The Executive Secretary of the Pension Transitional Arrangement Directorate, PTAD, Dr. Chioma Ejikeme says that the adoption of technology in pension payments has made it almost impossible for pension funds to be mismanaged or misappropriated as was the case in the past.
Speaking in Calabar while declaring open a two-day Stakeholder Forum for pensioners in South South, Dr. Ejikeme said that since its inception, PTAD has consistently worked to improve the payment of the Defined Benefit Scheme (DBS) in Nigeria.
“You may recall that the Defined Benefit Scheme in the past was plagued by allegations of fraud, corruption and inefficiencies prior to the establishment of the Directorate.
“However, with the controls and processes that have been put in place, it is difficult, if not nearly impossible, to mismanage any aspect of the pension plan today.”
He stated that through the hard work put into PTAD over the years, the pension payment is now paying off despite the enormity of challenges inherited by PTAD at the start.
“You will appreciate the large volume of review that PTAD has had to undertake to get to where we are today.
“Our journey from field verifications, mobile verifications, to creating a robust database of pensioners, calculating benefits, ensuring regular payment of monthly pensions, and paying pension arrears to pensioners has been progressive, full of creativity, dedication and commitment, persistence and milestone achievements”
Dr. Ejikeme stated that the PTAD has carried out a series of activities that include completing the payment of arrears derived from the consequent adjustment to pensions as a result of the increase in the minimum wage of April 2019 to the four operational departments of the Directorate, completing settlement of 126 months of outstanding liabilities owed to ex-employees of Nigeria Reinsurance Corporation, payment in full of 219 months of inherited liabilities to ex-employees of New Nigeria Newspaper Limited, payment in full of 100 months of inherited liabilities to ex-employees of NICON Insurance.
He said that the 9.7% increase for Ex-PHCN workers with corresponding arrears has been paid, part of the payment of arrears owed to NITEL/MTEL pensioners.
“Two weeks ago, we paid another 15-month arrears to 5,907 retirees from the remaining sixty-three months of unfunded pension legacy liabilities. The remaining half of NITEL/MTEL retirees will soon receive their 15-month arrears” .
He expressed his gratitude to President Mohammadu Buhari for the support he has given the PTAD, allowing him to fully liquidate the inherited unfunded liabilities of all the defunct/privatized agencies handed over to him. where retirees as well as executives of pension unions from all six geopolitical zones can use the online solution to help retirees who cannot perform the “I am alive” confirmation by themselves.
He warned retirees not to patronize pension scammers, as no PTAD staff member will call or message them to request payment or ask them to call a certain phone number before their arrears are paid. or tips.
“Once you receive such messages, you should know that PTAD did not and never will.”
