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PENSION FUNDS: PTAD Recovers N16BN From Insurance Firms


The Pension Transitional Arrangement Directorate, PTAD, has recovered 16 billion naira legacy pension funds from different insurance companies.

Speaking at the during a stakeholders’ forum to mark her one year in office, Executive Secretary of PTAD, Sharon Ikeazor, said the bulk of the recoveries came from NICON Insurance.

Ikeazor said 13 billion naira was recovered from NICON Insurance in assets which are being evaluated by the Federal Ministry of Power, Works and Housing to determine the actual worth of the assets.

She said if the assets were not up to the value, PTAD would return to NICON Insurance for the full value.

The PTAD boss said the directorate planned to recover additional assets and funds currently being held by insurance underwriters and the application of same to reduce pensioners’ complaints.