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🇳🇬 Nigeria /Culture & Society

PTAD defends pension policy amid retirees' protest

From The Punch · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • The Pension Transitional Arrangement Directorate (PTAD) criticized a protest by former Assurance Bank Plc workers over pension increment demands.
  • PTAD stated that the retirees are not entitled to the N32,000 pension increment, as they fall under a separate percentage-based review structure according to government circulars.
  • The directorate highlighted that significant funds, including 50% of arrears for a percentage-based increment, have already been disbursed to eligible retirees.

The Pension Transitional Arrangement Directorate (PTAD) has strongly criticized a protest by former employees of the defunct Assurance Bank Plc. The retirees demonstrated at PTAD's Lagos office, demanding inclusion in the N32,000 pension increment approved by President Bola Tinubu in 2024.

According to the National Salaries, Incomes and Wages Commission circular Ref. No. SWC/S/04/S.542/III/461 dated September 27, 2024, Defined Benefit Scheme pensioners of Peoples Bank of Nigeria, Assurance Bank, Nigeria Reinsurance, NICON Insurance, and NITEL/MTEL are exempted from the N32,000 pension increment.

— PTAD ManagementExplaining the basis for the exemption from the N32,000 increment.

PTAD, in a statement, acknowledged the retirees' right to protest but asserted that the demonstrators were fully aware they were ineligible for the specific N32,000 increase. The directorate cited National Salaries, Incomes and Wages Commission circulars stating that pensioners from specific defunct agencies, including Assurance Bank, are exempted from this flat-rate increment.

Pursuant to NSIWC Circular Ref. No. SWC/S/04/S.557/T/233 dated November 24, 2024, DBS pensioners of Peoples Bank of Nigeria, Assurance Bank, Nigeria Reinsurance, NICON Insurance, and NITEL/MTEL are entitled to pension increases of 10.66 per cent and 12.95 per cent.

— PTAD ManagementDetailing the alternative percentage-based increase for affected retirees.

Instead of the N32,000, these retirees are entitled to a percentage-based review. PTAD confirmed that pensioners from Peoples Bank of Nigeria, Assurance Bank, Nigeria Reinsurance, NICON Insurance, and NITEL/MTEL are eligible for pension increases of 10.66 percent and 12.95 percent, as per relevant circulars. The agency expressed surprise that the former workers protested despite this policy having been officially communicated.

This position has been duly communicated to all affected DBS pensioners. It is therefore surprising that ex-workers of Assurance Bank Plc visited the PTAD Lagos State Office to protest their non-inclusion despite being aware that they are not entitled to the benefit under the applicable guidelines.

— PTAD ManagementExpressing surprise at the protest given prior communication.

PTAD further revealed that it disbursed N5,095,197,136.52 to 11,205 eligible retirees from these defunct agencies in December 2025, representing 50 percent of the arrears from the percentage-based increment. The directorate reaffirmed its commitment to retiree welfare under the current administration's agenda.

In December 2025, PTAD disbursed a total sum of N5,095,197,136.52 to 11,205 eligible DBS pensioners of Peoples Bank of Nigeria, Assurance Bank, Nigeria Reinsurance, NICON Insurance, and NITEL/MTEL, being a 50 per cent payment of the arrears arising from the 10.66 per cent and 12.95 per cent pension increment.

— PTAD ManagementHighlighting substantial payments already made to the affected retirees.
DistantNews Editorial

Originally published by The Punch in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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