Over 15,418 insurance companies, banks, other sectors get compliance certificates from PenCom

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By Favour Nnabugwu


Over 15,418 employers comprising Insurance companies, banks and other sectors of the economy have recurved compliance certificates from the National Pension Commission (PenCom) had as at May 10, 2021

Those companies had to clear the accounts if they wished to do business with the federal government.

PenCom in publication on its website entitled: Schedule of employers issued with certificate with provisions of the PRA 2014 as at May 10, 202.1

The remittance by companies showed AIICO Insurance contributed and remitted N193.93 million for its 296 employees in 2020, while NSIA Insurance, remitted N60.97 million for 128 employees and FBInsurance, remitted N128.36 million for 171 employees.

Linkage Assurance Plc, remitted N60.14 million for 174 employees; Custodian and Allied Insurance Limited, N59.91 million for 121 employees; Custodian Life Assurance Limited, N24.73 million for 49 employees and Unitrust Insurance Company Limited, N52.88 million for 115 employees.

Mutual Benefits Life Assurance Limited, remitted N51.32 million for 145 employees; Mutual Benefits Assurance Plc., N91.58 million for 198 employees; Regency Alliance Insurance Plc., N36.16 million for 119 employees and Jaiz Takaful Insurance Plc., M12.66 million for 36 employees.

Insurance brokers were also cleared and issued certificates. Plum Insurance Brokers Limited, was cleared having remitted N1.07 million for seven of its employees. Risk Analyst Insurance Brokers Limited, remitted N4.39 million for 29 employees and YOA Insurance Brokers Limited remitted N21.81 million for 52 employees.

It also showed Sterling Bank Plc., remitted N1.22 billion for its 2417 employees; Fidelity Bank Plc., remitted N827 million for 2904 employees and Reynolds Construction Company Limited, remitting N739 million for 3764 employees.

PenCom noted that Afrigblobal Insurance Brokers Limited remitted N6.14 million for 18 employees; Jolly & Partners Insurance Brokers Limited remitted N1.47 million for five employees and Manny Insurance Brokers Limited remitted N1.03 million for seven of its workers.


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