Pension managers urge the incoming government to diversify the economy with focus on agriculture and mining
The management of Premium Pension Limited, has urged the incoming government of President-elect, Muhammadu Buhari to embark on the diversification of the economy with increased focus on agriculture and mining; as well as power sector reforms; overhaul of the petroleum sector; youth employment generation and massive infrastructural development.
The chairman of the company Aliyu Dikko, said these while addressing shareholders at the 10th Annual General Meeting of the company in Abuja recently.
Dikko highlighted the expected reforms in the economy and noted that the pension industry would witness a major boost if the listed reforms were well pursued and implemented, as according to him the key to the growth of the pension industry is employment generation.
He, however, pointed out that the sustenance of the industry requires creation of additional permissible investment instruments that accommodate initiatives for national development. This includes investment in the real sector as well as infrastructural development without compromising the ultimate objective of ensuring the safety of pension assets.
He also informed that the company’s several funds under management as at December 2014, are: Active RSA fund, Retiree RSA fund, CBN active and CBN Retiree fund, NNPC 1 & 2 fund UBN fund, SEC fund and FBN fund. Other funds under the company’s management include Jigawa State fund, NDIC fund, Intercontinental fund, Lagos Chanel Management fund, Rivers State fund and Niger state Legacy fund.
Meanwhile, the number of RSAs registered by the company both in the public and private sector organisations increased from 613,449 in 2013 to 662,628 in 2014. Out of the total RSAs, 514,446 were funded while 148,162 were still being persuaded for funding.
During the year under review, the turnover for the company grew from N4.226 billion in 2013 to N5.252 billion resulting in a growth of 24.28 percent.
The company’s profit before tax grew from N2.351 billion in 2013 to N2.609 billion in 2014, signifying a growth of 10.97 percent, while profit after tax grew from N1.625 billion in 2013 to N1.766 billion in 2014, representing a growth of 8.68 percent.