Pension

Premium Pension holds 16th annual general meeting

Babayo

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Chuks Udo Okonta

Total Assets Under Management (AUM) of Premium Pension Limited (PPL) grew in 2020 by N83.14 billion to N787.80 billion from N704.66 billion it was in 2019 financial year.

This represented a year-on-year growth rate of 11.79 per cent.

A statement by the Head, Corporate Communications, Premium Pension Limited, Aliyu Mohammed Ali, said the Chairman, Board of Directors, Ibrahim Alhassan Babayo, made the disclosure during the Company’s online 16th Annual General Meeting (AGM)

Babayo said the Company also maintained its lead in terms of Unit Value in the oldest funds i.e. Fund II (5.3376) and Fund III (1.3587) in the Nigerian Pension Industry. This leading performance also reflected in the Approved Existing Scheme (AES) which the company jointly manages with other PFAs.

He also stated that the number of Retirement Savings Accounts (RSAs) registered by Premium Pension in both the public and private sector organizations as well as Micro Pension as at 31st December 2020 rose to 730,146 in the course of the year 2020.

Babayo said the “The long-awaited Transfer Window was officially launched on November 16th, 2020, shifting power to the contributors as they now have the opportunity to switch from one PFA to another”. According to him, the opportunities to move when dissatisfied have an implication on Assets under Management (AUM).

He was glad to report to shareholders that Premium Pension Limited was a net gainer during the maiden Transfer Window quarter.

Despite the volatile economic environment, Babayo was pleased to recommend a final dividend of N1.25 per share to bring the total dividend payment within the year to N2.25 per share.

In his remark, the Managing Director, Mr. Umar Sanda Mairami, expressed appreciation to the Board for their untiring support towards uplifting performance geared at building a robust PFA. He further assured that the Company will be consistent in offering premium experience to its Members.

The meeting, which was conducted remotely was well attended by Shareholders, members of the Board, Executive Management, representative of the National Pension Commission (PenCom) and Messrs. KPMG Professional Services.

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