By Tony Obiechina, Abuja
FCMB Pensions, a subsidiary of FCMB Group Plc, has set its sights on informal sector workers as it pushes to expand its asset base beyond N1tn, targeting N1.2tn in assets under management by the end of December 2025.
The Managing Director of FCMB Pensions, Christopher Bajowa, disclosed this on the sidelines of the firm’s 20th Anniversary Dinner and Awards ceremony held in Abuja.
Bajowa said the company, which currently manages over N1.1tn in assets, is positioning the Personal Pension Plan as its next major growth driver, noting that inclusion remains the biggest challenge facing the pension industry.
Addressing journalists at the event, he said, “The company is planning to be a major player in the industry, with focus on the Personal Pension Plan as the next frontier of pension growth.”
According to him, expanding the number of contributors has been difficult, particularly among informal sector workers, adding that the regulator is also paying increased attention to the segment because of its potential to deepen pension inclusion.
“The major challenge has been that of inclusion. Efforts to grow the number of contributors have been a challenge, and the regulator is focused on this area because of its great potential to grow inclusion,” Bajowa said.
He also pointed to macroeconomic pressures, especially currency instability, as a constraint to long-term savings in the pension space.
Maccido explained that the company achieved early stability and growth within a few years of operations. “Within three years of operation, we were able to break even, and within five years, we were able to post two consecutive years of profitability,” he said.
He added that by the time he completed five years at what was then Legacy Pension, later FCMB Pensions, the firm had signed up 187,000 Retirement Savings Accounts and built an asset base of N72bn.
“We had clients such as Division One of the Nigerian Army, the Central Bank of Nigeria, NIPOST, and other individual RSA holders from across the length and breadth of this country,” Maccido said.
Reflecting on the company’s current scale, he praised the successive management for growing assets to over N1tn.
READ ALSO:
- UCL: Osimhen inspires Galatasaray’s 4-2 comeback win over Lille
- Super Falcons: How 10-time African Champions’ Tumbling FIFA Monthly Ranking Can Stop
- I’m Sorry For Leaking Official Matters, ex-DSS Officer Begs DG, Colleagues
- LA28: Nigeria Joins Olympic Stakeholders at Pre-Games Meeting in Los Angeles
- War against Polio winnable, says Rotary Governor
