Pension Transition Arrangement Directorate (PTAD) has announced the complete liquidation pension of NICON Insurance Plc and Delta Steel Company (DSC) with totaling of N7,053,150,468.14 (Seven Billion, fifty Three Million, One Hundred and Fifty Thousand, four hundred and Sixty eight Naira Fourteen Kobo only.
PTAD Executive Secretary, Dr Chioma Ejikeme made the announcement at the Press Conference in Abuja on Thursday, while it’s for completion of outstanding 56 months of inherited pension liabilities for NICON (a total of 100 months were inherited) and the balance of 49 months owed ex-workers of DSC (a total of 96 months we’re inherited).
According to her, “This landmark achievement has been made possible by the support received from the Federal Ministry of Finance, Budget and National Planning, the Committees of the Senate/ House of Representatives oversighting pensions, the Budget Office and the commitment and political will of the most pensioner friendly President, Muhammadu Buhari who has made payment of pension and retirement benefits a topmost priority of this administration”, ES said.
Dr Ejikeme further noted that the inherited unfunded liabilities for these defunct agencies at inception was to the tune of over N95,000,000,000.
“Currently these defunct agencies have a total monthly pension bill of N2,298,893,321.08 (Two billion, Two hundred and Ninety Eight Million, Eight hundred and Ninety Three Thousand, Three hundred and twenty one Naira, Eight Kobo only.) and an annual bill of N62,073,219,358.32 (Sixty-two billion, Seventy Three Million, Two hundred and Nineteen Thousand, three hundred and fifty eight Naira thirty two Kobo), representing 44% of the Total Monthly/Annual Pension Bill of the Parastatal Pension Department”.
She made it known that PTAD have settled a total of over N39B of the inherited N95B, with N3,4B of this amount making up one-off payments, while on several occasions assured esteemed pensioners from defunct and privatized agencies that PTAD was working tirelessly to ensure their retirement and severance benefits paid as soon as possible.
“I am glad that these efforts are now yielding results, and I must commend our pensioners for their patience and support all these years”, she said.
The ES revealed PTAD successful implementation of the following in the last few years of its existence: Continued to regularly pay monthly pensions to pensioners without fail.
“Made payment of over N8.5billion as accumulated arrears of pensions and Gratuities to Pensioners of the Civil Service Pension Department and the Next-of-Kin of deceased pensioners through the Expanded Computation Project, saying payment is still ongoing.
“Got approval to onboard Ex-workers of Assurance Bank and Nigeria National Shipping Line on monthly payroll.
“Completed the payment of 126 months of Inherited Liabilities due to Ex-workers of the Nigeria Reinsurance Corporation Completed the payment of the 219 months of Inherited Liabilities to Ex-workers of New Nigeria Newspaper Limited.
“Completed the payment of the One-Off payment to 603 verified Ex-workers of the Aluminum Smelter Company of Nigeria (ALSCON). Made one-off payment to 620 Ex-workers of the Nigerian Aviation Handling Company (NAHCO) Implemented the 9.7% increment to Ex-PHCN workers with attendant arrears paid.
“Made payment of the arrears owed to the War-Affected Police Officers since their pardon in 2000. Undertook the full payment of 33% pension arrears to Civil Service, Police, Customs, Immigration and Prisons Pensioners, which had been outstanding since the year 2010. Obtained approval to verify the Defined Benefit Scheme Pensioners of the Bank of Agriculture and place them on the payroll, which is ongoing.
Dr Ejikeme further said that with the liquidation of these inherited liabilities, the burden keeps getting lighter while working with all the relevant agencies of Government to ensure that all accrued pension arrears are fully liquidated, especially the sixty-three (63) months of inherited pension liability owed to the ex-workers of NITEL/MTEL and their Next-of-Kin which the Directorates will continue with soon.
She told the media that “The full details for the roll-out of the “I Am Alive” Confirmation solution will be announced in due course, seeking on the support of the media, as always, in disseminating the information. “In last nine years of PTAD’s existence, the Directorate has been proactively, intentionally and effectively changing the narrative as far as Defined Benefit Pension administration is concerned”, she said.
PTAD ES emphasized that all the successes and achievements of PTAD would not have been made possible without the support of the President, Federal Republic of Nigeria, President Buhari, the head of its Parent Ministry, the Honourable Minister, Federal Ministry of Finance, Budget and National Planning, Dr (Mrs.) Zainab Shamsuna Ahmed and all the numerous stakeholders. “We are indeed truly grateful”.
One of the beneficiary from NICON Insurance, Mr Momoh thanked the present administration for being friendly to pensioners, appreciated the Executive Secretary for always granting them access to meet with her and most importantly, satisfied with the payment.
