NLPC Pension Pays N200bn to Retirees, N340m to Mortgage Contributors

Ebere Nwoji

NLPC Pension Fund Administrators (NLPC Pension), said it has inception in 2004 paid out N200billion to retirees and other pension stakeholders under its coverage.

The PFA said the beneficiaries aside retirees were customers who lost their jobs, those who retired through program withdrawal, annuity, end work and others.

The Executive Director (Operations), of the PFA, Mr. Seun Babalola, disclosed this while briefing newsmen in Lagos.

According to him, the company’s clients base has hit 400,000 customers across strata, while its Assets Under Management stood at N470billion, as at the end of June 2024.

“We have settled N350 million paid to 38 customers who requested their equity contribution for mortgage within six months. This is following a directive from PenCom to PFAs to pay equity contributors to customers that wants to access their equity for mortgage” he said. 

Also speaking, Managing Director/CEO of the company, Mr. Samuel Abolarin, explained that before June 2024, many people did not understand what NLPC PFA stood for, nor what business they do. From experience, he said not too many people knew the meaning of PFA in general terms, worse still, being part of the company’s name.

He said, ““We used to be NLPC PFA, but many do not understand what PFA means in general terms and when it is spelt out fully, it’s also lengthy. So we decided to make it clearer by spelling it out fully as NLPC Pension Fund Administrators  ‘NLPC Pension’ so that the message is passed across easily on sighting our signposts or correspondences. We guarantee the future of our customers and protect their funds. The shield in our new Logo is a symbol of protection.”

He affirmed that this is why the management changed and re- branded from NLPC PFA to NLPC Pension, “so that when people see the word ‘pension’, they will understand our nature of business. Our clients base has increased since we made our name known better than what it used to be, this means more clients and more business growth for us.”

The NLPC Pensions boss who commended PenCom for its efforts to make life stress – free for Nigerians after retirement, avowed that the company’s resources are invested in well thought-out and selected portfolio for the interest of its customers.

He urged the regulator to intensify campaign and orientation to correct the wrong perception people hold about the Contributory Pension Scheme (CPS) even as it strives to make the process for retirees to access their contributions seamless. “Employees have the right to report their employers who fail to remit their monthly contributions of their retirement. For us, we make every payments as and when due” he assured.

Speaking, Head, Corporate Affairs, Mr. Olabiyi Emmanuel said Nigeria Life & Provident Company (NLPC) used to be pension managers, but could not continue as a pension manager following the Pension Reform of 2004.

Emmanuel added that the essence of the rebranding was to fill the knowledge gap, hence the need to emboldened the PFA part of its name.

“It’s all about making people understand we are pension fund administrator. Our new Logo has Fund Administrators limited. We are to protect and safeguard the financial resources of our customers. But first, we need to protect our staff, our shareholders and our business. we want to deliver the best to our clients. Now we have a more marketable name, we are set for better customers’ experience” “he assured.