Despite the prevailing economic downturn which has impacted negatively on businesses, IEI-Anchor Pensions Limited has remained upbeat in key indices, maintaining profitability and enhancing shareholder value.
The Pension Fund Administrator(PFA), which started operation 10 years ago, precisely November 2009 having been licensed by the National Pension Commission (PenCom) in 2006 has grown its asset under management from N39.03 billion in 2014 to N46.50 billion at the end of 2015, showing 19.8 percent increase.
Jonathan Zwingina, chairman of the company presenting the performance of the PFA at its Annual General Meeting in Abuja said in the course of the year, the Board has taken proactive measures to ensure that despite prevailing economic downturn, it maintained profitability thereby enhancing shareholder’s value.
He said the company moved from a loss position of N17 million in December, 2015 to the unaudited financial statement position as at 30 September, 2016 to a profit of N98 million. “This is a remarkable turnaround of the company’s fortunes by the new management.
“The year 2015 also saw the company grow by 12 percent in its Retirement Savings Account generation with 83,568 Accounts as against 74,901 Accounts in 2014. We continue to provide an amiable atmosphere for our employees to advance their careers and at the same time keeping in view our responsibility to our customers, Zwingina said.
The Board has continued to maintain its oversight functions, in ensuring proper risk management, accounting and financial management through its various Board committees with a view to ensuring strict compliance with its business strategies and other guidelines. As a part of its fiduciary responsibilities, the Board has maintained its unwavering commitment to safeguarding the assets entrusted to it.
On the Company’s 10 years anniversary, he noted that indeed, the Company has come a long way especially taking into cognizance the journey thus far, while thanking the shareholders for their continued support, he promised “we shall remain committed to ensuring that IEI-Anchor Pension Managers Limited is a viable organization for continued growth and contribution to the Pension industry in particular and the Nigerian economy in general.
Glory Etaduovie, managing director/CEO of the Company speaking at the meeting said the last quarter of the year saw a change in the Chief Executive of the company, which also led to re-composition of the Management team and this was necessary by the Board to stem some certain distractions.
He said the new management has made giant strides in both tangible and intangible assets. “Despite the overwhelming changes, the year 2015 recorded a modest growth in revenue by about 22 percent, from N370 million in 2014 to N450 million in 2015. The previous loss position of N24.6 million was reduced to N16.8 million. This led to a more promising 2016.”
“Our September 2016 unaudited accounts show promise of a profitable year, as we have recorded a profit before tax of N98 million. The Shareholders fund improved in 2016 from a decline position of N1. 217 billion to N1. 275 billion. This experience informed our planned theme for 2017 – PRISM OF POSSIBILITIES.”
Etaduovie stated that there is a wide spectrum of initiatives and opportunities in 2017, despite the seeming doldrums. We are optimistic that the economy would wake up from the shocks of reality it is going through.
Modestus Anaesoronye
