Norrenberger Pensions Limited has announced a 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 N2.51 billion.
The company said 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 2024 was shaped by global inflationary pressures, tight monetary conditions and geopolitical uncertainties, while Nigeria continued to adjust to fuel subsidy removal and ongoing foreign exchange reforms.
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.
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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.
Operating expenses grew by only 6 per cent—from N1.67 billion to N1.77 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 N741million, from N240million recorded in 2023.
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.