The Pension Transitional Arrangement Directorate (PTAD) has issued a Certificate of Non-Indebtedness to AIICO Insurance Plc to clear the underwriter of any claim of non-remittance of pension assets.
Mr Segun Olalandu, AIICO Head of Strategic Marketing and Communications, stated this in a statement in Lagos.
“The certificate was issued about two weeks ago at a meeting held between the parties to formally hand over redeemed property ceded by the insurer in 2017 in lieu of Legacy Funds and Assets to PTAD.
“This process is subsequent upon confirmation of receipt of the full payment from AIICO and completing all reconciliation activities,” he said.
The statement quoted Dr Chioma Ejikeme, Executive Secretary, PTAD, represented by Mr Godwin Iheabunike , solicitor, PTAD, to had acknowledged the payments made by AIICO insurance .
Ejikeme confirmed that PTAD had issued a Certificate of Non-indebtedness to AIICO insurance and would update relevant institutions of the development in due course.
“We thank AIICO Insurance Plc for her commitment toward the liquidation of this liability within the shortest period of time.
“My congratulations go to the MD/CEO and his team for this uncommon accomplishment.
“I call on other insurance underwriters holding on to Legacy funds and assets to do the needful as a matter of urgency to enable the directorate to meet its obligation to pensioners’’, she said.
In his remarks, Mr Babatunde Fajemirokun, Managing Director, AIICO, expressed his appreciation to PTAD leadership and team for working tirelessly with the AIICO team through the detailed reconciliation and for final closure.
The Senate Public Account Committee had on April 12, summoned NICON Insurance Plc, AIICO Insurance and other insurance companies over alleged failure to remit N17.4 billion fund to PTAD.
Executive Secretary, PTAD, Dr Ejikeme, had told the panel that PTAD took over assets and liabilities of defunct pension offices without a formal handing over.
Ejike said, on taking over, the directorate wrote all underwriters to make returns and remit whatever amount in their custody into a Central Bank of Nigeria (CBN) dedicated account.
She said some of the underwriters responded to the request while some did not.
According to her, the N17 .4 billion comprised of cash, securities and properties from nine underwriters as a result of the letter PTAD sent to them.
AIICO Insurance is a leading composite insurer in Nigeria with a record of serving its customers for over 50 years.
Founded in 1963, AIICO provides life and health insurance, general insurance and investment management services as a means to create and protect wealth for individuals, families and corporate customers.