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Chuks Udo Okonta
Members of Nigeria Union of Pensioners-Contributory Pension Scheme (NUPCPS) Lagos Chapter, will tomorrow Wednesday, November 13, 2024 have a meeting with the interim management of African Alliance Insurance Plc, over the lingering unpaid annuity benefits to retirees.
Inspenonline gathered that top executives of the NUPCPS, would represent the affected annuitants at the meeting, even as the unpaid annuitants are optimistic that the meeting would help address their issue and possibly provide the timeline for payment of their pension benefits.
According to a retiree who spoke with Inspenonline, the affected annuitants were shocked to read about the suing of National Insurance Commission (NAICOM) by the sacked management of African Alliance Insurance over the appointment of Interim management.
Speaking about its plans for the underwriting firm, NAICOM said the appointed interim board and management of African Alliance Insurance Plc would within the one year turn around period of the ailing firm, ring fence the annuity portfolio, transfer the fund to a Pension Fund Custodian (PFC) to ensure continuous payment to annuitants.
The Commissioner for Insurance Olusegun Omosehin, said this at a press conference in Lagos, adding that the interim board and management have been mandated to conduct an actuarial evaluation to ascertain the true assets and liabilities of the firm.
He submitted that the interim board and management would also do a quick assessment of the firm’s available assets and seek how they can quickly convert the assets to liquidity, paving the way for settlements of outstanding liabilities.
According to him, the prospect of the assets being converted to liquidity is high as most of the assets are very lucrative.
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