaded on the NIID can check their motor insurance policy status by visiting the NIID portal.

“They can also send Short Messaging Service (SMS) to the USSD code *565*11# on any mobile phone with or without internet access or log on to website www.askniid.org and follow the laid down instructions.

“Using this platform is very easy, as customers could enter their vehicle number or insurance policy number to confirm its authenticity. Once the particulars are entered, the result will appear immediately.

Ilori noted that the NIID platform, as a tool for checkmating fake compulsory insurance certificates, is used by all stakeholders, including authorised law enforcement agencies to validate insurance certificates presented by the policy holders.

Also, Mr Segun Bankole, Deputy General Manager, Corporate Communications and Investor Relations, Sovereign Trust Insurance Plc, advised policy holders to make it a culture to always verify the status of their motor insurance policy.

Bankole said this would save the policy holders from embarrassment when accosted on the road by the law enforcement agents.

He stated that verification of the authenticity of a policy certificate also gives the policy holder the peace of mind and assurance that he or she would get compensation when claim occurs.

Bankole urged the insuring public to ensure that they buy genuine insurance policies, as premium payment arrangement can be simplified into quarterly or four times yearly, depending on the policyholder’s agreement with his or her insurer.

He called for collaboration between the National Orientation Agency (NOA) and NAICOM to take insurance awareness as a national issue to educate the public
According to him, if motorists were adequately informed on the importance and benefits of the third party motor insurance, the industry will be improved and contribute significantly to the nation’s growth.

NIA in conjunction with NAICOM in 2010 introduced the NIID toward eliminating fake insurance certificates in the market and serve as an authentic database of the Nigerian insurance industry data.

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NIA’s Chairman, Mr Olusegun Omosehin, said this in a statement made available to newsmen on Wednesday in Lagos.

Omosehin sought for the partnership while leading a delegation of some members of the association’s governing council on a courtesy call to the Corps Marshal of FRSC, Mr Dauda Biu.

He said the visit was aimed at strengthening the long-standing relationship between the NIA and FRSC and to explore other areas of mutual collaboration between the two bodies.

The NIA chairman urged the leadership of the Corp to intensify its campaign on road safety, while emphasising the need for motorists to obtain the necessary insurance policies.

Omosehin assured that NIA would continue to do all within its reach to support the Corps Marshal and his team.

“NIA will collaborate with FRSC to address the concern to have victims of motor vehicle accidents adequately compensated.

“This will be done through continuous access to the Nigerian Insurance Industry Database (NIID) platform that would aid the verification of insurance documents presented by motorists to FRSC field officers and include the passengers liability cover,” he said.

Omosehin further congratulated the Corp Marshal on his appointment and acknowledged the good work of the FRSC in curbing road accidents through periodic checks on the roads, adding that “it has positively been impacting on motor vehicle administration in Nigeria.

Commenting, Director General, NIA, Mrs Yetunde Ilori, thanked the Corps Marshal for the opportunity to visit and discuss matters of mutual interest between the two institutions.

Ilori promised that the association would work hard to deliver on the expectations of the Corp and the insuring public, while urging the FRSC to continue its good work of restoring sanity on the roads.

In his remark, Biu appreciated the NIA delegation for the visit and enjoined the association to maintain more frequent interactions with the Corp.

Biu advised the association to also extend same interaction to other enforcement agencies to ensure total eradication of fake motor insurances in the country.

According to him, creating more awareness on the benefits of insurance to the public will encourage more vehicle owners to embrace insurance.

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The Managing Director / Chief Executive Officer of the insurance company, Dr Ben Ujoatuonu stated this at a media briefing in Lagos.

Ujoatuonu disclosed that the company had garnered positive recognition in the international reinsurance market since he came on board.

“Since I came on board as managing director of Universal Insurance, we have been able to arrange very robust and well-structured reinsurance programme.

”I am a technical person and understand the trajectory of the business, which has helped us to build capacity over the years.

