Federal Capital Territory Administration Signed N1.2 Billion For Settlement Of Retirees

Must Read

TAJBank Launches Nigeria’s 2nd Non-Interest Financial Institution (Photos)

Abuja Nigeria   December 2nd 2019, TAJBank, Nigeria’s second Non –Interest financial institution, has announced the launch of its services...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

Top 10 Most Expensive Universities In Nigeria

For many Nigerians, high-quality higher education is a luxury. There are many private universities who are known not only...
- Advertisement -
- Advertisement -

The Federal Capital Territory (FCT) Administration has passed the total of N1,284,000,000 for the remittance of FCT retirees.

The Director and Chief Executive Officer, FCT Area Council Pension Board, Mr Nanzing Nden, made this disclosure while notifying journalists over the weekend.

He revealed that the money would be utilised to resolve 234 retired officers in the six area councils in addition to teachers in the councils.

He explained that the payment was one of the approvals the Board got from the former FCT Minister, Malam Muhammad Musa Bello before he left office, which the Permanent Secretary, Chinyeaka Ohaa, followed up with a directive to the treasury for prompt payment.

Read:  Micro Pension: A catalyst to Pension Industry in Nigeria

Nden also clarified that the benefits would only be paid to those that have submitted their documents and have been processed for payment up to April this year.

Briefing the media on some developments within the pension administration system in the FCT, he also revealed that the Board has a total liability of N138 million as outstanding liability for 31 files it received from May to date.

Nden said that the Board would stick to the plan to pay pensioners three months before their retirement by September.

He further stressed that the ideas were to jettison the old system whereby people retired and could not access their benefits for many years.

Read:  NRC alarmed by displacement of 30,000 people from Nigeria to Cameroon
Read:  Pensioners Lament 60 Months Unpaid Pension Arrears in Oyo

He promised that by 2020, the Board would actualise the vision to pay six months before the retirement year.

He disclosed the FCTA tender board had also approved that all the files of pensioners that have been paid through their system will be converted to e-files, adding that all the old files would be sent to FCT Archives for storage.

According to him, the board had got the nod from the administration for a consultancy for infrastructure and ICT deployment to help with a system for accounting, auditing, pension administration and other services within the pension system.

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Smoke and Fire: Who is Afraid of Allen Onyema?

The saying ‘there’s no smoke without fire’ most certainly applies in perpetuity in Nigeria than in any other country...

Malware variety grows by 13.7% in 2019 due to web skimmers

This growth was mainly influenced by a 187% rise in web skimmer files LAGOS, Nigeria, December 12, 2019,/ -- In 2019, the number of unique...

5 High Paying Jobs That Don’t Require a University Degree

Go-to school, study hard, bag a degree and get a job! That’s probably the most used line parents drilled into their kids in their...

Cisco Unveils Plan for Building Internet for the Next Decade of Digital Innovation

Announces ‘Internet for the Future’ Strategy and the Industry’s Most Ambitious Silicon Architecture News Summary: Cisco shares further details behind its 'Internet for the...

More Articles Like This