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Stanbic IBTC Insurance Covers Super Eagles As Nigeria Commences AFCON Battle



Stanbic IBTC Insurance Covers Super Eagles As Nigeria Commences AFCON Battle

Olushola Okunlade Writes

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has taken the bold step to ensure the Super Eagles of Nigeria wins the ongoing African football tournament, the African Cup of Nations (AFCON), in Cameroun.

Late last year, Stanbic IBTC and the Nigerian Football Federation (NFF) announced a meaningful partnership that would see Stanbic IBTC, through its insurance subsidiary, Stanbic IBTC Insurance Limited, provide Group Life Insurance cover worth N1.73 billion and Total Personal Accident insurance cover for each player of the national team, to the tune of N583 million annually for the next three years.

By this development, Stanbic IBTC becomes the official insurance sponsor of the Super Eagles as the MoU signed between the financial organisation and the NFF came into effect officially this year, 2022. According to Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, the partnership is predicated on youth empowerment, which is one of the pillars of the institution, and football development.

Dr. Demola Sogunle, Chief Executive Officer of the Stanbic IBTC Holding Plc
Dr. Demola Sogunle, Chief Executive Officer of the Stanbic IBTC Holding Plc.

Amaju Pinnick, President of NFF, further explained that the partnership is in huge favour of the players.

The partnership also entails empowering female journalists by sponsoring them to cover matches played by the Super Eagles. Stanbic IBTC, as a foremost gender-balanced zealot, has sponsored four female sports correspondents: Funmilayo Adeyemo, Justina Aniefiok, Janefrances Nweze, and Faith Meregbunam to AFCON 2021.

The 2022 AFCON tournament has 24 participating teams. Nigeria bringing home the cup is currently the most anticipated expectation. Unlike previous years, the Super Eagles will go head-to-head with the Pharaohs of Egypt in the anticipated match, knowing that Stanbic IBTC Insurance fully covers them. 

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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Insurance & Pension

17 Micro Pension Contributors Get Funds from Savings Portion



By Niyi Jacobs, Editor

Having made contributions toward targeted projects, 17 contributors to the Micro Pension Plan (MPP) have withdrawal N4.38 million from their savings portion in the first quarter of 2021.

The National Pension Commission (PenCom) on withdrawals from the contingent portion of micro pension contributions, said six Pension Fund Administrators (PFAs) processed and approved requests amounting to N4,375,646.34 from 17 MPP contributors during the period under review.

PenCom also noted that during the quarter 19 PFAs registered 3,292 contributors under the Micro Pension Plan, stressing that in the same vein, a total sum of N16,711,942.25 was remitted to the RSAs of 435 contributors during the period.

The pension sector regulator said 105 Micro Pension Participants, within the same period converted to the mandatory Contributory Pension Scheme (CPS) and the sum of N963,136.42 was transferred to their respective RSAs.

The Director-General, PenCom, Mrs. Aisha Dahir-Umar, said the Micro Pension Plan was designed to fit the peculiarities of the informal sector groups, adding that PenCom had extensively engaged all relevant stakeholders and obtained their inputs before the product was developed to suit their requirements.
She posited that the product is flexible with respect to contribution amount and the channel of remittance of contributions to the respective pension accounts, stressing that access to accumulated contributions is also flexible, seamless and facilitated by technology through varied payment system platforms.

According to her, a prospective Micro Pension contributor is required to open a Retirement Savings Account (RSA) by completing a physical or electronic registration form with a Pension Funds Administrator (PFA) of his/her choice, and the contributors may make contributions daily, weekly, monthly or as may be convenient to them.

She stated that every contribution shall be split into two, comprising 40 per cent for contingent withdrawal and 60 per cent for retirement benefits, adding that the contributor may, based on his/her needs, periodically withdraw the total or part of the balance of the contingent portion of his/her RSA, including all accrued investment income thereto.

The contributor, she said may also choose to convert the contingent portion of the contributions to the retirement benefits portion and the remaining balance in the RSA shall be available to the contributor upon retirement or attaining the age of 50 years.

“Pursuant to its regulatory and supervisory mandate, the Commission had established a separate Department dedicated to the supervision of all matters relating to Micro Pension Plan, including enforcement of compliance with the Guidelines and customer complaint handling and resolution. Our objective is to ensure efficiency and effectiveness in service delivery as well as transparency and accountability in the administration of the product by licensed pension operators,” she said.
She stated that guaranteed minimum pension will be given, provided the contributor made contributions for a cumulative period of not less than 120 months and the RSA balance at retirement shall not be less than N500,000.

She maintained that the plan is expected to significantly expand pension coverage to greater number of Nigerians and further generate additional long term funds for Nigeria’s economic development, adding that the Commission would collaborate with relevant stakeholders to sensitize and enlighten the target participants and members of the public on the features and benefits of the Micro Pension Plan.

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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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