Sunday Ojeme
Following the suspension of the boards of NICON Insurance Plc and that of Nigeria Reinsurance Corporation, the National Insurance Commission said on Saturday that the decision was taken in the interest of stakeholders.
The Head of the Corporate Affairs unit of the regulatory agency, Mr. Mike Umeh, said in a statement that the action was intended to protect all stakeholders especially the policyholders, who continued to petition the NAICOM for non-settlement of genuine claims, which also affected some government parastatals.
“To ensure equity, all such petitions were referred to NICON Insurance for response. Regrettably, most of these enquiries were either not responded to or received late with evasive responses,” he said.
He said the commission also discovered that the respective chief executive officers of life and general businesses in the oganisations were mere paper executives that could only approve payments of up to N50,000 while payments above this amount were the exclusive preserve of the group managing director, thereby rendering the CEOs ineffective and incapable of taking decisions on prompt claims payment which is the principal objective of taking an insurance policy.
He said o Investments, the NAICOM also confirmed information regarding movements of investment in a manner not consistent with the Insurance Act.
According to him, “By a letter conveying the instructions of the Group Managing Director, all monies realised by NICON Insurance and Nigeria Reinsurance Corporation in excess of that immediately required for salaries and other management expenses, were domiciled with a company registered as NICON Investment Company Limited. This company is solely owned by the Group Managing Director and cheques for such accounts domiciled with him.”
He said in respect of Nigeria Re, evidences of a cowed management abound with instructions dished out and compliance compelled, saying that this was certainly against the norms and dictum of good corporate governance and established practice in an insurance institution.
He said, “The board of directors is the highest decision making organ of any corporate organisation and should have the freedom to arrive at relevant decisions. It may be noted that the Federal Government still has substantial equity in the two organisations under reference. In the case of NICON Insurance Corporation, not less than 30 per cent and in the case of Nigeria-Re, not less than 70 per cent. It is therefore unacceptable to allow these institutions to be run unethically with very disturbing consequences on policyholders, investors, the insurance industry and the economy at large.”
Tuesday, 20 November 2007
Thursday, 15 November 2007
NICON takeover: Ibrahim threatens N10bn suit against FG
Sunday Ojeme
Following the seizure of NICON Insurance Plc and the dissolution of the board of Nigeria Reinsurance Corporation by the Federal Government, the Group Managing Director, NICON Group of Companies, Mr. Jimoh Ibrahim, has advised his lawyer to institute a suit against the government over the action.
He is asking for N10bn for damages.
Addressing journalists in Lagos on Thursday, he said his lawyers had the brief to commence forthwith committal to prison proceeding against the government officials involved including the Attorney-General of the Federation and the Minister of State for Finance.
He said the matter in respect of NICON and Nigeria Re was currently before a Federal High Court and that the court had granted three different injunctions restraining the Federal Government from taking over or interfering with the running and affairs of the two companies until the determination of the case.
He described the Attorney General of the Federation, Mr. Mr. Michael Andoaaka, who authorised the constitution of the interim management for the companies and the Minister of State for Finance, Mr. Remi Babalola, as lawless.
The NICON boss who acquired about 70 per cent stake in the two firms during the privatisation of the companies handled by the Bureau of Public Enterprises said he would begin the legal process of committing the two government officials into prison for their ‘illegal’ actions on Friday.
Vowing that the board of the companies would meet in Abuja on Monday, Ibrahim said the Federal Government had no power to dissolve the board and management of the insurance companies.
He said the federal government was represented by two learned Senior Advocates of Nigeria who had not succeeded in vacating the court order as the case had been adjourned to November 29. He said the federal government took executive decision to overrule the court order and ordered a takeover of a private company.
According to him, “If the Attorney-General does not understand the meaning of injunction, at least, he must have heard about the doctrine of lespendence. If he thinks this will divert attention from his Economic and Financial Crimes Commission syndrome, then we shall teach him the law. We never had it so bad in our country where an Attorney-General celebrates controversies at the expense of clear laws in Nigeria.”
He said it was interesting to note that the Minister of State for Finance made the order for himself when he is not the regulator of the insurance industry. He said this was one case of executive lawlessness, which equaled the violation of the constitution of Nigeria being witnessed in a democratic government whose first priority was to obey court orders.
