All Posts in "Day: December 11, 2020"

A total of 58,800 informal sector workers have been registered as contributors under the Micro Pension Plan (MPP), since its inception in March 2019.

This information is contained in the Q3 2020 report recently released by the National Pension Commission (PenCom).

The sum of N64.7million had been contributed – N46.7m was contributed in year 2020 (Q1 – Q3), while N18.0m was contributed in 2019, i.e. from March to December 2019.

In the same vein, 19,114 new contributors were registered in 2020 and 39,686 registered in 2019.

In Q1 2020, 9,449 registered under the plan and contributed N16.8m but dropped in Q2 2020 to 2,839 contributors with the sum of N7.4m, which could be attributed to business challenges encountered during the pandemic lockdown period between March and June.

In Q3 2020, the figure, in terms of number of new enrolees and contribution, improved significantly to 6,826 and contributions of N22.5m.

The Pension Reform Act (PRA) 2014 expanded the scope of the Contributory Pension Scheme (CPS) to include persons working in informal sectors, based on PenCom’s strategic objective of deepening the market and covering at least 30% of the working population in Nigeria by the end of the year 2024.

Micro Pension Plan (MPP) presents a great business opportunity for the Pension operators as Nigeria has about 59.6 million workers in the informal sector that are not involved in any pension scheme.

Towardsachieving a desirable critical mass, it is important that the operators create reasonable visibility/awareness about the scheme. The scheme is quite new in Nigeria but it is quite promising if the operators can adequately harness the abundant opportunities that exist therein.

Patoma Admin by — December 11, 2020 in Others 0

NEM Insurance Plc has projected a profit after tax of N1.706 billion first quarter period ending 31st March, 2021 representing 52.41 percent rise in the profit projection for the entire 2020.

The forecast published at the Nigerian Stock Exchange on Wednesday projected a gross premiums written of N10.710 billion, compared with N23 billion projection for the entire 2020.

It also projected cash and cash equivalent at the end of the period to improve to N10.082 billion from N8.885 billion at the beginning

NEM Insurance Plc became a Nigerian branch of NEM General Insurance Association Limited of London in 1965. Incorporated in 1970 as a Nigerian company in compliance with the Companies Decree of 1968, the company became quoted on the Nigerian Stock Exchange in 1989 following the privatization by the Federal Government of Nigeria.

The company, which has contributed immensely towards the growth of Insurance Industry in Nigeria, was into Life and Non- Life business. Following the recapitalization exercise in 2007, the company merged with Vigilant Insurance Company Ltd to transact all classes of General Insurance.

The company has expanded its operations into the West African Sub region, with the successful registration and commencement of business of its former subsidiary, NEM Insurance (Ghana) Limited in May, 2009.

The subsidiary is now merged with Regency Alliance to form Regency Nem Insurance Ghana Ltd in September 2016 due to recapitalization requirement. A new member, NEM Asset Management Limited was also added to the Brand earlier in March, 2016

Patoma Admin by — December 11, 2020 in Insurance 0