AIICO Insurance Plc has formally handed over assets (landed property, private equity holding and cash) as legacy funds which the company held in custody for pensioners to the Pension Transitional Arrangement Directorate (PTAD).
Speaking at the occasion for the execution of Memorandum of Understanding (MoU) between PTAD and AIICO insurance for the formal handing over and transfer of assets and cash as legacy funds in the custody of AIICO to PTAD, Mr. Ayodele Bamidele, Chief Financial Officer, AIICO who represented the company’s Managing Director/Chief Executive Officer, Mr. Edwin Igbiti, said the company was happy to join the top ten insurance companies in transferring pensioners assets that were under their care to PTAD as required by the Pension Reforms Act 2014.
Bamidele who valued the assets at N1.5 billion said: “We are very delightful to be one of the top ten insurance companies that have actually fulfill this mandate by handing over assets worth N1.5 billion to PTAD.”
Asked if this will affect the company in any way, he said, “No. It will not affect our operations or our balance sheet because both the assets and liabilities were managed by us.”
Also speaking at the event, Benson Ogunyamoju, Head, Group Life, AIICO Insurance Plc said “AIICO is fulfilling its obligation by transferring all legacy funds to PTAD”.
In her remarks at the occasion, Executive Secretary, PTAD, Sharon Ikeazor, said PTAD is mandated by Pension Reforms Act 2014, to recover all assets in the custody of insurance companies under the legacy funds for PTAD and the pensioners.
She said the transfer of assets from insurance companies as what AIICO and some few other insurance companies have done would go a long way in helping PTAD to meet their obligations especially in offsetting pension liabilities which she said is the primary objective of PTAD.
She called on other insurance companies involved yet to comply with PTAD demand notices issued to them to do so without further delay just as she commended AIICO insurance for joining the league of other five insurance companies that have already complied with this directive.
“I must commend AIICO Insurance and indeed all the other insurance companies for their responses. I want to assure you that PTAD would continue to strive to sustain professionalism, integrity, honesty, transparency and accountability in executing its mandate for the benefit of the concerned pensioners and Government’s commitment to good governance,” Ikeazor said.
It should be noted that the Pension Reform Act 2014, vested all Defined Benefit Scheme, Pension Assets, Legacy Funds and liability in PTAD.