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Chuks Udo Okonta
Having successfully operated for 10 years, award winning Pension Fund Administrator (PFA), FUG Pensions Limited, hopes to be ranked amongst top five in Nigeria’s pension industry.
The Managing Director of the PFA, Usman Suleiman, who disclosed this today in an interview with Journalists at the firm’s office in Lagos, said the company had in the past 10 years laid solid foundations to propel it to top echelon in the industry.
He said the firm’s assets under-management presently stand at above N52 billion, with about 150,000 active and retirees’ accounts, adding that the firm recorded Profit Before Tax (PBT) of over N230 million last year.
Suleiman, noted that in 10 years of the firm’s operations, the vision of the management and staff remained to be the most trusted operator in the industry and to also achieve competitive returns for clients.
He maintained that the current vision of the firm is to return efficient returns to clients and be the most trusted, stressing that with this in mind, getting to the top five in the industry will be achieve with ease.
“In the first 10 years, our vision is to be the most trusted firm in the industry. Our mission is to achieve competitive returns for our clients. I am delighted to say that over the past 10 years, we have actually realized that. We are indeed, highly trusted firm, to our clients; regulator and competitors. We have not only been able to compete in terms of our returns on investment, over the past three years, our Retirement Savings Account (RSA), has ranked amongst the top three in the industry.
“Our new mission is to achieve outstanding returns to our clients and efficient benefit administration to our retirees. The vision is to be the most trusted and remain the PFA of choice.
“The first 10 years, we survived in spite of all odds, as an entity and positioned ourselves in course of growth. Over the next 10 years, we are not only looking at achieving that growth and be the most trusted firm, we are looking at breaking into the top most echelon in this market. By the end of the next 10 years, we do not see ourselves anywhere outside the top five PFAs in this industry,” he said.
He noted that though PFAs sell a mono product, his firm has segmented the market and offers best service delivery, stressing that customer service excellence and outstanding returns on investment, distinguished the firm from other PFAs.
He noted that due to the present competitive nature of business in the industry, there may be consolidation in the future, stressing that the firm is not precluding acquiring competitors to enhance performance.
The FUG boss, said initiatives such as micro pension, open window which are likely to kickstart this year, would transform the industry’s operations, adding that micro pension is expected to shore-up pension subscribers to 20 million in the next three years.
He maintained that though there are challenges in payment of pension accrued rights, the issue would be resolved as the economy rebounds.