All Posts in "Day: August 10, 2023"

Faces at PenCom seminar for Pension Journalists in Abuja

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National Pension Commission, PenCom organised a on day seminar for Pension Journalists at Rockview Royale in Abuja today. L- Mr. Abdulqadir Dahiru, Head, Corporate Communications Department, PenCom, Mr. Nduka Chiejina, Chairman, FICAN Abuja, Akinwa Jumoke, PenOp, Akinbola Akintola, PenOp.

L-Mr Ikenna Chidi-Ebere, Head Consumer Protection Department. Hajiya Fatsuma Abubakar, Principal Manager, Consumer Protection Department, PenCom, Nana Musa, President, Pension Correspondents Association of Nigeria (Pencan),

Pension Journalists as they pay attention to the facilitator

Still Journalists at the event

Pension Journalists during the seminar

Pension Journalists during the seminar

All the Journalists at the event with members of PenCom management

Patoma Admin by — August 10, 2023 in Pension 0
PenCom recovers N24.53 bn from June 2012 – March 2023 from defaulting employers 

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L- Mr Ikenna Chidi-Ebere, Head Consumer Protection Department of National Pension Commission, PenCom, Mr. Abdulquadri Dahiru, Head Corporate Communication and Mr. Olusanya Ogunbiy of PenCom during the Seminar for Pension Journalists in Abuja today
By Favour Nnabugwu
The National Pension Commission (PenCom) has been able to recover a whopping 24.53billion from defaulting employers
PenCom established an effective mechanism to recover outstanding pension contributions and liabilities, including penalties, from defaulting employers.
Head of Corporate Corporate Communication, Mr Abdulquadri Dahiru said employers evading or delaying the remittance of their employees’ deducted pension contributions are flouting the Pension Reform Act 2014 (PRA 2014)
From the commencement of the recovery exercise in June 2012 to 31 March 2023, a total sum of (N24,533,339,305.09 comprising of principal contribution (N12,440,682,240.91) and penalties (N12,092,657,064.18) was recovered from defaulting employers, According the Head of Corporate Communication of PenCom.
In Q1 2023, the sum of N384,280,651.48
comprising principal contributions (N193,058,483.56) and penalties (N191,222,167.92) was recovered from 34 defaulting employers.
The recoveries were made by the Commission in line with Section 11 of the PRA 2014, which provides that the employer shall deduct, at source, the monthly contribution of every employee in his employment and not later than seven working days from the day the employee is paid his salary, remit an amount comprising the employee’s contribution and the employer’s contribution to the custodian specified by the Pension Fund Administrator (PFA) of the employee.
PenCom invoked Sections 92 and 93 of the PRA 2014, which empowers it to authorise the examination, inspection or investigation of an employer relating to pension funds or assets.
The aim is to ensure compliance with the provisions of the PRA 2014 by private sector employers and mitigate the complaints from employees and PFAs on the non-remittance of pension contributions by some employers.
Dahiru affirmed that PenCom appoints Recovery Agents to examine private sector employers to determine their compliance with the PRA 2014. The recovered principal contributions and the penalties recovered are paid into employees’ RSAs to compensate for the lost income due to non or late remittance of pension contributions by employers.
PenCom and PFAs bear the recovery costs of the recovering agents hence, it comes at no cost to Retirement Savings Account (RSA) holders.
The PRA 2014 further stipulates that every eligible employee shall maintain an RSA with any PFA. Once an RSA is opened, the employee must inform their employer by submitting the RSA Personal Identification Number (PIN) issued by the PFA.
Subsequently, the employer must deduct, at source, and remit to Pension Fund Custodian (PFC) a minimum of 18 percent contribution (employer 10% and employee 8%). It should be noted, however, that the 18 percent total monthly pension contribution is a minimum, as the employer may elect to increase the rate or bear the whole burden on behalf of the employee.
“Any employer who fails to deduct or remit the contributions within the stipulated time frame of seven working days from the day salaries are paid shall, in addition to making the remittances already due, be liable to a penalty, which shall not be less than 2 percent of the total contributions that remain unpaid for each month or part of each month the default continues and the amount of the penalty shall be recovered as a debt owed and paid into the employee’s RSA”
The recovery process requires the recovery agents to diligently follow the outlined steps, which commences with obtaining a list of assigned defaulting employers and letters of introduction from PenCom to the employer.
The RA is granted access by the employer to review pension records to determine pension liabilities. After that, the RA issues demand notices to the employer to remit the outstanding pension liabilities and penalties.
As a result, the RA follows up with the defaulting employers to ensure remittances of outstanding pension contributions.
Proof of payment is obtained and forwarded to PenCom for onward confirmation by the PFCs.
PenCom also prosecutes recalcitrant employers who persistently default in remitting pension contributions.
Patoma Admin by — August 10, 2023 in Pension 0
PenCom’s Consumers Protection Dept daily receives 200 complaints

