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Tag: Norrenberger Pensions

  • Norrenberger Pensions grows client base to 164,619, revenue hits ₦2.5b

    Norrenberger Pensions grows client base to 164,619, revenue hits ₦2.5b

    Norrenberger Pensions Limited has announced its financial performance for the 2024 financial year.

    It has expanded its Retirement Savings Account (RSA) client base to 164,619 and recorded a 31 per cent rise in total income, which reached ₦2.51 billion.

    The company stated that the results underscore its resilience and sustained market growth, despite Nigeria’s challenging macroeconomic conditions.

    Speaking at the company’s 13th Annual General Meeting, Chairman of the Board Ibrahim Aliyu Bala said that 2024 was shaped by global inflationary pressures, tight monetary conditions, and geopolitical uncertainties, while Nigeria continued to adjust to the removal of fuel subsidies and ongoing foreign exchange reforms.

    Despite this tough operating environment, he said Norrenberger Pensions closed the year with an 18.54 per cent increase in Assets Under Management (AUM).

    Bala added that the company’s rebranded Personal Pension Plan (PPP) would be a major growth driver going forward, particularly in expanding pension penetration in the informal sector.

    He expressed appreciation to shareholders, regulators, clients, and staff, stating that their collective commitment continues to reinforce the firm’s long-term growth trajectory.

    Managing Director/CEO of Norrenberger Pensions, Mrs. Bolanle Onotu, described the 2024 financial year as one that tested the company’s resilience, citing inflationary pressures, currency volatility, and rising operating costs.

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    Nonetheless, she said the company delivered measurable improvements in key indicators.

    Operating expenses grew by only 6 per cent—from ₦1.67 billion to ₦1.77 billion—due to deliberate cost-optimisation measures.

    This efficiency supported a sharp rise in profitability, with Profit Before Tax (PBT) surging by 209 per cent to ₦741 million, from ₦240 million recorded in 2023.

    Mrs. Onotu highlighted increased investments in technology and staff capacity-building, including the deployment of a modern 3CX call centre, upgraded cybersecurity systems, enhancements to the mobile app, and internal automation projects.

    She commended the regulatory reforms introduced by the new PenCom Director-General, who assumed office in July 2024, describing the reforms as crucial to industry stability and operational clarity.

    Looking ahead, she said 2025 offers new opportunities, particularly through the rebranded PPP aimed at expanding pension adoption in the informal and semi-formal sectors.

    She thanked the Board, management, regulators, and clients, noting that the company is well-positioned to sustain growth and contribute to Nigeria’s evolving pension landscape.

    In his remarks, the Managing Director/CEO of Norrenberger Financial Group, Tony Edeh, expressed appreciation to the company’s regulators and auditors for what he described as invaluable collaboration and oversight.

    He said their guidance has strengthened governance structures and improved operational quality.

    Edeh also commended staff across the organisation, praising their dedication and professionalism.

    He reaffirmed the group’s continued support for Norrenberger Pensions’ long-term strategic direction, adding that the collective efforts of the team continue to drive the company’s growth and its ability to deliver on its mandate to clients.

  • Norrenberger Pensions disburses N2.64b to 2,008 beneficiaries

    Norrenberger Pensions disburses N2.64b to 2,008 beneficiaries

    Norrenberger Pensions Limited has disbursed N2.64 billion in pension benefits to 2,008 beneficiaries this year, underscoring its commitment to timely payouts and client satisfaction.

    This milestone was highlighted by the company’s Acting Managing Director/CEO, Bolanle Onotu, during Norrenberger’s 12th Annual General Meeting in Abuja.

    “Our focus on strategic financial management has been key to sustaining growth, even amidst economic pressures like exchange rate unification and the removal of fuel subsidies,” Onotu explained.

    Breaking down the benefit disbursements, Onotu noted that N901 million went toward lump sums and arrears for retirees, N251 million was allocated for death benefits, N91 million as en-bloc payments, and N293 million for temporary access for contributors who lost their jobs.

