Stanbic IBTC Pension Managers Limited, having received an Initial Management Quality Rating of MQ2(NG)(mq) with a Stable Outlook from Global Credit Ratings (GCR), said, the gesture demonstrated the company’s commitment to excellence in all aspects of its operations.
GCR , a the rating agency, gained expertise in assessing the creditworthiness of financial institutions, corporates and government entities, and had established itself as a leading rating agency in Africa.
GCR adopted a Management Quality (MQ) rating system that ranked from the highest rating of ‘MQ1’ to the lowest rating of ‘MQ5’. These ratings served as indicators of an entity’s organisational structure, risk management capabilities, and operational controls.
The MQ2 rating assigned to Stanbic IBTC Pension Managers was an indicator of the institution’s strong management team with robust organisational structures, adequate controls, and sound risk management practices. It also accentuated the company’s clear strategy and solid financial position.
Chairman of Stanbic IBTC Pension Managers, Dr. Demola Sogunle, stated that, it was evidence of the company’s dedication to achieving excellence in all areas of its operations.
“We are very delighted to have received this rating from GCR, which recognizes our concrete efforts to maintain the highest standards of corporate governance, risk management, and financial performance,” Demola said.
Demola noted that, the rating would boost confidence among Stanbic IBTC Pension Managers’ clients and stakeholders and would affirm the company’s dynamic capability to manage risks and deliver on its commitments.
Chief executive, Stanbic IBTC Pension Managers, Olumide Oyetan, attributed the rating and success of the organisation to its commitment to better serve customers without compromising operational excellence.
He said: “we are a member of the Standard Bank Group, Africa’s largest banking groups by assets, totalling $170 billion, as of December 31, 2022. This feat has enabled us to leverage the Group’s resources for our portfolio management functions.
“Our sister company, Stanbic IBTC Bank, is also the only AAA-rated Bank in Nigeria today, lending further credence to the Group’s strength and stamina, especially in its leadership and governance structures.
“We deliver pension fund administration and management services to over 1.9 million private and public sector Retirement Savings Accounts (RSA) holders under the Contributory Pension Scheme) through our extensive network of 29 branches and ten service centres nationwide.”
Oyetan said, the organisation also managed defined benefit plans for large corporates and provided value-added services, including retirement planning advice and personal financial planning.
He described Stanbic IBTC Pension Managers as an organisation equipped with a stable and experienced management team with sound management experience to keep the organisation ahead of the pack in its operations and practices.
The chief executive of the PFA noted that, the company maintained an adequate operational risk management framework, saying, “we manage cyber, and data privacy risks using internal controls reviewed annually by independent third parties to reassure all our stakeholders of our commitment to doing business correctly and safely.”
