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Court Grants PTAD N1.2 Billion Debt Repayment Judgement Against Goldlink Insurance Plc



PTAD Executive Secretary, Mrs Ikeazor


A Federal High Court sitting in Lagos
and presided by Hon. Justice Ibrahim Buba of Court No. 5, has ruled in favour of Pensions Transitional Arrangement Directorate (PTAD), granting the Directorate the sum of N1, 238, 234, 383.96 debt repayment by Goldlink Insurance Plc.

In addition, Goldlink Insurance Plc was ordered to pay 10 percent interest per annum until the full repayment of the judgement sum.

The amount meant for repayment is
the outstanding balance of the Federal Government Legacy Funds and Assets which has been in the custody of the Insurance Company, according to a statement by PTAD management.

OPTIMUM TIMES recall that the PTAD Executive Secretary, Mrs Sharon Ikeazor, had assured that the Directorate would recover every Federal Government legacy funds and assets still being withheld by insurance companies so as to enhance the lives of pensioners under the old pension scheme.

The judgement was obtained after the initial out of Court settlement between PTAD and Goldlink Insurance Plc anchored by the National Insurance Commission (NAICOM) failed.

PTAD had requested Goldlink Insurance Plc to provide the Directorate with relevant information on their ongoing recapitalization process including the Prospectus and other relevant documentations, manifestly specifying assets and liabilities to ensure that the interest of PTAD is indisputably secured in their future plans.

PTAD also demanded that Goldlink Insurance Plc should execute a Memorandum of Understanding with the Directorate to be endorsed by the National Insurance Commission strikingly specifying its obligations to repay the outstanding Legacy Funds and Assets over a period not exceeding 12 months after their recapitalization.

However, Goldlink Insurance failed to take advantage of the arrangement which necessitated the Directorate to seek for the Court intervention on the repayment.

PTAD expressed appreciation to other insurance companies which had paid their outstanding of the Legacy Funds in their custody.

However, other Insurance companies still with outstanding Legacy Funds and Assets include Unic Insurance Plc and Standard Alliance Life Insurance Plc.

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