15,418 employers get compliance certificates

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No fewer 15,418 employers have received compliance certificates (PCCs).

This was made known in the National Commission’s (PenCom) publication entitled: Schedule of Employers Issued with Certificate with Provisions of the PRA 2014 as at May 10, 2021.

The certificate is mandatory for owners of companies who want do with . Those who fail comply with the Reform Act (PRA) 2014 do not get the jobs.

The regulator noted that the 15,418 employers were various sectors, and they had contributed and remitted employees’ pension contributions into Retirement Savings Accounts (RSA) last year.

According PenCom, some of the companies that got the certificates include Sterling Plc, which remitted N1.22 billion for its 2417 employees; Plc., remitted N827 for 2904 employees and Reynolds Construction Company Limited, which remitted N739 for 3764 employees.

The data showed that AIICO Insurance contributed and remitted N193.93 for its 296 employees last year, while NSIA Insurance remitted N60.97 for 128 employees and FBInsurance, remitted N128.36 for 171 employees.

Also, Linkage Assurance Plc remitted N60.14 for 174 employees; Custodian and Allied Insurance Limited, N59.91 for 121 employees; Custodian Life Assurance Limited, N24.73 for 49 employees and Unitrust Insurance Company Limited, N52.88 million for 115 employees.

Mutual Benefits Life Assurance Limited remitted N51.32 million for 145 employees; Mutual Benefits Assurance Plc. N91.58 million for 198 employees; Regency Alliance Insurance Plc., N36.16 million for 119 employees and Jaiz Takaful Insurance Plc., M12.66 million for 36 employees.

Insurance brokers were also cleared and issued certificates. Plum Insurance Brokers Limited was cleared having remitted N1.07 million for seven of its employees. Risk Analyst Insurance Brokers Limited remitted N4.39 million for 29 employees and YOA Insurance Brokers Limited remitted N21.81 million for 52 employees.

The report further showed that Afrigblobal Insurance Brokers Limited remitted N6.14 million for 18 employees; Jolly & Insurance Brokers Limited remitted N1.47 million for five employees and Manny Insurance Brokers Limited remitted N1.03 million for seven of its workers.

Meanwhile, the commission stated that as at the end of third quarter of last year, 5,700 applied for PCCs. Of this number, 5,432 were issued certificates while 268 applications were rejected for not meeting the requirements.

It said N244,979,121,189.77 was remitted into the RSAs of 76,498 employees by the issued certificates.