Nigeria: NICON Releases N13b Asset PTAD

Yemisi Izuora 

In compliance with the directive of the Federal Government through the Pension Transitional Arrangement Directorate (PTAD), NICON Insurance Company Limited has transferred 28 landed properties in lieu of cash payment tentatively valued at N13 billion as pension legacy funds  in its custody.

NICON Insurance had in its custody legacy funds meant for pensions of over 50 parastatals and agencies under the Defined Benefit Scheme (DBS) to the tune of N13 billion.

Executive Secretary, Pension Transitional Arrangement Directorate (PTAD) Sharon Ikeazor made this known at the handing over of landed properties in lieu of cash payment as legacy funds by NICON Insurance Company Limited in Abuja.

The PTAD boss, who praised the firm, said the transfer by the underwriting firm is an execution of a Memorandum of Understanding (MoU) between the directorate and the firm.

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