African Alliance annuitants urge President Tinubu and NAICOM to intervene in seven-month unpaid benefits crisis, highlighting retirees’ financial struggles
[dropcap]A[/dropcap]frican Alliance annuitants have raised alarm over seven months of unpaid benefits, urging the federal government and regulatory bodies to address their plight.
Also read: Retirees frustrated by African alliance insurance pension delay since January 2024
The retirees, many of whom rely solely on these annuities for survival, have petitioned President Bola Ahmed Tinubu to intervene and ensure prompt payment of their outstanding entitlements.
The annuitants, who have formed cluster groups to amplify their voices, expressed deep frustration over the delay.
One retiree shared with Insurance People Magazine that life has become increasingly difficult without any income for seven months, adding that several of their colleagues have passed away while waiting for their benefits.
In their call for assistance, the annuitants appealed to the National Insurance Commission (NAICOM) to leverage its regulatory powers and mediate the crisis.
They also proposed the establishment of a body similar to the Nigeria Deposit Insurance Corporation (NDIC) to safeguard the interests of policyholders and prevent future financial distress in the insurance sector.
Also read: ‘I’m happy’ X3M Ideas expands creative frontiers in Africa, Middle East
As the pressure mounts, stakeholders are urging the government to prioritize retirees’ welfare and address systemic issues plaguing the insurance industry to avoid further hardship for vulnerable citizens.
Quadri Olaitan is a journalist and contributor to Freelanews.com, covering news, public affairs, and human-interest stories.
