Chief Executive Officers (CEOs) of insurance companies including AIICO Insurance and Niger Insurance will be facing a Senate panel over an alleged non-remittance of N17.4 billion.
The funds were, according to Tribune Online, to be transferred to the Pension Transitional Arrangement Directorate (PTAD).
PTAD had been flagged for not remitting the sum of N17.4 billion pension fund, discovered by a report from the office of the Auditor-General.
Explaining why it had failed to transmit the sum, the directorate’s Executive Secretary, Chioma Ejikeme, said, “On taking over, the Directorates wrote all underwriters to make returns and remit whatever amount is in their custody into a CBN dedicated account. Some of the underwriters responded to the request while some did not.
“The bank Certificate of balances, Accounting statements, 3 years financial statements and policy files requested by the Federal Auditor were not handed over to PTAD at the time of consolidation.
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“It is worthy to note that the amount stated N17.4 billion comprised of cash, securities and properties from the nine Insurance Underwriters as a result of the letter PTAD sent to them. These figures represent the claims by the underwriters with regards to their indebtedness.
“In order to ascertain the true position of legacy funds in the custody of Underwriters, the Directorate appointed a consultant in 2018 who carried out a forensic audit of 9 out 12 of the insurance underwriters and produced Final report on the recovery of the legacy funds and assets for PTAD.
“The insurance companies are presently disputing the report of the Forensic Audit and some of them are presently subjects of litigation.”
