The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has reaffirmed the Commission’s commitment to strengthening collaboration with the Trade Union Congress of Nigeria (TUC) in advancing pension reforms and ensuring greater compliance with the Contributory Pension Scheme (CPS).

Ms. Oloworaran gave the assurance during a courtesy visit to the TUC President, Comrade (Engr.) Festus Osifo, in Abuja on 24 September 2025. She was accompanied by the Acting Commissioner, Technical, Hon. Hafiz Kawu Ibrahim, and other top management staff of the Commission.

Speaking at the meeting, the PenCom DG acknowledged the invaluable role of the TUC as a member of the PenCom Governing Board and stressed that the relationship between the two organisations remained crucial to the sustainability of the CPS in Nigeria. She proposed more structured stakeholder engagements between PenCom and TUC to further strengthen the CPS and ensure greater compliance by employers of labour across the country.

Ms. Oloworaran emphasised that every employer of labour is obligated under the Pension Reform Act (PRA) 2014 to remit pension contributions on behalf of employees. She called for TUC’s support in enforcing compliance, noting that timely remittances were essential for securing workers’ financial stability in retirement.
The PenCom DG also spoke about reforms underway to address value erosion in pension savings. She said PenCom is working to mitigate the impact of inflation on pension assets.

Ms. Oloworaran disclosed that PenCom will unveil a revised Investment Regulation to expand opportunities in alternative investments and deliver better real returns. In addition, she said that the PenCom is working with the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance on mechanisms that will allow pension investments in naira but generate returns in dollars, as part of efforts to safeguard retirement funds.

Furthermore, she said that PenCom would soon introduce a minimum pension for all retirees under the CPS to guarantee a more dignified retirement for Nigerians. This is being enabled by President Tinubu’s approval of a N758 billion bond, which comprises funding for the Pension Protection Fund (PPF), which would fund the minimum pension guarantee.

Responding, Comrade Osifo commended PenCom for its professionalism and effectiveness, describing it as one of the highly performing Institutions in Nigeria. He recounted his experience with PenCom staff during his time in the pension industry, praising their exceptional integrity, competence and dedication.

The TUC president pledged the union’s continued support for the Commission, particularly in promoting compliance among employers. He decried the practice of some employers who deduct workers’ pension contributions but fail to remit them, warning that such delays harm the eventual returns on retirement savings and often lead to industrial disputes.

Comrade Osifo further called for a review of the PRA 2014 to introduce greater flexibility in pension fund investments to better protect savings from inflation and exchange rate pressures.

The meeting ended on a positive note, with both PenCom and TUC resolving to work more closely together to deepen the CPS and secure the future of Nigerian workers.

Universal Insurance PLC, said it posted a Gross Written Premium (GWP) of N15.25 billion in the year ended December 31, 2024.

The Managing Director/CEO of the Company, Dr. Jeff Duru, disclosed this in Lagos while speaking at the 2024/2025 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE), which they sponsored.

He also disclosed that as at the first quarter of 2025, the Company achieved a GWP of N8.07 billion, above 100 per cent higher than the target for the quarter.

According to him, “Last year, we recorded N15.25 billion in Gross Written Premium (GWP) and profits after tax of N2.8 billion Our shareholders’ fund as at the first quarter is in the neighbourhood of N16.4 billion when compared to N13.25 billion reported in 2024.

“We are charged to serve the public better to make them have that experience. Our claim payment is top-notch. Our services are top-notch. We are fully computerised.

All our Personal Line products are digitised. You can go through our website, access our products, get your quotes and make payment seamlessly, and you can also initiate claim payment and we follow it up at the backend.

“Universal insurance has come to stay and to serve the industry, give them the peace of mind, give them an excellent customer experience. That is what we are doing.

“As at the first quarter, we have produced N8.07 billion in terms of GWP, and that was about 130% of our first quarter target. We are progressive, we are highly innovative, and bringing insurance to the doorstep of our customers, with seamless operations, accessibility and affordability. Our products are highly affordable. You can try us and you will get the best service with peace of mind.”

On products and initiatives, Dr Duru said, “Our initiatives and products include Shop insure cover. The shop insure cover was basically designed for shop owners and businessmen that operate businesses at a Small and Medium Enterprise (SME) level. It provides them with fire insurance cover, burglary, cover for personal injury and alternative accommodation during relocation.

