AIICO, others get PenCom approval for govt contracts

The National Pension Commission (PenCom) has granted a certificate of compliance to AIICO Insurance Plc and other 190 firms to seek Federal Government contracts this year following their compliance with regulations on employees’ contributions.

The commission disclosed this in a statement published on its website.

According to PenCom, the Pension Reform Act 2014 requires firms to contribute a certain percentage to match up with employees’ contribution for retirement savings and up-to-date contribution is required from companies to meet PenCom’s requirements to qualify for government contracts.

It is in this light that companies including AIICO Insurance Plc which contributed N154.47 million for 291 employees in 2019 have been approved to seek for government contracts.

Others are Setraco Nigeria Limited which contributed N566.70 million for 3733 employees, Chapel Hill Denham Advisory Limited, contributed N156.62 million for 13 employees; Chapel Hill Denham Advisory partners, N33.65 million, for 37 employees and July and Partners Insurance brokers, N1.40 million for five employees.

Many other firms from different sectors of the economy also got certificates permitting them to seek government’s contracts, the statement disclosed.