By Nse Anthony-Uko
(Sundiata Finance) – AIICO Insurance Plc said it has transferred assets, which includes, landed property, private equity holding and cash as legacy funds in its custody to Pension Transitional Arrangement Directorate (PTAD).
Speaking during the formal handing over ceremony, the Executive Secretary, PTAD, Sharon O. Ekeazor, said, since the Pension Reform Act(PRA) 2014, vested all pension assets, funds and liabilities in PTAD, and that, “Following the consolidation of treasury funds parastatals pension by PTAD in August 2015, the Federal Government discontinued the release of pension intervention funds to insurance companies.
“It is in the fulfilment of its mandate under the Act that PTAD has taken over the administration of Legacy Pension Funds and assets in the custody of insurance companies and Boards of Trustees of treasury funded parastatals.”
The head, Group Life, AIICO Insurance Plc, Benson Ogunyamoju, speaking on behalf of the company said AIICO is fulfilling its obligation by transferring all legacy funds to PTAD.
AIICO Insurance Plc was founded in 1963 and it provides life and health insurance, general insurance, investment management and pension management services as a means to create and protect wealth for individuals, families and corporate customers. AIICO has the largest agency workforce in the industry and has branches in 20 states across Nigeria.