“We don’t play with our reinsurance. Our reinsurance broker have attested that in the international market, our company is the only insurer that does not waste time in paying its reinsurance premium.

“We have a well arranged and structured reinsurance programme, where we can easily fall back on, as over the years, we have built retention that enable us carry diverse risks from the insuring public,” he said.

According to him, the underwriting firm has been working round the clock to build strong units and departments that can deliver value to customers.

The managing director stated that the efforts put in for over six years to build the units and departments were now yielding positive results.

Ujoatuonu said that in creating insurance awareness, which was germane to the industry, the insurer had embraced opportunities beyond its digital operations and presence on the social media.

He said: ”We are trying to have physical presence as much as possible in areas that we operate.

“We also seek to support some ideas such as the Chartered Insurance Institute of Nigeria (CIIN) programme of reaching out to people such as the secondary schools reach-out programme.

“We also visit the NYSC camps during its orientation programme to sensitise the corp members about insurance. Although we are not expecting to get any business in terms of naira and kobo, but to create awareness.

“This is because there are situations where graduates of Nigerian universities do not even know anything about insurance.

“We have programmes of such from time to time and we collaborate with other arms of the industry to create the needed awareness.

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Mr Tunde Hassan-Odukale, Managing Director, Leadway Assurance, who represented the consortium at the ceremony of the claims payment presentation, said this in a statement made available to newsmen on Monday in Lagos.

Hassan-Odukale said the claims payment validates the benefits of procuring insurance policies for Nigerians, especially those whose noble profession consistently poses danger.

He extended the consortium’s condolences to the families of the departed officers, who made the ultimate sacrifice in service to the nation.

“As an organisation, we are fully committed to fulfilling our promise of providing financial security to our policyholders.

“This prompt claims payout to our heroes further demonstrates the benefits of insurance and our unwavering dedication to supporting the families left behind and those officers injured or rendered disabled in the line of duties.

“This consortium is proud to be at the vanguard of protecting the financial well-being of the personnel of the Force and their families.

“We believe in the importance of honouring our obligations promptly and stand as beacons of trust for the insurance industry, as an assured partner in safeguarding the wealth and wellbeing of Nigerians,” he said.

According to him, the Group Life Insurance is a safety net for Nigerian workers, especially those who stay awake to guarantee the citizens’ peace of mind, no matter the risk to their lives.

The managing director explained that the Group Life Insurance plays a crucial role in protecting the financial wellbeing of families when their bread-winners is not able to cater for them as a result of death or fatal injuries.

Hassan-Odukale said; “our hearts and prayers go to our heroes, and we hope this payment will provide comfort and fortitude to their families as they navigate the future.”

Commenting, the Acting Inspector General of Police, Olukayode Egbetokun, noted that human life is valuable and as such, he would prioritise the well-being of all police officers.

Egbetokun said that his administration would promptly fulfil the obligation of providing insurance and other benefits to all police personnel who had sacrificed immensely for the country.

He said this would be done by providing comprehensive welfare support, aimed at creating an environment where every officer feels valued, protected and motivated, to give their best in service to the country.

Egbetokun saluted the deceased and injured officers for their valour, unwavering dedication and heroism during their services.

He also commended Leadway and the consortium of insurers for their professionalism and commitment to the prompt settlement of the claims.

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The committee is to aid the implementation of the International Financial Reporting Standard 17 (IFRS-17) Insurance Contracts.

Thomas said this in a statement on Friday in Lagos.

He stated that the standing committee was expected to support the setting up of a standardised basis of determining discount rate factors for use by the insurance industry and other stakeholders in the financial sector.

The commissioner said, setting a standard discount rate was necessary, particularly in the implementation of the IFRS-17.

“The membership of the NAS-DRC had been suitably drawn from representatives of NAS, National Insurance Commission (NAICOM) Actuarial representatives of Audit firms, as well as Resident Actuaries of Insurance Operators, with annuity business.

