Norrenberger Pensions grows assets by 17%, contributors, by 5%

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, disclosed this during the company’s annual general meeting for the financial year end, 31 December 2022. At the event held November 8, 2023, he stated that 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 N7 97 billion in various benefits to over 13,459 contributors since its inception m 2006. As for 2022, the company paid a total sum of N385 million as Lump sums 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.

“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”.

” Our registered contributors also increased to 154,481 in December 2022 from 146,756 as at December 2o21 representing a growth of 5%.

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Speaking on challenges, the Managing Director 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 labor, 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.

“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.
Mr. 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 Aliyu, 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.