NICON Insurance Plc, AIICO Insurance and other insurance companies have been summoned by the Senate Committee on Public Accounts over missing #17.4 billion pension fund.
TOS News gathered that the panel’s summon was based on the 2016 report of the Auditor-General of the Federation.
According report, insurers have not been able to remit to the Pension Transitional Arrangement Directorate (PTAD).
Speaking before the Senate Committee, the Executive Secretary of PTAD, Dr. Chioma Ejikeme, said that PTAD took over the assets and liabilities of the defunct pension offices without a formal handing over.
“On taking over, the Directorates wrote all underwriters to make returns and remit whatever amount is 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,” he said.