NICON pays N30m to SON pensioners

NICON Insurance Plc has paid pensioners who retired from the services of the Standards Organisation of Nigeria the sum of N30m as part of the company’s commitment to offset the pension liabilities in its book. NICON has set aside N6bn for 126 institutions.
The Oceanic Bank cheque was received by a representative of the pensioners, Mr. S.A Kadiri on Thursday at the Global Fleet office in Lagos.
Briefing journalists, the Group Managing Director, NICON Group of Companies, Mr. Jimoh Ibrahim, said he was still committed to wiping the tears of pensioners who had suffered under the poor pension system in the country.
He said the company’s promise to payout all the pension liabilities was still ongoing, adding that any organization that had completed its reconciliation would be sure of receiving its payment.
Speaking with our correspondent, a beneficiary, Mr. Razak Shonibare, commended NICON for living up to its promises. He said the management of the SON and the governing council had met with NICON management over the issue a few months ago, adding that the meeting had yielded fruits.
SON is among the 126 institutional pensioners in the books of NICON expected to be cleared by the end of 2007.
According toIbrahim, "There is the need to involve the beneficiaries in the arrangement and order of payments. Our target at NICON is to reduce our pension liabilities. Before December, there will be no pension liability in our books and then, we will begin to consider the desirability of moving into Pension Funds Administration."
As the core investor in the insurance firm, he inherited a pension liability of N13bn.
He said, "The greatest problem of NICON was the pension. We want to demonstrate quality leadership in the direction of claims payment and make Nigerians repose confidence in NICON.”