The Nation Newspaper

Tag: IEI-Anchor

  • CSR: IEI Anchor takes on hepatitis

    In line with its Corporate Social Responsibility (CSR) drive, IEI-Anchor Pensions has developed an action plan to address hepatitis, the Managing Director, Glory Etaduovie, has said.

    Etaduovie, in a statement made available to reporters, said the plan was part of activities for the global Customer Service Week.

    He stated that the disease, which has become a major public health concern, is responsible for the loss of lives in Nigeria.

    He said the disease is tagged as one of the ‘silent killers’, with a record of about five million deaths yearly by a February 2018 report, noting that Nigeria had one of the highest prevalence of hepatitis B infections in the world in 2016.

    He stressed that IEI Anchor, a Pension Fund Administrator (PFA), has chosen to fight the disease by championing periodic health checks as well as public enlightenment.

    Etaduovie added: “It is quite disheartening to note that while deaths attributed to other diseases of great public concern are on the decline, the same cannot be said about viral hepatitis which seems to witness a steady rise in fatalities despite advances made in prevention and treatment. These surveys have been carried out by organisations of repute, such as the Global Burden of Disease, a non-governmental body as well as the World Health Organisation. The situation is made even more worrisome considering the limited number of health facilities, as well as experts who have to contend with the large number of patients in view of the population and size of our country.

    “Patients who detect these infections early enough, however, have a greater chance of survival, which is the thrust of IEI Anchor Pensions position in this fight. We want to champion a course of periodic health checks as well as public enlightenment in all there is to know about this disease. For our Customer Service Week, we will be engaging our customers in health lectures as well as checks to ascertain their health status in relation to this dreaded ailment. We realise that this silent killer can only make incursions into a natio’s health system where ignorance is ingrained.

    “As the major stakeholders in our operations and success story, we see our customers as partners in the growth and development of the pension industry and the economic benefits it presents to the nation. Our doors are wide open to our customers as we would love nothing more than a healthy society which surely is a happy and successful one.”

  • IEI Anchor gets Africa’s Innovative Award

    IEI-Anchor Pension Managers Limited has received Africa’s Best Innovative Pension Fund Administrator of the year 2017 award.

    In a statement made available to journalists in Lagos, the company said the award was presented to it by Developments in Africa Merit Awards  in La gos.

    Company Secretary and Legal Adviser, Femi Onoru who received the award for the company in her acceptance speech appreciated the conveners of the award and noted that being a service delivery industry, it was  exhilarating to know that every effort put into satisfying customers was taken into cognisance.

    She added that the company will continue to offer customer centric services according to best global practices.

    She said: “This is Iei Anchor Pensions second award this year. Not for its size but for it’s selfless customer service drive and sensitivity.

    “This feat proves that the Contribution Pension Scheme is a success and that the current challenges being experienced are only transitional from the old scheme.

    “We seek to use this opportunity to appeal to the general public that the pension fund be held as sacred by all and sundry, hence fragmenting the current settings with new laws without allowing it to mature would be a major dis-service to most and self serving to just a few. Presently, this scheme has been fraud-free that is why it is growing enviably”, he noted.

  • ‘75% lump sum payment may destroy essence of pension’

    ‘75% lump sum payment may destroy essence of pension’

    The 75 per cent lump sum proposal sponsored by Senator Oluwole Oke at the National Assembly, if passed into law, may destroy the very essence of pension, the Managing Director, IEI-Anchor Pension Limited, Glory Etaduovie, has said.

    Etaduov, who spoke with journalists on the theme: ‘Industry Challenge and Ignorance on the Pension Industry Activities’ in Lagos, said the essence of pension is to ensure steady income at retirement.

    He said the Contributory Pension Scheme (CPS) is a social service that is ‘’pro-government, pro-people and they simply cannot play politics with it’’.

    He described what he called the ignorance of the activities of the industry is disturbing, stating that many of the leaders in the country show this symptom. He urged the leaders to cherish and grow it rather than deploying ways to kill it, stressing that Pension is a social service.

    He said: “Pension funds is not a pool of funds that can be accessed easily, as thought by many. They are individual accounts just like your personal accounts. No one can access more than he can. It took a lot of planning, discipline and diligence to assemble the funds.

    “The 75 per cent proposal sounds exciting but it is not futuristic. Steady pension payment is to both re-settle a retiree into a new life without creating a radical difference. It also retains income consistency considering the length of time one may live, up to 30 years of life after retirement. Many who may agitate for the 75 per cent lump sum in the name of business investment or building a house, may lose their money for not being skilled in business.

    Noting that managing pension fund requires a special skill,Etaduov said: ‘’Some may be duped of it. Managing bulk sum is not an easy skill, especially if it looks like your last chance for income at old age.We will all get there.We must not forget that aging is the alternative to dying and building a house should really not be with pension. It must be emphasised that the common complaints of delayed payments are not from the Pension Fund Administrators (PFAs) but the effects of transition from the old scheme to the new one.

    “The government is making efforts to pay up the accumulation of the old scheme to update the individual retiree accounts, hence, a lot of emphasis on using the Paris Club fund for pensions and salaries arrears. Pension business takes care of an important part of life when everything is looking down. It is a social service. It must be protected not destroyed. All of us will get there some day’’.

     

  • IEI-Anchor gets PFA of the Year award

    IEI-Anchor Pension Managers Limited, a Pension Fund Administrators (PFA), has won Businesstoday PFA of the Year award.

    Its Managing Director, Glory Etudovie, while receiving the award said it signifies the recognition of the company’s activities in the last two years as a PFA.

