The Pension Transitional Arrangement Directorate (PTAD), has in continuation of the settlement of death benefit to Next-Of-Kin (NoK) of deceased Parastatals Pensioners who died after service, paid full benefit to Two Hundred and Fifty Nine (259) NoKs of NITEL, Delta Steel Company Limited (DSC), New Nigeria Newspapers (NNN), Nigerian Reinsurance Corp. Plc and NICON Insurance PLC.
This is in addition to Five Hundred (500) NITEL NoKs who have already been paid the sum of N1,565,190,623.12 (One Billion, Five Hundred and Sixty Five Million, One Hundred and Ninety Thousand, Six Hundred and Twenty Three Naira, Twelve kobo) following the conclusion of documentation and Federal Audit clearance for payment.
The Directorate explained that in the computation of the final entitlements, there is no common cutoff date as the agencies concerned were privatized at different dates. It also pointed out that the Bureau for Public Enterprises (BPE) had paid commuted pension (equivalent to five years pension) to all those eligible at the time of privatization.
Therefore, the payment made by PTAD only covered the period between the end of the five years after privatization and the date of demise of the principal pensioners, as only claims beyond those five years are justifiable under extant laws. The NOKs of those who died before the expiration of the five year post privatization period are not entitled to any additional benefits as the payment made by BPE qualified as guaranteed pension in conformity with the law.
A total sum of N669, 762, 902. 73 (Six Hundred and Sixty Nine Million Seven Hundred and Sixty Two Thousand Nine Hundred and Two Naira Seventy Three Kobo) has been paid to the 259 beneficiaries of the following defunct/privatized agencies:
1. NITEL/Mtel 149
2. New Nigeria Newspapers (NNN) 72
3. Nigeria Reinsurance 9
4. Nicon Insurance LTD. 9
5. Delta Steel Company (DSC) 19