FG receives £26.5m repatriated pension funds

PTAD has announced that it received £26.5 million as repatriated pension funds from Crown Agents Investment Management.

The federal government through the Pension Transitional Arrangement Directorate (PTAD) announced that it received the sum of £26.5 million as repatriated pension funds from Crown Agents Investment Management (CAIM).

This was disclosed on Tuesday in Abuja by Dr Chioma Ejikeme, the Executive Secretary of PTAD, in a statement released by Mr Gbenga Ajayi, PTAD’s Head of Corporate Communications.

READ: Are Nigerian Pension Funds killing the stock market?

The PTAD boss added that the repatriated pension funds had been under investment with CAIM of the United Kingdom, citing that the funds were approved by the Presidency after series of meetings between PTAD Management, Office of the Accountant-General of the Federation and CAIM.

She also added that part of the funds would be used to settle accrued arrears to pensioners valued at over N120 billion.

“This development is indeed a very happy and welcomed one for our senior citizens,” she stated.

READ: Why PenCom should pay attention to the financial health of Nigerian banks

In case you missed it

Nairametrics reported last week that PenCom said despite the requirement in the Pension Reform Act of 2014, thirty-one states of the federation have no insurance coverage in place for workers as of March 2021.