PTAD RESPONSE TO ASSURANCE BANK PENSIONERS’ PROTEST IN LAGOS PTAD OFFICE
The Management of Pension Transitional Arrangement Directorate (PTAD) has noted the protest carried out on 10th June, 2026 at PTAD Lagos State Office, by a group identifying itself as ex-workers of the defunct Assurance Bank Plc over their non-inclusion on the list of Defined Benefit Scheme (DBS) Pensioners entitled to the ₦32,000.00 pension increment approved by His Excellency, President Bola Ahmed Tinubu, GCFR, in 2024.
The Directorate wishes to reiterate that while PTAD fully recognizes the constitutional right of DBS Pensioners to express their concerns, it is imperative to place the facts in proper context.
According to the National Salaries, Incomes and Wages Commission (NSIWC) Circular Ref. No. SWC/S/04/S.542/III/461 dated 27th September, 2024, DBS Pensioners of Peoples Bank of Nigeria, Assurance Bank, Nigeria Reinsurance, NICON Insurance, and NITEL/MTEL are exempted from the ₦32,000 pension increment. Furthermore, pursuant to NSIWC Circular Ref. No. SWC/S/04/S.557/T/233 dated 24th November, 2024, DBS Pensioners of Peoples Bank of Nigeria, Assurance Bank, Nigeria Reinsurance, NICON Insurance, and NITEL/MTEL are entitled to pension increases of 10.66% and 12.95%.
This position has been duly communicated to all affected DBS Pensioners. It is therefore surprising that ex-workers of Assurance Bank Plc visited the PTAD Lagos State Office, accompanied by members of the media, to protest their non-inclusion in the payment of the ₦32,000 pension increment despite being aware that they are not entitled to the benefit under the applicable guidelines.
It should be noted that PTAD implemented the 10.66%, 12.95% and ₦32,000 pension increment for eligible DBS Pensioners in September, 2025 monthly payroll and has fully paid all arrears arising therefrom. Additionally, in December 2025, PTAD disbursed a total sum of ₦5,095,197,136.52 (Five Billion, Ninety-Five Million, One Hundred and Ninety-Seven Thousand, One Hundred and Thirty-Six Naira, Fifty-Two Kobo) to 11,205 eligible DBS Pensioners of Peoples Bank of Nigeria, Assurance Bank, Nigeria Reinsurance, NICON Insurance, and NITEL/MTEL, being 50% payment of the arrears arising from 10.66% and 12.95% pension increment.
PTAD remains unequivocally committed to safeguarding and improving the welfare of DBS Pensioners with the continued support of His Excellency, President Bola Ahmed Tinubu, GCFR, in line with the Renewed Hope Agenda. The Directorate will continue to work diligently to ensure that all eligible DBS Pensioners receive their full entitlements promptly and transparently.
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