N16 Billion Worth Of Assets Recovered From Insurance Underwriters, BOTs Under Defunct Pension Scheme, Says PTAD

Executive Secretary, PTAD, Mrs Ikeazor

*Vows To Recover Outstanding N11 Billion

A total of assets and non-cash assets worth over N16 billion have so far been recovered by the Pension Transitional Arrangement Directorate (PTAD) from Insurance Underwriters and Board of Trustees who were previously responsible for payment of pensions to retirees under the defunct Defined Benefits Scheme (DBS).

The Executive Secretary of PTAD, Mrs Sharon Ikeazor, however revealed that the
outstanding pension assets still with the Insurance Underwriters and BOTs as at April 2018 is in excess of N11 Billion.

Mrs. Ikeazor who said that the recovered assets component of N6.9 billion is domiciled in  designated recovery account with the Central Bank of Nigeria (CBN), vowed PTAD would not relent in recovering the outstanding assets.

According to her, “PTAD has so far recovered cash and non-cash assets of over N16 Billion from the BOTS and Insurance Underwriters. The cash component of N6.9 Billion is domiciled with the CBN, in a designated Recovery Account, created solely for the remittance of such funds.

“Properties recovered have been forwarded to the Federal Ministry of Works & Housing for proper assessment and valuation.

“PTAD will follow all legitimate process to recover these funds form all Insurance Companies and Underwriters who have not complied with the agreed final demand notice of October 2017.”

PTAD had inherited the Pension Liabilities of all the Federal Government Parastatals under the DBS without the commensurate Assets from the Insurance Underwriters and Boards of Trustees (BOT) who were previously responsible for pension payment to this group of pensioners.

On fight against corrupt practices, she disclosed that an unnamed staff of the Directorate found culpable of exhorting pensioners for treatment of their files had been arrested by the Economic and Financial Crimes Commission (EFCC).

She said PTAD has set up the Anti-Corruption and Transparency Unit (ACTU) within the Directorate working with Independent Corrupt Practices Commission (ICPC) as well the Economic and Financial CrimesCommission to ensure a fraud free environment.

Further, she clarified PTAD’s position on the sacked five directors of the Directorate, saying that they remain sacked and their services were no longer needed.

She said: “They contravened Public  Service   Rule   020205   (a)  which states that to be eligible for appointment into the Federal Public Service, individuals must  not be  less  than  18  years and not more  than  50  years  of  age at  the  time of appointment.

“These individuals were appointed into the Federal Public Service when they were above the statutory entry age limit of 50 years. Hence, their appointments were ab initio null and void.

“To ensure conformity in line with the PSR, the individuals were disengaged.The   Executive   Secretary  offered  to  reengage   them  on  contract  as  they   possessed specialized competencies and skills with regards to pension matters but they refused.

“There have been calls and petitions to reengage them but PTAD at this time does not require their services.

“PTAD states for the record that contrary to the assertions that due process was not followed in the procedure of disengaging them, all regulatory requirements were fulfilled in implementing the recommendations of the Office of the Head of the Civil Service ofthe Federation as approved by the Honorable Minister of Finance.”

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