He decried a situation where the premises of both organisations were sealed off with about 50 policemen, adding that since the privatization of NICON, the management had not received any query from the government and that the performance and turnaround efforts had been a clear case of facts speaking for itself.
He said, “Our entire group is in employment of over 8000 Nigerians. The government of Nigeria should be grateful to me and not to seal our business premises with mobile policemen with AK47 riffle when we did not commit any crime.
“We are law abiding citizens and we shall follow the law to the letter. If the government finds pleasure in disobeying court orders, we, as individuals shall obey all court orders.
Babalola had on Wednesday announced the sack of board of NICON and Nigeria Re following the refusal of the two companies to submit for post consolidation verification.
According to him, members of Interim Management Committee would be announced in few days.
Following the seizure of NICON Insurance Plc and the dissolution of the board of Nigeria Reinsurance Corporation by the Federal Government, the Group Managing Director, NICON Group of Companies, Mr. Jimoh Ibrahim, has advised his lawyer to institute a suit against the government over the action.
He is asking for N10bn for damages.
Addressing journalists in Lagos on Thursday, he said his lawyers had the brief to commence forthwith committal to prison proceeding against the government officials involved including the Attorney-General of the Federation and the Minister of State for Finance.
He said the matter in respect of NICON and Nigeria Re was currently before a Federal High Court and that the court had granted three different injunctions restraining the Federal Government from taking over or interfering with the running and affairs of the two companies until the determination of the case.
He described the Attorney General of the Federation, Mr. Mr. Michael Andoaaka, who authorised the constitution of the interim management for the companies and the Minister of State for Finance, Mr. Remi Babalola, as lawless.
The NICON boss who acquired about 70 per cent stake in the two firms during the privatisation of the companies handled by the Bureau of Public Enterprises said he would begin the legal process of committing the two government officials into prison for their ‘illegal’ actions on Friday.
Vowing that the board of the companies would meet in Abuja on Monday, Ibrahim said the Federal Government had no power to dissolve the board and management of the insurance companies.
He said the federal government was represented by two learned Senior Advocates of Nigeria who had not succeeded in vacating the court order as the case had been adjourned to November 29. He said the federal government took executive decision to overrule the court order and ordered a takeover of a private company.
According to him, “If the Attorney-General does not understand the meaning of injunction, at least, he must have heard about the doctrine of lespendence. If he thinks this will divert attention from his Economic and Financial Crimes Commission syndrome, then we shall teach him the law. We never had it so bad in our country where an Attorney-General celebrates controversies at the expense of clear laws in Nigeria.”
He said it was interesting to note that the Minister of State for Finance made the order for himself when he is not the regulator of the insurance industry. He said this was one case of executive lawlessness, which equaled the violation of the constitution of Nigeria being witnessed in a democratic government whose first priority was to obey court orders.
He decried a situation where the premises of both organisations were sealed off with about 50 policemen, adding that since the privatization of NICON, the management had not received any query from the government and that the performance and turnaround efforts had been a clear case of facts speaking for itself.
He said, “Our entire group is in employment of over 8000 Nigerians. The government of Nigeria should be grateful to me and not to seal our business premises with mobile policemen with AK47 riffle when we did not commit any crime.
“We are law abiding citizens and we shall follow the law to the letter. If the government finds pleasure in disobeying court orders, we, as individuals shall obey all court orders.
Babalola had on Wednesday announced the sack of board of NICON and Nigeria Re following the refusal of the two companies to submit for post consolidation verification.
According to him, members of Interim Management Committee would be announced in few days.
Tuesday, 13 November 2007
CIIN tasks insurance managers on competence
The President of the Chartered Insurance Institute of Nigeria, Mr. Adeyemo Adejumo, has advised managers in the insurance sector to continually upgrade themselves in order to face the dynamic challenges in the industry.
Speaking in Kano at 2007 Annual Education Seminar of CIIN, he said today’s insurance managers as a whole should be actively engaged in skills redefinition and the reappraisal of operational strategies in all ramifications of insurance practice.
According to him, “Managers ought to continually explore the depths of their technical competencies with a view to evolving rapid and progressive changes capable of buoying profit margins as well as ensuring effective service delivery.”
