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Stanbic IBTC Pension Managers Targets Informal Sector For Micro Pension Scheme

**Assets Hits N2tr

By Modupe Gbadeyanka

In the last 10 years, Stanbic IBTC Pension Managers Ltd (SIPML) has recorded close to N2 trillion in assets.

This information was revealed by the Chief Executive Officer of SIPML, Mr Eric Fajemisin, at a media parley in Lagos last Thursday.

Mr Fajemisin disclosed further that 80 percent of the company’s assets allocation was in the fixed income Federal Government bonds.

According to him, the company’s shareholders funds were in excess of N14.5 billion and the firm has generated 11 percent interest for its clients in the last decade, adding that SIPML remains Nigeria’s largest PFA in terms of clients.

“Pension assets are not for a very risky investment, we don’t take unnecessary risk. We are committed to transparency, safety and liquidity,” he said.

But Mr Fajemisin assured their customers of better service delivery to ensure retirement savings account holders derived maximum value from their contributions.

He noted that the company will continue to broaden and enhance its service channels to ensure efficient service delivery.

Speaking on the Federal Government call for use of pension funds for developmental purpose, he explained that pension funds were not developmental funds or for infrastructure investment, but for retirements.

“The call is unfortunate as about 80 percent of the money are in government bonds and already available to government for use,” he said at the parley.

Mr Fajemisin noted that in the first quarter of 2017, his company would begin market sensitisation of the micro pension scheme, which is designed to cover more than 70 percent of Nigeria’s working population in the informal sector with irregular stream of income.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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