• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Fixed Income Funds Management

PTAD says retired staff of defunct PHCN not entitled to 33% pension increase

Says President Buhari already approved the implementation of 9.7% increase in their pensions under the DBS in 2016.

William Ukpe by William Ukpe
May 6, 2022
in Funds Management
PTAD says retired staff of defunct PHCN not entitled to 33% pension increase
Share on FacebookShare on TwitterShare on Linkedin

Workers who retired as staff of the defunct Power Holding Company of Nigeria (PHCN) are not entitled to 33% pension increase.

This was disclosed in a statement by the Pension Transitional Arrangement Directorate (PTAD), on Thursday, while responding to allegations of collusion with some “powerful individuals” to deprive the pensioners of the 33% pension increment.

It stated that the reason for the non-increase is because the PHCN pensioners were already on a special salary structure before the pension review for pensioners.

RelatedStories

PFA, Nigerian University Pension Management Company,

FG pays N8.6 billion in pension arrears, assures full settlement of N32,000 increment 

June 16, 2025
ICPC, Pension Directorate to sign MoU to tackle pension fraud in Nigeria 

ICPC, Pension Directorate to sign MoU to tackle pension fraud in Nigeria 

May 15, 2025

What they are saying

In a statement titled, “Clarification on the Applicability of 33% Pension Increase to the Ex-PHCN Retirees”, it said its attention has been drawn to a growing agitation by some group of PHCN Pensioners known as concerned PHCN Pensioners.

  • The statement read in part, “They are alleging PTAD has colluded with some “powerful individuals” to deprive them of the 33% pension increment as approved by the Federal Government in 2010.
  • “For the records, the President, Muhammadu Buhari is very committed to pensioners welfare and has consistently demonstrated this by approving the payment of outstanding pension arrears and regular payment of monthly pensions.
  • It added that the National Salaries, Incomes & Wages Commission, the Federal Government agency responsible for policy statements on emoluments including pensions had directed via a letter of approval Ref: SWC/S/04/S.542/26 of 26th September 2014 saying that the retired staff of the defunct Power Holding Company of Nigeria (PHCN) are not entitled to the pension increase of 33%.
  • “This is because PHCN pensioners were already on a special salary structure before the Pension review for Pensioners who while in service were on one of the Harmonized Salary Structures of the Federal Public Service ” it stated.
  • The PTAD also revealed that PHCN pensioners took the Federal Government to the National Industrial Court (NIC) Abuja on this issue, and after several engagements, President Muhammadu Buhari, approved the implementation of 9.7% increase in the pensions of ex-PHCN retirees under the Defined Benefit Scheme (DBS).
  • “This approval was used as an out-of-court settlement in order to put an end to the suit at NIC, Abuja.
  • “Following the approval of the President, via approval letter Ref:(SWC/S/04/S.557/III/546) of 7th May, 2021, the 9.7% increment was implemented with effect from 1st June, 2016 and the arrears paid in December 2021 to all eligible Ex-PHCN Retirees,” it stated.

In case you missed it

Nairametrics reported earlier that Nigeria’s pension fund assets increased by N453.8 billion in the first quarter of 2022 to stand at N13.88 trillion as of the end of March 2022, representing the highest level on record, as the industry’s assets under management increased by 3.38% in the review period from N13.4 billion as of December 2021.


Follow us for Breaking News and Market Intelligence.
Tags: Pension Transitional Arrangement DirectoratePHCNPower Holding Company of NigeriaPTAD
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

Related Posts

PFA, Nigerian University Pension Management Company,
Fixed Income

FG pays N8.6 billion in pension arrears, assures full settlement of N32,000 increment 

June 16, 2025
ICPC, Pension Directorate to sign MoU to tackle pension fraud in Nigeria 
Business News

ICPC, Pension Directorate to sign MoU to tackle pension fraud in Nigeria 

May 15, 2025
NDPHC says 375MW Egbema power station to be completed in 2025  
Energy

South-South electricity consumers decry business destruction due to power outages, high tariffs 

March 10, 2025
Federal High Court, REA
Energy

Metering Project: Providus Bank and De-Haryor Global Services Ltd oppose Ziklagsis’ N39.1 billion loan contract claims

January 13, 2025
NDPHC says 375MW Egbema power station to be completed in 2025  
Energy

National grid collapses again, Eighth time in 2024 

November 5, 2024
PenCom
Fixed Income

PTAD pays N1.02 billion accrued arrears to 7,091 pensioners 

November 4, 2023
Next Post
Ruble’s success against western sanctions prompts Russia’s interest rate reduction to 14%

Amid EU's proposed Russian oil ban, ruble gains 11% against the dollar and euro within a week

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • NITDA signs agreement with Japanese consortium to build Abuja startup hub  
  • Oyo Govt approves N63.4 billion to renovate Government House 
  • NDLEA to establish full-scale drug control operations at Benin Airport 

Follow us on social media:

Recent News

NITDA signs agreement with Japanese consortium to build Abuja startup hub  

NITDA signs agreement with Japanese consortium to build Abuja startup hub  

June 18, 2025
Oyo State to upgrade primary health centers to 24 hours medical centers

Oyo Govt approves N63.4 billion to renovate Government House 

June 18, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics