The protest, which took place on Wednesday, June 10, 2026, at PTAD’s Lagos State office, was led by retired workers of Assurance Bank who demanded inclusion in the 2024 pension adjustment. The group argued that they had been unfairly left out of a nationwide review meant to improve welfare for low-income pensioners.
However, PTAD maintained that the demonstrators were not eligible for the flat-rate increase under the applicable policy framework.
Government Cites Official Circulars on Eligibility
In its response, PTAD referenced directives issued by the National Salaries, Incomes and Wages Commission (NSIWC), which it said clearly outlined categories of pensioners excluded from the ₦32,000 increment.
“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,” the agency stated.
Instead of the flat adjustment, PTAD explained that retirees from the affected defunct institutions were placed under a percentage-based increase 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,” it added.
PTAD Says Payments Already Implemented
The agency further noted that it had already implemented the approved adjustments and cleared arrears for eligible pensioners under its payroll system.
It said the 10.66 per cent, 12.95 per cent, and ₦32,000 increments were all captured in the September 2025 pension payroll cycle, with outstanding arrears subsequently settled.
PTAD also disclosed the scale of payments made to affected categories of retirees.
“In December 2025, PTAD disbursed a total sum of ₦5,095,197,136.52 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 statement read.
Agency Expresses Surprise Over Protest
While acknowledging the right of retirees to express grievances, PTAD expressed surprise that the protest proceeded despite what it described as prior communication of their ineligibility.
“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 agency said.
PTAD reiterated its commitment to transparency and continued welfare payments under the Federal Government’s Renewed Hope Agenda, adding that it would remain focused on ensuring timely disbursement of entitlements.
“The directorate will continue to work diligently to ensure that all eligible DBS pensioners receive their full entitlements promptly and transparently,” it said.
Protesters Claim Exclusion and Inadequate Pensions
Despite the agency’s clarification, the former workers maintained that they had been unfairly treated under the current pension structure.
One of the protest coordinators, Idowu Oshikoya, said the group believed they were entitled to the same benefits as other federal retirees.
“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,” he said.
Oshikoya argued that the group was also excluded from the ₦32,000 pension adjustment introduced as a national relief measure.
“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.
Dispute Highlights Broader Pension Concerns
The confrontation underscores ongoing tensions within Nigeria’s Defined Benefit Scheme, where former employees of defunct public institutions have repeatedly raised concerns about disparities in pension adjustments and perceived inequities in government welfare interventions.
While PTAD insists that its actions are guided strictly by federal circulars, the protesting retirees maintain that the structure leaves them disproportionately disadvantaged, especially in the face of rising living costs and low monthly pension payouts.
The dispute adds to broader national conversations about pension reform, equity in retirement benefits, and the sustainability of Nigeria’s legacy pension system under current economic pressures.