“We have OkadaPass. This product was designed for companies, organisations that are into delivery, people that deliver products and services through bike. It’s an online or digital service provision for the delivery business. It covers the bike, the rider and the package, because the package can be of great value to the service providers and personal injury to the riders.

“Our initiatives also include our digital customer portal, mobile app through which our customers can access our products, get quotes, initiate renewals, and initiate claims.

“We have our digital chatbot or Artificial Intelligence (AI) driven chatbot and visual assistant. That is 24/7 services that will take the position of our service centers at any point in time. Our chatbot will deliver fantastic experience to the customers both chat and voice services.

“We have our digital pre and post loss survey, especially for motor vehicles. Now the manual intervention in surveying or inspecting vehicles is no longer there, once you want to insure your vehicle. Our survey team will deploy the digital portal for the AI driven portal to you through your phone, and you will use your phone to do the physical inspection of your vehicle. Even when there is a claim, it will still be deployed to use it to do your inspection, and the information will come to our database, and we can see everything. It cut down fraud, cut down manpower and reduce cost and give you that excellent touch with speed of service for our claim delivery, these are part of the advantages that come from that service.”

Universal insurance PLC is a non life insurance underwriter that has existed for over 60 years, reengineered, regenerated to serve customers better. The Company is fully recapitalised with asset base of over N20 billion.

One of the oldest insurance companies in Nigeria, Universal Insurance PLC, said it posted a Gross Written Premium (GWP) of N15.25 billion in the year ended December 31, 2024.

The Managing Director/CEO of the Company, Dr. Jeff Duru, disclosed this in Lagos while speaking at the 2024/2025 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE), which they sponsored.

He also disclosed that as at the first quarter of 2025, the Company achieved a GWP of N8.07 billion, above 100 per cent higher than the target for the quarter.

According to him, “Last year, we recorded N15.25 billion in Gross Written Premium (GWP) and profits after tax of N2.8 billion Our shareholders’ fund as at the first quarter is in the neighbourhood of N16.4 billion when compared to N13.25 billion reported in 2024.

“We are charged to serve the public better to make them have that experience. Our claim payment is not top-notch. Our services are top-notch. We are fully computerised.

All our Personal Line products are digitised. You can go through our website, access our products, get your quotes and make payment there seamlessly, and you can also initiate claim payment and we follow it up at the backend.

“Universal insurance has come to stay and to serve the industry, give them the peace of mind, give them an excellent customer experience. That is what we are doing.

“As at the first quarter, we have produced N8.07 billion in terms of GWP, and that was about 130% of our first quarter target. We are progressive, we are highly innovative, and bringing insurance to the doorstep of our customers, with seamless operations, accessibility and affordability. Our products are highly affordable. You can try us and you will get the best service with peace of mind.”

On products and initiatives, Dr Duru said, “Our initiatives and products include Shop in Shop cover. The shop in shop cover was basically designed for shop owners and businessmen that operate businesses at an Small and Medium Enterprise (SME) level. It provides them with fire insurance cover, burglary, hotel insurance cover, cover for personal injury and alternative accommodation during relocation effort.

“We have OkadaPass. This product was designed for companies, organisations that are into delivery, people that deliver products and services through bike. It’s an online or digital service provision for the delivery business. It covers the bike, the rider and the package, because the package can be of great value to the service providers and personal injury to the riders.

“Our initiatives also include our digital customer portal, mobile app through which our customers can access our products, get quotes, initiate renewals, and initiate claims.

“We have our digital chat box, or Artificial Intelligence (AI) driven chat box and visual assistant. That is 247 services that will take the position of our service centers at any point in time, our chat box will deliver fantastic experience to the customers both chat and voice services.

“We have our digital pre and post loss survey, especially for motor vehicles. Now the manual intervention in surveying or inspecting vehicles is no longer there, once you want to insure your vehicle, our survey team will deploy the digital portal for the AI driven portal to you through your phone, and you will use your phone to do the physical inspection of your vehicle, and even when there is a claim, it will still be deployed to use it to do your inspection, and the information will come to our database, and we can see everything, it cut down fraud, cut down manpower and reduce cost and give you that excellent touch with speed of service for our claim delivery, these are part of the advantages that come from that service.

