Senate summons insurers over missing N17.4b pension fund

Senate Committee on Public Accounts, on Monday, summoned NICON Insurance Plc, AIICO Insurance and other insurance companies over their failure to allegedly remit N17.4 billion pension fund to the Pension Transitional Arrangement Directorate (PTAD).

The panel premised its summons on the 2016 report of the Auditor-General of the Federation, which faulted the insurance firms for not remitting  N17.4 billion of pension funds to PTAD.

However, the Executive Secretary of PTAD, Dr. Chioma Ejikeme, told the Committee that PTAD took over the assets and liabilities of the defunct pension offices without a formal handing over.

Ejikeme said: “On taking over, the Directorates wrote all underwriters to make returns and remit whatever amount is in their custody into a CBN dedicated account. Some of the underwriters responded to the request while some did not.

“The bank certificate of balances, accounting statements, three years financial statements and policy files requested by the Federal Auditor were not handed over to PTAD at the time of consolidation.”

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