Following the change of name from UnityKapital Assurance to Veritas Capital Limited, due to the divestiture of Unity Bank from the insurance company, the name of its subsidiary pension fund management company, Future Unity Glanvills Pensions Ltd, (FUG Pensions) has been changed to Veritas Glanvills Pensions Ltd.
It will be recalled that Veritas Capital acquired 50.3% majority equity shares of Unity Bank Plc in UnityKapital Assurance as a result of the Central Bank of Nigeria, CBN’s directive that banks should either divest from non-core banking subsidiaries or in the alternative, form holding companies.
With the acquisition and name change, Veritas Glanvills Pensions is now owned by Veritas Kapital Assurance Plc, “a long-standing financial corporate in insurance and one of Nigeria’s leading insurance companies” and “Glanvills Enthoven & Co. Limited, an insurance broking company with over 30 years’ experience in pension fund management and administration”.
Future Unity Glanvills Pensions, now Veritas Glanvills Pensions “was licensed by the National Pension Commission (PenCom) as a Pension Fund Administrator on the 21st of June 2007 to manage Retirement Savings Accounts (RSA) of individuals/organisations across both the public and private sector in Nigeria” in accordance with the provisions of the Nigeria Pension Reform Act (PRA 2014).
With “authorized and paid up share capital of N1.5 billion and operations in six (6) regional offices in Abuja, Asaba, Ibadan, Kano, Lagos, and Port Harcourt and several branch/zonal offices spread across the country”, Veritas Glanvills Pensions Ltd is poised to continue from where Future Unity Glanvills Pensions stopped.