FCMB Pensions, a subsidiary of Nigeria’s FCMB Group Plc, aims to grow its assets under management to N1.2 trillion by the end of December 2025. The company currently manages over N1.1 trillion and has paid more than N200 billion to retirees and beneficiaries.
Okay News reports that Managing Director Christopher Bajowa announced the target during the firm’s 20th anniversary celebration in Abuja, Nigeria’s federal capital. He positioned FCMB Pensions as a leading player in the country’s pension industry.
Bajowa highlighted the Personal Pension Plan (PPP) as the next growth frontier. It seeks to boost financial inclusion among informal sector workers.
“The major challenge has been that of inclusion, as efforts to grow the number of contributors has been a challenge and regulators are focused on these areas (PPP) because of its great potential to grow inclusion,” Bajowa stated.
“Second challenge is naira instability. How do you encourage customers to save when the value of their savings is diminishing?” he added.
He noted ongoing government efforts to stabilise the naira, Nigeria’s currency, and improve access to foreign exchange. These measures aim to hedge against devaluation risks.
Pioneer Managing Director Bello Maccido reflected on the company’s origins. It began after the Pension Reform Act of 2004 introduced Nigeria’s contributory pension scheme.
Initially one of 13 licensed Pension Fund Administrators (PFAs), the firm broke even within three years. By Maccido’s fifth year, it managed 187,000 Retirement Savings Accounts (RSAs) and N72 billion in assets.
Clients included the Nigerian Army, Central Bank of Nigeria (CBN), and individual contributors nationwide. Maccido praised current leadership for reaching the trillion-naira milestone.
“By any imagination, this is a feat that must be acknowledged. We are here to celebrate 20 years of competent management and 20 years of successes,” he said.
Today, FCMB Pensions demonstrates resilience amid economic challenges. It continues impacting retirees through reliable benefit payments.
The growth trajectory underscores the maturation of Nigeria’s pension sector. It supports long-term savings and retirement security for millions.
These achievements position FCMB Pensions for expanded influence in Africa’s largest economy.