He said the Governing Council of CIIN had accepted the huge challenge of re-inventing human capital development to match the post-consolidation requirements of the insurance sector and also ratified a new policy aimed at compelling employers in the insurance industry to include training and retraining as an integral part of their employment package to ensure that employees enjoy trainings sponsored by their employers, not as a benefit, but as right to a healthy work life.
According to him, “We however realise how difficult it could be convincing some employers that the training and retraining of their workforce is a compelling need which must be addressed as a priority. The Governing Council has therefore ratified a ratings formula which will operate as a quarterly or yearly score card showing where insurance companies stand in the degree and extent of training opportunities to which they expose their staff. It is our firm belief that human capital growth and development would occupy the pride of place in management agenda in the new dispensation.”
Expressing gladness over the inauguration of the Governing Board of the College of Insurance and Financial Management, he said it was a step in the direction of actualising the College project and providing more ample opportunities for insurance education in Nigeria.
He said, “It is pertinent to state that the evolving branch network in our industry is a critical factor in the effective retailing of insurance products and services. It is therefore necessary to fully equip insurance branch managers for the enormous task of managing the branch offices effectively while ensuring the growth of grassroots patronage of insurance products to guarantee returns on the huge shareholders funds.”
He said although a capital intensive project, the College venture would require the concerted efforts of industry stakeholders who are equal to the task, saying that the composition of the College Board was a reflection of the entire industry and, expectedly, should provide the impetus for unmitigated joint action.
Speaking further, he said the education seminar was coming at a critical time, when the industry was being faced with the challenges of forging a common front to uphold issues of common interest.
He said, “As is now common knowledge, the recapitalisation and consolidation exercise has witnessed some complications which, undoubtedly, have slowed down the full actualisation of the reform process. I am, however, satisfied with the painstaking efforts of key stakeholders in resolving the impasse. In particular, we appreciate the intervention of the industry elders who have held regular consultations and made useful contributions to the peace process.”
He said the industry was passing through a remarkable phase in its development and that as a group, the operators should spare no efforts in contributing their utmost to the evolving process.
“The recapitalisation and consolidation exercise has, no doubt, strengthened our operational base with more than N200bn aggregate capitalisation and the evolution of mega insurance institutions capable of playing beyond the Nigerian shores,” he said.
Speaking in Kano at 2007 Annual Education Seminar of CIIN, he said today’s insurance managers as a whole should be actively engaged in skills redefinition and the reappraisal of operational strategies in all ramifications of insurance practice.
According to him, “Managers ought to continually explore the depths of their technical competencies with a view to evolving rapid and progressive changes capable of buoying profit margins as well as ensuring effective service delivery.”
He said the Governing Council of CIIN had accepted the huge challenge of re-inventing human capital development to match the post-consolidation requirements of the insurance sector and also ratified a new policy aimed at compelling employers in the insurance industry to include training and retraining as an integral part of their employment package to ensure that employees enjoy trainings sponsored by their employers, not as a benefit, but as right to a healthy work life.
According to him, “We however realise how difficult it could be convincing some employers that the training and retraining of their workforce is a compelling need which must be addressed as a priority. The Governing Council has therefore ratified a ratings formula which will operate as a quarterly or yearly score card showing where insurance companies stand in the degree and extent of training opportunities to which they expose their staff. It is our firm belief that human capital growth and development would occupy the pride of place in management agenda in the new dispensation.”
Expressing gladness over the inauguration of the Governing Board of the College of Insurance and Financial Management, he said it was a step in the direction of actualising the College project and providing more ample opportunities for insurance education in Nigeria.
He said, “It is pertinent to state that the evolving branch network in our industry is a critical factor in the effective retailing of insurance products and services. It is therefore necessary to fully equip insurance branch managers for the enormous task of managing the branch offices effectively while ensuring the growth of grassroots patronage of insurance products to guarantee returns on the huge shareholders funds.”
He said although a capital intensive project, the College venture would require the concerted efforts of industry stakeholders who are equal to the task, saying that the composition of the College Board was a reflection of the entire industry and, expectedly, should provide the impetus for unmitigated joint action.
