The Pension Transitional Arrangement Directorate has criticised a protest staged by former workers of the defunct Assurance Bank Plc at its Lagos State office, describing their demands as contrary to Federal Government guidelines.
The ex-workers staged a demonstration on Wednesday, June 10, 2026, over their non-inclusion in the N32,000 pension increment approved by President Bola Tinubu in 2024.
Reacting to the development through a statement sent to Sunday PUNCH, the management of PTAD stated that while it recognised the constitutional right of retirees to express their concerns, the protesters were fully aware that they were not entitled to the specific N32,000 increment.
The directorate said, “According to the National Salaries, Incomes and Wages Commission circular Ref. No. SWC/S/04/S.542/III/461 dated September 27, 2024, Defined Benefit Scheme pensioners of Peoples Bank of Nigeria, Assurance Bank, Nigeria Reinsurance, NICON Insurance, and NITEL/MTEL are exempted from the N32,000 pension increment.”
PTAD explained that instead of the flat rate, retirees from the affected defunct agencies were placed on a separate percentage-based review structure.
“Pursuant to NSIWC Circular Ref. No. SWC/S/04/S.557/T/233 dated November 24, 2024, DBS pensioners of Peoples Bank of Nigeria, Assurance Bank, Nigeria Reinsurance, NICON Insurance, and NITEL/MTEL are entitled to pension increases of 10.66 per cent and 12.95 per cent,” the directorate added.
The agency expressed surprise that the ex-workers, accompanied by members of the media, still chose to disrupt operations over a policy position that had already been officially communicated to them.
“This position has been duly communicated to all affected DBS pensioners. It is therefore surprising that ex-workers of Assurance Bank Plc visited the PTAD Lagos State Office to protest their non-inclusion despite being aware that they are not entitled to the benefit under the applicable guidelines,” the statement noted.
Highlighting payments already made, PTAD revealed that it implemented the 10.66 per cent, 12.95 per cent and N32,000 pension increments for all eligible retirees in its September 2025 monthly payroll, clearing all subsequent arrears.
The directorate further disclosed that significant funds had already been disbursed to the category of pensioners involved in the protest.
“In December 2025, PTAD disbursed a total sum of N5,095,197,136.52 to 11,205 eligible DBS pensioners of Peoples Bank of Nigeria, Assurance Bank, Nigeria Reinsurance, NICON Insurance, and NITEL/MTEL, being a 50 per cent payment of the arrears arising from the 10.66 per cent and 12.95 per cent pension increment,” the agency said.
Reaffirming its commitment to the welfare of retirees under the Renewed Hope Agenda of the current administration, the management stated that it would not relent in its duties.
“The directorate will continue to work diligently to ensure that all eligible DBS pensioners receive their full entitlements promptly and transparently,” PTAD concluded.
The PUNCH earlier reported that the core of the retirees’ grievance lay in a perceived “discriminatory dichotomy” enforced by PTAD, which absorbed the workers in 2019 but has allegedly failed to match their benefits with those of regular Federal Government retirees.
The voice of the protest was carried by several representatives who stepped forward to detail the human cost of the regulatory standoff.
A protest coordinator and ex-Assurance Bank staff member, Idowu Oshikoya, said, “We are ex-staff of the defunct Arab Bank and Assurance Bank. We worked, and we are qualified to be paid pension. Up till now, many of us are here to be paid; even those who are paid are not sufficiently paid.”
Oshikoya explained that despite the President’s directive ensuring a minimum pension baseline for Federal workers, their group had been entirely left out.
“The N32,000 palliative that was granted for all minimum wage earners, we are excluded. I can tell you for free that many of us here, our pension is under N10,000. I don’t know how we can survive with that,” he added.
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