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Insurance & Pension

NSITF Misappropriated N84billion in Four Years – Senate



The Nigeria Social Insurance Trust Fund has misappropriated about N84bn within four years, the Nigerian Senate has alleged.

The Chairman, Senate Public Accounts Committee, Matthew Urhoghide, who disclosed this on Monday, described the agency as a cesspool of corruption.

He stated, “Just a few mindless persons depleted our resources,” noting that the revelation came from 12 out 50 queries investigated so far by the committee.

According to him, it is unfortunate that the management and board of NSITF colluded between 2012 and 2017 to carry out the alleged graft.

“They are all guilty. They are implicated. They stole the place dry. The agency is most defiant and most notorious,” he said.

One of the queries read, “Audit observed that the fund had been implementing a salary structure that is not approved by the National Salaries, Income and Wages Commission. As a result, irregular payment of N38,219,919,530.32 by way of personnel cost was made to the staff of the fund from 2012 to 2017.

“Implementation of unapproved salary structure may result in wastage of public funds, as remuneration may be higher than the productivity level of staff. The Managing Director is required to provide the approval of the National Salaries, Income and Wages Commission for the implementation of the fund’s salaries structure.”

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Insurance & Pension

Use Of Pension Funds For Morgage Equity Contribution



Use Of Pension Funds For Morgage Equity Contribution

Retirement Saving Account (“RSA”) holders can now access 25% of their RSA balance towards making equity contributions for residential mortgages in Nigeria.

This was contained in a statement released by Nigeria’s pensions regulator, the National Pension Commission (“PENCOM” or the “Commission”) on September 23, 2022.

In a statement, the Commission informed the investing public of its approval for the issuance and immediate implementation of Guidelines on Accessing Retirement Savings Account Balances for payment of equity contribution for residential mortgages. This approval was made pursuant to the Pension Reform Act, 2014 wherein s. 89 (2) allows RSA holders to use a portion of their RSA balances to make equity payments for residential mortgages.

This is not open to everyone. To be eligible, the RSA holder must (a) be in active employment, (b) not be due for retirement within 3 years, (c) have both employer and employee mandatory contribution for 60 months (5 years), and (d) have a valid and verifiable offer for the purchase of the property. Contributors under Micro Pension Plans are also eligible. Married couples, who individually meet the eligibility requirements, can also make a joint application. You can only make an application in person and not by proxy.

The maximum amount accessible is 25% of the total mandatory RSA balance as of the date of application.

Mortgage lenders would also need to satisfy eligibility requirements. To qualify, mortgage lenders must (x) be licensed by the Central Bank of Nigeria, (y) comply with the Contributory Pensions Scheme, and (z) have valid Pensions Clearance Certificates.

Given the housing deficit in Nigeria, this development will assist in providing access to funding for real estate investments, and assist in reducing the housing deficit in Nigeria. RSA holders will no longer need to wait until retirement or loss of work to access funds in their RSAs. The situation is even better for employees who are contributors to the National Housing Fund. These employees can now access funds from two independent sources to finance their own homes.

Contact us for any advice in relation to the operation of the guidelines.

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Insurance & Pension

Edwin Igbiti Emerges 51st CIIN President, As Investiture Ceremony Holds Today



Edwin Igbiti Emerges As 51st CIIN President, Investiture Ceremony Holds Today

Olushola Okunlade Writes

The Chartered Insurance Institute of Nigeria (CIIN) is set to inaugurate Mr. Edwin Igbiti as its 51st President/Chairman of Council.

Edwin Igbiti ‘s investiture ceremony as the 51st President and Chairman of Council will hold today Friday, July 15, 2022, at Lagos Continental Hotel, 52A Kofo Abayomi Street, Victoria Island in Lagos State by 1:00 PM.

He is next in line to handle the baton after the successful completion of Mr. Muftau Oyegunle’s tenure at the helm of affairs since 2020.

Igbiti, a seasoned professional with an inestimable depth and wealth of technical experience that is acknowledged across the industry, Igbiti has managed relationships between the company and several international partners and affiliates and is a solution-proffering, team-spirited leader with excellent interpersonal skills. Igbiti has worked in various capacities, including underwriting sales and claims management in the insurance industry. Before joining AIICO Insurance Plc in 1992 as a Deputy Manager, he started out working at Phoenix Insurance Company as an underwriting trainee. The years he spent working there apparently helped to prepare him for the long and successful career he has had thus far in the industry.

