The Pension Transitional Arrangement Directorate (PTAD) has recovered N16 billion legacy pension funds from different insurance companies.
Speaking at the weekend during a stakeholders’ forum to mark
her one year in office, Executive Secretary of PTAD, Barrister Sharon Ikeazor,
said the bulk of the recoveries came from NICON Insurance.
Ikeazor said N13bn was recovered from NICON Insurance in assets
which are being evaluated by the Federal Ministry of Power, Works and Housing
to determine the actual worth of the assets. She said if the assets were not up
to the value, PTAD would return to NICON Insurance for the full value.
The PTAD boss said the directorate planned to recover
additional assets and funds currently being held by insurance underwriters and
the application of same to reduce pensioners’ complaints. She also addressed
the issue of 33 per cent pension increase arrears that had been a major
challenge for pensioners.
“All sectors, except the police, have been paid at least 12
months arrears. Note that the paramilitary have been paid 100 per cent of their
arrears,” she said, adding that plans were being made to clear the liability. She
advocated for the prioritisation of pension payment as first line charge even
before salaries were paid.
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