Universal insurance PLC is a non life insurance underwriter that has existed for over 60 years, reengineered, regenerated to serve customers better. The Company is fully recapitalised with asset base of over N20 billion.

By Amaka Obiefuna

The Universal Insurance Plc, National Health Insurance Authority (NHIA), Pension Transitional Arrangement Directorate (PTAD) as well as Rite Foods Limited will sponsor the 2025 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE).

This year’s NAIPE AGM will be held on Tuesday, July 8, 2025, at the Nigerian Insurers House in Victoria Island, Lagos.

NAIPE is the umbrella body for journalists covering insurance and pension sectors in Nigeria.

NAIPE holds its AGM in July every year and companies that sponsor the AGM have the unique opportunity to market their products and services to NAIPE members in the course of the event who will in-turn push out the information to the general public through publication of stories and analysis in their mediums and platforms.

Stories generated from the event will be in the media for over one month.
The Universal Insurance Plc is one of the nation’s largest personal lines insurer with over N8 billion in assets, selling eight major lines of insurance, including auto, property and commercial.

Universal Insurance offers a broad spectrum of insurance products for all types of businesses, corporate and individuals with unique services delivery.

According to Universal Insurance Plc, “Our vision is to be a dominant, specialised non life insurer in Nigeria, creating and delivering value to stakeholders while our mission is to offer specialised non life insurance protection to clients inspired by innovation, efficiency and prompt claims settlement.”

On the other hand, the National Health Insurance Authority (NHIA) was established under the National Health Insurance Act which was signed into law on 19 May 2022, replacing the National Health Insurance Scheme Act of 1999.

As of today, data shows that about 20 million Nigerians are covered by the scheme.

NHIA offers several benefits, including financial protection against high medical costs, access to quality healthcare services, and a comprehensive benefits package that covers a wide range of medical needs.

Also, the Pension Transitional Arrangement Directorate (PTAD) was established in 2013 and drawing its mandate from the Pension Reform Act of 2014, PTAD was tasked with consolidating and managing pensions under the Defined Benefit Scheme (DBS) for pensioners who retired on or before June 30, 2007 and did not transit to the Contributory Pension scheme.PTAD has marked a significant milestone of revolutionizing Nigeria’s public sector pension administrative system.

When the Directorate was created, it inherited a host of challenges that had long plagued the legacy pension offices. These offices, comprising the Police, Customs, Immigration, Prisons, and the Civil Service, as well as the Boards of Trustees of Treasury funded Parastatals, Universities and Research Institutions and Agencies, were historically managed in a fragmented, inefficient, and underfunded manner. By 2004, this mismanagement had culminated in pension liabilities exceeding N2 trillion.

On the helm of affairs of the Directorate is the Executive Secretary, Tolulope Abiodun Odunaiya, a dynamic and results-oriented professional with a proven track record of managing complex workflows and consistently driving measurable outcomes. She was appointed to the position in November 2024, by President Bola Ahmed Tinubu.

Rite Foods Limited is the producer of Bigi Drinks, Fearless Energy Drinks, Sosa Fruit Drinks, and Rite and Bigi Sausage Rolls.

The company ably led by managing director/CEO, Mr. Seleem Adegunwa, believes in the power of innovation and its potential to change the recycling business.

As Nigeria’s top food and beverage manufacturer, it said: “we are committed to helping recyclers to adopt cutting-edge techniques to recycling plastic trash, particularly in coastal areas, among other Corporate Social Responsibility (CSR) initiatives.

By Amaka Obiefuna

The Commissioner for Insurance (CFI) and the CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, and the President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs Yetunde Ilori, have both commended Insurance Meets Tech (IMT) Conference for its transformative role in accelerating digital adoption and innovation in Nigeria’s insurance sector.

The highly respected insurance leaders made the commendation during the Opening Ceremony of the maiden edition of the CIIN Insurance Awareness Week, held on Monday, June 30, 2025, in Lagos. The event, themed “Bridging the Gap: Advancing Insurance Through Innovation and Inclusion,” brought together key insurance stakeholders, policymakers, technology professionals, and experts to discuss the future of insurance in Nigeria.

Mrs. Ilori commended the consistent and rich discussions, as well as the relevance of the collaborative showcases, through which the annual engagement event has highlighted the importance of a technology-first approach in reforming the Nigerian insurance industry.

