PTAD Saves N7Bn through BVN Verification of Pensioners

• Exercises got rid of 19,018 dead or uncertain retirees

Pension Transitional Arrangement Directorate (PTAD) has said that over N7 billion has been saved through the use of Bank Verification Number (BVN) in its verification of pensioners under the Defined Benefit Scheme.

The agency disclosed the N7 billion hitherto went to settling dead or uncertain pensioners from the federal government account.

The exercises got rid of 19,018 retirees who had been receiving monthly pension benefits from the Federal Government.

Speaking on the development at a workshop for media in Lagos, Dr. Chioma Ejikeme, executive secretary of PTAD, said that the directorate had worked tirelessly to change the narrative of pension administration in Nigeria, especially under the Defined Benefits Scheme.

Ejikeme affirmed that the efforts of PTAD had addressed some gaps in the sector as pension is a sensitive issue and has been at the forefront since its inception, ensuring that the welfare of pensioners remains a priority.

On his part, Kabiru Yusuf, director, Parastatals Pension Department (PaPD), PTAD, who represented the Executive Director, explained that PTAD inherited N129.4 billion unfunded liabilities from treasury fund parastatals, ex-PHCN pensioners and other defunct agencies.

According to him, the categories are claims of arrears relating to unpaid/short-paid gratuity and unpaid pension for some period prior to being enrolled for monthly pension by their agency/ insurance operators.

Speaking on Ex-PHCN liabilities, he said: “These group of ex-workers of defunct PHCN was transferred to PTAD by the National Electricity Liability Management Company (NELMCO) that was hitherto mandated to manage and pay the monthly pensions and accrued benefits of the disengaged workers, as a consequence of the privatisation of the electricity sector and the unbundling of a conglomerate known as Power Holding Company of Nigeria (PHCN).”