Dipo Olowookere
**PTAD Issues Certificate of Non-indebtedness
By Dipo Olowookere
At last, African Alliance Insurance Plc can now heave a sigh of relief as it has settled its outstanding indebtedness to the Pension Transitional Arrangement Directorate (PTAD) from legacy funds and assets.
Business Post reports that legacy funds are usually assets or investments with little or no economic value that have been written down for a loss in the balance sheet of a company and are likely to become a liability.
For a while, African Alliance has been with these types of funds, which have almost drawn the organisations backwards. This has made the management led by Mrs Joyce Ojemudia deploy innovative ways of clearing these debts.
Respite finally came for the leading insurance company in Nigeria when it cleared the debts and the PTAD has presented the insurer a certificate of non-indebtedness.
At a brief presentation held in Abuja, the Executive Secretary of PTAD, Ms Chioma Ejikeme, while handing over the certificate to a team of senior management staff from African Alliance, commended the leadership of the firm for its commitment to settling the debts against all odds.
“My congratulations go to the MD and her team for this uncommon accomplishment. While we thank African Alliance Insurance PLC for her commitment towards the liquidation of this lingering debt within the shortest period of time by the current MD, Mrs Joyce Ojemudia, we must add, without fear of contradiction, that the Directorate will not hesitate to approach African Alliance Insurance PLC for further clarification on Legacy Funds and Assets whenever the need arises,” she said.
The directorate boss called on all other insurance underwriters holding on to legacy funds and assets to release them as a matter of urgency to meet obligations to pensioners.
In her response, the visibly excited Mrs Ojemudia thanked God for making the settlement of the debt possible whilst acknowledging the unstinting support of the board as well as the drive of the in-house committee on PTAD.
“With God, all things are possible and with a board like ours, ably led by the inimitable banker and financial guru, Dr Anthony Okocha, impossible is nothing.
“I am grateful for the board’s support throughout this process; indeed, their support was the sail under our wings.
“I must not forget to thank my team, especially our amazing and reliable Executive Director, Finance, Mrs Olabisi Adekola, for working assiduously with the PTAD committee, as we call them in-house, to make this happen.
“African Alliance Insurance has scaled yet another hurdle in our quest to aggressively grow our market share and bring viable and humane life insurance to more Nigerians,” she said.
Incorporated in 1960, African Alliance is recognized as the strongest specialist life insurer in these climes.
Following the assumption of Mrs Ojemudia as the MD/CEO under a year ago, the firm has continued to experience an upward trajectory in its overall growth, branch network, staff emancipation and consistent payment of claims.
Recently, the firm demonstrated its drive to expand its market with the opening of a new branch in Abeokuta, Ogun State, the first of two planned for 2021, as well as hosting the body of brokers in Lagos and Abuja.
