PenCom to sanction PFAs who fail to enlighten customers on various pension products
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Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning, stated that the Federal Government was committed to fully liquidating outstanding arrears owed to ex-workers of the three remaining defunct organizations.
The Pension Transitional Arrangement Directorate (PTAD) held an official finalization payment of inherited unfunded liabilities to pensioners of defunct agencies on Tuesday in Abuja.
“I am delighted to be in charge of overseeing the settlement of outstanding liabilities owed to former employees of two defunct companies, Nigeria Reinsurance Corporation and New Nigeria Newspapers Limited.
“Ex-employees of three other bankrupt agencies, NICO Insurance Corporation, Delta Steel Company Limited, and NITEL/MTEL, would receive a considerable amount of the outstanding liabilities owing to them,” Ahmed stated.
The money utilized to balance the liabilities, according to her, were recovered pension assets held by insurance underwriters and other local and foreign investment organizations.
The minister praised the directorate’s accomplishments and urged them to keep their recovery efforts on track.
She also praised President Muhammadu Buhari for his tireless work and unwavering support for the elderly.
According to Dr. Chioma Ejikeme, the Executive Secretary of PTAD, 126 inherited months have been fully liquidated for Nigeria Reinsurance Corporation and 219 inherited months have been fully liquidated for New Nigeria Newspapers Limited.
“We will also settle a significant portion of the outstanding liabilities owed to ex-workers of three other defunct agencies, NICO Insurance Corporation, Delta Steel Company Limited, and NITEL/MTEL,” she says.
“PTAD has paid off the outstanding balance of pension entitlements owed 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,” says PTAD.
After these payments, Ejikeme assured the three defunct agencies that the directorate was completely committed to properly liquidating the outstanding arrears owed to them.
According to the Nigerian News Agency (NAN), there was celebration at the event’s venue, with many of the beneficiaries shouting for pleasure and verifying that they had received payment alerts.
Chief Temple Ubani, President-General of the Federal Parastatals and Private Sector Pensioners’ Association of Nigeria (FEPPPAN), expressed delight at receiving the money.
“We’ve been fighting for this payment for more than three decades. I’m overjoyed that we got it correct in the hall.”
He expressed gratitude to the president and other stakeholders for their help.
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