By Joe Udo
LAGOS (CONVERSEER) – FCMB Pensions Limited, a subsidiary of FCMB Group Plc, has announced plans to grow its assets under management (AUM) to N1.2 trillion by the end of December 2025, despite persistent domestic and global economic uncertainties.
The disclosure was made on the sidelines of the company’s 20th Anniversary Dinner and Awards held on Tuesday in Abuja, where industry stakeholders, board members, and past executives gathered to mark two decades of operations.
Currently, FCMB Pensions manages over N1.1 trillion in AUM and has disbursed more than N200 billion to retirees and other beneficiaries, reflecting its resilience and sustained contribution to Nigeria’s pension industry.
Speaking to journalists at the event, Managing Director, Mr Christopher Bajowa, said the company is deliberately positioning itself as a leading pension fund administrator, with a strategic focus on the Personal Pension Plan (PPP) as the next major growth driver.
According to him, financial inclusion remains the company’s most significant challenge, particularly in expanding the contributor base within the informal sector.
“The major challenge we face is financial inclusion. Expanding the number of contributors has been difficult, and the regulator is rightly focusing on the Personal Pension Plan because of its enormous potential to drive inclusion,” Bajowa said.
He also identified currency instability as a major concern affecting long-term savings, noting that declining purchasing power discourages pension contributions.
“How do you encourage customers to save when the value of their savings is diminishing? There is ongoing work in this area, and even the Federal Government is exploring measures to strengthen the naira and provide access to foreign currencies as a hedge against continued devaluation,” he added.
Reflecting on the firm’s early years, Pioneer Managing Director, Mr Bello Maccido, recalled that FCMB Pensions began as a modest institution largely owned by retail investors seeking opportunities created by the Pension Reform Act of 2004.
“At inception, 13 Pension Fund Administrators were licensed under the defined contributory pension scheme. Within three years, we broke even, and by the fifth year, we recorded two consecutive years of profitability,” Maccido said.
He disclosed that by the time he exited the company, FCMB Pensions had signed 187,000 Retirement Savings Accounts (RSAs) and grown its asset base to N72 billion, serving institutional clients including Division One of the Nigerian Army, the Central Bank of Nigeria, NIPOST, and thousands of individual contributors nationwide.
“Standing here 20 years later, I am proud of what has been achieved under Christopher Bajowa’s leadership, taking the company to the one trillion naira milestone in AUM. This is a remarkable feat and a testament to competent management and enduring success,” Maccido added.
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Former Board Member, Mr Maheer Rasheed, also commended the company’s growth trajectory, noting that its current scale reflects strong governance and institutional trust.
“When I left, the company managed about N148 billion. To now reach N1 trillion and potentially N1.2 trillion by year-end is remarkable. This growth is built on the governance, infrastructure, and trust we established. FCMB Pensions remains a model in Nigeria’s pension industry,” he said.
Similarly, Mr James Ilori, Non-Executive Director representing the Board Chairman, Mr Ladi Balogun, praised the firm’s performance over the past two decades.
“We are delighted with FCMB Pensions’ journey. The growth has been substantial, and we are confident the company will continue to excel over the next five to ten years,” Ilori stated.
