June 19, 2021

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AIICO Insurance refutes allegation of non-remittance of pension assets to PTAD

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AIICO Insurance Plc. on Friday refuted allegations of non-remittance of pension assets to the Pension Transitional Arrangement Directorate (PTAD).

This is contained in a statement by the Insurer’s Head, Strategic Marketing and Communications Department, Mr Segun Olalandu in Lagos,

Olalandu noted that all pension assets due for remittance hàd been duly transferred to PTAD since year 2017, in full compliance with the directive.

“Both parties are presently engaged in a reconciliation exercise to conclude the process.

“We implore the public to disregard any information that may suggest otherwise as there are no basis to that effect,” he said.

According to Olalandu, AIICO Insurance Plc. is and remains a responsible corporate citizen of and ensures best practices in all its business activities.

He said the underwriter’s operations were also in line with extant laws and regulatory provisions guiding its practice.

Recall that the Senate Public Account Committee on Monday summoned NICON Insurance Plc, AIICO Insurance and other insurance companies over alleged failure to remit N17.4 billion fund to PTAD.

The Executive Secretary of PTAD, Dr Chioma Ejikeme, had told the panel that PTAD took over the 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 was in their custody into a dedicated account.

She said some of the underwriters responded to the request while some did not.

According to her, the N17 .4 billion comprised cash, securities and property from the nine underwriters as a result of the letter PTAD sent to them.

AIICO Insurance is a leading composite insurer in with a record of serving its customers for over 50 years.

Founded in 1963, AIICO provides life and insurance, general insurance and investment management services as a means to creating and protecting wealth for individuals, families and corporate customers. ()

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