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PTAD clears AIICO Insurance of indebtedness in legacy fund

The Pension Transitional Arrangement Directorate (PTAD) has issued a Certificate of Non-Indebtedness to AIICO Insurance Plc, a move that puts the underwriter in the clear of any claim of non-remittance of pension assets. This was affirmed on Wednesday, May 26, 2021 at a meeting held to formally hand over redeemed properties ceded by the Company in 2017 in lieu of Legacy Funds and Assets to PTAD. This process is subsequent upon confirmation of receipt of the full payment from AIICO and completing all reconciliation activities.

According to Chioma Ejikeme, executive secretary, PTAD, represented by Godwin Iheabunike, a lawyer said “In acknowledgement of the payments made by AIICO Insurance Plc, PTAD has issued a Certificate of Non-Indebtedness to AIICO Insurance Plc and will update relevant institutions of this development in due course.”

She stated further “We thank AIICO Insurance Plc for her commitment towards the liquidation of this liability within the shortest period of time. My congratulations go to the MD/CEO and his team for this uncommon accomplishment. I call on other insurance underwriters holding on to Legacy Funds and Assets to do the needful as a matter of urgency. This will enable the Directorate to meet its obligation to pensioners.”

Babatunde Fajemirokun, MD/CEO of AIICO Insurance Plc in his remarks expressed his appreciation to the PTAD leadership and team for working tirelessly with the AIICO team through the detailed reconciliation and for final closure.

AIICO Insurance is a leading composite insurer in Nigeria with a record of serving our customers that dates back over 50 years. Founded in 1963, AIICO provides life and health insurance, general insurance and investment management services as a means to create and protect wealth for individuals, families and corporate customers.

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