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PenCom certifies 4,000 firms for federal contracts

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By Cynthia Alo

NATIONAL Pension Commission, PenCom, has certified about 4,000 firms to bid for Federal Government contracts.

Head, Research and Corporate Strategy Department, PenCom, Aminu Farouk, disclosed this in an interview with the News Agency of Nigeria, (NAN) in Lagos.

Farouk said that as at March this year, about 353 firms had complied with the requirements as stipulated in the Pension Reform Act 2014, and were cleared to secure federal government contracts.

“The 353 companies pushed the total sum of the companies the Commission issued compliance certificates since PenCom’s inception to over 4000,” Farouk said.

He also stated that some of the firms cleared by the Commission included Reynolds Construction Company Limited (RCC), which has 3,643 employees and has also contributed N726.43 million.

“Leadway Assurance Company Limited, with 283 employees, has contributed N133.02 million;  Ghazi Shipping and Trading Company Limited, with five employees contributed N3.13 million;  AIICO Insurance Plc, with 264 employees contributed N135.11 million,” he added.

He said that Cornerstone Insurance Plc with 204 employees, has contributed N132.20 million, while Linkage Assurance Plc, which has 231 employees, contributed N65.50 million respectively.

Farouk said, “NSIA Insurance Limited with 99 employees contributed N27.95 million, while Solid Trust Insurance Brokers Limited with nine staff contributed N5.03 million. Risk Analyst Insurance Brokers Limited has nine employees and contributed N2.42 million.

“Prorisk Insurance Brokers Limited has nine staff and contributed N2.42 million, while Image Brokers Limited has 16 employees and contributed N1.51 million. Wib Insurance Brokers Limited with three staff contributed N855, 499.58 and Denos Insurance Brokers Limited with nine staff, contributed N660, 240.12.”

He explained that the compliance certificate issued to them would serve as evidence that the firms have fully paid the contributions of their employees.

Farouk explained that the certificates issued to the firms meant they have fully paid the contributions of their employees and paid premium for Group Life insurance covering their employees fully.

“Thus, in the event of death in active service, their families will be paid benefits to the tune of 300 per cent of the deceased’s full annual salary and allowances,’’ Farouk said.

He appealed to Ministries, Departments and Agencies (MDAs) to support the initiative of issuing certificate of compliance to deserving firms.

Farouk said that some of the MDAs often accept spurious evidence of compliance from contractors and are reluctant to ensure that companies bidding for works fulfil their obligations relating to pensions as enunciated in the Public Procurement Act (PPA) 2007.

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