Nicon

NICON Insurance Faults Report On Senate Summon

by with No Comment financeNews

NICON Insurance Limited has faulted a report on its invitation to the Senate over failure to remit pension fund to the Pension Transitional Arrangement Directorate

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According to a document made available to The Guardian, the insurance firm recalled the report, which claimed that the Senate had summoned the firm over failure to remit N17.4 billion pension fund to the Pension Transitional Arrangement Directorate (PTAD).

“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 place 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,” it stated.

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Senate

Senate Summons NICON, AIICO, Others

by with No Comment Businessfinance

Alleged Non-Remittance Of N17.4bn: Senate Summons NICON, AIICO, Others

The Senate Public Accounts Committee has summoned the management of the NICON Insurance Plc, AIICO Insurance and other insurance companies over their alleged failure to remit N17.4bn pension fund to t he Pension Transitional Arrangement Directorate.

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The Senate hinged the summon on the 2016 report of the Auditor-General for the Federation which unraveled the alleged non-remittance of N17.4bn pension fund to PTAD.

Appearing before the panel on Monday, the Executive Secretary of PTAD, Dr Chioma Ejikeme, informed the lawmakers that PTAD took over the assets and liabilities of the defunct pension offices without a formal handing over.

She said, “On taking over, the directorate wrote all underwriters to make returns and remit whatever amount that was in their custody into a CBN dedicated account.

“Some of the underwriters responded to the request while some did not.

“The bank certificate of balances, accounting statements, three years financial statements and policy files requested by the federal auditor were not handed over to PTAD at the time of consolidation.

“These figures represent the claims by the underwriters with regards to their indebtedness.

“In order to ascertain the true position of legacy funds in custody of underwriters, the directorate appointed a consultant in 2018 who carried out forensic audit of nine out the 12 insurance underwriters and produced a final report on the recovery of the legacy funds and assets for PTAD.”

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