FCMB Pension is aiming to grow its total assets to 1.2 trillion naira by the end of this year. The company's managing director, Christopher Bajowa, announced the target during its 20th anniversary event in Abuja. They currently manage over 1.1 trillion naira and have paid out more than 200 billion naira to retirees.
Bajowa identified low contributor inclusion and naira instability as key hurdles. He said the new Personal Pension Plan is the next big growth area for expanding coverage. A former managing director, Bello Maccido, recounted the firm's start after the 2004 Pension Reform Act. He noted it reached profitability within five years.
Maccido praised the current management for growing assets into the trillions from a 72 billion naira base two decades ago. The company's initial clients included major institutions like the Nigerian Army and Central Bank.
Bajowa identified low contributor inclusion and naira instability as key hurdles. He said the new Personal Pension Plan is the next big growth area for expanding coverage. A former managing director, Bello Maccido, recounted the firm's start after the 2004 Pension Reform Act. He noted it reached profitability within five years.
Maccido praised the current management for growing assets into the trillions from a 72 billion naira base two decades ago. The company's initial clients included major institutions like the Nigerian Army and Central Bank.
