Nigeria’s pension investment yields N15bn as UK repatriates fund to PTAD
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Nigeria has benefitted from her investment in the United Kingdom as the Pension Transitional Arrangement Directorate (PTAD) recently announced that it received £26.5 million from the United Kingdom for its investment with an investment management firm.
The deal with Crown Agents Investment Management Limited based in the UK, has yielded for Nigeria, a whopping N15.1 billion in Nigerian currency.
Chioma Ejikeme, executive secretary, PTAD, while speaking on the fund, attributed the release of the fund to the current administration.
The repatriation of the fund was made possible by the approval of President Muhammadu 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.
“This development is indeed a very happy and welcome development for our senior citizens and it represents another demonstration of the importance that the Buhari-led Federal Government places on the welfare of pensioners,” Ejikeme said.
She also disclosed that the funds would be used to settle part of the accrued arrears owed to its pensioners worth over N120 billion.