The Director-General of National Emergency Management Agency (NEMA), Mr. Mustapha Ahmed, has expressed serious concern over the rising fire incidents in some communities and markets nationwide in the past few days and charged the governments and other stakeholders to mitigate the losses associated with such hazards on lives, property and businesses with insurance covers. Ahmed, […]
Nigeria’s pension fund assets grew to N14.99 trillion as of December 2022, representing a 11.7% growth or N1.5 trillion compared to N13.42 trillion recorded in 2021. The latest Pension Industry report published by the National Pension Commission (PenCom) indicated that 11.7% growth recorded in year 2022 was 40.2% higher than the N1.12 trillion increase recorded in […]
The U.S. Federal Emergency Management Agency (FEMA) has completed its 2023 traditional reinsurance placement for the National Flood Insurance Programme (NFIP), transferring an additional $502.5 million of flood risk to the private reinsurance market for a total premium of $90.2 million. A news report from Reinsurance News, an industry-focused on line medium, on Wednesday indicated […]
The National Insurance Commission (NAICOM) has solicited African governments’ support to improve the continent’s insurance industry’s performance by implementing the necessary policies and other measures that will help in improving the sector. Nigeria’s Commissioner for Insurance, Mr. Sunday Thomas, made the appeal to the newly elected president of the African Insurance Organization (AIO), Mr. Tope […]
The National Pension Commission (PenCom) has approved 34 primary mortgage banks to participate in the use of the Retirement Savings Accounts (RSAs) for residential mortgage financing in the country. The approved 34 mortgage banks comprised 18 from Lagos, 8 from Abuja and the remaining 8 are from other states. According to the approved list, the […]
Worried by the disparity in their retirement benefits, retirees in the Federal civil service have decided to seek legal redress after years of discussions with the authorities on the matter did not yield any positive results. Already, the retirees who are from the six geopolitical zones, have approached the National Industrial Court, Abuja to seek […]
The National Insurance Commission (NAICOM) has reported that Nigeria’s insurance industry’s total assets grew to about N2.3 trillion in the second quarter (Q2) of 2022, representing 11.9 percent quarter-on-quarter growth. The commission gave these figures in its latest bulletin on ‘Insurance Market Performance’ which also reflected that the total in Non-Life Insurance stood at N1.2 […]
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has commended the Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Corporation (NDIC) for ensuring the safety of depositors’ funds in the nation’s financial system in the face of global economic disruptions over the past two years. The minister, in her opening […]
FBN Holdings Plc has announced the completion of the acquisition of 100% of the share capital of Access Pension Fund Custodian Limited, a subsidiary of Access Bank Plc by First Pension Custodian Nigeria Limited, a subsidiary of First Bank Nigeria Limited. The Group’s Company Secretary, Barrister Adewale Arogundade, made this disclosure in a statement sourced […]
The National Pension Commission (PenCom) has released a revised Regulation on Retirement and Terminal Benefits for immediate implementation by PFAs and other stakeholders involved in the nation’s pension management. Specifically, the revised regulation contains new provisions on Pension Enhancement, Voluntary Contributions, payment under the Micro Pension Plan (MPP), payment of benefits of missing persons and […]