In his remarks, Mr. Olusegun Omosehin commended the work of IMT in reshaping the industry through innovation and the Convener’s commitment over the years.
“Digital innovation is no longer optional; it is essential to the growth and relevance of insurance in today’s Nigeria. Platforms like Insurance Meets Tech are not just forums for discussion; they are engines of disruption that are modernising how we engage with the insuring public. I want to commend the Convener for this disruptive idea, calling all to embrace technology and build the trust necessary to deepen insurance penetration across all strata of society,” he said

CIIN President, Mrs Yetunde Ilori, “The work being done by Insurance Meets Tech is reshaping how our industry operates—breaking traditional boundaries and creating room for innovation, particularly among younger, tech-savvy consumers.”

“This initiative is giving the insurance sector a much-needed edge, increasing acceptance and relevance while driving sustainable impact on the economy. It is clear that the future of our profession depends on how well we integrate digital tools and think into every facet of our operations.”

Odion Aleobua, Founder/Convener, Insurance Meets Tech (IMT), thanked the distinguished insurance thought leaders for the kind words, saying, “We are deeply honoured by the endorsement of Nigeria’s insurance leadership—Commissioner for Insurance, Mr. Olusegun Omosehin and CIIN President, Mrs Yetunde Ilori. Their support for Insurance Meets Tech reflects a shared commitment to transforming the industry through tech and digital innovation. This affirmation of our value creation proves that when regulators, practitioners, and technologists unite, we can build an insurance ecosystem that serves every Nigerian, digitally and inclusively.”

By Amaka Obiefuna

The Nigerian Insurers Association (NIA) on Monday, June 30, 2025 hosted the grand opening ceremony of the maiden Insurance Week with a call to action for Nigerians to embrace insurance .

The week-long event with the theme, “Insurance For All: Securing Nigeria’s Future,” is organised by the Chartered Insurance Institute of Nigeria (CIIN) under the leadership of the Institute’s President, Mrs. Yetunde Ilori, to create awareness about the various services and products offered by insurance companies.

In his address at the opening ceremony, the NIA Chairman, Mr. Kunle Ahmed, said events outlined for the week would enable Insurers to review and improve on their services to meet the needs of their customers.

Ahmed stated that the insurance week is for the insuring public and intending clients, hence Insurers have come up with new products for their customers.

He said: ” this week, all insurance practitioners are focused on activities that will further create awareness for the insurance industry, including prompt claims payment, insurance products, ease of onboarding insurance customers and general awareness.

According to him, the NIA is working on simplifying the claims payment process and enhance customer service, with a focus on prompt payment of claims and ease of onboarding insurance customers.

The NIA Chairman urged Nigerians to consider purchasing insurance products to secure their future.

He added that all arms of the industry is fully partcipating in the Insurance Week programme to increase insurance penetration and provide Nigerians with the protection they needed.

The NIA Chairman cited the industry’s payment of ₦622 billion in claims to customers in 2024 as an testament of its effectiveness and reliability.

Ahmed advised those with issues with insurance companies to reach out to the NIA or the CIIN for assistance.

He assured the public that the National Insurance Commission (NAICOM) is committed to protecting the rights and interests of clients.

“With a vibrant regulatory framework in place, the industry is working to ensure that insurance companies operate efficiently and effectively,”the NIA Chairman said.

Other dignitaries at the event included : Mr. Olusegun Omosehin, Commissioner For Insurance, Mr Eddie Efekoha, Chairman, Organizing Planning Committee of the maiden Insurance Week, Prince Babatunde Oguntade, President, NCRIB, Mr Tope Smart, Chairman, NEM Insurance,among others.

The Insurance Week which began on Saturday, June 28, 2025 with the Insurance Awareness Walk, would continue on Tuesday with the Insurance Awareness Campaigns at Secondary Schools and MSMEs.

An Insurance Outreach would take place on Wednesday at major markets and stores, while an Hackathon competition would hold at CIFM, Asese on Thursday, where young minds, students, and professionals will come together to develop bespoke insurance products that meet the needs of customers.

On Friday would be the grand finale of the programme to recognise and award practitioners in the industry who have contributed significantly to promoting insurance in Nigeria.