INSPENONLINE: PenCom issues guidelines for sale of real estate legacy assets

Wednesday 18 September 2013

PenCom issues guidelines for sale of real estate legacy assets

The National Pension Commission (PenCom) has directed that the valuation of real estate legacy assets being put forward for sale, should be carried out by three reputable firms accredited by the Nigerian Institute of Estate Surveyors and Valuers (NIESV) appointed by the affected Pension Fund Administrator (PFA). Legacy assets are those pension assets managed by various institutions such as insurance companies, asset managers, banks and discount houses, before the enactment of Pension Reform Act 2004, which have now been transferred by some of these fund managers to licensed PFAs in compliance with the provisions of the Pension Act stipulating that the management and custody of pension funds and assets are exclusively vested in licensed PFAs and Pension Fund Custodians (PFCs) respectively, as postulated in Sections 44 and 46 of the Act. PenCom stated that "The sale of properties shall be in line with the Procedure for Sale of Properties being Legacy Pension Assets transferred to PFAs, earlier communicated by the commission to all operators." In accordance with the regulations issued by PenCom, the PFA is required to obtain prior approval of the commission before the appointment of professional estate valuers. As the PFA is mandated to determine the average value of each asset from the submission of the three valuers, the commission stated that the average value shall serve as a bench mark for the selling price. Apart from that, the PFA is to obtain from the commission a ‘no objection’ of the new valuation reports on the properties and recommended sale price, as well as advertise the properties at the recommended price in at least two national dailies. While the PFA shall obtain from the commission a ‘no objection’ to engage estate agents to the sell the properties at the recommended sale price, PenCom added that the approved sale price shall be subject to review after six months if the property is not sold. Besides, the PFA must seek approval from the commission before approving valuation fees and disposing any real estate legacy asset, as well as agree with prospective buyers on mode of payment and period within which payment must be effected, otherwise the offer will lapse. PenCom added that while all payments must be made directly to the custodians, the custodians are equally mandated to obtain the approval of the PenCom before release of title documents.

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Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

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