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NICON not owing PTAD

Published by The Nation on Tue, 04 May 2021


By Omobola Tolu-KusimoThe management of NICON Insurance Limited has faulted a report on its invitation to the Senate over failure to remit pension funds to the Pension Transitional Arrangement Directorate (PTAD).In a statement, the firm said the report stated that the Senate had summoned the firm over failure to remit N17.4 billion pension fund to the Pension Transitional Arrangement Directorate (PTAD).The firm said: The management of NICON Insurance said that they have not received any summons from the Senate Committee on Public Accounts and are, therefore, unaware of the existence of such summons as reported by the media. It is of great concern to management that NICON has been subjected to the court of public opinion on a matter in which we have discharged our duty as a responsible corporate citizen.To set the records straight, NICON transferred assets to PTAD under the leadership of Sharon Ikeazor in lieu of the legacy pension funds for over 50 agencies and parastatals of the Federal Government in June 2017. PTAD has all the title documents of the properties in its possession and has been collecting rent on them in the last four years. NICON is, therefore, not liable to PTAD for any pension funds.Management also notes that other issues reportedly raised by the Executive Secretary of PTAD, Dr. Chioma Ejikeme, are before a court and are, therefore, sub-judice for discussion except before the court of law. The company would, therefore, not join issues with anyone and will make no further comment on these issues till they are resolved by the court.
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