Speaking further, he said the education seminar was coming at a critical time, when the industry was being faced with the challenges of forging a common front to uphold issues of common interest.
He said, “As is now common knowledge, the recapitalisation and consolidation exercise has witnessed some complications which, undoubtedly, have slowed down the full actualisation of the reform process. I am, however, satisfied with the painstaking efforts of key stakeholders in resolving the impasse. In particular, we appreciate the intervention of the industry elders who have held regular consultations and made useful contributions to the peace process.”
He said the industry was passing through a remarkable phase in its development and that as a group, the operators should spare no efforts in contributing their utmost to the evolving process.
“The recapitalisation and consolidation exercise has, no doubt, strengthened our operational base with more than N200bn aggregate capitalisation and the evolution of mega insurance institutions capable of playing beyond the Nigerian shores,” he said.
Ogun pays N5bn pension in four years
The Governor of Ogun State, Otunba Gbenga Daniel, has said that the state government paid out a total of N5bn as pension in the past four years, according to a statement on Saturday.
Speaking while presenting letters of endorsement to sixteen Pension Fund Administrators that would be recommended to workers in the Ogun State Public Service, he said the state government serviced its pension liabilities with N110m on a monthly basis.
He said the issue of pension in Ogun State had a terrible history and had been as inconveniencing to the state government as it was to the retirees themselves.
He said that the figures continued to rise as more people retired, saying that the situation informed the state government’s excitement about the new scheme.
He said that there won’t be any impediments to the remission of pension funds as contributions would be made in tandem with payment of salaries.
In his remark, the Managing Director of First Guarantee Pension Limited, Mr. Charles Nwachukwu, advised other state governors to embrace the new pension regime in order to allow for a smooth implementation.
He commended the government of Ogun State for taking full charge of activities with regard to the implementation of the new contributory pension scheme in the state, adding that if other states in the federation followed in the footsteps of Ogun, the new pension scheme would enjoy a smooth sail.
He noted that there was need for state governments to embrace the scheme by first enacting the necessary statutory requirements and also stipulating the guidelines for the smooth operation of the scheme in their various domains, adding that the Ogun State Government had done very well in providing the enabling environment that would ensure a resounding success of the scheme in the state.
He said First Guarantee Pension was poised to comply with all the necessary conditions and guidelines as stipulated by the state government.
The Ogun State Commissioner for Finance, Mr Kehinde Sogunle, said that the enactment of the Ogun State Pension Law 2006, the engagement of a firm of consulting actuaries to valuate the past benefits of workers and the creation of pension bureaux attested to the state government’s commitment to the success of the scheme.
While recognising the freedom of workers in the state to patronise any PFA of their choice, he noted that it was the responsibility of the state government to guide its workers aright.
According to him, “The interest of our workers is paramount to the state government vis-à-vis the determination of the calibre of the managers of the pension assets”.
He pointed out that the selected PFAs underwent rigorous screening exercise including being made to make presentations before the State Technical Committee on Contributory Pension Scheme and interactions with a view to determining the best method(s) that assured hitch-free implementation of the scheme.
He made it clear that the ceremony marked the formal commencement of the scheme in the state.
He said any registration of workers made earlier by any PFA was unacceptable to the state government as uncoordinated registration had the potential of engendering loss of workers’ confidence in the scheme.
He said the state government had directed the National Pension Commission to disregard all purported registrations carried out by any PFA on behalf of Ogun State public service workers.
Speaking while presenting letters of endorsement to sixteen Pension Fund Administrators that would be recommended to workers in the Ogun State Public Service, he said the state government serviced its pension liabilities with N110m on a monthly basis.
He said the issue of pension in Ogun State had a terrible history and had been as inconveniencing to the state government as it was to the retirees themselves.
He said that the figures continued to rise as more people retired, saying that the situation informed the state government’s excitement about the new scheme.
He said that there won’t be any impediments to the remission of pension funds as contributions would be made in tandem with payment of salaries.
In his remark, the Managing Director of First Guarantee Pension Limited, Mr. Charles Nwachukwu, advised other state governors to embrace the new pension regime in order to allow for a smooth implementation.
He commended the government of Ogun State for taking full charge of activities with regard to the implementation of the new contributory pension scheme in the state, adding that if other states in the federation followed in the footsteps of Ogun, the new pension scheme would enjoy a smooth sail.
