The Pension Transitional Arrangement Directorate (PTAD), has cleared AIICO Insurance Plc of any claim of non-remittance of pension assets.
On the strength of this, PTAD issued a certificate of non-indebtedness to AIICO Insurance and consequently put the underwriter in the clear. The company statement by Head, Strategic and Communications Department, Segun Olalandu, said this was done at meeting on Wednesday May 26, 2021 “to formally hand over redeemed redeemed properties ceded by the company in 2017 in lieu of legacy funds and assets to PTAD.”
AIICO statement further said the clean slate “is subsequent upon confirmation of receipt of the full payment from AIICO and completing all reconciliation activities.”
Dr Chioma Ejikeme, the Executive Secretary, PTAD, who was represented by Barr Godwin Iheabunike, said: “In acknowledgement of the payments made by AIICO Insurance Plc, PTAD has issued a certificate of non-indebtedness to AIICO Insurance Plc and will update relevant institutions of this development in due course.”
She also commended the insurer for commitments towards the liquidation of the liability within the shortest period of time. PTAD boss also called “on other insurance underwriters holding on to legacy funds and assets to do the needful as a matter of urgency. This will enable the Directorate to meet its obligation to pensioners.”
The MD/CEO, AIICO Insurance Plc, Mr. Babatunde Fajemirokun, responding appreciated the PTAD leadership and team for working tirelessly with the AIICO team through the detailed reconciliation and for final closure.