Ebere Nwoji

The Pension Transitional Arrangement Directorate (PTAD), has said it has introduced various initiatives aimed at actualising its mandate which is to manage pension benefits for federal government retirees under the old Defined Benefit Scheme(DBS), who did not transit to the Contributory Pension Scheme (CPS).

Speaking at the 2024/2025 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE), sponsored by PTAD in Lagos, the Executive Secretary/CEO, Mrs. Tolulope Odunaiya, highlighted the mandates of the Directorate and their achievements so far.

Odunaiya, who was represented at the occasion by the Head, Corporate Communication, Mr. Olugbenga Ajayi and Head, Lagos Regional Office, Mr. Casmir Audu said, the Directorate was fully committed to protecting the pensioners’ rights to pension as well as their wellbeing.

Ajayi, said the Directorate was specifically established to handle pensions of those who did not move to the Contributory Pension Scheme, noting that, PTAD’s mandate was  to ensure that eligible pensioners receive their due pension payments promptly and accurately.

“Since establishment of PTAD in 2013, and up till this present moment, PTAD has never failed to pay pensions every month, that is why we have been able to take pensioners out of the streets; that is one of the credibility the present government is enjoying because nobody is diverting money meant for payment of pensions anymore,” he said.

He stated that the directorate had continued to introduce various initiatives to enhance its efficiency and effectiveness, some of which are field verification, I am alive confirmation, mobile verification, among others.

“As we progressed, we discovered that we shouldn’t be calling  our fathers and mothers, especially, those from far distance to come and do verification here in Lagos and a technology was introduced. We call that technology ‘I Am Alive’ Confirmation. Why do we call it ‘I Am Alive’? Because pension under DBS is for life.  Once you are still alive, you are entitled to your pension. I Am Alive enable pensioners to confirm their status even inside their home at every location.

“This is done through internet-enabled phone and anybody can help you do it. Once you confirm your aliveness status, in the next six month, your pension will continue to run.We have introduced Mobile Verification for people who are sick, or those who are alive but are incapacitated to attend normal verification, we schedule mobile confirmation for those who have done Am Alive verification but later falls sick,” he added.

Ajayi disclosed that PTAD was a federal government treasury funded agency with no commercial bank account, adding that, its responsibility was  to prepare schedules of pension payment.

Universal Insurance Surpasses Premium Target by 130%

Universal Insurance Plc, has announced that it has in the first quarter of this year surpassed its  premium  target by 130 percent in terms of gross written premium  having raked in N8.07 billion  in the first quarter of 2025.

The company’s Managing Director, Dr Jeff Duru, disclosed this to insurance and pension journalists in Lagos, adding that the underwriting firm was progressive, highly innovative, and bringing insurance to the doorstep of its  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,” Duru said.In the year ended December 31, 2024, the company said it posted a Gross Written Premium (GWP) of N15.25 billion.

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.”

He said the company was 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”, Duru stated.

According to him, all of the company’s Personal Line products are digitised. As he urged customers to go through the underwriting firm’s website, to access its products, get quotes and make payment seamlessly.  He said customers  could also initiate claim payment and the company’s staff would  follow it up at the backend.

He further said the company has  OkadaPass, adding that the product was designed for companies, organisations that were  into delivery, people that deliver products and services through bike. 

He said, “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”.

According to the Universal Insurance boss, the company’s initiatives also include its digital customer portal, mobile app through which customers can access  the company’s products, get quotes, initiate renewals, and initiate claims.