The Pension Transitional Arrangement Directorate (PTAD) has reiterated its commitment to ensuring the timely and accurate payment of pension benefits to federal government retirees under the old Defined Benefit Scheme (DBS), who did not transition 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) in Lagos, PTAD’s Executive Secretary/CEO, Mrs. Tolulope Odunaiya, emphasized the agency’s continued drive toward efficiency, transparency, and pensioner welfare. She was represented by Mr. Olugbenga Ajayi, Head of Corporate Communication, and Mr. Casmir Audu, Head of the Lagos Regional Office.
Ajayi noted that PTAD, since its establishment in 2013, has never defaulted on monthly pension payments—an achievement he described as critical in restoring dignity to retirees and enhancing public trust.
“PTAD was created to manage the pensions of retirees who remained under the DBS, ensuring that they receive their entitlements without delay. Our track record of consistent payments has removed pensioners from the streets and curbed diversion of pension funds,” Ajayi said.
To improve its service delivery, PTAD has introduced several digital initiatives including field verification exercises, mobile verification for incapacitated pensioners, and the flagship “I Am Alive” Confirmation.
The “I Am Alive” technology allows pensioners to confirm their living status remotely using internet-enabled devices, thereby eliminating the need for travel to verification centers.
“This innovation is especially valuable for our elderly pensioners in remote areas. Once a pensioner completes the ‘I Am Alive’ process, their payments continue seamlessly for the next six months,” Ajayi explained. “For those unable to perform this themselves due to illness or physical limitations, we offer Mobile Verification to confirm their status at home.”
He also emphasized that PTAD is fully treasury-funded and does not operate any commercial bank accounts, underscoring its transparency and government-backed structure.
Universal Insurance Exceeds Q1 Premium Target by 130%, Launches New Digital Products
In a parallel development in the financial services sector, Universal Insurance Plc has announced exceptional performance in the first quarter of 2025, surpassing its premium target by 130%. The company recorded ₦8.07 billion in gross written premiums (GWP) during the period, driven by product innovation and increased digital adoption.
Speaking to insurance and pension journalists in Lagos, Managing Director Dr. Jeff Duru attributed the strong performance to customer-centric services, affordability, and robust digital platforms.
“We are fully digital and committed to bringing insurance directly to the doorsteps of Nigerians. Our platforms ensure easy access to affordable products, seamless claims processing, and exceptional customer service,” Duru stated.
The company also reported a GWP of ₦15.25 billion and ₦2.8 billion in profit after tax for the full year ended December 31, 2024. Its shareholders’ fund rose to ₦16.4 billion as of Q1 2025, up from ₦13.25 billion in the previous year.
Universal Insurance has launched several technology-driven services, including a digital customer portal and mobile app that allow users to access products, get quotes, initiate renewals, and process claims—all online.
Among the new products is “OkadaPass”, designed for businesses and individuals in the logistics and delivery sector. The product provides comprehensive cover for delivery bikes, riders, and packages.
“This is a holistic solution for the delivery economy. It protects the bike, the rider, and the valuable goods being transported,” Duru explained.
He encouraged the public to visit the company’s website to explore offerings and benefit from their streamlined digital insurance experience.
