Union Bank, AIICO Insurance, Others Get Clearance To Seek FG Contracts

The National Pension Commission (PenCom) has released a list containing 237 organisations eligible to seek different federal government contracts in 2020.

The agency explained that the companies were issued compliance certificates after meeting requirements on regulations concerning their employees’ contributions as contained in the pension’s law.

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

As a result of meeting the compliance quota, PenCom granted certificate of compliance to companies like Union Bank of Nigeria, AIICO Insurance Plc and other, making them eligible to seek contracts from the federal government in 2020.

According to the pension body, AIICO Insurance Plc contributed N152.48 million for 291 employees, while Union Bank contributed the sum of N1.18 billion for 2,365 workers on its payroll.

In addition, Chapel Hill Denham Securities Limited contributed N18.17 million for 27 members of staff, while N33.65 million was contributed to the pension accounts of 37 employees of Chapel Hill Advisory Partners Limited, with Chapel Hill Denham Advisory Limited contributing N156.62 million for 13 employees and Chapel Hill Denham Management Limited adding N13.38 million to accounts of 13 staff.

Also, Setraco Nigeria Limited contributed N566.70 million for 3,733 employees, while Jully & Partners Insurance brokers contributed N1.40 million for five employees.

Other big contributors were Rockbridge Construction Limited (N9.58 million for 94 employees), Datum Construction Nigeria Ltd (N7.57 million for 75 workers), Ringier Media Nigeria Limited (N66.93 million for 99 staff), Azman Air Services Limited (N17.25 million for 100 employees), Net Global System and Technical Services Limited (N8.56 million for 45 workers), Jafi Security Limited (N585,936 for eight employees), Wib Insurance Brokers Limited (N517,679 for four workers), Zacks Garuba and Company (N470.880 for 11 members of staff) , J & G Engineering And Construction Services Ltd (N394,526 for three workers on its payroll), amongsts others.

Click HERE to see full list.