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PenCom Sets Modalities to Handle Customers’ Complaints

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In response to agitations by pension contributors and retirees over rising volume of unresolved complaints in the sector, PenCom has reiterated its commitment to deliver quality service delivery to stakeholders , stressing its  leaving no stone unturned to ensuring that issues and complaints are resolved satisfactorily within the shortest possible time.

Though some contributors have argued that PenCom could be overwhelmed by the volume of complaints it receives on daily basis, they called for more hands and capacity building activities to step up service to customers.

Some of the common complaints lodged for resolutions ainclude, Non- remittance of pension contributions; delay in approval of transfers to Retirees Life Annuity (RLA); non- payment/ in receipt of accrued pension right for retirees of Treasury Funded Ministries, Departments and Agencies (MDAs); request for resolution of multiple PIN registration, delay in programmed withdrawal, temporary access of 25%, residential mortgage, voluntary contribution & NSITF; delay in data recapture, Retirement Savings Account (RSA) transfer related complaints.

Narrating his ordeal, a  federal retiree, Olowu Abiodun, said that one of the reforms that would assuage the pains of pensioners is for PenCom to ensure that they get their dues within reasonable time of leaving service, particularly in the case of those whose retirement is on the basis of statutory 50 years of 60 years or 35 years, whichever applies to individual.

“It is very unfortunate that retirees suffer after serving their country, especially those who retire without amassing unjustified and underserved wealth. The case of one year expectation of contributed funds has been described by pensioners as callous, vicious and wicked,” he said.

In response, PenCom recently reassured that in keeping to its corporate strategy initiative for 2023 to 2027, it established the Consumer Protection Department (CPD) to replace its Corporate Responsibility and ServiCom Department, anchored on the Commission’s strategic plan that prioritises the quality of services rendered to customers, an approach, which ensures that the pension services are tailored to meet their expectations effectively. Moreover, it has set out modalities to handle customers’ complaints swiftly to prove that it is committed to ensuring that no stakeholder is left behind.

Speaking recently in Lagos at a forum, the head of the CPD, Mr.  Ikenna Chidi-Ebere, maintained that it is the resolve of the Commission to protect its customers against any form of exploitation from any source and enforce their rights in line with its mandate.

Chidi-Ebere who urged customers to provide accurate and relevant information to the Commission at all time, affirmed that the Commission has allocated dedicated staff to provide swift responses to complaints and inquiries received on daily basis.

“The platforms are daily monitored to proactively ensure smooth response to the complaints received. We record details of every complaint, review to determine its nature and forward to appropriate channels to handle either within the Commission or Pension Funds Administrators (PFAs) for resolution.

“We provide instant response to complaints that do not require further investigation. We issue withholding replies to consumers upon receipt of complaints, prior to the commencement of investigation. We escalate complaints to the relevant departments within the Commission for immediate resolution,” he said.

The CPD head assured that all complaints from consumers regarding applications made through the PFAS are promptly escalated to the PFAS, providing them with a specific time frame to address and resolve the complaint.


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E-Financial

NEXIM Bank Assures Foreign Investors 100% Access to FX for Repatriation

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The Nigerian Export Import (NEXIM) Bank has assured foreign investors of 100 per cent access to their foreign exchange proceeds for reparation.

Stella Okotete, the bank’s Executive Director, Business Development, stated this when the Mexican Ambassador to Nigeria led a high-profile delegation on a courtesy call to the bank.

She also said the bank had plans for heavy investment in the rubber sector in view of its huge potential for the economy.

The NEXIM Bank director said the motive was to make Nigeria one of the biggest tyre producing nations.

She said, “I should once again assure you that with Nigeria, as a country and with a very large opportunity in export, especially non-oil export sector, you have a 100 per cent access to your FX for repatriation and you have a very huge Return on Investment (ROI) on your investment.

