Customs Releases N7.61bn Pension Funds To 4,237 Retirees

The Nigeria Customs Service (NCS) has released N7.61 billion to nine Pension Fund Administrators (PFAs) for the payment of retirement benefits to 4,237 former personnel, as Comptroller-General of Customs, Adewale Adeniyi, reaffirmed the agency’s commitment to improving the welfare of retired officers.

The development was disclosed in a statement issued over the weekend following a dialogue between the Customs leadership and retired personnel. During the meeting, Adeniyi said the funds had already been transferred to the Pension Fund Administrators for payment into the individual accounts of the beneficiaries.

According to the breakdown presented at the meeting, Access-ARM Pension Managers received funds for 1,223 retirees, while Premium Pension accounted for the highest number of beneficiaries with 2,268 retirees. Leadway Pensions received allocations for 403 beneficiaries, TrustFund Pensions for 156, FCMB Pensions for 144, Veritas Glanvills Pensions for 28, Norrenberger Pensions for 11 and Fidelity Pension Managers for four retirees, bringing the total number of beneficiaries to 4,237.

Speaking during the engagement, the Comptroller-General said the Customs Service must remain financially strong enough to meet its responsibilities to both serving officers and retired personnel. He noted that the welfare of officers who devoted many years of service to the organisation remains important to the future and stability of the agency.

Adeniyi also encouraged retired officers to maintain open communication with the Service. He said the meeting was organised to address their concerns, encourage better understanding and reduce the spread of rumours and unofficial information that could affect the relationship between the Service and its retirees.

The meeting was attended by the Deputy Comptroller-General of Customs in charge of Human Resources Development, DCG Tijjani Abe, alongside other members of the Customs Management Team. They assured the retirees that the issues raised during the dialogue would be presented and considered at the appropriate Board and Management meetings.

The retired officers commended the Comptroller-General and the management for creating an opportunity for direct interaction and for responding to their concerns. They also appealed for regular engagement to strengthen the relationship between serving officers and retired personnel.

The release of the funds comes as the Federal Government continues efforts to improve pension payments following its decision to review the legal provisions governing pensions, including Section 15(4) of the Pension Reform Act 2014, in line with Section 173(3) of the 1999 Constitution, as amended.