INSPENONLINE: Firms eyeing govt's businesses injected about N20bn into pension fund in 2014

Wednesday, 15 April 2015

Firms eyeing govt's businesses injected about N20bn into pension fund in 2014

Chuks Udo Okonta

About N20 billion pension contributions was remitted in 2014 by private organisations granted compliance certificates by the National Pension Commission (PenCom) to bid government's businesses this year.

PenCom disclosed this in publication on its website, which showed the number of firms issued compliance certificates in 2015.

According to the pension industry regulator, 1042 firms were issued certificates in 2015 as against 762 in 2014, an indication that more firms have embraced the Contributory Pension Scheme (CPS).

PenCom noted that Julius Berger Nigeria Plc, which has 13756 workers, remitted the highest fund amounting to N7.09 billion. The firm was followed by Reynolds Construction Company Limited, with 5228 workers and N624.80 million.

Others are: Price Waterhouse Coopers Limited, 765 workers, N521.22 million; Dantata & Sawel Construction Limited, 3834 workers, N317.69 million; Ernst & Young, 322 workers, N235.66 million; Mothercat Limited, 2494 workers, N186.48 million; Systems Applications Products Nigeria Limited, 59 workers, N120.85 million; AIICO Insurance Plc, 338 workers, N108.43 million and Leadway Assurance Limited, 380 workers, N100.11 million.

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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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