The Association of Former Employees of NICON Insurance (AFENI) has raised alarm over what it describes as the systematic exclusion of its members from the revised implementation of the Consequential Pension Adjustment (CPA), the N32,000 wage award approved by President Bola Ahmed Tinubu, and other statutory pension benefits.
In a joint statement signed by Mr. Emmanuel Omadivi, Communications Officer, and Mr. Ade Adesokan, Media Officer for the Lagos Zone, the pensioners condemned the action by the Pension Transitional Arrangement Directorate (PTAD), calling it a gross injustice and a violation of equity and national inclusion.
According to the group, following a July 8, 2024 circular (SWC/S/04/S.557/T/171) issued by the National Salaries, Incomes and Wages Commission (NSIWC), PTAD re-implemented the 2019 CPA for pensioners under the Defined Benefit Scheme (DBS) using the Grade Level model, abandoning the previously used Pay Band structure.
While this change led to 20–28% increases in monthly pensions for many retirees, pensioners from defunct agencies, including NICON Insurance, were excluded on the grounds that their agencies were not covered under the revised salary structures listed for adjustment.
AFENI has urged relevant authorities to urgently review this exclusion and reaffirm the pension rights of former employees of liquidated or privatized public institutions, stressing that no Nigerian retiree should be left behind in the national pension reform process.
