OAK Pensions AUM grows 24% to N48.5 billion

OAK Pensions Limited, a pension fund administrator in Nigeria, has grown its assets under management (AUM) by 24.74 percent to N48.52 billion at the end of 2015 financial year from N39.04 billion in 2014.

The firm has also paid out the sum of N2.79 billion as benefits to 1,800 retirement savings account holder’s loss of job (254), death benefits (70), programmed withdrawal (912), enblock payment (471), and annuity transferred (85) and voluntary contribution (8) under the scheme during the year 2015.

Awa Ibraheem, chairman of the Company who disclosed this during its 10th Annual General Meeting in Lagos, said the PFA recorded gross earnings of N783.13 million, a 21.94 percent increase from N642.23 million in 2014. From the income, they posted a profit before tax of N154.05 million, compared to N89.28 million in 2014, a 72.54 percent increase. This is as profit after rose from N79.71 million in 2014 to N130.57, an increase 63.82 percent.

Ibraheem said the shareholders’ funds stood at N1.22 billion representing a rise of 11.94 percent when compared to N1.10 billion at the end of December 31, 2014.

“We plan to strengthen our operational efficiency by exposing the employees to appropriate training and hiring new brands, where vacancies exist as well as deploying more advanced ICT equipment and software.”
We expect these plans to ultimately lead to the maximisation of returns on investment and creation of significant value for all stakeholders in the year,” Ibrahim stated.

 

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