“The President of NAS and a representative of NAICOM, not below the rank of a director, will serve as Chairman and Co-Chairman
respectively, while the NAS shall provide the Secretariat,” he said.

According to him, the role of actuaries in the implementation of IFRS -17 cannot be overemphasised.

Thomas said there was need for a credible, prudent, consistent and sustainable discount rate devoid of possible manipulation by different stakeholders, if the financial report is left to determine same for individual company’s use.

He listed the objectives of the NAS-DRC to include ; determining the risk-free yield curve for use by the insurance industry and providing commentary on any market movement that might impact on the determination of the risk-free yield curve.

“It is thus my sincere expectation that the inauguration of the NAS-DRC will no doubt enhance accountability, prudence and comparability in financial reporting and thereby support the stability in the Nigerian financial system.

“I am hopeful that the deliberations
and activities of the NAS-DRC will bring about the desirable impact for the Nigerian financial system.

“I thank all the nominated members for accepting to serve on this commendable task. The insurance industry acknowledge your individual and collective sacrifices,” the commissioner said.

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Dr Benedict Ujaotuonu, Managing Director of the insurance company said this to our correspondent on the sidelines of a conference with journalists covering the insurance and pension sectors in Lagos.

Ujaotuonu said that Universal Insurance insisted to abide by the directive of the regulator, the National Insurance Commission (NAICOM), and not involve in any form of rate cutting.

“Universal insisted that we are not going to cut corners. We must sell at the approved rate,” he said.

According to him, if all underwriting companies resolve to sell the policy at the approved rate, it will ultimately help the industry in the long-run in growing its income.

Ujaotuonu expressed hope that the insurance firm would bounce back, in terms of the revenue generated from the third party motor insurance policy.

It was reported that NAICOM had on Dec. 22, 2022, approved increment on the Third Party Motor insurance policy, among other various classes, from the former N5,000 to N15,000, with effect from Jan. 1.

The regulator announced this in a circular titled New Premium Rate for Motor Insurance with number: NAICOM/DPR/CIR/46/2022.

It was signed by the Director, Policy and Regulation, NAICOM, Mr Leo Akah, on behalf of the Commissioner for Insurance, to all insurance companies.

“Pursuant to the exercise of its function of approving rates of insurance premium under Section 7 of NAICOM Act 1997 and other extant laws, the commission hereby issues this circular on the new motor insurance premium rates effective from Jan. 1.

“The Third Party Property Damage (TPPD), which is the limit of claims an insured can enjoy on a policy for private motor, will now be N3 million for the new premium of N15,000.

“The limit for own goods would be N5 million, with a new premium of N20,000, premium rate for staff bus is now N20,000 and its TPPD would be N3 million,” the commission said.

According to the regulator, commercial vehicles, trucks and general cartage now has a TPPD limit of N5 million with N100,000 premium rate, special types now has a TPPD limit of N3 million and premium of N20,000.

The commission stated that Tricycle now had a TPPD limit of N2 million and premium N5000 while motorcycle now has a TPPD limit N1 million and premium of N3,000.

NAICOM noted that the comprehensive motor insurance policy premium rate shall not be less than five per cent of the sum insured after all rebates or discounts.

The commission, however, warned insurers to be guided by the new policy, as failure to comply with the circular shall attract appropriate regulatory sanction.

Meanwhile, Universal Insurance recorded a total premium income of N5.1 billion at the end of the second quarter of 2023, which is almost the total premium of its overall income generated in 2022.

The insurer, which announced to be targeting N10 billion total premium income at the end of the current year, also recorded a premium income of N3.7 billion and a Profit After Tax (PAT) of N825 million in the first quater of the year.

The underwriter also said its target for 2024 would be derived from its performance at the end of 2023, but with a premium income target of between N15 billion and N18 billion in 2024.

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