The Pension Transitional Arrangement Directorate (PTAD), said, Nigeria, has repatriated £26.5 million in pension funds from the United Kingdom.
PTAD, an agency responsible for the pension administration of the Defined Benefit Scheme ( DBS), in a statement on Tuesday, said, it “received the sum of £26,505,862.97 (Twenty Six Million, Five Hundred and Five thousand, Eight hundred and Sixty-two Pounds, Ninety-Seven Pence) repatriated from the United Kingdom.”
The agency in the statement by its Executive Secretary, Dr Chioma Ejikeme, said, “these pension funds had hitherto been under investment with Crown Agents Investment Management Limited, United Kingdom.”
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She said in the statement that, the repatriation of this fund was made possible by the approval of President Mohammadu Buhari and series of meetings between PTAD Management, Office of the Accountant-General of the Federation and the Crown Agents Investment Management Limited, United Kingdom.
“The funds will be used to settle part of the accrued arrears owed to its pensioners worth over N120B (One hundred and Twenty Billion Naira only).
“This development is indeed a very happy and welcome development for our Senior Citizens and it represents another demonstration of the importance that the Buhari led Federal Government places on the welfare of pensioners,” the statement read.
