…as AUM hits N470 billion
NLPC Pension Fund Administrators (NLPC Pension) has rebranded for increased visibility and high market share, even as its Assets Under Management (AUM) hit N470 billion at the end of June 2024.
With its registered contributors now standing at 400,000, NLPC Pension has paid out N200 billion on benefits to retirees and associated benefits to contributors from the inception of the company in 2004 to date.
Samuel Abolarin, managing director/CEO of NLPC Pension made the disclosure while briefing journalists on the company’s recent rebranding at its head office in Lagos.
Abolarin said the PFA had settled N350 million to 38 customers who requested payment of equity contributions for residential mortgages. This is following a directive from the National Pension Commission (PenCom) to PFAs to pay equity contributors to customers who want to access their equity for residential mortgages, he pointed out.
The MD joined by Seun Babalola, executive director(Operations) and Olabiyi Emmanuel, head, Corporate Affairs explained that before the rebranding in June 2024, many people did not understand what NLPC PFA stood for, nor what business we do. From experience, we discovered that not so many people knew the meaning of PFA in general terms, worse still, being part of the company’s name.
“We used to be NLPC PFA, but many do not understand what PFA means in general terms and when it is spelt out fully, it’s also lengthy. So we decided to make it clearer by spelling it out fully as NLPC Pension Fund Administrators ‘NLPC Pension’ for short so that the message is passed across easily on sighting our signpost or correspondences.”
“It also reinforces our promise of guaranteeing the future of our customers and the protection of their funds. The shield in our new Logo is a symbol of protection.”
“That’s why we changed and re-branded from NLPC PFA to NLPC Pension, when people see the word ‘pension’, they will understand our nature of business. Our client’s base has seen an increase since we made our name known better than what it used to be, this means more clients and more business growth for us,” he added.
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He added that the essence of the rebranding was to fill the knowledge gap, hence the need to embolden the PFA part of its name. “It’s all about making people understand we are pension fund administrators.
The MD who commended PenCom for its efforts to make life stress-free for Nigerians after retirement, promised that the company’s resources are invested in well thought-out and selected portfolio for the interest of its customers.
He urged the regulator to intensify campaign and orientation to correct the wrong perception people hold about the Contributory Pension Scheme (CPS), even as it strives to make the process for retirees to access their contributions seamless.
“Employees have the right to report their employers who fail to remit their monthly contributions to the PFAS. For us, we make every payment as and when due” he assured.
