• About
  • Advertise
  • Careers
  • Contact Us
Wednesday, July 2, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Economy Insurance

PenCom says N12Bn Funds for Workers of Defunct Banks, others Unclaimed 

by Techeconomy
December 18, 2023
in Insurance
1
Aisha Dahir-Umar, DG, National Pension Commission (PenCom)
Aisha Dahir-Umar, DG/CEO, National Pension Commission (PenCom)

Aisha Dahir-Umar, DG/CEO, National Pension Commission (PenCom)

UBA
Advertisements

Former employees of defunct companies in Nigeria are yet to approach their pension fund administrators (PFAs) to reclaim N12 billion in the transition contribution funds (TCF) in their custody.

This was revealed by the National Pension Commission (PenCom) which said the defunct organisations include Diamond, Intercontinental, Citizen, Mainstream and Oceanic Banks whose workers have yet to claim their funds.

Speaking at a media parley organised by Aisha Daniel-Umar, the Pension Fund Operators (PenOp) PenCom ’s Director-General, said that out of the N12 billion, N58 million had been transferred to retirement savings accounts (RSAs) of beneficiaries who provided necessary documents for fund payment.

The DG, who was represented by the Head of the Investment Supervision Department, Ehimeme Ohioma, said:

“In September, what we did was to put a list of all the beneficiaries on our website according to each PFA where these funds are located and we expect beneficiaries to search their names there and approach the PFAs for payment.”

Detailing the payment process, she said PFAs are banned from making cash payments and must transfer funds to the RSAs, particularly individuals working in other institutions who already possess RSAs.

“Most of them are working in other institutions and have RSAs so it can be transferred once they make their documents available,” Daniel-Umar said.

The discovery of unclaimed funds was attributed to recovery agents engaged by the commission, with the funds currently held by the PFAs.

Regarding pension payments under the CPS, the PenCom DG assured that the commission consistently ensures pensioners receive their funds on or before 25th of each month.

He emphasised the importance of quality service delivery, stating that addressing contributors’ concerns is crucial for the industry’s success. (Guardian).

Loading

Advertisements
MTN ADS

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares
Tags: PenComretirement savings accountsRSAs
Techeconomy

Techeconomy

Next Post
Ecobank and AFCON

AFCON 2023: Ecobank Rewards 50 Customers in first Monthly Promo Draws

Comments 1

  1. Pingback: NIGERIA’S PENSION INDUSTRY WITNESSES RECORD-BREAKING GROWTH, ADDING N3.36 TRILLION IN 2023 – Statistics

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

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

Recommended

MANOS RAPTOPOULOS - SAP EMEA writes on AI and Business

Business Leadership in an AI World in 2024

1 year ago
future of work and Virtual hiring

The Future of Work: Virtual Hiring and Networking

1 year ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.