Adeosun Resolves PenCom, NAICOM Rift Over N140 bn Annuity Fund

The Minister of Finance, Mrs. Kemi Adeosun, has brokered a resolution of the dispute between the National Pension Commission and the National Insurance Commission over a circular issued by PenCom directing life insurance companies to transfer their annuity asset holdings to Pension Fund Custodians.

The intervention of the minister was confirmed in a statement by the
Director of Information, Ministry of Finance, Mr. Salisu Dambatta.

There has been a disagreement between PenCom and NAICOM over a recent circular by the former asking life insurance companies to transfer about N145.05 billion in annuity funds in their possession to the PFCs.

PenCom had stated that the action became necessary due to the unethical and sometimes illegal dealings of insurers with the annuity funds of their customers.