    He said the award might have come as a surprise to many considering their size. According to him, the company has witnessed a massive turnaround, moving away from a loss position in 2015 to that of profititability.

    He said: “Successes have been recorded on all fronts on a month-to- month basis in the last 18 months. This includes our market size, our brand and image and our asset under management, which grew to over N60 billion.

    “This was achieved via internal reengineering, new business philosophy, repositioning as an elite organisation and, most importantly, it has been our sensitivity to customer value creation and delight, and brand value composition – through careful research analysis.

    “Our goal is to grow a dynamic organisation to meet up with global standards. This is effectively being done by building a formidable team through a paradigm shift, a reorientation of internal client-ship bearing in mind that the people are the success of any organisation today. This in turn would reverberate to the outside world; our contributors, industry observers and players. We are optimistic because we have the full support of our Board and stakeholders.”

    He noted that the modern business can no longer function effectively and efficiently without an efficient ICT infrastructure and process management. ‘’We have made considerable progress from where we used to be technologically. This has greatly impacted on our service delivery with an almost-deafening silence on customer complaints. We also have projects ahead to consolidate on the success recorded thus far, he said.

  • IEI-Anchor nets N54b

    •Celebrates 10th anniversary

    IEI-Anchor Pension Managers Limited, a Pension Fund Administrator (PFA), has recorded N54.056 billion and registered 82,188 clients,  its Managing Director, Glory Etaduovie, has said.

    He spoke at the firm’s 10th Anniversary in Lagos

    He said the PFAs’ investment policy is anchored on the objective of achieving maximum returns at minimal risks within the various asset classes okayed by PenCom.

    The MD said the company’s investment portfolio includes equities, fixed income securities and money market instruments.

    According to him, the company was incorporated in November 2004 with an authorised and paid up share capital of N2.22 billion.

    He said the shares are held by the International Energy Insurance Group and eminent Nigerians. The company commenced operations in 2006.

    Etaduovie said: “Having commenced operation 10 years ago with the vision to be a global financial institution, providing excellent pension solutions to the customers and the mission to be a dependable partner, helping its clients to protect and grow their pension assets, we are looking back with excitement.

    “We believe that our strengths lie on our strong financial position, consistent and competitive return on investment, superior customer service, first class office infrastructure, young, skilled professional workforce, strong corporate governance structure and a professional Board and Management teams. We have put in place robust operational and ICT infrastructure and accessibility across Nigeria with several platforms provided to customers.’’

  • IEI-Anchor PFA removes chairman

    IEI-Anchor PFA removes chairman

    The Board of Directors of IEI-Anchor Pension Managers Limited has removed its chairman, Senator Jonathan Zwingina, following a vote of no confidence passed on him by the directors.

    Zwingina, who has been the chairman since the firm’s incorporation in November 2004, was removed due to allegations of interference with the  management of the company.

    The PFA is believed to have had five managing directors in its 10 years of existence under the Chairmanship of Senator Zwingina, a development, analysts say, does not augur well  for the organisation.

    Stakeholders are hopeful that with this development, the management and the Board would  focus on building value for the stakeholders and remain competitive in the industry.

    A source in PenCom, while confirming the development, said: “We were notified of the action by the management of the organisation. It is within the confines of the organisation to do what it feels right for its smooth operation.”

    On measures put in place to ensure that the problrm does not happen again, the source said: “This is why we have the fit and proper requirement for appointments into any organisation and we shall continue to enforce and monitor it.”

    A former Managing Director of the PFA, who spoke on the condition of anonymity, described the removal of Senator Zwingina as long overdue, adding that his tenure did not reflect  much on the fortune of the company.

    He blamed the senator for the setbacks the PFA has suffered   on his overbearing influence on the management.

  • IEI-Anchor Pension raises share capital to N3b

    IEI-Anchor Pension raises share capital to N3b

    Shareholders of IEI-Anchor Pension Managers have voted to raise the company’s share capital from N2.222 billion to N3 billion in a move to accommodate increasing strategic partners’ interests that could help expand the business further.

    Its Managing Director, Solomon Okoli told shareholders that the  the ‘storm is over’, assuring that the firm has overcome its teething problems and is now positioned for sustainable growth and profitability.

    Okoli who spoke at the firm’s maiden annual general meeting (AGM) in Abuja that the firm has extended operations to 30 states of the federation, servicing over 75,000 customers and managing a couple of states’ staff pension.

    He said the firm grew shareholders’ funds more than eight folds from N150 million in 2005 to N1.240 billion last year, stressing that expansion efforts so far have repositioned the company for better performance even as the half year results have shown.

    The CEO said the long term plan of the company is to be among tier one PFAs in Nigeria, with the threshold of a minimum of N100billion of assets under its management.

    He explained that the cost of expansion had eaten into the firm’s revenue and consequently, profit assuring however of its bright future outlook.

    He said: “Our expansion may not be profitable immediately, but as we scale up over time, we will get through this and we are already seeing this in 2014. We are already seeing a lot of improvements.

    “We are seeing some of the locations that we opened last year being more profitable now. We are expanding our customer base, and the contribution level is beginning to yield and adding to the bottom line.”

    According to him, part of the expansion strategies is to raise the company’s share capital to N3 billion in order to be positioned for possible acquisition moves.

    Of its new share capital, Okoli said: “People outside are beginning to see the opportunities out there and they are getting interested in what we are doing and want to come in to be part of us. If we do not increase our share capital, cannot accommodate such people to be part of the company. So we want to have the flexibility and use the capital to expand the business.