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LeapFrog Investments takes up stake in ARM Pensions

The firm has reportedly acquired the stake held by Helios another private equity firm.




LeapFrog Investments an emerging market (EM), focused private equity fund, has taken up a stake in ARM Pension managers, according to Bloomberg. Terms of the deal, however, were not disclosed.

The firm has reportedly acquired the stake held by Helios another private equity firm, ThisDay revealed. Helios bought a minority stake in ARM Pensions for $50 million in 2014. There are currently 21 Pension Fund Administrators (PFAs) in the country.

Room for growth

Nigeria’s pension industry still has room for growth as contributions remain largely from the organized private sector and civil service. Micro pension schemes for the informal sector are yet to take off.

March 2018 figures by the National Pension Commission (PENCOM) put the total number of Retirement Savings Account (RSA) registrations at 7.9 million. Recent figures by the National Bureau of Statistics (NBS) put the number of employed and underemployed at 69 million.

PENCOM has also demonstrated a low tolerance for infractions. The regulator, in March this year, fined several operators billions of Naira for having sub-optimal returns.

ARM Pensions plays a dominant role

The top 5 PFA’s (inclusive of ARM) continue to dominate a large share of the market. Data from PENCOM shows the top 5 PFAs accounted for 54% of RSA registrations. The top 5 PFAs also accounted for 66.64% of total RSA assets under management as at the fourth quarter of 2017.

Recent transactions

Stanbic IBTC Holdings in March 2017, bought a 17.65% stake in Stanbic IBTC Pension Managers Limited (SIPML) from Access Bank for N16.25 billion, according to disclosures in its financial statements for the year ending December 2017.

The exit was due to a directive by the Central Bank of Nigeria (CBN) for banks to exit non-core businesses or form a holding company (Holdco).

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FCMB Group Plc in November, 2017, completed the acquisition of an additional 60 percent equity stake in Legacy Pension Managers Limited increasing its interest in the firm to 88.2%. The bank in its FY 2017 conference call also indicated the PFA would play a key role in its performance going forward.

LeapFrog Investments was founded in 2007 by Andy Kuper and Jim Roth. The company focuses on emerging markets and has attracted over $1 billion in funding since inception from prominent firms such as the International Finance Corporation (IFC), J.P. Morgan, AXA Mansard and Swiss Re. The firm in February 2018, exited from Petra Trust, a Ghanian pension operator. It acquired the holding in 2015.

ARM Pensions is a subsidiary of Asset & Resource Management Company Limited (ARM). The company was one of the first 7 Pension Fund Administrators (PFAs) awarded licences by PENCOM in December, 2005. The firm currently has over $1.8 billion in assets and over 700,000 RSA holders.

Aside from ARM, other shareholders include the African Reinsurance Corporation, ARM Pension Managers Staff Investment Trust, and several individual Nigerian shareholders as a result of a merger with First Alliance Pension & Benefits Limited.

Results for the financial year ended December 2017 show revenue increased from N6.5 billion in 2016 to N8.1 billion in 2017. Profit before tax rose from N3.6 billion in 2016 to N4.3 billion in 2017. Profit after tax also moved from N2.5 billion in 2016 to N3.0 billion in 2017.

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Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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COVID-19 Update in Nigeria

On the 5th of March 2021, 371 new confirmed cases and 3 deaths were recorded in Nigeria



Covid 19 update symptops

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 158,042 confirmed cases.

On the 5th of March 2021, 371 new confirmed cases and 3 deaths were recorded in Nigeria.

To date, 158,042 cases have been confirmed, 137,025 cases have been discharged and 1,954 deaths have been recorded in 36 states and the Federal Capital Territory.

A total of 1.54 million tests have been carried out as of March 5th, 2021 compared to 1.49 million tests a day earlier.

COVID-19 Case Updates- 5th March 2021,

  • Total Number of Cases – 158,042
  • Total Number Discharged – 137,025
  • Total Deaths – 1,954
  • Total Tests Carried out – 1,544,008

According to the NCDC, the 371 new cases are reported from 20 states- Lagos (101), Rivers (54), Anambra (31), Ebonyi (23), Imo (23), Kwara (22), Kano (20), Taraba (17), Akwa Ibom (16), FCT (15), Abia (13), Kaduna (13), Osun (5), Edo (4), Oyo (4), Kebbi (3), Ogun (3), Ekiti (2), Nasarawa (1), and Zamfara (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 56,374, followed by Abuja (19,328), Plateau (8,939), Kaduna (8,623),  Oyo (6,761), Rivers (6,651), Edo (4,645), Ogun (4,419), Kano (3,830), Ondo (3,066), Kwara (2,953), Delta (2,582), Osun (2,449), Nasarawa (2,248), Enugu (2,078), Katsina (2,060), Gombe (2,010), Ebonyi (1,951), Anambra (1,811), Akwa Ibom (1,588), and Abia (1,568).

Imo State has recorded 1,551 cases, Borno (1,297), Bauchi (1,232), Benue (1,188), Adamawa (942), Niger (917), Taraba (863), Ekiti (825), Bayelsa (779), Sokoto (769), Jigawa (496), Kebbi (401), Cross River (334), Yobe (288), Zamfara (221), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.

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Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.


On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.

On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous


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Hospitality & Travel

MMA2 imports new x-ray machines from US

MMA2, Lagos took delivery of new x-ray machines ordered by Bi-Courtney Aviation Services Limited (BASL) to upgrade its facilities.



The Murtala Muhammed Airport, Terminal 2, Lagos has taken delivery of new x-ray machines ordered by Bi-Courtney Aviation Services Limited (BASL) to upgrade its facilities on Friday.

This was disclosed by the Group Corporate Affairs Manager of BASL, operator of MMA2, Mikail Mumuni, in a statement on Friday.

He said, “The equipment imported from the US arrived the Murtala Muhammed International Airport, Lagos Wednesday night from where they were later moved to MMA2.

”Installation of the x-ray machines and air conditioners will commence on Friday evening and that this would be completed within one week.”

The BASL spokesperson quoted the acting Head of Business of the company, Mr. Ralph Uchegbu as saying that “the installation of the new X-ray machines and air conditionals will further reinforce the status of MMA2 as the nation’s pre-eminent airport terminal in terms of customers security and comfort.”

What you should know

  • BASL recently announced that it had invested over $500,000 massive upgrading of its X-ray machines and air conditioning systems for passengers safety, security and comfort.

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