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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