Sunday, 25 June 2017

PTAD TAKES OVER N13B ASSETS FROM JIMOH IBRAHIM’S NICON INSURANCE

Dr. Jimoh Ibrahim, CFR, Chairman, NICON Insurance 
Tectono Business Review gathered that about 28 landed properties valued at N13 billion have been handed over to the Pension Transitional Arrangement Directorate (PTAD), as a Pension Legacy Funds domiciled with the company by the NICON Insurance Limited.

This development was disclosed during the official signing ceremony in Abuja, by the Executive Secretary of PTAD, Sharon Ikeazor, who said NICON had joined the league of responsive insurance companies by handing over the assets.

According to the Chairman of NICON Insurance Limited who is also the Chairman of Energy Group, Dr. Jimoh Ibrahim, the move is in line with the Pension Reform Act of 2014, which vested all pension assets and liabilities in PTAD.

Ikeazor stated that so far, PTAD had recovered over N800 million within the last six months bringing total recovery to N5.6 billion. The PTAD boss, who praised the firm, said the transfer by the underwriting firm is an execution of a Memorandum of Understanding (MoU) between the directorate and the company.

She maintained that aside from NICON, only Leadway Assurance Limited, Custodian Life Assurance Limited, LASACO Assurance Plc, and African Alliance Insurance Plc, have honoured their demand notices by transferring all or part of the outstanding funds in their custody to the Directorate.

Also speaking, the Executive Director, Finance and Administration of NICON Insurance, Stephen Ojo, who represented the Managing Director, Bayode Samuel, said NICON had previously paid about N10 billion of the legacy funds, and praised the previous management for investing the pension funds wisely, which was what made it possible to transfer the balance to PTAD. 

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