Upon finalizing payment of the inherited unfunded liabilities to pensioners of two defunct agencies; Nigeria Reinsurance Corporation and New Nigeria Newspapers Limited, the federal government of Nigeria has reinforced commitment to the full liquidation of outstanding arrears due to the ex-workers of the remaining three defunct agencies.
Zainab Ahmed, the Minister of Finance, Budget and National Planning disclosed this during the official finalisation payment, organised by the Pension Transitional Arrangement Directorate (PTAD) in Abuja, according to NAN.
She added that part of the fund used in settling the liabilities have included amounts repatriated from Crown Agents of the United Kingdom.
What they are saying
Expressing excitement over the payment of outstanding liabilities, Ahmed said, “I am happy to oversee the completion of the payment of the outstanding liabilities due to ex-workers of two defunct agencies namely- Nigeria Reinsurance Corporation and New Nigeria Newspapers Limited.
“Ex-workers of another three defunct agencies will receive a significant portion of the outstanding liabilities due to them and they are NICO Insurance Corporation, Delta Steel Company Limited and NITEL/MTEL,”
Revealing that the funds used to offset the liabilities were recovered pension assets held by insurance underwriters and other local and international investment agencies, she noted that some measures of success have been made in the recovery effort and the amount repatriated from Crown Agents of the United Kingdom has been the most substantial to date.
Dr Chioma Ejikeme, the Executive Secretary of PTAD stated that 126 inherited months has been completely liquidated for Nigeria Reinsurance Corporation and 219 inherited months completely liquidated for New Nigeria Newspapers Limited.
According to her, “We will also settle significant portion of the outstanding liabilities due to ex-worker of another three defunct agencies, NICO Insurance Corporation, Delta Steel Company Limited and NITEL/MTEL.
“PTAD has paid off the outstanding balance of the pension entitlements due to ex-workers of Savannah Sugar Company Limited, Nigeria Aviation Handling Company, Aluminium Smelter Company of Nigeria, Federal Housing Authority, Nigeria National Shipping Line and Assurance Bank.”
Reassuring the three defunct agencies that the directorate was fully committed to the full liquidation of the outstanding arrears due to them after these payments, she commended the president, minister of finance, committees of Senate and House of Representatives on pension and oversight committees for their constant support.