The Pension Transitional Arrangement Directorate (PTAD) has responded to a protest by former employees of the now-defunct Assurance Bank Plc, insisting that their exclusion from the N32,000 pension increase approved by President Bola Tinubu was in line with existing government regulations.
The protest took place on June 10, 2026, at PTAD’s Lagos office, where retired workers gathered to express their dissatisfaction over what they described as unfair treatment regarding pension payments. The retirees argued that they had been left out of the N32,000 pension adjustment introduced by the Federal Government in 2024 to improve the welfare of pensioners.
However, PTAD maintained that the affected pensioners were never eligible for the flat-rate increase. In a statement issued to explain its position, the agency said the retirees were already aware of the policy guidelines governing their pension benefits.
According to PTAD, a directive from the National Salaries, Incomes and Wages Commission (NSIWC) specifically excluded pensioners under certain defunct government-linked institutions from receiving the N32,000 increase. These organisations include Assurance Bank, Peoples Bank of Nigeria, Nigeria Reinsurance, NICON Insurance, and NITEL/MTEL.
Instead of receiving the fixed increase, PTAD explained that retirees from these organisations were placed under a separate pension review arrangement. Under that structure, they became eligible for percentage-based pension increases of 10.66 percent and 12.95 percent, depending on their pension category.
The directorate noted that these adjustments were officially approved and communicated to all affected pensioners. PTAD therefore expressed surprise that the former Assurance Bank workers chose to stage a protest despite being informed about the policy.
The agency also highlighted the payments already made to pensioners under the scheme. It stated that the approved percentage increases, along with the N32,000 adjustment for eligible pensioners in other categories, were fully implemented in its September 2025 payroll.
Furthermore, PTAD disclosed that in December 2025, it paid over N5.09 billion to more than 11,000 eligible pensioners from the affected institutions. The payment represented 50 percent of the arrears generated by the approved percentage increases.
Despite PTAD’s explanation, the protesters insisted that the arrangement was unfair. They argued that many of them receive extremely low monthly pensions and are struggling to cope with the rising cost of living.
Speaking on behalf of the demonstrators, protest coordinator and former Assurance Bank employee, Idowu Oshikoya, said many retirees still receive less than N10,000 monthly. He argued that excluding them from the N32,000 increase has placed them in a difficult financial situation.
Oshikoya stated that while the Federal Government introduced the increase to support pensioners and low-income earners, former Assurance Bank workers were left behind. He called on the authorities to review the policy and ensure that affected retirees receive better benefits.
PTAD, however, reaffirmed its commitment to pensioners’ welfare, stating that it remains focused on ensuring that all eligible retirees receive their rightful entitlements promptly and transparently under the Federal Government’s Renewed Hope Agenda.
The disagreement highlights the growing concerns among some retirees over pension disparities and the need for clearer communication on benefit structures within Nigeria’s pension system.
