BusinessDay
Nigeria's leading finance and market intelligence news report.

PTAD clears African Alliance of indebtedness on legacy funds

The Pension Transitional Arrangement Directorate (PTAD) has given clearance to African Alliance Insurance Plc after the legacy life insurer settled its outstanding indebtedness to the directorate.

Consequently, the directorate has presented the widely acclaimed foremost life insurer with a certificate of non-indebtedness at a brief presentation in Abuja.

Chioma Ejikeme, executive secretary, PTAD, while handing over the certificate to a team of senior management staff from African Alliance, commended the leadership of the company for its commitment to settling the debts against all odds.

She said: “My congratulations goes to the MD and her team for this uncommon accomplishment. While we thank African Alliance Insurance PLC for her commitment towards the liquidation of this lingering debt within the shortest period of time by the current MD, Joyce Ojemudia, we must add, without fear of contradiction, that the Directorate will not hesitate to approach African Alliance Insurance Plc for further clarification on Legacy Funds and Assets whenever the need arise.”

She further called on all other insurance underwriters holding on to Legacy Funds and Assets to release the funds as a matter of urgency in order for the Directorate to meet obligations to pensioners.

In her response, the visibly excited managing director/CEO of African Alliance Insurance Ojemudia, thanked the Almighty God for making the settlement of the debt possible whilst acknowledging the unstinting support of the board as well as the drive of the in-house committee on PTAD.

Read also: Contributory Pension Scheme: Commendable progress but more needs to be done

“With God, all things are possible. And with a Board like ours, ably led by the inimitable banker and financial guru, Anthony Okocha, impossible is nothing. I am grateful for the Board support throughout this process; indeed, their support was the sail under our wings. I must not forget to thank my team, especially our amazing and reliable executive director, Finance, OlabisiAdekola, for working assiduously with the PTAD Committee, as we call them in-house, to make this happen.

African Alliance Insurance has scaled yet another hurdle in our quest to aggressively grow our market share and bring viable and humane life insurance to more Nigerians.”

Incorporated in 1960, African Alliance Insurance PLC is recognized as the strongest specialist life insurer in these climes. Following the assumption of Joyce Ojemudia as the MD/CEO under a year ago, the firm has continued to experience an upward trajectory in its overall growth, branch network, staff emancipation and consistent payment of claims. Recently, the firm demonstrated its drive to expanding its market with the opening of a new branch in Abeokuta, the first of two planned for 2021, as well as hosting the body of Brokers in Lagos with the Abuja leg soon to happen.

Whatsapp mobile

Get real time updates directly on you device, subscribe now.