He noted that there was need for state governments to embrace the scheme by first enacting the necessary statutory requirements and also stipulating the guidelines for the smooth operation of the scheme in their various domains, adding that the Ogun State Government had done very well in providing the enabling environment that would ensure a resounding success of the scheme in the state.
He said First Guarantee Pension was poised to comply with all the necessary conditions and guidelines as stipulated by the state government.
The Ogun State Commissioner for Finance, Mr Kehinde Sogunle, said that the enactment of the Ogun State Pension Law 2006, the engagement of a firm of consulting actuaries to valuate the past benefits of workers and the creation of pension bureaux attested to the state government’s commitment to the success of the scheme.
While recognising the freedom of workers in the state to patronise any PFA of their choice, he noted that it was the responsibility of the state government to guide its workers aright.
According to him, “The interest of our workers is paramount to the state government vis-à-vis the determination of the calibre of the managers of the pension assets”.
He pointed out that the selected PFAs underwent rigorous screening exercise including being made to make presentations before the State Technical Committee on Contributory Pension Scheme and interactions with a view to determining the best method(s) that assured hitch-free implementation of the scheme.
He made it clear that the ceremony marked the formal commencement of the scheme in the state.
He said any registration of workers made earlier by any PFA was unacceptable to the state government as uncoordinated registration had the potential of engendering loss of workers’ confidence in the scheme.
He said the state government had directed the National Pension Commission to disregard all purported registrations carried out by any PFA on behalf of Ogun State public service workers.
Oceanic Health plans community insurance programme
Sunday Ojeme
The Group Managing Director of Oceanic Insurance Group, Prince Lafor Olateru-Olagbegi, has said that the Oceanic Health Management Plans has finalized plans to
introduce a robust Community Health Insurance programme aimed at promoting effective primary healthcare delivery services in Nigeria
He said in a statement on Saturday that the company would provide technical support and human capital development structures to drive primary health care delivery across the various states of the federation through the programme.
Olagbegi spoke on behalf of the Oceanic Group Chairman, Dr. (Mrs.) Cecelia Ibru, at a workshop in Ibadan which focused on ways Oceanic Health could partner with the Oyo State Council on Health at ensuring qualitative health services are available, accessible and affordable to the vulnerable and socially excluded in the state.
He said that the health insurance would play a frontline role in efforts geared towards improving the quality of life of residents of rural areas, orphans, retirees, the unemployed, and prison inmates, among others.
According to him, “Health insurance is a veritable way of providing social protection against poverty. Oceanic Health is committed to partnering with Oyo State and other states of the federation to ensure hitch-free implementation of the National Health Insurance Scheme at all levels of healthcare in Nigeria by building effective and enduring technical and human capacity structures.”
The features of the partnership include, upgrade of community primary health centres, training community health workers to manage them, emphasis on primary care and referrals, incorporation of private health facilities, introduction of local scheme administrators, and affiliation to secondary care providers.
Identifying poor infrastructure, inadequate personnel and low government expenditure as factors that had stunted healthcare development in Nigeria, he said there was need for global best practices in healthcare financing in Nigeria.
He said, “There is need to ensure more equity, technical quality, reliability and support preventive measures, and rational use of resources.”
Oceanic Health Management Limited, a subsidiary of Oceanic Bank International Plc, was incorporated on January 19, 2007 to carry on the business of primary, secondary, and tertiary health management services in Nigeria . The company is manned by topflight health and other professionals led by its chief executive officer, Dr. Nte Uran-York.
The Group Managing Director of Oceanic Insurance Group, Prince Lafor Olateru-Olagbegi, has said that the Oceanic Health Management Plans has finalized plans to
introduce a robust Community Health Insurance programme aimed at promoting effective primary healthcare delivery services in Nigeria
He said in a statement on Saturday that the company would provide technical support and human capital development structures to drive primary health care delivery across the various states of the federation through the programme.
Olagbegi spoke on behalf of the Oceanic Group Chairman, Dr. (Mrs.) Cecelia Ibru, at a workshop in Ibadan which focused on ways Oceanic Health could partner with the Oyo State Council on Health at ensuring qualitative health services are available, accessible and affordable to the vulnerable and socially excluded in the state.
