Norrenberger Pensions Pays N2.64bn Benefits To 2008 Beneficiaries

Norrenberger Pensions Limited has disbursed N2.64 billion in pension benefits to 2,008 beneficiaries in 2023, demonstrating its commitment to ensuring timely payouts and customer satisfaction.

Acting managing director/CEO of Norrenberger Pensions, Bolanle Onotu shared this milestone at the company’s 12th Annual General Meeting in Abuja.

She emphasised the company’s focus on strategic financial management, which has been key to sustaining growth even amid economic pressures such as exchange rate unification and the removal of fuel subsidies.

Onotu detailed the breakdown of the benefit payouts: N901 million was allocated for lump sums and arrears to retirees, N251 million for death benefits, N91 million as en-bloc payments, and N293 million for temporary access to contributors who lost their jobs.

She noted that Norrenberger has paid a cumulative total of N10.16 billion to over 15,467 beneficiaries since its inception in 2006, underscoring the company’s dedication to pensioners’ welfare.

“Despite challenges in the business environment, we continue to prioritise our clients by ensuring benefits are paid as and when due,” Onotu remarked.

She highlighted that Norrenberger has implemented a system to resolve any arising issues swiftly, further demonstrating its responsiveness and customer-centric approach.

Norrenberger’s group managing director, Tony Edeh commended the company for staying true to the shared vision.

He stated that with consistency and commitment, the company will reach its aspired zenith.

Norrenberger’s chairman, Ibrahim Aliyu Bala, echoed Onotu’s optimism and commitment to growth, noting that the company’s assets under management rose by 24 per cent, reaching N178 billion in 2023.

Bala praised the company’s resilience and focus on innovation and client engagement, despite challenging economic conditions.

Looking ahead to 2024, the chairman projected a favourable outlook for the pension industry, with expectations of growth in enrolment and investment returns.

He assured stakeholders of Norrenberger’s continued dedication to delivering robust returns and enhancing client value through strategic, research-driven decisions and prudent risk management.