Breaking News

We have N300bn Pension Fund in our kitty

By AbdulSalam Muhammad, Kano
By AbdulSalam Muhammad, Kano Stanbic IBTC Pension Manager Limited  has revealed it has in its kitty a whooping sum of N 300 billion pension fund .

The Managing Director of the Firm, Obinna Abajue told the Customer Forum in Kano during an interactive session with pensioners and retirees that they had paid out N 16 billion as retirement benefits since it began operation in 2006.

Obinna Abajue, explained that the Customers Forum was designed to generate feed backs from pensioners, adding that the company has made it a practice that retirees on its lists are paid 40 per cent of their claims immediately they disengage from service, while payment of the remaining 60 per cent is spread over their life time.

The Managing Director stated that the licensed Pension Manager is administring over 700,000 retirement Saving Accounts, and it is paying N 600 million to 13,000 retirees every month.

Obinna Abajue assured its clients in the north of their determination to ensure that claims are paid to them without stress as when due for retirement. The managing director said that plans are on the way to stage similar Customer Fora in seven of the Nigerian cities before the year runs out..


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.