Business Journal


FBN Insurance, LASPEC Win Inspenonline Awards

Inspenonline Media has given awards to seven insurance firms, one pension fund administrator and the Lagos State Pension Commission (LASPEC) for their contributions in their sectors and the economy.
The Award ceremony, which took place at the 2015 Nigerian Insurance & Pension Awards organised by Inspenonline Media in Lagos over the weekend, saw Stanbic IBTC Pension Managers Limited winning the Pension Fund Administrator (PFA) of the Year award; FBNInsurance Limited, the 2015 Insurance Company of the Year, while its Managing Director, Mr. Val Ojumah was awarded the 2015 Inspenonline Insurance Man of the Year.
Sovereign Trust Insurance Plc got the Corporate Brand of the Year Award, even as Corporate Social Responsibility of the Year award went to Consolidated Hallmark Insurance Plc and Royal Exchange Plc.
Plum Insurance Brokers Limited went home with the Insurance Broker of the Year award, while the Association of Registered Insurance Agents of Nigeria (ARIAN), for the second year in a row, won the Best Professional Group of the Year Award, with Excellence Award going to Lagos State Pension Commission (LASPEC) on behalf of the Lagos State Government.
Speaking on the motive of the award, which started four years ago, the Editor, Inspenonline, Mr. Udo Chuks Okonta, said the award was designed to celebrate organisations and individuals who have helped to reshape activities in the insurance and pension industries and by extension, the economy.
This year’s award, according to him, was organised by setting high standards to judge the operation of companies and state governments that have helped to foster growth and developments in insurance and pension business operations.
“Having harmonised the votes which came from different parts of the world, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today. The award, which is in seven categories, had 25 nominees of which eight winners emerged, even as a state (Lagos) government was recognised for its contribution to the growth of pension business in the country.”
On the theme of the Award ceremony, which is ‘Robust Pension: Key to Better Life After Work’, he said the topic was chosen to help proffer solutions to the challenges presently confronting the Contributory Pension Scheme (CPS) in the country.
He said the Federal Government has accumulated over N140 billion pension liabilities in recent times, even as some states were unable to remit contributions for the past two years, whilst some private sector employers are finding it difficult to remit or embrace the scheme.

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