Despite Inflation, TrustFund Grows Assets By 19% To N1.23trn

TrustFund Pensions Limited has reported a robust financial performance for the year ended December 31, 2024, with assets under management (AUM) rising by 19 percent to over N1.23 trillion, up from N1.03 trillion in 2023.

This growth occurred despite ongoing inflationary pressures that have eroded the real value of investment returns

The managing director and chief executive officer of TrustFund Pensions, Uche Ihechere, has said that inflationary pressures and naira depreciation are undermining the real value of pension returns, despite improved performance across the industry.

Ihechere, who spoke to journalists after the company’s 16th Annual General Meeting held in Abuja,  stated the company has reported significant growth in key financial metrics and reaffirmed its unwavering commitment to the delivery of value to all its stakeholders.

He highlighted that Trustfund Pensions has  demonstrated its resilience and strategic strength with a robust financial performance for the year ended December 31, 2024.

He said, despite a volatile global economy and challenging domestic operating environment, in the 2024 operating period, Trustfund Pensions achieved a 19 per cent increase in Assets Under Management (AUM), rising from ₦1.03 trillion in 2023 to more than ₦1.23 trillion in 2024.

According to him,  year-on-year profit before tax (PBT) grew by 46 per cent from the ₦3.8 billion of 2024, while Profit After Tax (PAT) increased by 48 per cent up from the ₦2.5 billion in the previous year.

The Company’s shareholders’ funds grew by 12 per cent to ₦23 billion-well above the ₦5 billion regulatory minimum-reflecting sustained financial strength and efficient capital management.

“In recognition of this outstanding performance, the Board of Directors proposed and the shareholders approved a dividend payout of 55 kobo per share. This reaffirms Trustfund’s consistent focus on rewarding its investors while maintaining strategic reinvestment for future growth, he said.”

The Company also reiterated its strategic direction for the coming year. With a strong capital base, dynamic workforce, and ongoing strategic investments, Trustfund Pensions Limited is well-positioned to drive the next phase of pension industry transformation.

Also speaking, the chief executive officer of Chapel Hill Denham, Bolaji Balogun, said that strong investment performance is the only way pension fund managers can effectively protect contributors’ savings from inflation.

Balogun noted that the firm had delivered solid returns in 2024 and paid its strongest-ever dividend, supported by a well-capitalised business.

He explained that outperforming inflation requires increased investments in equities, infrastructure, and alternatives, rather than relying heavily on fixed-income instruments.

Ajaero acknowledged that the transition to the contributory pension scheme was a step forward but said many challenges remain, especially with remittance compliance.

Pension arrears and delays are still a concern for many retirees, and the government at all levels must be held accountable,” he added. Ajaero emphasised the urgent need to strengthen the governance structure of the National Pension Commission.

On the minimum wage and worker welfare, the NLC president argued that inflation and rising tariffs had already eroded the impact of any wage award. Despite these concerns, Ajaero expressed hope that continued dialogue between labour and the government would yield meaningful reforms