The Pension Transitional Arrangement Directorate (PTAD) has cleared African Alliance Insurance PLC of its indebtedness to legacy funds after the life insurer settled its outstanding debts to the directorate.
According to a statement by the company’s Brand, Media and Communications Manager, Bankole Banjo, the directorate has presented the insurer with a certificate of non-indebtedness at a brief presentation in Abuja.
The statement read: “At the presentation, the Executive Secretary, PTAD, Dr Chioma Ejikeme, while handing over the certificate to a team of senior management staff from African Alliance, commended the leadership of the company for its commitment to settling the debts against all odds.
“While thanking the company, stated that without fear of contradiction, the Directorate will not hesitate to approach African Alliance Insurance PLC for further clarification on the funds and assets whenever the need arises. She further called on other insurance underwriters holding on to legacy funds and assets to release the funds as a matter of urgency for the Directorate to meet obligations to pensioners.
“In her response, the MD expressed joy that they were able to settle the debt. Following my assumption as the MD/CEO a year ago, the firm has continued to experience an upward trajectory in its growth, branch network, staff emancipation and consistent payment of claims.
“Recently, the firm demonstrated its drive to expanding its market with the opening of a new branch in Abeokuta, the first of two planned for 2021, as well as hosting the body of brokers in Lagos with the Abuja leg soon to happen.’’