Access ARM Pensions Posts N28.2bn Revenue As Profit Surge 187%

Access ARM Pensions has posted full-year results for 2024, reporting revenues of N28.2 billion, more than double the N12.3 billion recorded in 2023. Pre-tax profit rose by 164 percent to N15.2 billion, while post-tax profit surged by 187 percent to N10.9 billion. Assets Under Management (AUM) also climbed to N3.5 trillion.

Despite macroeconomic headwinds, the company attributed its impressive performance to the disciplined execution of a well-structured post-merger integration plan, stronger investment capabilities, and an expanding service footprint.

Speaking at the Annual General Meeting in Lagos over the weekend, managing director and chief executive officer of Access ARM Pensions, Dave Uduanu, said: “Our 2024 performance was the result of a disciplined execution of a post-merger integration plan, deepening our investment capabilities, and leveraging technology to deliver better service at scale as revenue grew to N28.2 billion from N12.3 billion in 2023, and PAT rose to N10.9 billion, a testament to operational synergies and improved efficiency.”

According to Uduanu, the merger between Access Pensions and ARM Pensions created significant efficiencies that have translated into improved financial outcomes. “We planned carefully for this merger, engaging a world-class consulting firm, and preparing a comprehensive post-merger integration plan. Both the management team and the board have executed this plan flawlessly, and the results speak for themselves,” he said.

Uduanu also disclosed that Access ARM Pensions made substantial investments in digital infrastructure and expanded its customer service footprint. “We significantly enhanced our digital capabilities and opened new service centers to better serve our clients being that one of our key commitments during the merger was that no one would be left behind. We retained all the talent from both organisations and remain committed to developing and supporting our people.”

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He added that the outlook for 2025 is even more promising. “As of now, our assets under management stand at N3.5 trillion, placing us among the top players in the industry. We expect significant growth this year, and the numbers you would see in 2025 will reflect the full benefits of a complete year of post-integration performance.”

Chairman of Access ARM Pensions, Gbenga Oyebode, emphasised the strategic importance of the merger and the board’s focus on long-term value creation. “Indeed, 2024 was a defining year for us. As a Board, our foremost priority was ensuring that the merger created a stronger, more resilient institution not just on paper, but in culture, governance, and long-term value creation,” Oyebode stated.

Shareholders also expressed confidence in the company’s trajectory. Aliyu Yar’Adua, a shareholder, remarked that, with only three months of post-merger operations reflected in the 2024 results, the outlook for the next financial year is even more encouraging.