Access Pensions’ Assets-under-magt Hits N1.2trn, Posts 70% Revenue Growth

Access Pensions has announced a 70 per cent surge in revenue, with turnover escalating from N7 billion in 2022 to N12.3 billion in 2023. This is as its Assets Under Management (AUM) expanded by 25 per cent to reach a significant N1.20 trillion.

The company’s profit before tax and profit after tax mirrored this outstanding growth trend, soaring by around 70 per cent. Shareholders commended the dividend distribution, which increased notably from N1.10 kobo per share in 2022 to a commendable N2.20 kobo per share.

Speaking at the Annual General Meeting (AGM), Access Pensions’ managing director/chief executive officer, Dave Uduanu, attributed this exceptional performance to a series of growth initiatives implemented by the company. He stated, “The Company recorded a turnover of N12.3 billion, up from N7 billion in 2022. This represents about a 70 per cent increase, and the profit before tax and profit after tax increased by about 70 percent as well. But more importantly, the dividend doubled from N1.10 kobo in 2022 to N2.20k, showcasing the company’s strong performance.”

He acknowledged the late chairman, Dr. Herbert Wigwe’s visionary leadership in steering the consolidation that birthed Access Pensions. Uduanu pledged the company’s commitment to continuing on this path of success.

Furthermore, Uduanu expressed gratitude to Access Bank, the company’s partner in the holding company, for their unwavering support. He highlighted the symbiotic relationship between Access Pensions and Access Bank, emphasising the convenience it offers to pension holders who can access their accounts seamlessly through Access Bank’s extensive branch network.

Speaking on the sidelines also on the company’s growth and market share the executive director, Technical, Afolabi Folayan emphasised the company’s robust performance in the market, boasting a significant increase in Assets Under Management (AUM) to N1.2 trillion, representing a 25 per cent growth over the past year.

He stated, “In recent quarters, we have experienced a positive trajectory and gained significant market share, leading to a substantial increase in our Assets Under Management (AUM). Our current AUM stands at approximately N1.2 trillion, reflecting a remarkable 25 per cent growth compared to the previous year.

Notably, our growth outpaced the market, which saw a growth rate of about 20 per cent.”

He further added, “Our profits after tax reached about N3.8 billion, marking a remarkable growth of about 70 per cent compared to the previous year. This exceptional performance instils confidence in us and reinforces our commitment to delivering value and growth to our shareholders.”

An independent shareholder, Obinna Anyanwu, at the AGM, expressed his satisfaction with the company’s performance. He praised the smooth conduct of the AGM and commended the financial statements for 2023, describing them as encouraging and indicative of promising prospects.

Anyanwu stated, “I am quite excited; it was a great moment for me. We had a smooth AGM with almost all shareholders in agreement, supporting all motions and receiving the financial statements for 2023. Personally, I studied it page by page and word for word. The performance is quite encouraging, showing us what is to come in the future.”