Why PenCom is yet to decide on IGI pension, Citi Trust

Why PenCom is yet to decide on IGI pension, Citi Trust

Chuks Udo Okonta

More facts have emerged on why the National Pension Commission (PenCom) is yet to decide on the fate of Industrial and General Insurance (IGI) Pension Limited and Citi Trust Pension Limited over their inability to meet recapitalisation deadline.

Inspen learnt that Citi Trust Pension Limited has gone to court to challenge the decision taken by PenCom. It was also gathered that the commission is taking adept time to verify the claim by IGI pension.

PenCom had given the two firms 28 days revocation notice which elapsed last month.   

The Deputy Managing Director Industrial and General Insurance (IGI) Plc Rotimi Fashola, said the company actually recapitalised as required by PenCom by pooling together cash and assets which amounted to far more than the specified sum of N1 billion.

Fashola, said: “It is true that PenCom has sought clarifications from us on some matters, but the process of recertification is ongoing and every grey area will be resolved before the 28-day deadline given by PenCom in accordance with the law. We are making representation to the commission and are of strong conviction that it will reconsider its position after listening to us.”

“It is unfair and erroneous to make the public believe that IGI PFA failed to meet the recapitalisation requirement when, in fact, the company capitalised up to N1.5 billion, in cash plus property. This amount is N500 million above the mark set by PenCom.

“For the avoidance of doubt, let me state categorically without any fear of contradiction that it is outright falsehood that our PFA license has been revoked. Our licence is intact and we remain a leading player in the industry.”