The Pension Transitional Arrangement Directorate has issued a Certificate of Non-Indebtedness to AIICO Insurance Plc.
PTAD said that the move cleared the underwriter from any claim of non-remittance of pension assets.
In a statement on Sunday titled ‘PTAD issues AIICO Certificate of Non-Indebtedness’, it said this was disclosed at a meeting held to formally hand over redeemed properties ceded by the company in 2017 in lieu of legacy funds and assets to PTAD.
The process was subsequent upon confirmation of receipt of the full payment from AIICO and completing all reconciliation activities, it stated.
The Executive Secretary, PTAD, Dr Chioma Ejikeme, who was represented by Godwin Iheabunike said, “In acknowledgment 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 added, “We thank AIICO Insurance Plc for its commitment towards the liquidation of this liability within the shortest period of time.
“My congratulations go to the managing director/chief executive officer and his team for this uncommon accomplishment.
“I call 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.”
In his remarks, the Managing Director/Chief Executive Officer, AIICO Insurance Plc, Mr Babatunde Fajemirokun, expressed appreciation to the PTAD leadership and team for working with the AIICO team through the detailed reconciliation for final closure.