AIICO Insurance Plc has refuted the allegations of non-remittance of pension assets to the Pension Transition Arrangement Directorate (PTAD).
This was contained in a statement issued by its Head, Strategic Marketing & Communications Department, Segun Olalandu on Friday.
It stated that all pension assets due for remittance have been duly transferred to PTAD since the year 2017, in full compliance with the directive.
AIICO added that both parties are presently engaged in a reconciliation exercise to conclude the process and it implored the public to disregard any information that may suggest otherwise as there is no basis to that effect.
It stated, “The attention of the Management of AIICO Insurance Plc. has been drawn to a recent report in the media on allegations of non-remittance of pension assets to the PTAD.
“AIICO Insurance Plc. hereby wishes to inform the public that all pension assets due for remittance have been duly transferred to PTAD since the year 2017, in full compliance with the directive. Both parties are presently engaged in a reconciliation exercise to conclude the process. We implore the public to disregard any information that may suggest otherwise as there are no basis to that effect.
“AIICO Insurance Plc. is and remains a responsible corporate citizen of Nigeria and ensures best practice in all its business activities and operations in line with extant laws and regulatory provisions guiding its practice.”
What you should know
The Senate Committee on Public Accounts had summoned NICON Insurance Plc, AIICO Insurance and other insurance companies over their reported failure to remit N17.4 billion Pension Fund to PTAD.
The Senate based its summon on the 2016 report of the Auditor General of the Federation (AuGF), which unravelled the non-remittance of N17.4 billion Pension Fund to PTAD.
The Auditor General’s report had said, “Returns on pension funds totalling N17.4 billion forwarded by the underwriters were not accompanied by the following documents: (i) (ii) (iii) (iv) Bank Certificate of balances as at the close of accounts.
Accounting Statement showing the following: (a) (b) (c) Actuarial Value of Assets: Valuation of Assets at the lowest cost. Actuarial surplus: Excess of assets over Liabilities Actuarial Liabilities /deficiency: Excess of Liabilities over Assets A minimum of 3 years Annual Financial statements. Major Policy files and associated investment ledgers, if any.”
