FG Pays N7.05bn Benefits to Ex-workers of NICON Insurance, Delta Steel Company

The Executive Secretary/Chief Executive, Pension Transitional Arrangement Directorate (PTAD), Dr. Chioma Ejikeme, has said the outstanding 56 months of inherited pension liabilities for NICON Insurance and the balance of 49 months owed to ex-workers of Delta Steel Company which amounted to about N7.05 billion had been completely liquidated.

PTAD had inherited pension liabilities for 100 months in the case of NICON Insurance and 96 months Delta Steel – all of which had now been cleared, Ejikeme said.

Speaking at a media briefing in Abuja over the weekend, the PTAD boss explained the landmark achievement was 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 President Muhammadu Buhari who had made payment of pension and retirement benefits a topmost priority of his administration.

According to her, the inherited unfunded liabilities for these defunct agencies at inception totaled over N95 billion, adding that they currently have a total monthly pension bill of N2.29 billion as well as an annual bill of N62.07 billion which represented 44 per cent of total monthly/annual pension bill of the parastatal pension department.

She said, “As at today, we have settled a total of over N39 billion of the inherited N95 billion with N3.4 billion of this amount making up one-off payments. These payments are ongoing.”

She emphasized that PTAD was working tirelessly to ensure that pensioners from the defunct and privatised agencies are paid their retirement and severance benefits 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.

She pointed out that in addition to off-setting the liabilities due to NICON Insurance and Delta Steel, the directorate had successfully ensured regular payment of monthly pensions to pensioners without fail, made payment of over N8.5 billion 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, adding that payment is still ongoing.

Among other things, she said PTAD also got approval to onboard ex-workers of Assurance Bank and Nigeria National Shipping Line on monthly payroll, and completed the payment of 126 months of inherited liabilities due to ex-workers of the Nigeria Reinsurance Corporation as well as completed the payment of the 219 months of inherited liabilities to ex-workers of New Nigeria Newspaper Limited.

She said, “With the liquidation of these inherited liabilities, the burden keeps getting lighter, and we will continue to work with all the relevant agencies of government to ensure that all accrued pension arrears are fully liquidated, especially the 63 months of inherited pension liability owed to the ex-workers of NITEL/MTEL and their Next-of-Kin which we will continue with soon.”