News Column

Trustfund Pensions Nets N1 Billion Profit, Approves N250 Million Dividend

June 24, 2014

Svlester Enoghase

Shareholders of Trustfund Pensions Plc have approved the board's recommendation of N250 million dividend pay-out at 25 kobo per N1.00 share, which according to Mrs. Ngozi Olejeme, the company's chairman, represents an increase over previous year's 23 kobo.

Addressing the company's 6th Annual General Meeting (AGM) in Abuja, Olejeme said gross earnings and profit after tax for the period increased by 22 and 28 per cent respectively, resulting in a correspondent increase in the total assets and shareholders' fund of 17 and 30 per cent respectively.

Specifically, she said net profit rose from N788 million to N1 billion, while funds under management (FUM), grew from N210.51 billion in 2012 to N272.1 billion in 2013.

"We have striven to consistently improve on excellent customer service delivery and over the years acquired daily quality clients including Lagos State Government, Ogun state Government, Niger State Government, Delta state Government, Osun state Government, Imo State Government, Ekiti state Government, Kogi State , Zamfara State Government and of course, the top Civil Servant in the Federal civil service.

"We also have a sizeable number of customers from the Central Bank of Nigeria (CBN), Zenith Bank and the defunct Power Holding company of Nigeria Plc (PHCN)," she added.

According to Olejeme, the prompt release of the accrued rights of retirees by the Federal Government reduced the level of backlogs and complaints associated with the payment of retirement benefits tour customers

She called on customers to take advantage of the AGM to interact with representative of the institutional investors in Trusfund Nigeria Plc, who she said "cut across all sector of the economy represented by Nigeria Employers Consultative Association (NECA), Main Street Bank, Niger Insurance Plc and ChapelHil Denham management.

"We also have representative of organised labour, the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), and of course, the foremost pension operator prior to the promulgation of the Pension Rform Act 2004- the Nigeria Social Insurance." The chairman assured shareholders' of the company's steady and impressive growth on all key financial metrics, adding that "despite the security situation and heightening political tension in the country, the board , management and staff of Trustfund Plc will continue to remain focused and leverage on our strengths to enrich the lives of our various stakeholders in a sustainable manner."

Meanwhile, Olejeme emphasised that the pension industry in 2013 consolidated on awareness campagn of the Contributory Pension Scheme, noted that ta remarkable achievement on the schme was made in 2013.

She however said "The National Pension Commission (PenCom) remains optimistic about its ability to fully incorporate the informal sector and the states government workers into the scheme and projects in the next three years, when the pension assets would have grown from the present level of N3.5 to N11 trillion"

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Source: AllAfrica

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