Authorities clear N7.61 billion in retirement payouts for over 4,200 former workers

The Nigeria Customs Service has disbursed a total of N7.61bn to nine Pension Fund Administrators, which will be utilized to settle the retirement benefits of 4,237 former officers, as stated by the Comptroller-General of Customs, Adewale Adeniyi, who reiterated the Service's dedication to enhancing the welfare of its retired personnel.

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This announcement was made during a meeting between Adeniyi and retired Customs officers, where he revealed that the funds had already been transferred to the Pension Fund Administrators, who will then credit the beneficiaries' Retirement Savings Accounts.

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The details of this development were made public in a statement issued by the National Public Relations Officer of the Nigeria Customs Service on Friday, highlighting the Service's efforts to ensure prompt payment of entitlements to retired officers and foster stronger ties between the Customs leadership and pensioners.

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According to the statement, the disbursement of N7.61 billion to 4,237 retirees is a demonstration of the Service's commitment to improving the welfare of its retired personnel, as reaffirmed by Adeniyi.

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A breakdown of the beneficiaries presented during the meeting showed that Access-ARM Pension Managers has the largest number of beneficiaries, with 1,223 retirees, followed closely by Premium Pension Limited, which has 2,268 beneficiaries.

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Leadway Pensions, Trustfund Pensions, FCMB Pensions, Veritas Glanvills Pensions, Norrenberger Pensions, and Fidelity Pension Managers account for 403, 156, 144, 28, 11, and four beneficiaries, respectively, bringing the total number of retirees covered under this payment to 4,237.

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Adeniyi emphasized that the Nigeria Customs Service must maintain its financial strength and institutional stability to fulfill its obligations to both serving officers and retired personnel, stressing that the welfare of former officers is inextricably linked to the future and credibility of the institution.

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He stated, "The Service must remain strong and financially capable of meeting its obligations to serving officers and retirees, as the welfare of officers who have dedicated decades of their lives to the Nigeria Customs Service cannot be separated from the future of this institution."

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Adeniyi appealed to retired officers to engage constructively with the Service, rather than relying on rumors or unofficial information, and acknowledged the concerns and suggestions raised by the retirees during the meeting.

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He expressed his commitment to ensuring that retirees receive the attention and support they deserve, and emphasized the importance of regular interaction between the management and retirees in resolving concerns and strengthening trust and transparency.

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

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The retirees commended Adeniyi and the Customs management for creating a platform for interaction with the Service's leadership, describing the dialogue as timely and calling for such engagements to be institutionalized to strengthen the relationship between serving officers and retired personnel.

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The latest pension disbursement is part of wider reforms by the Federal Government aimed at improving the welfare of pensioners across the public service, including a review of statutory provisions governing pensions to align them with the 1999 Constitution.

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The Federal Government is currently reviewing Section 15(4) of the Pension Reform Act 2014 to ensure it is in line with Section 173(3) of the 1999 Constitution, which guarantees the periodic review of pensions to reflect prevailing economic realities.

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These reforms are expected to enhance pension administration and improve the financial security of retired public servants, including former personnel of the Nigeria Customs Service, as authorities seek to address longstanding concerns over retirees' welfare and pension payments.