The Pension Transitional Arrangement Directorate (PTAD) is to recover a total of about N25 billion owed them by nine life insurance companies. These nine out of twelve life insurance companies that received the pension funds are yet to comply in transferring the funds belonging to PTAD.
Mrs. Sharon Ikeazor, the Executive Secretary of Pension Transitional Arrangement Directorate (PTAD), while speaking at the 2nd annual conference of National Association of Insurance and Pension Correspondents (NAIPCO) held in Lagos, said;
“We will like to use this opportunity to call on other concerned insurance companies still holding unto legacy funds to transfer them to PTAD without further delay. The slow response of some of these insurance companies has unnecessarily delayed the settlement of the huge pension liabilities inherited by PTAD.
According to Mrs. Ikeazor, the three out of twelve life insurance companies that have complied include;
- Leadway Assurance Company Limited (full payment of N33.3 million)
- NICON Insurance Limited (fixed assets worth N13 billion)
- AIICO Insurance Plc (properties and investments worth N1.5 billion)
PTAD has given the nine life insurance companies that are yet to comply with the transfer of funds a one year period that will expire by December 2017 to comply according. Failure to comply might result in legal actions involving the Attorney General of the Federation, Economic and Financial Crimes Commission (EFCC), and the Independent and Corrupt Practices Commission (ICPC). PTAD liaising with National Insurance Commission (for regulatory support) is set on recovering the outstanding N25 billion.