Annuitant lauds takeover of Niger Insurance annuity by Cornerstone

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Chuks Udo Okonta

An annuitant Gbadebo Olatokunbo has applauded the takeover of distressed Niger Insurance Plc annuity by Cornerstone insurance Plc.

Whilst commending the transfer of the annuity, which he said is good for annuitants, he implored the National Insurance Commission (NAICOM) to be tough on its regulations to ensure companies live up to the confidence reposed on them by policyholders.

Olatokunbo, who is an annuitant with African Alliance Insurance Plc, noted that he and his fellow annuitants are anxiously waiting for the transfer of their annuity accounts to a more reliable insurance company to forestal the ordeal they went through when African Alliance Insurance was unable to pay their monthly pension benefits.

He called on insurance operators to execute their roles in line with stipulated rules, whilst calling on NAICOM to discipline erring firms to serve as deterrent to others.

The Chief Executive Officer/GMD Cornerstone Insurance Plc Stephen Alangbo, who disclosed the acquisition of the annuity at Annuity Forum held recently by the firm in Abuja, emphasized the company’s solid financial standing and its readiness to continue delivering on its promises.

He stated:“Our annuitants represent the trust our customers continue to place in us, the commitment of our people, and the strength of our vision. We are building a future-ready business—one that remains relevant to individuals, families, and businesses across Nigeria.”

He noted that Cornerstone Insurance Plc has successfully taken over the annuity payments of former Niger Insurance Plc customers, following regulatory approval.

Alangbo also spoke on the implications of the recently signed Nigerian Insurance Industry Reform Act (NIIRA 2025), which requires significant recapitalisation across the industry.

He assured annuitants that Cornerstone remains financially secure and ahead of the curve:“Subject to confirmation from NAICOM, Cornerstone Insurance Plc does not need to raise additional capital under NIIRA 2025.

“We are solid, we are transparent and we are fully able to continue paying your claims without interruption.”

Appreciating the presence of retirees, guests, and members of the press, the CEO reiterated the company’s philosophy of keeping promises and putting customers first:“

At Cornerstone Insurance Plc, we are not like any other insurance company. We are unique. We are transparent. We keep our promises, and your trust is the foundation of everything we do, he posited.

With over three decades of operations, strong subsidiaries in FIN Insurance and Hilal Takaful, and a reputation for integrity and customer focus, Cornerstone Insurance continues to lead with integrity, innovation, empathy, team spirit and professionalism; reassuring Nigerian retirees that their future remains in safe hands.