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L- Mr Ikenna Chidi-Ebere, Head Consumer Protection Department of National Pension Commission, PenCom, Mr. Abdulquadri Dahiru, Head Corporate Communication and Mr. Olusanya Ogunbiy of PenCom during the Seminar for Pension Journalists in Abuja today
By Favour Nnabugwu
National Pension Commission (PenCom) has created a new platform, Consumers Protection Department (CPD) that enables contributors and retirees lodge in their complains and get swift response as the Commission receives 200 complaints everyday.
Head, Consumer Protection Department, Mr. Ikenna Chidi-Ebere said that the department records about 150 to 200 compliance everyday, adding that the department is focused on the area of data capturing to achieve their results.
He informed that the platform are daily monitored to proactively ensure smooth response to the compliants and inquires received.
The commission at the 2023 journalists conference with the theme: Transforming Service Desk in the pension Industry: Strategic for improving efficiency and customer satisfaction said the new platform, Consumers Protection Department (CPD) was created to enhance customer service in the pension Industry by continuously liaising with the pension fund operators to ensure that services were effectively rendered to consumers.
Chidi- Ebere whose paper is titled,  ‘Enhancing Customer Service in the Pension Industry: PenCom’ New strategic plan’, said the platform was established to replace its erstwhile Corporate Responsibility and ServiCom Department by the National Pension Commission (PenCom) in keeping to its Corporate Strategy initiative for 2023-2027.
He said, “Contributors and retirees play a crucial role as stakeholders in the pension Industry, as such, ensuring their satisfaction through effective and efficient service delivery and compliant resolution aligns perfectly with the commission’s mandate to achieve excellence in service delivery.
Patoma Admin by — August 10, 2023 in Pension 0
Leadway Assurance, farmers to boost agricultural practices in Southwest

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L-  Co-founder, Corporate Farmers International, Mr. Akin Alabi; Senior Agriculture Insurance Underwriter, Leadway Assurance, Mr. Adebayo Olukolajo; Senior Agriculture Insurance & Micro insurance specialist, Leadway Assurance, Mr. Oluwaseun Fasoranti; President, All Farmers Association of Nigeria, Ibadan Chapter, Mr. Emmanuel Akinyemi and Co-founder, Corporate Farmers International, Prince Ade Ajayi at the open interactive session for farmers organised by Leadway Assurance in partnership with Corporate Farmers International in Ibadan on Thursday, 3rd August 2023.

By Favour Nnabugwu

Leadway Assurance, one of Nigeria’s leading insurance companies, and Corporate Farmers have joined forces to organise an engaging and informative interactive session for farmers in the Southwest region.
This collaborative initiative aims to foster relationships and exchange innovative ideas for the growth of the crucial agriculture sector in Nigeria.
The interactive session brought together over 100 farmers from the Southwestern region of Nigeria, industry experts, and critical stakeholders across the agriculture value chain to discuss pivotal issues around modern farming practices, their challenges, and diverse opportunities.
The robust conversations include risk management, sustainable farming practices, financial planning, agribusiness development, fostering a vibrant community, partnerships, and leveraging technological advancements for growing productivity.
 Speaking at the engaging session, the Senior Agric. and Microinsurance Specialist, Mr. Oluwaseun Fasoranti, stated, “We at Leadway Assurance are aware of the indispensable role farmers’ play in the advancement of our economy. According to a report by the Minister of Agriculture in February 2023, “agriculture contributes 23.78% to Nigeria’s Gross Domestic Product (GDP).
Yet, this noble responsibility comes with immense challenges, uncertainties, and events, such as droughts, floods, post-harvest losses, and pest invasions, continually threatening to stifle its growth every production season”.
Also commenting on the initiative, the Head of Agric. Insurance, Leadway Assurance, Mr Ayoola Fatona said, “This partnership aligns with our mission of working closely with farmers during times of unpredictability. Hence, this open, interactive session provides us with the platform to listen, engage and proffer actionable solutions to their diverse pain points.
Leadway’s agriculture insurance policies have and will continuously be curated to meet these imminent needs”.  He added that Leadway agriculture policies are not mere contractual documents but reliable promises to provide a safety net in the event of unexpected weather patterns or unforeseen circumstances.
“By focusing on your protection, we hope to foster an environment where you can continue to do what you do best – feed our nation – without the constant worry of losses bothering your productive minds”, Mr. Fatona concluded.
Also commenting, Co-founder of Corporate Farmers International, Mr. Akin Alabi, said, “This interactive session with Leadway Assurance fits perfectly with our mandate of empowering farmers even in the face of the irrefutable growing challenges in the sector. With Leadway Assurance’s reputable financial and risk management expertise and Corporate Farmers’ superior understanding of the Nigerian agricultural value chain, we aim to equip farmers with the required tools to thrive in today’s evolving agriculture landscape. About Leadway AssuranceLeadway Assurance is a leading provider of insurance solutions, offering a wide range of products and services to individuals and businesses.
With a strong focus on customer satisfaction and innovation, Leadway Assurance has established itself as a trusted and reliable partner for all insurance needs.  About Corporate Farmers Corporate Farmers is an agriculture-focused organisation that promotes sustainable farming practices, knowledge sharing, and community-building among farmers.
Corporate Farmers aims to empower farmers with the tools and resources they need to succeed in a rapidly changing agricultural landscape through various initiatives, workshops, and events.
Patoma Admin by — August 10, 2023 in Insurance 0