PTAD
Sharon Ikeazor

Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD), Sharon Ikeazor, says the agency has recovered N16 billion legacy pension funds from different insurance firms.

She revealed this while speaking at a stakeholders’ forum to mark her one year in office.

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Ikeazor noted that the bulk of the recoveries came from NICON Insurance.

She said N13bn was recovered from NICON Insurance in assets which are being evaluated by the Federal Ministry of Power, Works and Housing to determine the actual worth of the assets.

The secretary said if the assets were not up to the value, PTAD would return to NICON Insurance for the full value.

She said the directorate planned to recover more assets and funds being held by insurance underwriters and the application of same to reduce pensioners’ complaints.

Ikeazor said: ”All sectors, except the police, have been paid at least 12 months arrears. Note that the paramilitary have been paid 100 per cent of their arrears,” she said, adding that plans were being made to clear the liability.”