The federal government through the Pension Transitional Arrangement Directorate (PTAD) has received the sum of £26.5 million repatriated from the United Kingdom.
These pension funds were formerly invested in Crown Agents Investment Management Limited, a UK-based company.
According to a statement issued by the spokesperson of the PTAD, Olugbenga Ajayi on Monday, the Executive Secretary of PTAD Chioma Ejikeme said that the funds will be used to pay part of the accrued arrears owed to pensioners worth over N120bn.
The statement was entitled, “PTAD Receives £26.5 Million Pounds Sterling Repatriated Pension funds from Crown Agents Investment Management.”
It read in part, “According to the Executive Secretary, Dr. Chioma Ejikeme, 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 ES said 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).”
She added that the development was a welcomed one and represented the importance the Buhari led Federal Government places on the welfare of pensioners