Business
PenCom Targets 85% Pension Coverage for Nigerian Workers
BY NKECHI NAECHE-ESEZOBOR—Nigeria’s pension industry is set for a major expansion push as the National Pension Commission (PenCom) intensifies efforts to bring more workers into the contributory pension scheme.
Director-General of PenCom, Omolola Oloworaran, disclosed that the commission is aiming to achieve at least 85 percent coverage of Nigerian workers under the scheme. She spoke during a joint annual roundtable session with the leadership of the Trade Union Congress of Nigeria (TUC), part of ongoing stakeholder engagements to deepen transparency, trust, and collaboration in pension administration.
Oloworaran said the commission is deploying multiple strategies, including incentives and expanded outreach, to drive participation across both formal and informal sectors. A key focus is the newly rebranded Personal Pension Plan, previously known as micro pensions, designed to attract a broader segment of Nigerians, particularly those outside formal employment.
“We want a situation where at least 85 percent of Nigerian workers are on the scheme or have the intention to participate,” she said, noting that widening pension coverage remains central to PenCom’s reform agenda.
To boost grassroots adoption, PenCom has introduced accredited pension agents tasked with engaging Nigerians directly in markets, rural communities, and informal workplaces. Unlike Pension Fund Administrators (PFAs), which largely operate at corporate levels, these agents are expected to build trust and drive enrollment at the community level.
The initiative also creates a new business stream, particularly for fintech firms, as accredited agents can earn up to 40 percent of PFA fees on an annuity basis. According to Oloworaran, this model is expected to attract new entrants into the pension ecosystem and accelerate onboarding.
PenCom is also leveraging public sensitisation campaigns to increase awareness. During recent engagements around International Women’s Day, the commission recorded strong participation and growing interest, especially among women.
Despite these efforts, Oloworaran acknowledged that compliance within the formal sector remains a significant challenge. She stressed the need for stronger collaboration with labour unions to enforce compliance, particularly among employers who fail to remit pension contributions.
At the subnational level, pension adoption remains uneven, with only eight out of Nigeria’s 36 states demonstrating significant compliance. PenCom said it is intensifying engagements with state governments and labour organisations to improve adoption rates.
The commission also highlighted the flexibility of the Personal Pension Plan, which allows voluntary contributions for individuals, including provisions for parents to save on behalf of their children from birth.
Oloworaran expressed optimism about the future of the industry, noting that ongoing reforms, expanded participation channels, and increased stakeholder collaboration would position Nigeria’s pension system for stronger growth and sustainability.
The post PenCom Targets 85% Pension Coverage for Nigerian Workers appeared first on Business Today NG.
BY NKECHI NAECHE-ESEZOBOR—Filing your motor insurance claim doesn’t have to be difficult if you follow the steps below:
1 Notification
The first thing to do is inform your insurance company as soon as an incident occurs. Let them know what happened and whether you were at fault or not. The longer you delay reporting, the more the claims process may be delayed. Prompt reporting helps speed things up.
2. Inspection
Once the claim has been reported, the insurance company will assign a loss adjuster or staff member to verify your claim.
3. Documentation
Gather all documents needed to support your claim, such as: your policy number, a valid means of identification, a police report (for theft or serious accidents), and receipts or repair estimates for the damage.
4. Fill and Submit the Claim Form
Your insurer will provide a claim form—either online, by email, or at their office. Complete and submit the form along with your supporting documents.
5. Assessment and Claim Payment
The insurance company will review your claim and supporting documents and may send a loss adjuster or assessor to inspect the damage. Once the assessment is complete, a discharge voucher will be issued to the vehicle owner.
After the discharge voucher has been signed and returned to the insurance company, the insurer will proceed with payment or arrange repairs based on your policy coverage and the agreed terms. Payment timelines may vary, but some claims are settled within 2–5 working days after approval, depending on the company.
If you have followed these steps and your claim is still being denied, you can file a complaint with the National Insurance Commission (NAICOM) via complaints@naicom.gov.ng or info@naicom.gov.ng.
You may also contact the Nigerian Insurers Association (NIA) by email at info@nigeriainsurers.org or submit a complaint through their website: https://nigeriainsurers.org/submit-a-complaint/
The post How to File a Motor Insurance Claim appeared first on Business Today NG.
The Department of State Services has arraigned former Kaduna State governor Nasir El-Rufai over alleged breaches of cybercrime laws.
The Federal Government filed a five-count amended charge accusing El-Rufai of unlawfully intercepting and tapping the telephone communications of the National Security Adviser, Nuhu Ribadu, in violation of Nigeria’s cybercrime regulations.
According to court documents, the DSS alleges that the former governor engaged in illegal surveillance activities and committed security breaches. The charges are partly based on statements he reportedly made during a February 13, 2026 interview on Arise TV, where he allegedly discussed intercepting the NSA’s communications.
The amended charges cite provisions of the Cybercrimes (Prohibition, Prevention, Amendment) Act, 2024, as well as the Nigerian Communications Act, 2003.
When the charges were read in court, El-Rufai pleaded not guilty. The prosecution urged the court to fast-track proceedings, stating it would require only a few days to present its case.
Counsel to the defendant raised the issue of bail, which presiding judge Justice Joyce Abdulmalik said would be considered at the next hearing, scheduled for May 18, 2026.
This case is separate from ongoing proceedings instituted by the Independent Corrupt Practices Commission, which is prosecuting El-Rufai over an alleged ₦11 billion fraud during his tenure as governor.
The post Former Kaduna Governor Nasir El-Rufai Docked for Alleged Illegal Surveillance appeared first on Business Today NG.
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