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    Onotu also emphasized that Norrenberger has paid a cumulative total of N10.16 billion to over 15,467 beneficiaries since its founding in 2006, saying “despite challenges in the business environment, we continue to prioritize our clients by ensuring benefits are paid as and when due”.

    To further strengthen its commitment to clients, Norrenberger has implemented systems to address arising issues swiftly, which Onotu described as part of the company’s “customer-centric approach.”

    Commending Norrenberger’s achievements, Group Managing Director, Tony Edeh, credited the company’s consistent efforts to a shared vision of growth.

    “With consistency and commitment, the company will reach its aspired zenith,” Edeh remarked.

    Chairman Ibrahim Aliyu Bala also expressed optimism about Norrenberger’s future, noting that assets under management rose by 24%, reaching N178 billion in 2023.

    Bala praised the company’s resilience, its focus on innovation, and efforts to maintain strong client engagement despite economic challenges.

    Looking ahead, Bala projected favorable growth for the pension industry in 2024, with anticipated increases in enrolment and investment returns.

    He assured stakeholders of Norrenberger’s ongoing dedication to delivering robust returns and enhancing client value through strategic, research-driven decisions and prudent risk management.

  • We grew assets by 17%, contributors by 5% in 2022 – Norrenberger Pensions

    We grew assets by 17%, contributors by 5% in 2022 – Norrenberger Pensions

    Norrenberger Pensions said it has grown its assets by 17% and increased the number of total contributors by 5% in the financial year 2022, all through prudent strategic financial management.

    Managing Director of Norrenberger Pensions Limited, Hamish Idris, who disclosed this on Wednesday, during the company’s Annual General Meeting in Abuja, also said a sum of N32 million was paid as an additional voluntary contribution to 16 contributors the same year.

    Idris said: “The company performed excellently because of prudent strategic financial management despite the fragile business environment in the year under review.”

    He announced that the company paid out a total sum of N797 billion in various benefits to over 13,459 contributors since its inception m 2006 and as for 2022, the company paid a total sum of N385 million as Lumpsums and Arrears to 115 retirees, N269 million as death benefits to 78 beneficiaries, N28 million was paid as Enbloc to II7 beneficiaries, N141 million paid as temporary access (25% payment) to 378 contributors for loss of jobs.

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    He said: “We paid out the sum of N32 million as an additional voluntary contribution to 16 contributors.”

    He issued assurance, that the company will continue to satisfy its esteemed clients 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 and without hitches”.

    Idris added: “Our registered contributors also increased to 154,481 in December 2022 from 146,756 as of December 2021 representing a growth of 5%.”

    Speaking on challenges, Idris revealed that the contributory Pension Scheme (CPS) is still being hampered by the challenge of funding Retirement Savings Accounts (RSAs) both in the private and public sectors, there is the delay or non-remittance of deducted Pension contributions by employers of labour, this accounts for unfunded RSAs.

    He observed that only a few state governments have not fully complied with the provisions of the Pension Reform Act 2014. We are hopeful that those in authority in the non-compliant states will appreciate the gains of the scheme and enrol their staff for long-term benefits of the Contributory Pension Scheme.

    He noted: “Despite the challenges in the year under review, Asset Under Management (AUM) grew by 17% to N143.4 billion in 2022 from N120 08 billion recorded in December 2021.”

    Tony Edeh, the Group Managing Director of Norrenberger, expressed optimism that Norrenberger Pensions Limited will continue to deliver competitive returns for its clients.

    He congratulated the company on its 11th Annual General Meeting.

    Alh. Ibrahim Bala, Chairman of the company, applauded the 2022 results, adding that the company underwent significant growth and transformation within the year with an increase in its share capital to N6.2 billion.

    He noted that closing the year with a 17th % growth in its Asset under Management was a result of the resilience of the board and management in a highly competitive market.

    He gave assurances that the company is dedicated to prudent investment, risk management, and client-centric in its business approach, and will advance into the future with a steadfast commitment to its overall goal of ensuring that NPL reaches its aspired zenith.