Stanbic IBTC Pension Managers says it has invested about ₦350 billion in equities, even as its Assets Under Management (AUM) is currently at about ₦2.53 trillion. It also has about 1.6 million retirement savings accounts in across Nigeria.
The company’s Chief Executive Officer, Mr Eric Fajemisin, disclosed these recently in Lagos during a press briefing. He further stated that the company has also paid as much as ₦66. 5 billion to as many as 37,700 retirees in the country between 2004 and December 2017.
Fajemisin also claimed that Stanbic IBTC Pensions Managers Limited is currently Nigeria’s largest Pension Fund Administrator in terms of clients’ size. He, however, acknowledged that the company still has a long way to go, noting that “there is still more land to conquer in the industry” even as a lot of improvement is needed.
Meanwhile, speaking on the micro-pension scheme, Fajemisin said it is an initiative with a lot of growth potentials for the industry as a whole; especially so when properly executed and managed.
Speaking further, Fajemisin said the micro-pension scheme can reach about 70% of Nigerians who work in the informal sector.
He concluded by noting that the scheme would also ensure an improved standard of living for Nigeria’s aged and retired population, guarantee the safety of their funds and facilitate access to mortgage, amongst others.
Also speaking at the press briefing was Mr Oladele Sotubo, an Executive Director at the company who gave more insight into PenCom’s multi-fund structure which is slated to take off by July this year. He said the multi-fund structure will mandate Pension Funds Administrators in the country to desist from investing below the official threshold.
Stanbic IBTC Pensions Managers Limited is a subsidiary of IBTC Holdings Plc, a member of the IBTC Group. The company was incorporated in 2004, with a license to operate as a Pension Fund Administrator.
