4,237 Retired Customs Officers Receive N7.61bn Pension Payout

The Nigeria Customs Service (NCS) has released N7.61bn to nine Pension Fund Administrators (PFAs) for the payment of retirement benefits to 4,237 retired officers, with the funds set for disbursement into the beneficiaries’ individual accounts.

Data presented by the Service, as seen by THE WHISTLER, showed that Premium Pension accounted for the highest number of beneficiaries with 2,268 retirees, representing 53.5 per cent of the total 4,237 beneficiaries. Access-ARM Pension Managers followed with 1,223 retirees, representing 28.9 per cent.

Leadway Pensions ranked third with 403 beneficiaries, accounting for 9.5 per cent of the total, while TrustFund Pensions had 156 beneficiaries, representing 3.7 per cent. FCMB Pensions accounted for 144 retirees, equivalent to 3.4 per cent of the beneficiaries.

The remaining retirees were enrolled under Veritas Glanvills Pensions, which had 28 beneficiaries, representing 0.7 per cent of the total, Norrenberger Pensions with 11 beneficiaries (0.3 per cent) and Fidelity Pension Managers with four beneficiaries (0.1 per cent).

While Premium Pension accounted for the highest number of retirees, the Service did not disclose the amount allocated to each Pension Fund Administrator.

Pension payments under the Contributory Pension Scheme vary based on factors including an officer’s rank, years of service and retirement benefits, meaning the number of beneficiaries does not necessarily reflect the value of funds received by each PFA.

Speaking during a dialogue with retired Customs officers, the Comptroller-General of Customs, Adewale Adeniyi, said the N7.61bn had been disbursed to the PFAs for onward payment into the retirees’ individual accounts.

“The Service must remain strong and financially capable of meeting its obligations to serving officers and retirees.

“The welfare of those who had dedicated decades to the Service could not be separated from the future of the institution,” Adeniyi said.

He also urged the retirees to sustain constructive engagement with the Service, saying, “I acknowledged your concerns and suggestions raised, and it is in view of this we called for this dialogue to promote better understanding and reduce the effect of rumours and unofficial information on the relationship between the Service and its retired personnel.”

The dialogue was attended by the Deputy Comptroller-General of Customs in charge of Human Resources Development, DCG Tijjani Abe, and other members of the Management Team, who assured the retirees that their concerns would receive appropriate attention at the Service’s Board and Management sittings.

The retirees expressed appreciation to the Comptroller-General and the Management Team for responding to their concerns and creating a platform for direct engagement. They also appealed to the Service to sustain the dialogue as part of efforts to strengthen the relationship between serving officers and retired personnel.

The meeting comes amid ongoing efforts to improve pension administration following the Federal Government’s review of statutory 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.