Trustfund Pensions Limited, a leading pension fund administrator in Nigeria, held its 16th Annual General Meeting (AGM) on May 30, 2025, at Fraser Suites, Abuja. The meeting served as a platform to announce the company’s robust financial performance for the 2024 financial year and declare a dividend of 55 kobo per share to its shareholders. This dividend payout underscores Trustfund’s commitment to rewarding investors while simultaneously reinvesting for sustainable long-term growth. The decision reflects the company’s strategic approach to balancing investor returns with the need to maintain a strong financial foundation for future expansion and innovation within the competitive pension industry.
The 2024 financial year proved to be highly successful for Trustfund, despite the prevailing challenging economic climate. The company recorded a 19% surge in Assets Under Management (AUM), reaching over N1.23 trillion compared to N1.03 trillion in 2023. This significant growth in AUM highlights the effectiveness of Trustfund’s investment strategies and its ability to navigate complex market conditions. Furthermore, the company’s Profit Before Tax (PBT) witnessed a remarkable 46% increase to N3.8 billion, while Profit After Tax (PAT) grew by 48% to N2.5 billion. These figures showcase the company’s operational efficiency and its ability to generate substantial returns for its investors. Trustfund’s shareholders’ funds also experienced healthy growth, increasing by 12% to N23 billion, significantly exceeding the N5 billion regulatory minimum requirement for pension fund administrators. This robust financial position reinforces the company’s stability and its capacity to weather economic uncertainties.
Trustfund’s Managing Director and Chief Executive Officer, Mr. Uche Ihechere, attributed the company’s exceptional performance to a combination of factors, including sound investment decisions, operational efficiency, and the active involvement of the Board of Directors. He emphasized the management’s proactive approach to its responsibilities, highlighting the double-digit growth achieved across various performance indicators. Mr. Ihechere’s comments underscore the importance of strategic leadership and effective corporate governance in driving organizational success. He further stressed the need for a more dynamic and expansive investment landscape to facilitate higher returns and sustain growth within the pension industry.
Despite the positive financial results, Mr. Ihechere expressed concerns about the limited availability of viable investment options that can deliver returns surpassing the inflation rate. He pointed to the narrow investment pipeline and advocated for a more robust legal and regulatory framework that can support infrastructure-backed instruments and other growth-oriented assets. This call for regulatory reform highlights the constraints faced by pension fund administrators in seeking optimal investment opportunities for their clients. Mr. Ihechere’s perspective emphasizes the crucial role of government and regulatory bodies in creating an enabling environment for long-term investment and economic growth.
Addressing the issue of outstanding pension arrears, Mr. Ihechere expressed support for the Federal Government’s proposed N758 billion bond designed to clear these arrears. He viewed this initiative as a positive step towards addressing the welfare of retirees and demonstrating a renewed commitment to their financial security. While acknowledging the efforts of the National Pension Commission (PenCom) in ensuring compliance within the pension industry, Mr. Ihechere urged the regulator to shift its focus towards market expansion. He highlighted the low penetration rate of the pension scheme, with fewer than 11 million Nigerians enrolled out of a population exceeding 230 million. This observation underscores the significant potential for growth within the pension sector and the need for proactive measures to increase enrollment from both the public and private sectors.
In conclusion, Trustfund Pensions Limited has demonstrated strong financial performance in 2024, achieving substantial growth across key metrics. The company’s commitment to rewarding investors through dividend payouts while simultaneously reinvesting for future growth reflects a balanced and sustainable approach. However, challenges remain in terms of expanding the investment pipeline and increasing pension scheme enrollment. Addressing these challenges requires collaborative efforts from stakeholders, including the government, regulators, and pension fund administrators, to create a more robust and inclusive pension system that can effectively cater to the needs of Nigeria’s growing population. The company’s future success hinges on navigating these complexities and capitalizing on emerging opportunities within the evolving pension landscape.
