Norrenberger Pensions said its assets grew by 17%, while total contributors increased by 5%, under the 2022 financial year. Hamisu Idris, the Managing Director/CEO, Norrenberger…
Norrenberger Pensions said its assets grew by 17%, while total contributors increased by 5%, under the 2022 financial year.
Hamisu Idris, the Managing Director/CEO, Norrenberger Pensions Limited formerly Anchor Pension Managers Limited, stated this in Abuja.
On non-remittance, he, however, said the company recorded a loss of N425 million in the 2022 financial year, a situation he attributed “majorly to the one-off legal expenses incurred for recapitalization and post-acquisition expenses. Our financial performance will come out top in the next accounting year (2023 financial year)”
He disclosed that despite this, the “company performed excellently because of prudent strategic financial management despite the fragile business environment in the year under review”
The company also grew its registered contributors to 154,481 in December 2022 from 146,756, in December 2021, representing an absolute growth of 7,725 (5%).
“Despite the challenges in the year under review, Asset Under Management (AUM) grew by 17% to NI43.4bn in 2022 from NI20,089bn as at December 2021
He assured that the company will continue to satisfy esteemed customers and ensure that benefits are paid as and when due, adding that “Payment to our retirees and other contributors are done as and when due without hitches”.
He announced that the company paid out a total sum of N7.97bn in various benefits to over 13,459 contributors since inception m 2006.
As for 2022, the company paid a total sum of N385m as Lump sums and Arrears to 115 retirees, N269m as death benefits to 78 beneficiaries, N28m on was paid as Enbloc to II7 beneficiaries, N141m paid as temporary access (25% payment) to 378 contributors for loss of jobs.
He disclosed that the company embarked on comprehensive restructuring of organization in line with Norrenberger’s strategic objectives in the pension sector.
“ As a result of these efforts, our company’s share capital was further increased to N62bn by September 2022.”