The investiture ceremony, which is scheduled to hold today, will bring Mr. Igbiti on board as the next President as well as the Chairman of the Council of the premier professional body in the country.

Edwin Igbiti Emerges As 51st CIIN President, Investiture Ceremony Holds Today

Mr. Igbiti is one of Nigeria’s most prominent business executives. With an outstanding educational background and many years of professional experience, he has written his name in the sands of history as one of the strongest and most renowned voices in the insurance industry and the corporate business environment in Nigeria.

He showed much interest in the insurance business from a very early age and little wonder that he became an Associate of the Chartered Insurance Institute of London in 1990.

In his quest for knowledge, he obtained an Advanced Diploma in Management from the Department of Business Administration, the University of Lagos in 1996 and a Master’s Degree in Business Administration (MBA) from the University of Ado Ekiti, in 2005.

Similarly, the insurer has garnered outstanding professional certifications both within and outside Nigeria such as an Executive Leadership Programme from Howard University School of Business and the Chief Executive and Directors Programme from the Management School in London.

Mr. Igbiti is a Certified Insurance practitioner with the Chartered Insurance Institute of London (CII), a Fellow of the Chartered Insurance Institute of Nigeria (FIIN), a Fellow of the Risk Managers Society of Nigeria (RIMSON), Associate of the Nigerian Council of Registered Insurance Brokers (NCRIB) and a Fellow of the Risk Surveyors Association of Nigeria (RISAN).

He is a seasoned professional with depth and wealth of technical expertise having worked in various capacities, including underwriting, sales, and claims management in the insurance industry.

He started his professional sojourn at Phoenix Insurance Company as an Underwriting Trainee before moving to AIICO Insurance Plc where he worked for several years and provided managerial, strategic, and operational leadership in uniquely challenging situations with verifiable evidence of achieving revenue, profit, and business growth objectives.

He served as the General Manager, Non-Life Underwriting at AIICO Insurance Plc between January 2010 to September 2013. During this period, he was responsible for the overall performance of the General Insurance Division. He rose to the position of the Group Managing Director/Chief Executive Officer, AIICO Insurance Plc in 2013 where he was responsible for running and supervising the affairs of the Company and its subsidiaries (AIICO Pension, AIICO Capital, and AIICO Multishield).

In those years he served as the GMD of AIICO, he recorded giant strides which contributed hugely to the company’s overall growth.

Mr. Igbiti also served briefly as the Managing Director of Niger Insurance Plc before moving to Quicklink Insurance Brokers Limited as a top management staff where he is active to date.

Aside from being an insurance professional, Edwin is a chartered member of the Nigerian Institute of Management, a certified Business Continuity Systems Lead Auditor from the British Institute, UK, and an alumnus of the Howard University Business School, U.S.A.

He is a Member of the Institute of Directors (IoD) and was once a Council member of the Nigerian Insurers Association (NIA).

He is the immediate past Chairman of the Governing Board of the College of Insurance and Financial Management and he currently seats as the Deputy President of the Governing Council of the Chartered Insurance Institute of Nigeria (CIIN) where he has meteorically risen to the new president of the Institute.

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Insurance & Pension

Noor Takaful Host Entrepreneurs Hangout To Boost Awareness On Takaful Insurance



Noor Takaful host Entrepreneurs hangout to boost awareness on Takaful insurance

Last week, Noor Takaful Insurance Limited – the pioneer composite Takaful Insurance firm in Nigeria, hosted young Kano entrepreneurs to an informal hang out to deepen awareness on the importance and benefits of Takaful insurance.

While delivering his presentation during the hangout, the Vice-Chairman, Noor Takaful Insurance Limited, Mr. Aminu Tukur, explained the concept of Takaful insurance.

Tukur stated that it was imperative for Nigerians, especially residents of Kano, to take advantage of the unique opportunities the company has provided by subscribing to any of the numerous offerings.

He said it was important for business owners to take a particular interest in insurance to save them from unwanted losses.

According to him, Takaful insurance operates in line with the principles of Sharia, stating that all non-permissible elements of conventional insurance have been filtered to enable them to subscribe.

He further disclosed that the offerings available under Takaful insurance were open to Muslims and non-Muslims, urging every Nigerian to subscribe to any policy.

A raffle draw was held at the event, and three people emerged as lucky winners. Each of the lucky winners got the opportunity to pick any insurance policy worth N50,000.

The event also offered an opportunity for attendees to network and see areas where they could work together to unlock opportunities.

Some of the attendees commended the organizers for the illuminating session.

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