The Federal Government may have saved billions of Naira yearly from the verification exercise conducted by the Pension Transitional Arrangement Directorate (PTAD) under the Defined Benefits Scheme ,(DBS), whereby large number of fake pensioners who were fraudulently collecting monthly pension from PTAD, were removed from the system.
Specifically, the verification exercise undertaken by PTAD brought sanity to the old system that was charactised by wide spread pension fraud.
However, the arrow- head of the Parastatals Pension Department (PaPD), Kabiru Yusuf, in a paper he presented at a one-day workshop for members of the National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos, said that “these measures brought integrity and validity to PaPD pensioners in the country.
According to him, “removal of all pensioners who were receiving monthly pension from bank accounts without Bank Verification Numbers (BVN) and bank accounts domiciled with community bank from the payroll in November, 2016.
Also, removal of pensioners whose monthly pension payment had failed consistently over a period of three months from the payroll sometimes in 2018.
Besides, removal of all pensioners
(Numbered as (20,191), classified as unverified and on payroll, following comprehensive matching of verification database in October, 2020.”
The Executive Secretary of PTAD, Dr. Chioma Ejikeme, in her remarks on the success story on pension administration said, “over the years, PTAD has worked assiduously to change the narrative of pension administration in Nigeria, especially under the Derived Benefits Scheme, and we are proud to see that the hard work has yielded and has continued to yield positive results.”