By Uche Amunike
In a bid to enhance pension coverage nationwide, especially in the vast informal sector, the newly formed entity, Assess Arms Pensions Limited has kickstarted its operations with N3 trillion in Assets Under Management.
Access Arm Limited is a new merger between Access Pensions Limited and ARM Pension Managers Limited.
Recently, the National Pension Commission approved the merger of Access Pensions Limited and ARM Pensions Manager. As a result, Access ARM Pensions Limited now represented 15% of the total assets in Nigeria’s pension industry, serving more than two million Retirement Savings Account Holders.
During his speech at the launch event in Abuja, the Managing Director of Access Pensions Limited Ltd, Dave Uduanu explained the potential of the new merger. Hear him: ‘This is the biggest merger in the pension industry. Access and ARM were number two and four in the industry, and coming together allows us to create a PFA with N3tn in AUM. It is an opportunity to build a brand that we can all be proud of.’
He also explained how much the company was committed to innovation, and the informal sector, promising to expand pension coverage through technology.
His words: ‘We plan to leverage technology to expand pension coverage. Our onboarding strategy for micro-pensions will be instrumental in reaching Nigerians who are currently underserved in terms of retirement savings.’
The newly matched entity currently has total shareholders’ funds which is more than N20 billion, towering above the regulatory requirements.
Uduanu stated that ever since the Contributory Pensions Scheme was introduced, the pension industry has really evolved and even experienced a remarkable growth with average annual increases of 15/20%.
He also listed plans to join forces with regulators, partners and the parent company to do all within their power, to expand the pension coverage, into the vast informal sector through a well crafted, onboarding strategy for micro pensions
This was reaffirmed by the Acting Chairman of Access ARM Pensions Ltd, Austin Opara, who gave his word on their commitment to the success of the brand.
His words: ‘We are dedicated to making Access ARM Pensions a strong and reliable entity. For those who are not yet satisfied, we will work to earn your trust.’
He gave his assurances to their customers, that there would be growth and true commitment to service, while reaffirming the company’s commitment to every stakeholder to grow their funds and assets, even while they strengthen the culture of rewarding their staff members and seeing that they are given the recognition they deserve for their contributions.
The former Managing Director of ARM Pension Managers Limited, Wale Odutola, also expressed his confidence in the potential of the new entity. He stated: ‘We are thrilled to join forces with Access Pensions to create a stronger, more resilient organization. Together, we will leverage our combined resources to drive innovation and excellence in pension fund management.’
‘Together, we will leverage our combined resources to drive innovation and excellence in pension fund management.’
He reiterated that the new merger was well positioned to play a pivotal role that will shape the future of pension fund management in Nigeria.
