FCMB Pensions Sets Ambitious Target For Business Expansion

FCMB Pensions, a subsidiary of FCMB Group Plc, has set its sights on growing its assets to about N1.2 trillion by the end of December 2025.

The target was disclosed on Tuesday in Abuja on the sidelines of the company’s 20th Anniversary Dinner and Awards ceremony. The pension fund administrator currently manages assets in excess of N1.1 trillion and has paid out more than N200 billion to retirees and other beneficiaries, underscoring its stability and contribution to the pension industry.

Speaking with journalists at the event, the Managing Director of FCMB Pensions, Christopher Bajowa, said the firm is positioning itself to remain a key player in the sector, with renewed emphasis on the Personal Pension Plan (PPP) as the next major driver of growth. He explained that expanding coverage remains a key challenge, noting that increasing the number of contributors has been difficult, even as the regulator intensifies efforts to deepen inclusion through the PPP framework.

Bajowa also identified currency instability as another major concern for the industry, pointing out that declining purchasing power makes it harder to encourage long-term savings. He said both operators and the Federal Government are exploring measures to strengthen the naira and create avenues for accessing foreign currency as a hedge against further devaluation.

Reflecting on the company’s journey, a pioneer Managing Director of FCMB Pensions, Bello Maccido, recalled that the organisation began as a modest venture formed by retail investors following the enactment of the Pension Reform Act of 2004.

He noted that 13 Pension Fund Administrators were licensed at the inception of the contributory pension scheme.

According to Maccido, the firm broke even within three years of operations and achieved sustained profitability within five years. By the end of his tenure, FCMB Pensions had signed up about 187,000 Retirement Savings Accounts and built an asset base of N72 billion, with clients including the Central Bank of Nigeria, NIPOST, Division One of the Nigerian Army and individual account holders nationwide.

He said the transformation of the company into a trillion-naira asset manager reflects the commitment and competence of successive management teams, particularly under Bajowa’s leadership. Describing the milestone as remarkable, Maccido said the 20th anniversary marked two decades of strong governance, sound management and consistent growth.

Also speaking, a former board member of FCMB Pensions and Legacy Pension Managers, Maheer Rasheed, said the sacrifices and early challenges encountered by the company had yielded lasting results. He noted that assets under management stood at about N148 billion when he exited the board, adding that the rise to over N1 trillion was a testament to deliberate strategy, strong governance and institutional trust.

Rasheed expressed optimism that the company would attain the N1.2 trillion target before the end of the year, describing the growth trajectory as geometric and rooted in solid foundational structures. He added that the broader pension industry has matured significantly, mobilising long-term funds for investment in Nigeria and validating the foresight behind the pension reform legislation.

In his remarks, non-executive director of FCMB Pensions, James Ilori, speaking on behalf of the Board Chairman, Ladi Balogun, said the board was pleased with the progress recorded by the company over the past two decades. He described the journey as impressive and expressed confidence that FCMB Pensions would sustain its growth momentum in the years ahead.