Business

PenCom Pushes States to Fully Implement Contributory Pension Scheme

Published

4 months ago

May 10, 2026

Preport

From left: Head of the Civil Service of the Federation, Didi Esther Walson-Jack and Director General of PenCom, Omolola Oloworaran, during the event.

BY NKECHI NAECHE-ESEZOBOR—National Pension Commission (PenCom) has intensified efforts to drive the nationwide implementation of the Contributory Pension Scheme (CPS) with the hosting of the maiden edition of its Bi-Annual Consultative Session for Heads of Service of states yet to fully adopt or implement the scheme.

The consultative session brought together key stakeholders to discuss strategies for strengthening pension reform implementation at the sub-national level and addressing challenges hindering full adoption across various states.

Speaking at the event, the Director General of PenCom, Omolola Oloworaran, stated that although 26 states have enacted pension reform laws, only seven states alongside the Federal Capital Territory (FCT) are currently fully implementing the Contributory Pension Scheme.

She emphasized the need for stronger commitment by state governments to ensure workers enjoy sustainable and secure retirement benefits under the CPS framework.

The event also featured the Head of the Civil Service of the Federation, Didi Esther Walson-Jack, as a special guest, underscoring the importance of collaboration between federal and state institutions in deepening pension reforms nationwide.

According to PenCom, the session served as a platform for meaningful engagement, knowledge sharing and collaboration among stakeholders, while also providing practical guidance and support to states yet to fully implement the scheme.

Discussions during the meeting focused on the benefits of pension reforms, operational challenges affecting implementation, and measures required to accelerate compliance at the state level.

The initiative forms part of PenCom’s broader commitment to promoting a sustainable pension system and expanding the reach of pension reforms across Nigeria.

The post PenCom Pushes States to Fully Implement Contributory Pension Scheme appeared first on Business Today NG.

Related Topics:Contributory Fully Implement PenCom Pension pushes Scheme states

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Business

PLACCIMA Nominates Bolcit Barshep-Amakiri as Vice President, Commerce

Published

3 hours ago

September 2, 2026

vicky

The Plateau Chamber of Commerce, Industry, Mines and Agriculture (PLACCIMA) has nominated Mrs. Bolcit Barshep-Amakiri as its new Vice President, Commerce.

The nomination was approved at the Chamber’s Executive Committee (EXCO) meeting held on August 11, 2026, following the death of Alhaji Yusuf Sarumi, who previously occupied the position.

In a formal letter signed by PLACCIMA’s Executive Director, Dauda Gashi, on behalf of the President, Barshep-Amakiri was congratulated on her nomination and urged to formally accept the responsibility without delay.

Barshep-Amakiri, who is the Managing Director/Chief Executive Officer of Anista Marketing and Events Ltd., Jos, is expected to assume her new role as the Chamber continues efforts to strengthen its leadership and promote commerce, industry, mining and agriculture across Plateau State.

Business

Sovereign Trust Insurance Receives NAICOM Recapitalisation Certificate

Published

11 hours ago

September 1, 2026

Preport

Sovereign Trust Insurance Plc alhas received its RecapitalisationCertificate from the National Insurance Commission (NAICOM), marking a significant milestone in the Company’s ongoing growth and transformation journey.

The certificate, issued following the Company’s successful compliance with the recapitalisation requirements of the National Insurance Commission, further reinforces Sovereign Trust Insurance Plc’s financial capacity, operational resilience and commitment to delivering sustainable value to its policyholders and other stakeholders.

Speaking on the development, the Managing Director/Chief Executive Officer of Sovereign Trust Insurance Plc, Dr. Lucas Durojaiye, expressed delight at the milestone, describing it as a testament to the Company’s resilience, strategic focus and the confidence of its stakeholders.

“The receipt of our recapitalisation certificate from NAICOM is a significant milestone for Sovereign Trust Insurance Plc. It reflects the strength of our business, the confidence of our shareholders and the dedication of our Board and employees to building a stronger and more resilient insurance institution.

“This achievement positions us for the next phase of our growth journey. We remain committed to strengthening our capacity to underwrite risks, deepening our market presence, enhancing our service delivery and creating greater value for our policyholders and stakeholders.

The recapitalisation milestone also underscores STI’s commitment to supporting the development of Nigeria’s insurance industry by maintaining strong corporate governance, improving operational efficiency and providing innovative insurance solutions that respond to the evolving needs of individuals, businesses and institutions.

With the certification, Sovereign Trust Insurance Plc is poised to further leverage its strengthened capital base to pursue strategic growth opportunities, enhance its underwriting capacity and reinforce its position as a trusted partner in risk management.

The Company appreciates its shareholders, Board of Directors, management, staff, regulators, business partners, brokers, agents, customers and other stakeholders for their continued confidence and support throughout the recapitalization process.

The post Sovereign Trust Insurance Receives NAICOM Recapitalisation Certificate appeared first on Business Today NG.