“So, in terms of return on investments, this is the best place you can invest. It’s clear that Mexico has a very huge advantage in mining, Nigeria is an untapped mining destination and so, if we have businesses that would want to partner with Nigeria to develop the mining sector for export. Nigeria Export-Import Bank will be willing to work with you and support that aspect to grow the sector.”

In a statement issued by Mr. Tayo Omidiji, head, Strategy and Corporate Communications, NEXIM, she noted that Mexico’s automotive industry currently produces 70 per cent of the spare parts for one of the biggest companies.

Okotete said, “And that’s why I touched rubber because I looked, with my team yesterday, we were looking into the future; for us one of the futuristic dreams of the bank is to hugely invest in rubber production, rubber value-chain improvement.


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E-Financial

NGX Exploring AI, Data Apps to Reposition Capital Market

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The Nigerian Exchange Limited (NGX) is actively exploring applications of artificial intelligence and big data to reposition the capital market as driver of sustainable economic growth.

The Exchange disclosed this at its technology webinar titled, ‘Repositioning Analytics and AI for Capital Market Growth in Nigeria’ which held on Friday where stakeholders across the technology sector and financial markets aired views on how to foster growth with the use of Artificial Intelligence (AI) and analytics tools.

Dr Olufemi Oyenuga, Chief Digital Officer, NGX, in an address said the exchange was exploring the applications of Artificial Intelligence and Big Data landscape to reposition the capital market as driver of sustainable economic growth for Nigeria.

He also stated that NGX sees technology not just as a tool, but as a catalyst for progress in Nigeria’s capital market.

Also speaking, the Divisional Head, Business Support Services and General Counsel, NGX, Dr. Irene Robinson-Ayanwale, added, “At NGX, our unwavering commitment to investing in state-of-the-art technology is driving us forward. We are catalysing Big Data and AI revolution, adapting to the fast-changing landscape and ensuring that technology is not just a tool but a catalyst for progress.”

Highlighting the significance of tracking a company’s performance on the capital market using analytics, the Chief Executive Officer of Intelligent Interactive Limited, Temilouwa Sobowale, in a presentation, emphasised the importance of tracking a company’s performance on the capital market to identify the drivers, thus equipping the firm to be able to replicate a winning formula.

Also, speaking at the event, Bejide, pointed out that there was a generation of Nigerian youth who see betting as a form of investment compared to a few years back and who are deterred from entering the capital market due to its elitist disposition and tedious onboarding process.

He said, “We need to get Ada and Adamu on the street into the capital market.  There are about 50 million of them. This is one of the biggest ways to boost the market.

“I feel that the information coming out of the capital market is bulky, elitist and we have to transition to something granular. Using a combination of AI and other platforms, we can simplify and ensure the on-boarding process is easier.”


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NAICOM Puts Insurance Premium at N729bn in Nine Months

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Nigerian insurance companies earned N729.1bn as premium from life and non-life businesses in the first three quarters of 2023 financial period.

The National Insurance Commission disclosed this in a report titled, ‘Nigeria insurance market at a glance- Q3, 2023’.

According to the report, the companies paid N365.5bn gross claims, while net claims amounted to N259bn in the period under review.

Under the non-life business, oil and gas accounted for 28.9 per cent, fire 23.6 per cent, while motor was 18.1 per cent.
The figures showed that under life business, individual life accounted for 36.4 per cent, while 34.5 per cent was group life.

NAICOM stated that the industry’s total size stood at N2.81bn, while non-life and life were N1.7tn and 1.1tn respectively.

The Commissioner for Insurance, Mr Sunday Thomas, said at the insurance director’s conference in Lagos recently that the industry launched a strategic roadmap to revolutionise the insurance sector with a well coordinated implementation approach.

He said, “Insurance penetration is expected to move from the current rate of 0.4 per cent to 2.1 per cent by the year 2033 and which will substantially improve the rating of the Nigerian insurance market in the global insurance map.

“With respect to the performance and potential of the insurance sector, the sector has over the years experienced an average steady year on year growth of 15.1 per cent in premium income, however this is far below the opportunities provided by the Nigeria economy.”

 


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