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Pensioners of NICON and DSC Get Backlog of Payment Settled

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naira, interest rate

CEM REPORT, FINANCE | Pension Transitional Arrangement Directorate (PTAD) has liquidated about N7.05 billion to pensioners of NICON Insurance and ex-workers of Delta Steel Company.

The payment is a balance of 56 months from 100 months inherited in the case of NICON Insurance and 46 months of 96 months for Delta Steel company.

According to the Executive Secretary/Chief Executive, PTAD, Chioma Ejikeme, the landmark achievement was made possible by the support received from the Federal Ministry of Finance, Budget and National Planning, the Committees of the Senate/House of Representative’s oversight pensions, the Budget Office and the commitment and political will of President Muhammadu Buhari who had made payment of pension and retirement benefits a topmost priority of his administration.


“As of today, we have settled a total of over N39 billion of the inherited N95 billion with N3.4 billion of this amount making up one-off payments. These payments are ongoing.”

According to her, the inherited unfunded liabilities for these defunct agencies at inception totalled over N95 billion, adding that they currently have a total monthly pension bill of N2.29 billion as well as an annual bill of N62.07 billion which represented 44 percent of the total monthly/annual pension bill of the parastatal pension department.

She pointed out that in addition to offsetting the liabilities due to NICON Insurance and Delta Steel, the directorate had successfully ensured regular payment of monthly pensions to pensioners without fail.

“I am glad that these efforts are now yielding results, and I must commend our pensioners for their patience and support all these years.”

Ejikeme also said that the agency also made payment of over N8.5 billion as accumulated arrears of pensions and gratuities to pensioners of the Civil Service Pension Department and the Next-of-Kin of deceased pensioners through the Expanded Computation Project, adding that payment is still ongoing.

She announced that PTAD has also gotten approval to onboard ex-workers of Assurance Bank and Nigeria National Shipping Line on monthly payroll, and completed the payment of 126 months of inherited liabilities due to ex-workers of the Nigeria Reinsurance Corporation as well as completed the payment of the 219 months of inherited liabilities to ex-workers of New Nigeria Newspaper Limited.

“With the liquidation of these inherited liabilities, the burden keeps getting lighter, and we will continue to work with all the relevant agencies of government to ensure that all accrued pension arrears are fully liquidated, especially the 63 months of inherited pension liability owed to the ex-workers of NITEL/MTEL and their Next-of-Kin which we will continue with soon.”

She emphasized that PTAD was working tirelessly to ensure that pensioners from the defunct and privatised agencies are paid their retirement and severance benefits as soon as possible.

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