He said that the health insurance would play a frontline role in efforts geared towards improving the quality of life of residents of rural areas, orphans, retirees, the unemployed, and prison inmates, among others.
According to him, “Health insurance is a veritable way of providing social protection against poverty. Oceanic Health is committed to partnering with Oyo State and other states of the federation to ensure hitch-free implementation of the National Health Insurance Scheme at all levels of healthcare in Nigeria by building effective and enduring technical and human capacity structures.”
The features of the partnership include, upgrade of community primary health centres, training community health workers to manage them, emphasis on primary care and referrals, incorporation of private health facilities, introduction of local scheme administrators, and affiliation to secondary care providers.
Identifying poor infrastructure, inadequate personnel and low government expenditure as factors that had stunted healthcare development in Nigeria, he said there was need for global best practices in healthcare financing in Nigeria.
He said, “There is need to ensure more equity, technical quality, reliability and support preventive measures, and rational use of resources.”
Oceanic Health Management Limited, a subsidiary of Oceanic Bank International Plc, was incorporated on January 19, 2007 to carry on the business of primary, secondary, and tertiary health management services in Nigeria . The company is manned by topflight health and other professionals led by its chief executive officer, Dr. Nte Uran-York.
Saturday, 3 November 2007
NEM promises investors good ROI
The Managing Director of NEM Insurance Plc, Mr. Tope Smart, has said that the underwriting firm was on the path of rewarding its shareholders with good returns on investments.
In a statement on Friday, he said NEM had completed its integration processes culminating in the precipitation of a hybrid insurance company with above industry average core competences.
NEM Insurance is a product of a merger with Vigilant Insurance. The company is currently trading with shareholders fund in excess of N3.2bn.
.The statement said NEM’s shares have been very active and on the top gainers chart in the insurance sub sector at the Nigerian Stock Exchange, a development which has made its shares one of the most sort after.
According to the managing directro “The recapitalisation, rejuvenation and re-branding of NEM Insurance are stories of success. I will tell the shareholders that it was time for harvest. NEM has a new software, which has enabled us to speed up our operations and processes. Our service delivery and response time are now faster and better and this is more evident in our claims processing and payment targets.”
Giving an insight into the company’s claims profile, he said the company had paid claims totaling N289m during the third quarter of the year.
He said the improvement in the company’s branch net work coupled with the autonomy enjoyed by the branch managers had helped in ensuring bigger business penetration and better response time.
He said, “All our clients are impressed with our performance and this is translating into bigger patronage by way of referrals and recommendations. NEM is one company with a very rich history, it has good will and it has maintained it focus. The dividends of the company’s recapitalisation are becoming more manifest.”
He said NEM was certain to accomplish its 2007 premium projection of N2.5bn. since it had already grossed N1.6m in its first three months of operation this year.
In a statement on Friday, he said NEM had completed its integration processes culminating in the precipitation of a hybrid insurance company with above industry average core competences.
NEM Insurance is a product of a merger with Vigilant Insurance. The company is currently trading with shareholders fund in excess of N3.2bn.
.The statement said NEM’s shares have been very active and on the top gainers chart in the insurance sub sector at the Nigerian Stock Exchange, a development which has made its shares one of the most sort after.
According to the managing directro “The recapitalisation, rejuvenation and re-branding of NEM Insurance are stories of success. I will tell the shareholders that it was time for harvest. NEM has a new software, which has enabled us to speed up our operations and processes. Our service delivery and response time are now faster and better and this is more evident in our claims processing and payment targets.”
Giving an insight into the company’s claims profile, he said the company had paid claims totaling N289m during the third quarter of the year.
He said the improvement in the company’s branch net work coupled with the autonomy enjoyed by the branch managers had helped in ensuring bigger business penetration and better response time.
He said, “All our clients are impressed with our performance and this is translating into bigger patronage by way of referrals and recommendations. NEM is one company with a very rich history, it has good will and it has maintained it focus. The dividends of the company’s recapitalisation are becoming more manifest.”
He said NEM was certain to accomplish its 2007 premium projection of N2.5bn. since it had already grossed N1.6m in its first three months of operation this year.
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.”
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.”
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